智通财经APP获悉，开源证券发布研报称，脑机接口是将人脑与外部设备连接实现信息交互的硬件，其 可用于让运动失能患者等过去难以体验游戏乐趣的群体实现"脑控"游戏，亦可配合游戏用于神经相关疾 病的康复训练，三七互娱(002555.SZ)、汤姆猫(300459.SZ)等国内游戏厂商均有积极布局脑机接口领域 研究或产学研工作。硬件的规模量产降本及植入过程的简便化，有望加速游戏、医疗等各类应用场景的 成熟；随技术进一步发展，脑机接口有望带来新的游戏控制交互体验，为游戏行业培育新增长点。 开源证券主要观点如下： 脑机接口或步入规模量产阶段，游戏作为重要应用场景有望持续受益 建议关注新游上线及老游运营活动，积极把握供需共振下景气度向上、且即将迎来寒假春节旺季、估值 性价比突出的游戏板块投资机会，标的上，重点推荐巨人网络(002558.SZ)、心动公司(02400)、恺英网 络(002517.SZ)、吉比特(603444.SH)、哔哩哔哩-W(09626)、神州泰岳(300002.SZ)、腾讯控股(00700)，受 益标的包括金山软件(03888)、世纪华通(002602.SZ)、三七互娱(002555.SZ)、汤姆猫(30 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [17]. Core Insights - The report highlights significant advancements in AI gaming, particularly with the introduction of playable AI NPCs by Ubisoft, which allows players to interact with AI teammates in a dynamic gaming environment [3]. - The emergence of commercial products based on AI world models, such as Marble by World Labs and Tencent's mixed reality model, showcases the potential for creating immersive 3D worlds using generative AI [4]. - The development of AI game creation tools, like YouTube's Playables Builder, is democratizing game development by enabling users to create games without programming knowledge [4][5]. Summary by Sections AI NPC Development - Ubisoft launched a playable demo of AI NPCs named "Teammates," where players can command AI teammates using natural language, powered by Google's Gemini and Ubisoft's middleware [3]. AI World Models - Companies like Google DeepMind and Tencent are advancing in AI world models, with Tencent's mixed reality model allowing users to create interactive worlds from text or images [4]. AI Game Creation Tools - YouTube is testing an AI game creation tool, Playables Builder, which allows users to create games using simple text and media inputs, currently in testing phases in select markets [4]. - The AI game creation platform SOON by Kaiying Network integrates generative AI to streamline complex game development processes, significantly lowering technical barriers and costs [5]. Investment Recommendations - The report suggests focusing on companies related to gaming, including Tencent, NetEase, Bilibili, Giant Network, and others, as potential investment opportunities [6].

东吴证券认为，本轮创新周期背后的产业逻辑是：供给侧领先厂商凭借在细分赛道上的长期深耕，建立 起对用户需求的精准洞察，形成提供差异化优质体验的能力，以玩法创新、品类突破实现用户破圈；需 求侧大量以"杀时间"为主要目的的休闲玩家，正逐步转化为愿意为优质内容付费的成熟乃至硬核玩家， 带动市场空间扩容，机构认为这一供需两侧正向循环的趋势仍未结束。 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。 12月23日上午，A股市场红盘震荡，午前集体拉升。截至午间收盘，上证指数涨0.34%，深证成指涨 0.65%，创业板指涨0.78%。全市场半日成交额达1.25万亿元，较上日同期略有放量；盘面上，上午有 色、建材、电力设备、电子等板块走强，锂电概念股大爆发，玻璃纤维、液冷服务器等方向火热；大消 费、汽车等板块回调。值得关注的是，Wind数据显示，截至12月22日，A股今年总成交额达405.55万亿 元，这是A股历史上首次年度成交额超过400万亿元。游戏板块午盘持续震荡攀升，游戏ETF（15986 ...

