文 | 贝果树 编辑 | 刘士武 新游速递 腾讯《王者荣耀》IP自走棋新作《王者万象棋》开启大规模测试 12月25日，《王者万象棋》开启首轮大规模测试。《王者万象棋》是腾讯基于《王者荣耀》IP开发的一款策略对战游戏。在游戏中，玩家需要通过构建英 雄阵容、升级英雄等级、布局合理站位来取得胜利。本次测试为不计费删档性质，不开放付费功能，允许内容直播与传播。 《王者万象棋》 国产抗日谍战FPS《抵抗者》发布实机演示 12月26日，由国内团队浩汤科技开发的抗日谍战题材第一人称射击游戏《抵抗者》发布实机演示视频。《抵抗者》是一款以1940年代的中国为背景的第一 人称射击游戏，融合了谍战解迷和动作射击元素，章节将会跨越中国的不同战场，玩家将以不同身份投入到抵抗侵略者的行动中。目前游戏已上线Steam 页面。 《抵抗者》 老游情报 《光与影：33号远征队》独立游戏奖项因使用AI违反评选规则被撤回 独立游戏大奖组委会发布公告正式撤销游戏《光与影：33号远征队》所获得的"年度游戏"与"最佳首作"两项大奖。撤销原因是开发商在提交参评时曾书面 承诺未使用生成式AI，但后续被证实游戏在开发过程中使用了该技术。目前，年度游戏奖授予《蓝 ...

点击按钮▲立即预约 央行发布一次性信用修复政策 12月22日，中国人民银行发布关于实施一次性信用修复政策有关安排的通知。其中提到，对于2020年1月1日至2025年12月31日期间，单笔金额 不超过10000元人民币的个人逾期信息，个人于2026年3月31日（含）前足额偿还逾期债务的，金融信用信息基础数据库将不予展示。中国人民 银行征信中心负责组织对符合条件的逾期信息统一进行技术处理，无需个人申请办理。 12月22日，商务部发布了对原产于欧盟的进口相关乳制品反补贴调查初裁公告，决定自2025年12月23日起，采取临时反补贴税保证金的形式对 原产于欧盟的进口相关乳制品实施临时反补贴措施。商务部新闻发言人对此回应称，原产于欧盟的进口相关乳制品存在补贴，中国相关国内产业 受到了实质损害，且补贴与实质损害之间存在因果关系。 发言人表示，根据《中华人民共和国反补贴条例》的有关规定，商务部裁定欧盟公司的从价补贴率为21.9%—42.7%，并决定实施临时反补贴措 施。（新华社） ｜点评｜ 中国是欧盟乳制品的关键海外市场，此次临时反补贴措施实施后，或将导致部分欧盟乳制品企业不得不放弃中国市场。中国商务部经 过一年多的充分论证 ...

报告指出，2025年，自主研发游戏国内市场实际销售收入达2910.95亿元；自研游戏海外市场实际销售 收入达204.55亿美元，规模已连续六年超千亿元人民币。在全球经济波动、竞争明显加剧的背景下，我 国游戏企业积极应对，展现出不俗实力和强劲韧性。 新华社电 2025年度中国游戏产业年会大会12月19日在上海举办。中国音像与数字出版协会游戏出版工 作委员会在会上发布的《2025年中国游戏产业报告》显示，2025年，国内游戏市场实际销售收入达 3507.89亿元，同比增长7.68%；用户规模为6.83亿，同比增长1.35%。 ...

Core Viewpoint - The A-share market opened lower on December 2, with all three major indices declining, indicating a mixed market sentiment and sector performance [1] Market Performance - The Shanghai Composite Index opened down by 0.14%, the Shenzhen Component Index by 0.13%, and the ChiNext Index by 0.04% [1] - Sectors such as lithium battery electrolyte, superhard materials, 6G, commercial aerospace, and CPO concepts showed weakness, while themes related to cross-strait integration and AI applications gained strength [1] Gaming Sector Insights - The gaming sector exhibited a fluctuating performance in the morning session, with a slight decline observed [1] - The gaming ETF (159869) has seen significant inflows, accumulating a total of 371 million yuan over the past two trading days, reflecting strong investor interest [1] - As of December, the product scale of the gaming ETF reached 11.451 billion yuan, facilitating investors in strategically positioning themselves in A-share gaming leaders [1] Regulatory Developments - The National Press and Publication Administration released approval information for domestic online games in November 2025, issuing a total of 184 licenses, with 178 being for domestic games, marking a monthly high for the year [1] - By November, a total of 1,624 game licenses had been issued in 2025, significantly surpassing the total for the entire year of 2024 [1] - Key products approved include titles from Bilibili, Perfect World, Xishanju, and Thunder Game, covering various genres and indicating a diversified supply structure [1] Related ETFs - The gaming ETF (159869) focuses on leading companies in the A-share IP gaming industry [1] - The Cultural and Entertainment Media ETF (516190) provides a balanced investment across marketing, film, tourism, and IP toy sectors [1]

