11月15日，网易旗下武侠开放世界游戏《燕云十六声》（英文名：Where Winds Meet）全球发行，登陆 Steam、PlayStation、Epic平台。上线40分钟海外版玩家突破50万，并登上Steam全球最热玩游戏榜 Top5，Steam全球最高同时在线人数超14万。据了解，《燕云十六声》国内玩家数已突破4000万。 （文章来源：第一财经） ...

证券研究报告 | 2025年11月15日 宏观经济专题研究 年度展望之三： "促转型"下的产业格局 产业结构转型走向何方？ 不妨从出口比较优势和产业生命周期观察我国未来产业转型方向。 从出口比较优势看，通过 2020-2024 年出口比较优势指数分析，"低水平+ 高上升"领域潜力较大，如光学器具，正凭借核心零部件竞争力的快速提升， 成为全球价值链中难以替代的环节；又如芯片制造，是我国科技自立自强和 破除"卡脖子"的关键领域，体现国家战略意志，二者均具备明确的成长动 能。 当前我国正处于经济动能迭代的关键期，新旧动能切换是突破增长瓶颈、实 现高质量发展的必然选择。 我国新旧动能转换行至何处？ 从产业增加值、金融资源和劳动力就业三个视角透视我国新旧动能转换： 产业增加值视角看，窄口径下，预计 2027 年新兴产业规模将对旧有产业实 现赶超；宽口径下，预计 2031 年新旧产业增加值交汇，"十五五"末新兴 产业有望跃升为增长新引擎。 金融资源视角看，产业转型伴随金融重构，上一轮 1998-2002 年动能切换期 间，乡镇企业贷款大幅缩减，四大行账面不良率超 25%；本轮转型中，政策 提前介入且直接融资体系对创新的支 ...

Core Insights - The "Million Talents Gathering in South Guangdong" cultural industry recruitment event was launched on November 15, focusing on attracting talent for the cultural sector in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4] - The event highlighted the increasing demand for "AI+" composite talents, with roles such as "AI Art Trainer" and "AI Model Designer" becoming essential for various cultural enterprises [2][5] Group 1: Recruitment Trends - The recruitment event featured a variety of new positions driven by AI technology, indicating a shift in hiring criteria where proficiency in AI is now a requirement rather than a bonus [8][9] - Companies like Rabbit Intelligent Technology are actively seeking AI talents across multiple roles, including AI video editing and AI design, reflecting the growing commercialization of AI in e-commerce [5][8] - The gaming industry continues to prioritize passion for gaming as a key hiring criterion, with companies offering competitive salaries for roles that require creativity and a deep understanding of the gaming landscape [12][13] Group 2: Industry Insights - The event showcased a strong interest from students in the cultural industry, with many from engineering and science backgrounds seeking opportunities in gaming and animation [13][15] - Companies are adapting to the rapid evolution of AI tools, necessitating specialized talent to optimize and enhance AI-generated outputs in artistic fields [8][9] - The presence of major gaming companies in Guangdong, such as Tencent and NetEase, attracts talent from across the country, emphasizing the region's vibrant cultural industry [15]

Core Insights - Tencent's Q3 2025 financial report shows significant growth across all major metrics, with revenue increasing by 15% to 192.87 billion, net profit rising by 19% to 63.133 billion, and operating profit (Non-IFRS) up by 18% to 72.57 billion [2][3] AI Strategy - AI has become a central focus for Tencent, enhancing efficiency in various sectors such as advertising, gaming, and video production, with strategic investments leading to improved user engagement and operational efficiency [2][5] - The integration of AI into Tencent's ecosystem is evident, with features like "search and listen" in QQ Music and "AI minutes" in Tencent Meeting, indicating a shift towards a more interconnected AI-driven environment [5][6] Advertising Revenue - AI has significantly contributed to Tencent's advertising revenue, with marketing services income increasing by 21% to 36.24 billion, driven by AI-enhanced advertising technologies that improved ECPM (effective cost per thousand impressions) [6][8] - The click-through rates for AI-driven ads have reportedly increased to 3.0%, showcasing the potential for further growth in advertising effectiveness [8] WeChat Ecosystem - WeChat's monthly active accounts grew by 2% to 1.414 billion, with WeChat Mini Programs and WeChat Stores driving commercial monetization [9][10] - WeChat Stores have seen a significant increase in active sellers and transaction volumes, with monthly sales doubling and the number of new sellers growing by 35% [10] ToB Business Growth - Tencent's ToB (business-to-business) services grew by 10% to 58.17 billion, supported by increased revenue from consumer loans, commercial payments, and enterprise services [14][16] - The financial technology segment, which includes payment and wealth management services, is closely tied to consumer spending trends, indicating potential for future growth as market conditions improve [16] Gaming Performance - Tencent's gaming revenue rose by 22.8% to 63.6 billion, with strong performance from established titles like "Honor of Kings" and "Peacekeeper Elite" [22][23] - The international gaming segment saw a remarkable 43% increase in revenue to 20.8 billion, driven by successful acquisitions and the performance of new titles [27][28] Future Prospects - Tencent is preparing for future growth with several new game launches in the pipeline, including "Honor of Kings World" and "Under the Human," which are expected to contribute to long-term development [28]