Group 1: Breakthroughs in Technology - Shanghai Jiao Tong University has achieved a significant breakthrough in the field of optical computing chips, realizing the world's first all-optical computing chip capable of supporting large-scale semantic media generation models, named LightGen [1][2] - The LightGen chip demonstrates a theoretical performance increase of 7 orders of magnitude in computing power and 8 orders of magnitude in energy efficiency when using advanced input devices [2] Group 2: Financial Performance of ByteDance - ByteDance is expected to achieve a record profit of approximately $50 billion (about 352.5 billion RMB) this year, driven by its expansion in e-commerce and new markets [4] - In the first three quarters of this year, ByteDance has already realized a net profit of about $40 billion, surpassing its internal target set for 2025 [4] Group 3: IPO and Growth of Zhipu Technology - Zhipu Technology has disclosed its IPO prospectus, aiming to become the first global public company focused on AGI foundational models, with projected revenues of 57.4 million RMB in 2022, 124.5 million in 2023, and 312.4 million in 2024, reflecting a compound annual growth rate of 130% [4][5][6] - The company, founded in 2019, has developed a comprehensive model matrix covering language, code, multimodal, and intelligent agents, maintaining technological parity with global leaders [5] Group 4: Automotive Developments - Xiaomi has obtained an L3 level road testing license for its automotive division, indicating its active participation in the autonomous driving sector [8] - The license allows Xiaomi to conduct conditional autonomous driving tests on designated high-speed roads in Beijing, contributing to the exploration of safer and smarter personal transportation services [8] Group 5: Advancements in Semiconductor Technology - A secret laboratory in China has reportedly assembled the first prototype of an EUV lithography machine through reverse engineering of ASML's existing products, marking a significant technological leap [16] - This prototype is expected to undergo testing and aims for trial production of prototype chips by 2028, indicating rapid advancements in China's semiconductor capabilities [16]

Core Insights - The "Game+" forum held in Shanghai focuses on the integration of gaming technology into various sectors, highlighting its societal value and potential for growth in industries like healthcare, cultural tourism, and education [1][3]. Group 1: Industry Trends - The gaming industry is transitioning from exploration to widespread practice, becoming a significant driver for industrial growth and societal convenience [1]. - The release of the "Digital Game Activation and Transmission of Chinese Intangible Cultural Heritage Report" emphasizes the unique role of games in cultural heritage preservation and development opportunities [1][3]. Group 2: Cross-Industry Applications - Unity's technology director presented case studies on how the Unity engine supports digital transformation across industries, including automotive and smart cities, showcasing its application in digital twin technologies [3]. - AI is evolving from a cost-reduction tool to an experience creation engine, enhancing the entire game development lifecycle and facilitating applications in education and healthcare [3]. - Tencent's "Cognitive Training" product, designed for mild cognitive impairment, achieved a 98% completion rate in clinical trials, indicating its effectiveness and potential for broader healthcare applications [3][5]. Group 3: Social Impact Initiatives - The "Game+ Social Value" initiative aims to empower over 60,000 youth globally through projects like "SDG Hero," exploring pathways for social impact through gaming [5]. - The gaming industry is being recognized for its potential to drive environmental actions, leveraging its global player base for sustainability efforts [7]. - Innovative approaches, such as functional board games for social psychological healing, are being developed to address youth concerns, providing low-cost and high-participation tools for non-clinical psychological interventions [7].

凤凰网科技讯 12月17日，腾讯混元团队正式发布混元世界模型1.5（WorldPlay）。该模型支持通过文本 描述或单张图片生成可实时交互的3D场景，用户可通过键盘、鼠标或手柄在生成的世界中自由探索。 据悉，此次发布版本强调空间记忆能力，当用户在场景中移动并返回先前区域时，模型能保持三维结构 的前后一致性。模型支持以24帧/秒的速率生成720P视频流，并可将交互场景导出为3D点云复用。 腾讯宣布，此次同步开源了涵盖数据、训练与流式推理部署的实时世界模型全链路框架。技术报告公开 了包括重构记忆机制、长上下文蒸馏及基于3D奖励的强化学习后训练等模块的细节。该模型主要面向 AI游戏关卡生成、影视场景预览、虚拟现实及具身智能研究等场景。目前用户可通过官网申请体验。 ...

