Core Viewpoint - The "Digiloong GAIC" global AI game and application innovation competition aims to discover high-quality AI projects and talents while fostering cross-industry collaboration between the gaming sector and AI technology [1][8]. Group 1: Event Overview - The offline roadshow for the "Digiloong GAIC" was held in Shanghai on July 23, organized by Century Huatong and supported by various industry associations and companies [1]. - Over 20 teams presented their AI projects, showcasing innovations in AI gaming and applications, including AI-driven narrative generation systems and applications in education, music, mental health, and law [2][3]. Group 2: Project Highlights - SeaArt Film Video/Ultra2 Pro/Flow 2.0, presented by Haiyi Interactive Entertainment, is a professional AI art creation tool that supports multiple platforms and offers robust AI assistance for creators [4]. - The AI game quality self-testing system showcased by Jice Information utilizes multimodal large models for game testing, capable of autonomous analysis and decision-making [4]. Group 3: Game Presentations - The afternoon session featured 13 projects, including "1001 Nights," a dialogue-driven game based on Persian folklore, and "Sherlock: Night Stalker," which merges classic literature with AI for a new reasoning game model [6]. - BC Studio's "Mystery Reasoning" allows players to interact with AI-generated NPCs to solve mysteries in a world where humans coexist with gods [6]. Group 4: Evaluation Criteria - The judging panel assessed projects based on technical innovation, commercial viability, user experience enhancement, and industry impact [7]. - Experts posed challenging questions regarding the balance of risk and creative efficiency in AI-generated content and the adaptability of AI interaction systems for different age groups [7]. Group 5: Future Outlook - Century Huatong's chairman emphasized the competition's goal of not only identifying quality AI projects but also creating a platform for deep interactions between the gaming industry and AI technology [8]. - The final results of the competition will be announced on August 1 at the 2025 ChinaJoy AIGC conference, with a formal award ceremony for the winning teams [9].

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) slightly declining by around 0.5%, but it has seen a net inflow of funds for 10 consecutive trading days, totaling 1.994 billion yuan [1] - In 2025, a total of 127 domestic game licenses and 7 imported game licenses will be issued, indicating a stable quantity and frequency of approvals, which is expected to boost market confidence in the gaming industry [1] - The number of game licenses issued in the first half of the year has significantly increased compared to the same period in 2024, with 884 domestic and 62 imported licenses issued, reflecting a strong growth trend in the gaming market [1] Group 2 - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with the upcoming annual gaming event ChinaJoy presenting potential investment opportunities in the gaming ETF (159869) [2]

Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new wave of industry excitement similar to past peaks in 2015 and 2020 [1][2][7] Industry Trends - The current wave of ACG games is characterized by a shift from blind imitation to the development of original IPs, with companies exploring niche markets and integrating ACG elements with familiar game genres [1][14] - The market is seeing a diverse range of game types, including card games, retro styles, and SLG, indicating a broader appeal to ACG players [14][15] New Entrants and Game Launches - A number of new and returning titles are launching, including "Victory Goddess: NIKKE," which achieved significant revenue shortly after its release [2][4] - Established titles like "Pretty Derby" are also making comebacks, with strong community engagement despite lower initial performance metrics [4][5] Major Upcoming Titles - Anticipated releases include Perfect World's "Yihuan," which has garnered over 300,000 pre-registrations, and Tencent's adaptation of the popular comic "Yiren Zhi Xia" [5][8] - The trend of exporting games to international markets before domestic launches is becoming more common, with titles like "Ruyuan" leading the way [15][17] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current phase being distinct due to the focus on quality and innovation rather than mere replication of successful formulas [7][12] - The industry is witnessing a competitive landscape where both established and new players are vying for market share, potentially leading to a reshuffling of the market [6][9] Cultural Integration - The rise of "Guochao" (national trend) is influencing ACG games, allowing developers to connect more deeply with local audiences through culturally resonant themes [17][18] - The development of game-related merchandise is gaining traction, reflecting a growing recognition of the potential for additional revenue streams beyond the games themselves [17][18] Future Outlook - Analysts suggest that the likelihood of a breakout hit akin to "GTA" in the ACG space is low in the current competitive environment, as many developers focus on monetization rather than long-term product development [19][21] - The potential for independent PC games to emerge as significant players in the ACG market is noted, emphasizing the importance of narrative and emotional connection over gameplay mechanics [21][22]