南都讯 11月15日，由广东省委宣传部、广东省人力资源和社会保障厅联合主办的"百万英才汇南粤—— 文化产业人才荟"，在粤港澳大湾区（广东）人才港正式拉开帷幕。本次活动包含粤港澳大湾区人才港 大讲堂、文化产业政策展示和创意市集以及"百万英才汇南粤"文化产业专场招聘会三大部分。 在粤港澳大湾区人才港大讲堂上，来自数字艺术、影视、游戏设计、传媒运营等领域的知名嘉宾带来主 题演讲，分享文化产业发展趋势与人才成长路径。 "机遇是遇见对的人" 机遇集团计划未来把总部迁至广东 "机遇就是在对的时间、对的地点、遇见对的人、做对的事。"在上海沉浸机遇科技开发有限公司董事长 兼CEO胡世辉的主旨演讲中，他这样定义"机遇"。 腾讯游戏数据专家刘岩带来《产教融合新范式：以算法大赛为桥，破解游戏AI人才"供需错位"难题》主 题分享。他围绕游戏业务发展、AI技术演进与人才招聘之间的现实矛盾，提出了以"算法大赛"为纽带， 推动产业与教育深度融合的新思路。 他在发言中坚定指出，广东是创新创业的"超级大厂"，并正式宣布企业将把总部迁至广东，积极响应广 东省推动高质量发展的政策导向。 胡世辉认为，广东不仅具备雄厚的经济基础，更是中国改革开放的最 ...

（原标题：A股"游戏王"摘帽 年内市值涨逾千亿） 2025年11月12日，浙江世纪华通集团股份有限公司（002602.SZ）发布撤销其他风险警示的公告，其股票名称从"ST华通"变更为"世纪华通"。 "摘帽"后，世纪华通的股价连涨两日，截至11月13日收于19.17元/股，总市值达到1424亿元。在A股23家游戏公司中，世纪华通已是市值第一 的"游戏王"。 2024年11月8日，其被实施其他风险警示，成为"ST华通"。"戴帽"以来，该股股价一路走高。Wind数据显示，今年以来至11月13日，该公司股价 涨幅达到272.96%，总市值增加了1041亿元，平均每天增加3.29亿元。 今年以来，ST华通多次出现在公募基金的热买榜单中。这只ST股被公募基金组团买入，引起市场热议。Wind数据显示，截至2025年9月底，ST华 通现身227只基金的十大重仓股名单，而年初只有18只基金将ST华通纳入十大重仓股。 曾因财务造假被ST 世纪华通从"戴帽"到"摘帽"，历时一年。2024年11月6日，世纪华通收到中国证监会的《行政处罚决定书》，被查实2018年至2022年年报商誉相关 内容存在虚假记载，还存在虚构软件著作权转让业务 ...

商誉风险源于世纪华通的转型之路。世纪华通在创立之初是一家汽车零部件制造企业，2014年，其开始向互联网游戏产业转型，陆续收购了天游软件、七酷 网络、点点互动等多家游戏公司的股权。2019年，世纪华通以298亿元"蛇吞象"式收购了盛趣游戏，后者则拥有《传奇》等众多经典版权。 由传统制造业转型成游戏公司后，2021年3月，腾讯集团旗下的林芝腾讯科技有限公司花27.95亿元增持了世纪华通，成为世纪华通的第二大股东。背靠国内 手游头部公司后，世纪华通一度风头无两，股价一路走高。 2025年11月12日，浙江世纪华通集团股份有限公司（002602.SZ）发布撤销其他风险警示的公告，其股票名称从"ST华通"变更为"世纪华通"。 "摘帽"后，世纪华通的股价连涨两日，截至11月13日收于19.17元/股，总市值达到1424亿元。在A股23家游戏公司中，世纪华通已是市值第一的"游戏王"。 2024年11月8日，其被实施其他风险警示，成为"ST华通"。"戴帽"以来，该股股价一路走高。Wind数据显示，今年以来至11月13日，该公司股价涨幅达到 272.96%，总市值增加了1041亿元，平均每天增加3.29亿元。 今年以来，ST华 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：龙共火火 段永平是我最喜欢的一个投资人和企业家。 本文整理自段永平×方三文2025 年11 月访谈，全长93分钟，这是他退休20年来为数不多的深度对话。 2003年，网易股价不到1美元，被纳斯达克威胁退市。 所有人都在抛售。 但一个刚从中国搬到美国的商人，做了一个疯狂的决定：把账上所有的钱，全部买入网易。 6个月后，网易翻了20倍。 投资圈炸了。无数人涌进段永平的博客，问："下一个网易在哪里？" 但段永平的回答让所有人愣住："我要真看懂了，应该把整个网易买下来。而且——20年过去，我认真投资过的公司，不超过10个。" 2025年10月，在雪球创始人方三文的邀请下，段永平接受了退休20年来为数不多的视频访谈。这次对话持续了93分钟，信息量巨大，很多内容 是首次公开。 而访谈中最让人震撼的，不是他怎么赚到钱的，而是他在茅台暴跌50%时，说的那句话。 01 一个没人相信的决定 故事要从更早说起。 1995年，段永平做了第一个让所有人不理解的决定：离开小霸王。 那时的小霸王如日中天，年销售 ...

