渲染了多日，11月21日，一支时长31分钟的实机演示Demo，正式揭开了米哈游旗下新游《Varsapura》的神秘面纱。 该作最大的亮点，是米哈游创始人蔡浩宇亲自操刀。 追溯至更早的时间，今年7月就已经有细致的玩家发现了一些"小动作"——米哈游在欧洲、美国、韩国等多个国家地区秘密申请了商标"Varsapura"，与此 同时，"Varsapura"官方账号已经在微信公众平台、微博、B站、小红书、米游社等平台完成注册及企业认证，所有IP显示皆指向了新加坡，众人猜测这与 蔡浩宇在新加坡成立的AI创业公司Anuttacon存在深度绑定。 目前，在Instagram上，《Varsapura》关注了Anuttacon，在X平台上，该账号还关注了Anuttacon旗下游戏《星之低语》。 截至发稿，《Varsapura》实机演示Demo在B站播放量突破了470万。蔡浩宇重新出山，这次会在米哈游复刻下一个《原神》吗？ 蔡浩宇"回归" 多方消息显示，蔡浩宇将担当《Varsapura》的制作人，团队还集结了上海、新加坡、洛杉矶、蒙特利尔等多地研发力量。 新游曝光前夕，米哈游招聘官网就已经更新了相关岗位信息：过往标记为UE5城市开放 ...

扬子晚报网11月21日讯(记者姜天圣)11月21日，米哈游与旗下品牌HoYoverse联合打造的下一代旗舰产品《Varsapura》正式公布实机演示视频。作为原神 制作人操刀的全新力作，《Varsapura》采用虚幻引擎5(UE5)开发，以沉浸式叙事驱动为核心，超现实画风、载具玩法为特色，并深度结合AI。美术风格 方面，《Varsapura》沿袭了米哈游旗下虚拟形象鹿鸣的风格与技术积累，具备二次元风格特色的同时又具有写实感，为更细腻的角色表情与剧情演绎提供 了施展空间。 实机演示 实机演示 实机演示 本次实机演示视频展示了《Varsapura》主角初入控制局(SEAL)、经历测试、进入"里世界"并与伙伴一起对抗"沼泽化"的段落。其镜头设计、沉浸式叙事节 奏与情绪调动颇具电影质感，结合超逼真的场景塑造、氛围音乐与光影烘托，整体给到观众身临其境的感受。 实机演示 实机演示 根据此前发布的招聘信息，《Varsapura》或将进一步尝试将AI深度整合至玩法内容，通过大语言模型构建"AI+游戏"的全新系统。 ...

作为AI赋能千行百业超级联赛的子赛道之一，本次大赛由自治区大数据发展局指导，腾讯互娱天 美工作室群主办，广西旅游发展集团、青澜科技传媒（深圳）有限公司、红鲤文化传播（广西）有限公 司、广西旅发元境文化旅游开发有限公司联合协办。 据了解，自8月22日启动以来，大赛吸引来自国内外1000余位游戏创作者参赛，累计收到广西主题 的优质地图作品998份。（梁盘生 张素瑾） 1000余位国内外创作者参赛，998份优质游戏地图作品，500多万玩家参与体验……记者11月18日获 悉，历时两个多月的中国—东盟游戏创意大赛暨首届"元梦广西·星游八桂"游戏地图创作大赛日前圆满 收官，交出一份亮眼答卷，标志着广西在数字文化出海领域迈出了关键一步。 "大赛的突出亮点是将人工智能技术与游戏创作相结合，依托腾讯《元梦之星》创作工具及内嵌的 混元大模型能力实现的3D模型生成能力，让创作者能够高效便捷地展现广西文化元素。"大赛有关负责 人介绍，大赛设置了"八桂风华"和"八桂风物"两个赛道，创作者通过游戏地图这一国际通用语言，将广 西特色元素设计到游戏地图中，让玩家在娱乐中了解广西的自然景观和人文历史，搭建中国与东盟国家 文明交流互鉴的数字桥梁 ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [8]. Core Insights - In Q3 2025, the fund holding market value proportion of the media and internet sector increased by 0.53 percentage points to 2.50%, ranking 11th among 32 industries, up from 15th in Q2 2025 [2][5][20]. - The media and internet sector has transitioned to an "overweight" position, with the actual fund holding market value proportion exceeding the benchmark by 0.20 percentage points for the first time since Q2 2023 [5][25]. - The gaming and internet sub-sectors within media are seeing increased holding intentions, driven by improved industry sentiment and strong performance of new games [6][29]. Summary by Sections Fund Holdings Analysis - The media and internet sector's fund holdings are still relatively low but benefited from the rising attractiveness of gaming and other related industries, with a notable increase in holdings [5][20]. - The sector's benchmark proportion was 2.29% in Q3 2025, while the actual holding proportion was 2.50%, marking a significant shift to an overweight position [25]. Performance Metrics - The media and internet sector recorded a cumulative increase of 26.37% in Q3 2025, ranking 9th among all industries, compared to a 10.77% increase in Q2 2025 [6][14]. - The TMT (Technology, Media, and Telecommunications) sector's fund holding proportion rose significantly by 11.43 percentage points to 40.59% in Q3 2025 [16][17]. Sub-sector Insights - The gaming sub-sector's allocation increased by 0.71 percentage points to 1.68%, while the internet information services sub-sector saw a slight increase of 0.08 percentage points to 0.14% [29]. - The entertainment sector, including gaming and film, saw a rise in holding market value proportion to 1.72%, while the media sector's proportion decreased to 0.64% [29]. Major Holdings - The top eleven heavily held stocks in the media and internet sector include companies like Kaiying Network, Century Huatong, and Giant Network, with significant increases in the number of funds holding these stocks [32][33]. - The top ten stocks by market value in Q3 2025 include Century Huatong (9.341 billion), Fenzhong Media (9.161 billion), and Giant Network (7.854 billion) [32][34]. Hong Kong Market Holdings - In Q3 2025, Hong Kong stock holdings slightly decreased to 19.0%, with Tencent remaining the second-largest holding among funds [32][39].