Core Insights - The launch of the game "Mingmo: Yuanshu Zhi Yu" has been met with overwhelmingly negative reviews, with a player approval rate of only 19% based on 2,692 reviews on Steam, indicating significant dissatisfaction among players [1] - The game's failure is attributed to a combination of technical issues, trust erosion, and poor content positioning, leading to a catastrophic reception [2] Technical Issues - The game suffers from severe optimization problems, with high-end graphics cards like the RTX 4090 struggling to run the game at low resolutions, and common issues such as controller compatibility failures and missing key features [2][3] - The development team lacks the necessary technical foundation to effectively utilize the Unreal Engine 5, resulting in a subpar gaming experience [3][5] Trust Erosion - The release strategy was flawed, with permanent price reductions in certain regions on launch day, undermining player trust [2][5] - Operational mishaps, such as standard edition players receiving deluxe edition rewards, further damaged the credibility of the game's release [2][5] Content Positioning - The game attempts to merge the brutal history of the Ming Dynasty with Cthulhu mythology but ends up with a disjointed narrative that fails to resonate with players [2][4] - Historical events and figures are poorly represented, leading to accusations of historical distortion, which alienates history enthusiasts [2][4] Industry Reflection - The failure of "Mingmo" highlights the challenges faced by domestic AAA game developers, particularly in terms of technical capabilities and industrial maturity [3][5] - The contrasting success of "Black Myth: Wukong," which has a solid technical foundation and clear cultural expression, serves as a benchmark for future projects [5][6] Market Positioning - "Black Myth: Wukong" has a clear target of presenting Chinese stories with top-tier production standards, while "Mingmo" suffers from a lack of clear direction and technical ambition [6] - The industry must recognize that the "domestic" label is shifting from emotional support to a standard of scrutiny, with players expecting adherence to international quality benchmarks [7] Path Forward - For "Mingmo," immediate actions such as releasing significant optimization patches and addressing operational issues are crucial for rebuilding trust [7] - Smaller teams in the industry should focus on their strengths and explore differentiated niches rather than blindly pursuing AAA standards [7]

在这个月初（7月4日），由二元游戏研发的二次元放置卡牌《卢希达：起源》，在"消失"两年后再次现身开启了一轮「起源者测试」。 | 8. | 卢希达:起源 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | ◎ 官方入驻 | | | | | ■安卓 | $ iOS | | | 游戏大小 | 预约 | 炒 已关注 | | | | | | | [起源者]测试 | 盒 游戏测试 | | | | | | | | | 测试时间 | 周五 10:00 | | | 测试结束 | | | | 限量删档 | 测试规则 | | 测试资格 | 你已获得测试资格 | | | | | 角色扮演 冒险 | 回合制 | 卡牌 | | | | | | 期信 | | | | | | | | | | 949 MB | 8.5 万 | 8.6 万 | | | | | | | | E | 2025/07/04 | | | 待公布 | | 该作立项初期名为《代号：星辰》，早在2022年5月便已经对外曝光并进行过首测，并由电魂网络代理登陆过新加坡、马来西亚等海外市场。不过自 ...