Industry Dynamics - In November, a total of 178 domestic game licenses and 6 imported game licenses were approved, marking a new high in recent years [1][2] - The domestic game market revenue reached 31.36 billion yuan in October, with a year-on-year growth of 7.83% [1][3] - The PC game market saw a significant increase, growing by 29.39% year-on-year, driven by titles like "Delta Force" and "Yanyun Sixteen Sounds" [3] Company Updates - Guo Weiwei resigned as CEO of Xishanju, continuing as Chief Producer, while Zou Tao, CEO of Kingsoft, will act as interim CEO [1][4] - Xindong Network provided a loan of 40 million USD (approximately 290 million yuan) to support the acquisition of Arc Games and Cryptic Studios by Project Golden Arc [1][5] - ByteDance is in negotiations with Saudi Savvy Game Group to sell its subsidiary Mutong, with a potential valuation of 2 billion USD for the core asset "Mobile Legends: Bang Bang" [1][6] - NetEase announced that its card game "Onmyoji: Banshu Card" will stop new content updates after January 1, 2026, due to operational strategy adjustments [1][7] - Perfect World’s actual controller, Chi Yufeng, plans to reduce his stake by selling up to 3297.95 million shares, representing 1.7% of the total share capital [1][8] Overseas Insights - Research firm Alinea Analytics predicts that Valve's revenue from its Steam platform will reach approximately 16.2 billion USD in 2025, with total revenue potentially exceeding 17 billion USD when including hardware and first-party game sales [1][9]

Industry Dynamics - Multiple game awards announced their annual nominations and winners, with "Light and Shadow: Expedition 33" winning the Golden Joystick Game of the Year and Pokémon Trading Card Game winning Google Play's Game of the Year [2][4] - The Game Awards (TGA) announced nominations for 2025, with "Light and Shadow: Expedition 33" and other titles nominated [6] Company Updates - NetEase reported Q3 2025 financial results, showing a revenue increase of 11.8% in its gaming business, with total net income of 28.4 billion yuan, a year-on-year growth of 8.4% [7] - MiHoYo revealed gameplay footage for its flagship new game "Varsapura," which is set in a modern urban environment [8] Compliance and Regulatory Developments - Roblox implemented mandatory age verification through facial recognition to restrict communication between minors and adults, starting in select countries [9] - Ubisoft announced Tencent's completion of a strategic investment in its newly established subsidiary, Vantage Studios, valued at 3.8 billion euros, with Tencent acquiring a 26.32% stake [10] Technological Advancements - Apple announced the ability for Japanese iPhone users to replace Siri with third-party voice assistants, indicating a shift towards more diverse distribution and payment channels for developers in Japan [11][12]

Core Insights - Gabe Newell, co-founder and president of Valve Corporation, recently celebrated significant milestones, including the launch of new hardware products and the acquisition of a $500 million superyacht named "Leviathan" [2][5][8] Group 1: New Hardware Launch - Valve Corporation introduced three new hardware products, including a compact gaming console, a game controller, and a VR headset [2] Group 2: Acquisition of Oceanco - Newell acquired the Dutch shipyard Oceanco, known for luxury yacht construction, although the transaction amount was not disclosed [2][8] Group 3: Features of "Leviathan" - The "Leviathan" superyacht measures 364 feet (approximately 111 meters) in length and 58 feet (approximately 17.7 meters) in width, ranking as the 50th largest yacht globally and the largest delivered by Oceanco [5] - The yacht can accommodate 26 guests and 37 crew members, featuring a submarine garage, diving center, fully equipped laboratory, onboard hospital, and a 3D printing workshop [5] - Additional amenities include an esports room with 15 high-performance gaming terminals, two racing simulators, two gyms, a 250-square-meter beach club with a spa and bar, a diving platform, and a basketball court [5] Group 4: Environmental Considerations - "Leviathan" is equipped with a diesel-electric hybrid power system and energy storage batteries, allowing for long periods of silent, zero-emission navigation [7] - The yacht features advanced wastewater treatment and waste heat recovery systems, with a total of 280 miles (approximately 451 kilometers) of cabling installed to support various systems [7] Group 5: Newell's Vision and Collaboration - Newell expressed satisfaction with the collaboration with Oceanco, highlighting the team's professionalism, creativity, and enthusiasm in realizing his vision for the yacht [7][8] - Oceanco described Newell as a hands-on visionary who respects the ocean and values craftsmanship [8]

