Core Insights - The 二次元 (2D) gaming market is experiencing significant decline, with over 20 games expected to cease operations or updates by 2025, indicating a severe contraction in the industry [1][27] - The 二次元 mobile game market's actual sales revenue is projected to be 282.81 billion yuan in 2025, reflecting a year-on-year decrease of 3.64% [3][7] - The market is undergoing a major reshuffle, with traditional companies focusing on next-generation products while many smaller developers face closure [6][39] Market Trends - The 二次元 gaming sector has seen a drop in the number of new successful titles, with only 14 games entering the iOS top 10 in 2025 compared to 20 in 2024 [9][22] - Established titles like 《原神》 and 《崩坏：星穹铁道》 are showing signs of decline, with fluctuations in their rankings on the iOS charts [12][14] - The market is increasingly dominated by a few top products, leading to a "head product solidification" phenomenon [7][26] Company Dynamics - Major companies like 米哈游 and 网易 are adapting by focusing on high-quality content and exploring new gameplay mechanics to retain player interest [40][42] - The closure of several high-profile games, such as 《白夜极光》 and 《机动都市阿尔法》, highlights the challenges faced by even well-known developers [31][32] - The trend of "game shutdowns" has intensified, with many mid-tier games failing to meet market expectations and subsequently ceasing operations [27][38] Future Outlook - The 二次元 market is at a critical juncture, with 2026 expected to bring a wave of new products that could redefine the landscape, moving away from the "百团大战" (hundred-group war) to a more competitive environment among a few top teams [50][51] - The industry's evolution is driven by changing player expectations, with a growing demand for unique experiences and innovative business models [39][45] - The upcoming product releases in 2026 are anticipated to be more sophisticated, focusing on unique gameplay and differentiated offerings to capture market share [47][48]

Market Outlook - A bullish outlook for U.S. equities is anticipated for 2026, with the S&P 500 predicted to reach 8,200 by the end of the year, driven by four key factors [1] Investment Focus - The analysis covers future-oriented industries where culture, technology, and valuation intersect, including digital assets like XRP, Bitcoin, and Ethereum, as well as gaming publishers such as Nintendo, Capcom, and Square Enix [1] - Additionally, select consumer brands like Monster Beverage, Sprouts, and Macy's are included, emphasizing the importance of brand and consumer behavior in driving long-term value [1] Analytical Approach - The analytical approach combines discounted cash flow (DCF) and relative valuation methods with macroeconomic and narrative context, aiding in the identification of early positioning in companies and assets that are expected to lead the next growth cycle [1]

扬子晚报网12月29日讯（记者 姜天圣）12月29日，网易游戏《第五人格》发布公告，称将在2026年3月 停止在小米平台运营，届时玩家将无法通过小米端口登录游戏；在2025年12月29日，游戏已关闭小米平 台的下载入口，同时停止游戏充值、新用户注册，并同步角色资产找回。 亲爱的访客: 感谢您一直以来给予《第五人格》小米渠道版本手机游戏的支持与厚爱!《第五人格》小米 值版本手机游戏将于2025年12月29日10 时停止游戏充值及新用户注册,并同时开启小米角色资 在找回服务,现将相关事项通知如下: 1、2025年12月29日10时:关闭游戏在小米平台的下载入口,玩家将无法下载游戏,同时停 止游戏充值、新用户注册,并同步开启角色资产找回服务,请跟随官方指引进行资产找回,继续您 的游戏体验; 2、2026年3月2日15时:正式停止游戏在小米平台的运营,玩家将无法通过小米端口登录游 戏及相关服务。 感谢一直以来支持《第五人格》小米渠道版本手机游戏的广大玩家,自本公告发布之日起至 2026年3月2日15时,现有玩家在小米渠道游戏账号中尚未消耗的游戏资源仍可继续使用。以上所 述,还请您周知并相互转告,如有任何疑义,请随时与 ...