Group 1 - Tencent's "Honor of Kings World" PC version has begun pre-download and will officially launch on July 24, 2025, attracting significant player interest [1] - Successful launch and market response of "Honor of Kings World" could provide Tencent with a new revenue growth point, leveraging its existing user base to increase market share [1] - The introduction of a new hit game in a competitive industry can enhance Tencent's market position and boost investor confidence [1] Group 2 - The media reviews for the domestic action game "Mingmo: Yuanshu Zhi Yu" have been released, with the PC version receiving an average score of 73 from 13 media outlets, while the Xbox version scored 88 from 5 reviews, and the PS5 version received 75 from 52 reviews [2] - High media ratings can significantly impact the game's reputation and stimulate sales growth, potentially increasing the valuation and attractiveness of the developer Chengdu Lingze Technology [2] - Continued positive sales and player feedback could attract more capital into the domestic gaming sector, promoting industry development [2] Group 3 - Ubisoft's Q1 2025 financial report shows that "Assassin's Creed: Shadows" has surpassed 5 million players, indicating strong player engagement since its launch [3] - The game has achieved impressive metrics, including 2 billion stealth kills and interactions with 38 million animals, showcasing its appeal in the market [3] - Despite the strong performance of "Assassin's Creed: Shadows," lower-than-expected net bookings may raise concerns about Ubisoft's short-term profitability [3]

Market Overview - On July 23, both the Hong Kong Hang Seng Index and the A-share Shanghai Composite Index rose, with the former stabilizing above 25,500 points, reaching a new high since November 2021, while the latter touched the critical 3,600 points [2] - The gaming sector in Hong Kong saw significant capital inflow, rising by 4%, with Tencent (00700.HK) being the largest contributor, increasing by 4.94% to HKD 552.0 per share, marking a new high since June 2021 [2][3] Company Performance - Tencent's stock performance was notable, with a significant increase in market capitalization, while other gaming stocks like Kingsoft (03888.HK), NetEase (09999.HK), Bilibili (09626.HK), and Xindong Company (02400.HK) also saw gains of 3.89%, 2.59%, 2.33%, and 1.56% respectively [2][3] - Flying Fish Technology (01022.HK) experienced the highest single-day increase of 49.15% following a profit announcement, projecting a net profit of approximately RMB 55 million to 70 million for the first half of 2025, compared to a loss of RMB 2 million in the same period last year [3][7] A-share Market - In the A-share market, the gaming sector also performed well, with ST Huatuo (002602.SZ) rising by 4.22%, and other companies like Gigabit (603444.SH) and 37 Interactive Entertainment (002555.SZ) also recording gains [4] Regulatory Environment - The National Press and Publication Administration approved 127 domestic games and 7 imported games in July, contributing to the positive sentiment in the gaming sector [5] - Notable approvals included Tencent's "Summon Adventure" and NetEase's "Diablo IV," indicating a steady release of new content in the market [5] Industry Trends - Analysts noted a solidifying trend of regular game approvals, coupled with domestic gaming innovations, suggesting a recovery in the industry's growth pace [6] - The summer season is a critical period for game developers, with many launching new titles aimed at enhancing player engagement through strong narratives and social elements [6] Financial Outlook - Market expectations for Tencent's Q2 2025 revenue and gross profit are optimistic, with projected year-on-year growth of 12% and 17% respectively, driven by an 18% increase in online gaming revenue [7] - HSBC forecasts NetEase's Q2 performance to be stable, with an expected revenue growth of 11%, supported by a significant increase in PC game revenue [8] - Analysts express a positive outlook for the gaming sector, citing improvements in supply and the emergence of quality content, alongside the impact of AI technology on cost reduction and efficiency [8]

