游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映 动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 （文章来源：每日经济新闻） 12月8日，由金山世游运营的《鹅鸭杀》手游宣布国服公测定档2026年1月7日。《鹅鸭杀》是由 GaggleStudios开发的社交推理游戏， 于2021年登陆Steam平台 ，曾创下超过70万玩家同时在线人数的纪 录。此前官方曾表示， 希望将游戏原汁原味地呈现给玩家 ，并在此基础上进行优化，改善服务器环 境，加入更多本土化服饰，带来更优质的游戏环境。 华泰证券表示，2025年前三季度中国游戏市场展现出较好韧性，总收入达2560亿元，同比增长7.11%， A股游戏公司业绩明显分化：头部企业凭借爆款新游实现营收与净利润的高增长。展望2026年，"强者 恒强"与"特色突围"并存，腾讯、网易、米哈游三大巨头布局开放世界、射击、模拟经营三大高价值赛 道；A股游戏厂商通过IP焕新、多元品类与出海发力寻求差异化增长，寻找产品表现向上、重磅新游助 力的公司。出海游戏领域，SLG品类通过"融合化"突破流量瓶颈。AI重塑 ...

Core Insights - NetEase reported Q2 2025 net revenue of 27.9 billion yuan and a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, with R&D investment of 4.4 billion yuan, representing an R&D intensity of 15.6% [1] - The company continues to focus on product quality and global expansion, driving long-term stable growth [1] Group 1: Gaming Performance - NetEase's gaming and related value-added services net revenue reached 22.8 billion yuan, with classic IP "Fantasy Westward Journey" achieving a record high in simultaneous online users [1][4] - New game releases such as "Yanyun Sixteen Sounds" and "Seven Days World" have shown strong performance, while the upcoming titles like "Forgotten Sea" and "Return to Tang" are generating significant market interest [3][4] - The company’s long-term IPs continue to perform well, with "Fantasy Westward Journey" and "Identity V" maintaining high rankings on iOS charts [4][5] Group 2: Innovation and R&D - NetEase invested 4.4 billion yuan in R&D, focusing on technological innovation across various sectors including gaming, music, and education [6][7] - The launch of the world's first engineering machinery embodied intelligent model "Lingjue" demonstrates the company's commitment to technological advancement [6] - NetEase Youdao's AI-driven services have improved user retention rates and sales, showcasing the effectiveness of AI in enhancing core business competitiveness [7] Group 3: E-commerce and Media - NetEase's e-commerce segment, particularly NetEase Yanxuan, saw a net revenue increase to 1.7 billion yuan, with popular products leading sales [2] - The media division has enhanced user engagement through AI-native creative assistance, resulting in a 25% increase in daily active creators on the news platform [2] Group 4: Social Responsibility and Safety Measures - The company has initiated a "Summer Minor Protection Special Action" to create a safer online environment for minors, implementing measures to limit high-age user account creation [8][9] - NetEase has actively participated in developing safety guidelines for AI services aimed at minors, contributing to industry-wide safety management efforts [9]