12月12日，游戏板块早盘窄幅震荡，游戏ETF（159869）现小幅微涨近0.5%。持仓股中，迅游科 技、奥飞娱乐、神州泰岳、电魂网络、三七互娱等均涨超2%，名臣健康、巨人网络、吉比特、富春股 份等跌幅靠前。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 江海证券指出，2025年1~11月，有关部门共发布国产网络游戏版号1532个，同比增长29.39%。11 月国产及进口游戏版号下发数量较大，体现监管政策对于游戏产业发展的呵护态度。游戏板块现金流 好，政策支持力度持续加大，且AI游戏研发持续深化，持续看好游戏板块。 开源证券认为，在第三季度利好基础上，年底游戏板块又迎多重催化：圣诞、元旦及寒假春节假期 临近，行业进入新游上线与老游推广旺季，流水有望显著提升。重点新游包括吉比特旗下策略手游《九 牧之野》（预约破百万，主打"降肝减氪"）、金山软件《鹅鸭杀》手游及B站代理《嘟嘟脸恶作剧 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector shows strong performance with leading companies demonstrating significant revenue generation, particularly Tencent and Century Huatong, which ranked first and second in global mobile game publisher revenue [3][4] - The number of domestic game licenses issued in 2025 has increased by 29.39% year-on-year, indicating a supportive regulatory environment for the gaming industry [4] - The gaming sector is characterized by strong cash flow, ongoing policy support, and deepening AI game development, making it an attractive investment opportunity [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -3.47% compared to the CSI 300 index, with an absolute return of 12.26% [2] Market Developments - In November 2025, 33 Chinese companies made it to the global top 100 mobile game publishers, collectively generating $1.95 billion, which accounts for 35.8% of the total revenue of the top 100 publishers [3] - The flagship game "Whiteout Survival" from Century Huatong contributed 54% of its revenue in November, with total earnings exceeding $3.8 billion [3] Regulatory Environment - The National Press and Publication Administration issued 1,532 domestic game licenses from January to November 2025, reflecting a 29.39% increase compared to the same period in 2024 [4]

《神探夏洛克：暗夜追踪者》 据了解，在游戏中，玩家将化身福尔摩斯，在维多利亚时代的伦敦展开推理。美术方面，游戏整体采用巴洛克风格的视觉设计，重现了伦敦的古典氛围。从 灯光、街景到人物服饰，都以高精度3D建模呈现，还原福尔摩斯时代的社会环境。 不同于传统的线性剧情，《神探夏洛克》构建了非线性、多结局的动态叙事系统——玩家的每一句提问、每一个证物，都会改变案件的走向。通过AI驱动 的自由对话系统，玩家还可以实时语音交流，AI角色则会根据情绪、动机与逻辑生成即时回应与表情。 可以说，有了AI，无论是在游戏中审问嫌疑人、追查线索，还是进行心理博弈，每次体验都能够独一无二，让"每个玩家都能创造属于自己的推理故事"。 36氪获悉，成立于2024年的AI游戏开发商「美酷瑞」已先后获得两轮融资。其中，首轮投资方未披露，次轮由连尚网络领投，且已有多家机构正在接洽后 续合作。 据了解，距离美酷瑞旗下AI驱动3D推理游戏《神探夏洛克：暗夜追踪者》将在2026年正式全平台发售。而在AI游戏从概念向商业落地过渡的时期，《神探 夏洛克：暗夜追踪者》有机会成为AI游戏时代的重要一作。 00:00 / 00:00 倍速 2025年，被许多人 ...

●《完蛋！我被美女包围了！》Steam游戏界面 "不能只有我一个人吃屎" 前几天我收到了一封Steam邮件，是朋友送我的一个游戏——《1000王子：生而为爱你》。 ？？？不是，哥们儿，你还记得我是个男的吧？我什么时候需要王子的爱了？而且还是1000个？？？ 虽然我本能地察觉到我这朋友没安好心，但本着去年我对《完蛋！我被美女包围了！》的美好记忆，我还是决定先打开再说。 但当我打开Steam看到这个界面，我感觉事情太不对劲了，这画风，不太像是王子，更像丧尸一点啊。这王子脸糊得像打了十层马赛克，头发融成一团色 块，有的脸上还带着淤青。再往下翻，居然要花钱！11块！不是吧？这画质还收11块？不如给我买几瓶快乐水喝。 ●《1000王子:生而为爱你》Steam游戏界面 先用我自己的话简单介绍一下这个游戏背景，因为官方的介绍实在不太像"人话"——"我"在拯救一只可爱小猪时，触电引发了时空紊乱，导致"我"上辈 子、这辈子、下辈子、下下下辈子的丈夫（都是王子）都来到了"我"的身边，保护我，呵护我。 面对这样一个"复杂"且从未涉猎过的游戏，以防万一，我想先做一下心理建设，于是我打开了小黑盒，想看看评价—— ●小黑盒上关于《100 ...