转自：新华财经 龙白网络、喵吉托、柚衣科技、破荒者等8家创新型企业正式入驻徐汇漕河泾光之希望游戏集聚基地，这些企业涵盖主机游戏开发、元宇宙应用、AI+游戏 等前沿领域，展现了徐汇游戏产业的活力。同步成立的专家评委会，包括来自资本、内容、技术等领域的资深专家，将为基地企业提供资本运作、内容创 作、技术落地等多维度专业指导，让创新想法更精准地对接市场需求。 人工智能赋能游戏产业。（受访单位供图） 据介绍，徐汇是上海人工智能产业高地，全区已集聚近600家大模型企业、千余家人工智能企业，正在加速赋能千行百业。同时，2024年徐汇游戏产业全年 营收超过700亿元，占上海全市的40%以上，撑起上海游戏产业的"半壁江山"。徐汇规模以上游戏企业集聚达到70多家，不仅拥有腾讯、网易等知名游戏大 厂，还有米哈游、鹰角、莉莉丝等后起之秀，形成从研发、发行到运营的完整产业链条。今年，徐汇区正在着力打造游戏街区，全长1.9公里的"元界 NeoWorld"元宇宙街区已于7月初亮相。 编辑：罗浩 赋能中心启用后，将对外开放，全面展示亚马逊云科技"构建-运行-增长"游戏全生命周期的全场景落地方案，为游戏企业提供3D内容创作、云游戏串流、玩 ...

Core Insights - AIGC (Generative Artificial Intelligence) is transforming the game development industry, with a significant increase in AI-integrated games on platforms like Steam, which saw an 800% rise in the number of games using generative AI since 2025 [1][3] - Nearly 8,000 games on Steam now explicitly mention the use of generative AI, up from less than 1,000 a year ago, indicating a rapid adoption of AI technologies in game development [3] - The use of AI in game development is primarily aimed at reducing costs and increasing efficiency, particularly benefiting small independent developers who often handle multiple roles [3][8] Industry Trends - The game development process has evolved from manual coding to utilizing game engines that encapsulate core components, leading to a more structured and professional approach in larger companies [5][6] - Large game studios are cautious about AI due to potential negative perceptions from players regarding automated content, which can harm brand reputation if not executed properly [11][14] - Independent developers are more willing to embrace AI, as they prioritize survival and efficiency over brand image, allowing them to produce games more quickly and with fewer resources [14][15] Challenges and Risks - The rapid increase in AI-generated games raises concerns about quality, reminiscent of the "Atari Shock" in the 1980s, where an oversaturation of low-quality games led to a market crash [17][19] - Players may develop a distrust towards AI-generated content if they encounter poorly executed games, which could lead to a decline in overall demand for games on platforms like Steam [19]

Core Viewpoint - The article highlights the rising potential of Chinese AAA games in the global market, particularly focusing on the upcoming release of "Mingmo: Yuanshu Zhi Yu" and its similarities to the successful "Black Myth: Wukong" [1][4][11]. Group 1: Game Overview - "Mingmo: Yuanshu Zhi Yu" is set to be released on July 24, priced at 248 yuan for the standard version and 298 yuan for the deluxe version, which is slightly lower than "Black Myth: Wukong" [1]. - The game is categorized as a souls-like action game, which may present challenges for new players unfamiliar with the genre [4]. - The storyline is set in the late Ming Dynasty, featuring a character named Wuchang, a memory-lost female warrior, in a dark and fantastical narrative [4]. Group 2: Market Potential - According to the China Merchants Bank Research Institute, "Mingmo: Yuanshu Zhi Yu" shows strong market potential even before its official release, contributing to the expansion of Chinese games in overseas markets [4][12]. - The success of "Black Myth: Wukong," which sold 10 million copies in just four days, has set a precedent for future Chinese AAA titles [9][10]. Group 3: Company Background - Chengdu Lingze Technology Co., Ltd., the developer of "Mingmo: Yuanshu Zhi Yu," was established in 2016 and initially focused on outsourcing for overseas AAA titles to accumulate funds for its own projects [5][7]. - The company is controlled by Jiang Min, who holds approximately 42.60% of the shares, indicating a lack of external institutional investment [5]. Group 4: Industry Trends - The article notes that the Chinese AAA game market is entering a phase of mass production, with several companies, including Lingze Technology, developing high-quality titles [12]. - The overseas market for self-developed Chinese games reached $18.557 billion, accounting for about 11% of the global game market, indicating significant growth potential [12].