Core Insights - The article emphasizes the transformative impact of AI on the gaming industry, highlighting its role in enhancing creativity and efficiency in game development [1][7][15]. Group 1: AI Integration in Game Development - The integration of AI in game development is becoming essential, with only 4% of developers currently not using AI tools [6]. - Unity's latest engine version focuses on AI capabilities, allowing developers to create 3D models in hours instead of days or months, improving 2D design efficiency by 30% and 3D asset production efficiency by 70% while reducing costs to 90% of previous levels [10][13]. - The AI Graph platform introduced by Unity and Tencent simplifies the AI development process, making it accessible even for beginners [11][14]. Group 2: AI's Role in Game Lifecycle - AWS outlines AI's role across the entire game lifecycle, focusing on building, running, and growing games [19][22]. - In the building phase, AI enhances development efficiency, content richness, and cost reduction, while in the running phase, it improves performance and operational efficiency [23][24]. - For growth, AI aids in player engagement and monetization strategies through data analysis and personalized recommendations [25][26]. Group 3: 3D GenAI and Cost Efficiency - Meshy, a 3D GenAI tool, is revolutionizing the creation of 3D assets, significantly reducing costs and development time for AAA games, which typically require substantial resources [32][39]. - The tool allows for rapid generation of 3D models, enabling smaller studios to validate concepts quickly and efficiently [41][43]. - The integration of 3D GenAI is seen as a critical factor in reducing the high costs associated with AAA game development, which can reach up to $200 million [39][40]. Group 4: Market Trends and Player Acceptance - The trend of AI in gaming is gaining momentum, with 60% of Chinese studios already utilizing generative AI in their development processes [48]. - Despite the growing acceptance of AI tools among developers, there remains a cautious sentiment among players regarding AI-generated content, necessitating transparency and trust-building measures from game companies [62][65]. - The article suggests that as AI capabilities improve, player acceptance will likely increase, leading to a new form of game creation [66].

Core Viewpoint - Giant Network's stock price nearly tripled in 2025 but peaked around the release of its Q3 report, which showed significant revenue and profit growth, leading to a subsequent decline in stock price due to a CEO resignation and market reactions [1][4][12]. Financial Performance - For Q3 2025, Giant Network reported revenue of 1.71 billion yuan, a year-on-year increase of 115.6% - The net profit attributable to shareholders was 640 million yuan, up 81.2% year-on-year - The net profit excluding non-recurring items was 678 million yuan, reflecting a 73.9% year-on-year increase - The full-year net profit attributable to shareholders is projected to be 1.42 billion yuan, a 32.3% increase year-on-year [1]. CEO Transition - CEO and General Manager Zhang Dong resigned for personal reasons, with Liu Wei appointed as the new CEO and General Manager, focusing on nurturing young core talent [4][12]. - Zhang Dong's departure comes after a year of significant changes and innovations within the company, including the successful launch of the game "Supernatural Action Team" [5][8][16]. - The transition raises questions about the continuity of the company's strategic direction and the impact on ongoing projects [10][11]. Game Performance - The game "Supernatural Action Team" achieved over 1 million concurrent users and ranked in the top 5 of the iOS free game chart, indicating strong market reception [7]. - The game's success is seen as a reflection of Giant Network's shift towards innovation and diversification, moving away from traditional MMO games [8][11]. Strategic Direction - Zhang Dong implemented significant reforms aimed at transitioning the company towards a more innovative and competitive stance, focusing on new game development and operational efficiency [11][16]. - The company is expected to revert to a governance model that emphasizes internal succession and traditional management practices following Zhang Dong's departure [16][17].