苹果公司与腾讯就小游戏和小程序应用的抽成比例达成协议。 11月13日，苹果公司公布的小程序合作伙伴计划显示，其将对App内小游戏的内购项目抽成15%，低于 苹果App Store通常实行的30%比例。而腾讯微信方面表示愿意接入这项服务。 "欢迎苹果对小程序和小游戏开发者的支持，乐见苹果推出'小程序合作伙伴计划'（Mini Apps Partner Program）。"11月14日，腾讯"微信公开课"公众号转发上述苹果公司公告，"我们将尽快为开发者提供 接入服务，共同建设一个健康繁荣的生态。" 或利好内购项目 通常，在iOS平台的App内发生内购，苹果公司会从中抽成15%—30%，而此前腾讯绕过了苹果的这项政 策；在安卓端，腾讯则会对小游戏的内购流水抽取40%的分成。 "抽成之争，本质是两大平台之间话语权的角力。"广大大数据研究员胡小璐向《中国经营报》记者表 示，"苹果公司和腾讯双方自2024年便开始的抽成之争终于迎来结果。接下来，大家更加关注的可能 是，同为超级应用的抖音和抖音小游戏在抽成政策方面的后续变动。" 针对15%这一比例，胡小璐认为，这一数字既低于腾讯对安卓端微信小游戏40%的抽成比例，也低于苹 果 ...

Core Viewpoint - Tencent's Q3 2025 financial report highlights the significant role of AI in driving growth across various business segments, with all three major performance indicators showing double-digit increases, indicating a robust financial performance and strategic pivot towards AI integration [5][6][10]. Financial Performance - Tencent's revenue reached 192.87 billion yuan, a year-on-year increase of 15%, marking a historical high [5]. - Net profit grew by 19% to 63.133 billion yuan, while operating profit (Non-IFRS) increased by 18% to 72.57 billion yuan [5]. - The overall gross profit rose by 22% to 108.8 billion yuan, leading to a gross margin of 56% [6]. AI Integration and Business Growth - AI has become a central theme in Tencent's strategy, enhancing efficiency in advertising, gaming, and content creation [5][10]. - The AI-driven advertising technology contributed to a 21% increase in marketing service revenue, reaching 36.24 billion yuan, with half of this growth attributed to improvements in effective cost per thousand impressions (ECPM) [10][12]. - The daily active users of Tencent's AI product "Yuanbao" have surged, indicating a positive feedback loop between AI investment and high-quality growth [8]. WeChat Ecosystem Expansion - WeChat's monthly active user count grew by 2% to 1.414 billion, with WeChat Mini Stores driving significant growth in e-commerce [12][13]. - WeChat Mini Stores saw a 100% increase in monthly sales, with new merchants joining the platform growing by 35% [12]. - The integration of WeChat with overseas markets has also expanded, with a 34% increase in overseas transactions using WeChat Pay [13]. Gaming Business Performance - Tencent's gaming revenue increased by 22.8% to 63.6 billion yuan, with strong contributions from both domestic and international markets [26][30]. - The domestic gaming revenue grew by 15% to 42.8 billion yuan, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [27]. - International gaming revenue surged by 43% to 20.8 billion yuan, attributed to successful titles from acquired studios and revitalized existing games [30][32]. ToB Business Growth - Tencent's ToB (business-to-business) revenue grew by 10% to 58.17 billion yuan, maintaining double-digit growth for two consecutive quarters [19]. - The growth in ToB revenue is primarily driven by increased demand for financial technology services, including payment and wealth management [19]. R&D Investment - Tencent's R&D expenditure reached 22.82 billion yuan, a year-on-year increase of 28%, reflecting the company's commitment to advancing its AI capabilities [23].