Core Viewpoint - ASUS issued an apology to Tencent Games regarding a misleading video that raised concerns about the security of Tencent's ACE anti-cheat system and its impact on computer performance [1][2]. Group 1: Incident Overview - The incident originated from a video posted on ASUS's official Bilibili account titled "Close ACE Anti-Cheat System to Protect Your Computer Performance," which claimed that Tencent's ACE might not prevent cheating but would heavily scan the hard drive, causing performance issues [2]. - The video sparked significant discussion among players, leading to worries about software security and system stability [1][2]. Group 2: Company Response - ASUS confirmed that the issue arose from a lack of stringent content review processes and management oversights regarding the supplier team [1]. - The company has taken immediate action by removing the video and conducting an internal investigation [1]. - ASUS plans to implement measures including serious disciplinary actions against responsible personnel and establishing a more rigorous multi-level content review mechanism to ensure the accuracy and truthfulness of published content [4].

Industry Trends - The September mobile game overseas revenue ranking was released, with Point Cloud Interactive's "Whiteout Survival" and "Kingshot" taking the top two spots [2] - Tencent and Ubisoft jointly established a new studio, Vantage Studios, which will be responsible for the development and operation of core IPs such as "Assassin's Creed" [3] - Century Games, a subsidiary of Century Huatong, rose from 7th to 1st place in the global Top 50 mobile game companies ranking [4] Company Developments - The actual controller and chairman of Dianhun Network, Hu Jianping, completed a reduction of 4.8692 million shares, cashing out 101 million yuan, with a total reduction exceeding 200 million yuan in six months [5][6] - Tencent subsidiary Funcom announced a round of layoffs and restructuring as it transitions from game development to long-term operations [7] - NetEase's MMO studio, Fantastic Pixel Castle, led by veteran producer Greg Street, is facing significant operational crises and potential layoffs [10] Compliance and Regulatory Issues - Discord confirmed that approximately 70,000 users' identity information and photos may have been leaked due to a hacker attack on a third-party supplier [11] Mergers and Acquisitions - EA announced it will be acquired in an all-cash transaction by a consortium led by Saudi Arabia's Public Investment Fund, with a total price of approximately 55 billion USD [12] - Microsoft reaffirmed its commitment to the development of the next-generation Xbox console amid rumors of cancellation [13] Esports Highlights - LCK team BFX won the Asian Invitational Championship by defeating DK with a score of 3:2 [14] - The 2026 Esports World Cup announced its main event projects, including popular titles like League of Legends and DOTA2 [15]

Group 1: Tencent Developments - Tencent WeChat and QQ now support binding Steam accounts, allowing users to display their gaming data such as playtime and achievements [2] - Tencent responded to a lawsuit from miHoYo regarding the retrieval of user data, emphasizing compliance with privacy laws and the necessity of formal judicial procedures [3] - Tencent launched a charitable initiative called "Touch Dream Plan," enabling players to contribute to social causes through in-game activities [5] Group 2: Industry Changes - NetEase has officially closed its U.S. studio, T-Minus Zero Entertainment, after a reevaluation of business priorities [4] - Google announced a new requirement for Android developers to undergo real-name verification starting next year, aimed at preventing the release of malicious applications [7] - Firaxis Games, the studio behind the Civilization series, announced layoffs due to poor market performance of the new title "Civilization VII," affecting "dozens" of employees [8] Group 3: New Game Releases - The new title in the "Girls' Frontline" series has been officially named "Girls' Frontline: Fire Control," indicating progress towards its global release [6]