Core Insights - The company reported a revenue of 534 million yuan and a net profit attributable to shareholders of 77 million yuan for the first three quarters of 2025, with a third-quarter revenue of 176 million yuan and a net profit of 29 million yuan [1][2] Financial Performance - For the first three quarters of 2025, the company's revenue was 534 million yuan, with a net profit of 77 million yuan and a net profit of 76 million yuan after excluding non-recurring gains and losses [1] - In the third quarter, the company achieved a revenue of 176 million yuan and a net profit of 29 million yuan, with a net profit of 25 million yuan after excluding non-recurring gains and losses [1] Business Strategy - The company is focusing on a sustainable development path of "integrated research and operations, focusing on quality," enhancing global research and operational capabilities while accelerating the development and testing of new products [1] - The company is also increasing its investment in lightweight gaming segments, aiming to create a complementary ecosystem of "heavy-duty breakthroughs + light-duty traffic" [1] R&D and Innovation - The company increased its R&D expenses by 3.4% year-on-year to 197 million yuan for the first three quarters of 2025, concentrating resources on its main gaming business [2] - The company launched the industry's first commercially viable 3D game AIGC development tool "LayaIdea" in collaboration with Blue Box, marking a transition from technical exploration to commercial application in the "AI + gaming" sector [2] Cost Management - The company has effectively released operational efficiency, with sales and management expenses decreasing by 24.2% and 18.1% year-on-year, respectively, while ensuring core business investments in R&D and new product reserves [2]

Core Insights - The company reported a total revenue of 534 million yuan and a net profit attributable to shareholders of 77 million yuan for the first three quarters of 2025, with a quarterly revenue of 176 million yuan and a net profit of 29 million yuan in Q3 [1] - The company is focusing on a sustainable development path by enhancing global research and operational capabilities while accelerating the development of new products, particularly in the casual gaming sector [1][2] - The company has made significant investments in R&D, with R&D expenses increasing by 3.4% year-on-year to 197 million yuan, and is leveraging AI technology in gaming through the launch of the "LayaIdea" tool [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 534 million yuan and a net profit of 77 million yuan, with a quarterly revenue of 176 million yuan and a net profit of 29 million yuan in Q3 [1] - The company has effectively reduced sales and management expenses by 24.2% and 18.1% respectively, while maintaining core business investments [2] Strategic Focus - The company is committed to a dual strategy of "heavy attack + light diversion" to create a complementary business ecosystem, focusing on both high-quality products and casual gaming [1] - The company has established a comprehensive layout for "AI + gaming," marking a transition from technical exploration to commercial application with the launch of the "LayaIdea" tool [2] Market Outlook - Despite short-term pressures in the gaming industry, the company is positioned to capitalize on new product launches and accelerated overseas market expansion, aiming to seize opportunities during the industry's recovery phase [3]

Core Viewpoint - The report from Guotai Junan highlights the robust growth of NetDragon's gaming business, particularly the strong long-term operational capabilities of the "Magic Domain" IP series, supported by AI production centers that enhance cost efficiency and gaming experience [1][2] Group 1: Financial Projections - The company is expected to achieve revenues of 4.86 billion, 5.31 billion, and 5.84 billion CNY for the years 2025 to 2027, respectively, with net profits projected at 450 million, 650 million, and 830 million CNY for the same period [1] - A target price of 16.7 HKD is set for 2025, based on an 18x PE valuation [1] Group 2: Gaming Business Insights - The core gaming business focuses on the MMORPG segment, with three evergreen IPs (Magic Domain, Conquest, and Soul of Heroes) providing stable cash flow [1] - "Magic Domain," being a 100% original IP, has seen a steady increase in MAU, surpassing 2.5 million, while "Conquest" supports the company's overseas gaming strategy, and "Soul of Heroes" benefits from a content and esports-driven approach, with MAUs exceeding 800,000 [1] Group 3: AI and Strategic Investments - The company is strategically investing in AI technology and the broader entertainment sector, including a partnership with Zhongke Wenge for AI model development and applications [2] - In 2023, NetDragon invested 20 million USD in Rokid and signed a five-year strategic cooperation agreement to enhance quality in education and gaming through hardware interaction [2] - The company is also advancing in the group broadcasting sector, holding a 46% stake in Hangzhou Shuai Ku Network Technology, which is a leading MCN with over 700 million fans and significant monthly engagement [2]

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) down nearly 2.5%, but has seen a net inflow of 25.01 billion yuan over the past 10 trading days, indicating strong investor interest [1] - Major gaming companies have reported a quarter-on-quarter revenue growth of over 10%, continuing the high profitability trend observed in the first half of the year, driven by increased player spending and diverse demand [1] - The integration of AI technologies in content generation and marketing systems is significantly improving game lifecycle and production efficiency, marking a transition to a high-quality growth phase in the industry [1] Group 2 - The overseas mobile game market for Chinese products remains strong, with domestic games ranking high in global revenue, supported by resilient demand and high willingness to pay [2] - AI technology is reducing localization costs and enhancing global distribution efficiency, leading to breakthroughs in markets such as Southeast Asia and North America [2] - The gaming ETF (159869) tracks the performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities in this sector [2]