Core Viewpoint - The gaming industry should refocus on creating "fun games" rather than prioritizing monetization models and customer value, as this shift is eroding the quality of the products [1][6]. Group 1: Industry Critique - The current direction of the gaming industry is described as "confusing," with an increased focus on profit maximization at the expense of the core value of games, which is enjoyment [1][6]. - There is a concern that the industry has not returned to its creative roots after the decline of "forced inclusivity" and "political expression" [1][6]. Group 2: Business Considerations - Many game proposals begin with discussions on profitability, market size, and incentive mechanisms, often neglecting the essential question of what makes the game enjoyable [3][8]. - While commercial considerations are important, creativity and user experience are equally crucial, and the industry is currently overemphasizing economic models at the expense of content quality [5][8]. Group 3: Game Development Trends - Many studios are focused on creating games that last 80 to 100 hours to enhance player retention, but shorter, more tightly-paced games of 20 to 25 hours may be more reasonable and cost-effective, keeping development costs in the tens of millions rather than exceeding a hundred million [5][8].

责任编辑：卢昱君 贪玩（09890）早盘涨超8%，截至发稿，股价上涨6.73%，现报16.98港元，成交额3335.85万港元。 贪玩近日发布公告，拟发行4.68亿港元零息可转债，初始转换价格每股转换股份23.50港元较股份于协议 日期前最后交易日在联交所所报收市价每股股份17.00港元溢价约38.24%。本次发行可换股债券的所得 款项净额将约为4.586亿港元，将用于AI相关业务投资及AI相关产业的股权投资，以加速公司在"AI+游 戏"领域的战略布局。 据悉，本次可转债由国际知名投资管理基金——LMR全额认购。LMR Partners总部位于伦敦，并于纽 约、香港、苏黎世、迪拜、都柏林及格拉斯哥设有办事处。此次与LMR的合作，为公司引入了长期稳 定的高质量国际基金，有助于进一步优化资本结构，提升公司在全球资本市场的认知度和影响力。 贪玩（09890）早盘涨超8%，截至发稿，股价上涨6.73%，现报16.98港元，成交额3335.85万港元。 贪玩近日发布公告，拟发行4.68亿港元零息可转债，初始转换价格每股转换股份23.50港元较股份于协议 日期前最后交易日在联交所所报收市价每股股份17.00港元溢价约38 ...

Core Insights - Tencent's new strategy game "Wangzhe Wanxiangqi," based on the "Honor of Kings" IP, has begun large-scale testing on December 25, 2025, allowing content streaming and sharing without any payment features [1] - The independent game "Resistance," developed by Haotang Technology, released a gameplay demonstration on December 26, 2025, set in 1940s China, combining espionage and action elements [3] - The independent game "Light and Shadow: Expedition Team No. 33" had its awards revoked due to the use of generative AI during development, violating the competition's rules [5] - The open-world game "Yanyun Shiliusheng" faced controversy over its anniversary costume design, leading to official adjustments after community backlash regarding its visual elements [6] - Vince Zampella, co-founder of Infinity Ward and a key figure in the "Call of Duty" series, passed away in a car accident on December 21, 2025 [7] - Guangzhou's government issued a set of 18 measures to support the gaming and esports industry, including financial incentives for culturally significant games and successful international events [9] - NetEase announced the retirement of its executive vice president Ding Yingfeng, effective December 31, 2025, who will continue as a consultant [12] - The National Press and Publication Administration approved 147 games in December 2025, including 144 domestic and 3 imported titles, with notable releases from Tencent and other companies [14]

Core Insights - The article emphasizes the convergence of culture, technology, and valuation in future-oriented industries, particularly in digital assets and gaming sectors [1] Group 1: Digital Assets - The focus includes major cryptocurrencies such as XRP, Bitcoin, and Ethereum, which are reshaping global finance [1] - The analysis aims to identify early positioning in these digital assets that are leading the next cycle of growth [1] Group 2: Gaming Industry - The article covers gaming publishers like Nintendo, Capcom, and Square Enix, highlighting their role in transforming entertainment [1] - The approach combines discounted cash flow (DCF) and relative valuation methods to assess these companies [1] Group 3: Consumer Brands - Selected consumer brands such as Monster Beverage, Sprouts, and Macy's are analyzed, where brand strength and consumer behavior are seen as key drivers of long-term value [1] - The analysis seeks to provide insights into how these brands can capitalize on market trends [1]

Core Insights - NetEase announced the retirement of its Executive Vice President and head of Interactive Entertainment, Ding Yingfeng, effective December 31, 2025, after which he will continue as a consultant for the company [1][3] - CEO Ding Lei expressed gratitude for Ding Yingfeng's contributions, highlighting his key role in the development of flagship games and the establishment of the company's R&D and operational systems [1][3] Company Performance - Ding Yingfeng joined NetEase in 2002 and has been instrumental in the R&D and operations of the Interactive Entertainment division, leading to the release of several influential games [1][3] - Under the "Evergreen Strategy," NetEase's products have shown strong performance this year, with the 22-year-old "Fantasy Westward Journey" PC version achieving a peak concurrent user count of over 3.58 million, a historical high [1][3] - Mobile game monthly active users reached a two-year peak, indicating robust engagement [1][3] - The new product "Yan Yun Shi Liu Sheng" saw its overseas version reach over 250,000 concurrent users on Steam, ranking second on the global bestseller list, with over 15 million players in its first month of release [1][3] Future Outlook - NetEase plans to continue leveraging its comprehensive system construction and talent strategy to promote steady business growth [2][4]

Group 1 - The core point of the news is the retirement of Ding Yingfeng, the Executive Vice President and head of the gaming department at NetEase, effective December 31, with plans to continue as a consultant until 2026 [2] - Ding Yingfeng has been with NetEase for 23 years, joining in 2002 and playing a key role in the success of flagship games like "Fantasy Westward Journey" and "Dream of Red Mansions" [2] - Following Ding's retirement, Hu Zhipeng, who was promoted to Executive Vice President in March, is expected to take over as the sole Executive Vice President of NetEase [3] Group 2 - NetEase reported a stable development with Q3 net revenue of 28.4 billion yuan, an 8.2% year-on-year increase, and a net profit of 8.6 billion yuan, up 32% [3] - The gaming business remains a significant revenue contributor, with Q3 revenue from games and related services reaching 23.3 billion yuan, a year-on-year increase of 11.8%, accounting for 82% of total net revenue [4] - The online gaming segment contributed 97.6% of the gaming revenue, driven by self-developed games and several agency games, with "Fantasy Westward Journey" achieving a peak online user count of 3.58 million [4]

凤凰网科技讯12月27日，网易公司(NASDAQ:NTES/HKEX:9999)今日正式发布公告，披露了一项核心管 理层的人事变动。在为公司服务长达23年之后，丁迎峰决定退休，并将卸任网易执行副总裁及互娱事业 群负责人职务，该项决议将于2025年12月31日正式生效。作为网易游戏业务的关键人物，丁迎峰的卸任 标志着网易互娱事业群将迎来新的管理阶段。 根据公告披露的后续安排，丁迎峰在卸任实职后并不会立即切断与公司的业务联系，他将在2026年转任 网易公司顾问一职，继续利用其经验为公司提供支持。针对此次变动，网易CEO丁磊肯定了丁迎峰的职 业生涯贡献，特别强调了其在打造网易旗舰游戏产品以及构建公司研发与运营能力方面所发挥的核心作 用。 丁迎峰(别名丁丁)是网易游戏业务的核心奠基者之一，拥有超过25年游戏开发与设计经验。他于1998年 进入游戏行业，早年任职于金智塔并担任经典游戏《古龙群侠传》制作人，2002年受邀加入网易后开启 了长达23年的任职生涯。 入职初期，他参与《大话西游Online II》的早期数值架构工作，随后全程主导《梦幻西游》的研发与运 营，从数值策划逐步晋升为产品经理、第二产品部总监、梦幻西游工 ...