索尼 2025 财年第二季度财报显示，对 Bungie 的《命运 2》资产计提了 315 亿日元（IT之家注：现汇率约合 14.56 亿元人民币）减值。尽管《地狱潜者 2》依旧在持续运营中取得成功，这笔减值仍拖累了公司的整体 利润。 IT之家 11 月 12 日消息，据外媒 Neowin 今日报道，索尼披露，《命运 2》的销量和玩家活跃度均低于收购 时的预期。 索尼首席财务官林涛在财报发布会上表示："关于《命运 2》，部分由于竞争环境变化，其销量和用户活跃 度未能达到收购 Bungie 时的预期。我们将继续改进，但目前已下调业务预期，并对 Bungie 部分资产计提减 值。" 目前尚不清楚最新数据是否会促使索尼在 Bungie 进行裁员。2023 年，Bungie 曾经历一波大规模裁员，原因 是玩家热度下降和收入下滑。据悉，《命运 2》在 Steam 上的玩家数量已创历史新低。 Bungie 目前全力开发射击新作《失落星船：马拉松》。不过，由于用户反馈以及艺术作品抄袭争议，该作 在 6 月被无限期推迟。Bungie 首席执行官皮特・帕森斯已于 8 月离职。 以打造《光环》和《命运》系列著称的 Bungie 在 ...

家乡互动发布公告，于2025年11月11日，该公司斥资11.9万港元回购8.4万股股份，每股回购价格为1.4- 1.42港元。 智通财经APP获悉，香港联交所最新资料显示，11月11日，家乡互动(03798)股东将股票存入香港上海汇 丰银行，存仓市值6.03亿港元，占比33.80%。 ...

Core Insights - Chinese enterprises are shifting their investment focus in Qatar from traditional sectors to innovation-driven industries, aligning with Qatar's "2030 National Vision" for diversified development [1][2][4] Trade and Economic Cooperation - China is Qatar's largest trading partner, with a projected trade volume of $24.22 billion in 2024, including $4.174 billion in exports and $20.046 billion in imports [1] - From January to August 2025, the bilateral trade volume reached $16.374 billion, reflecting a year-on-year increase of $199 million, or 1.1% [1] Energy Cooperation - Qatar is China's second-largest source of liquefied natural gas (LNG), with imports expected to reach 18.3464 million tons in 2024 [1] - Qatar holds the world's third-largest natural gas reserves, particularly in the North Field, which is the largest single gas field globally [1] Investment Trends - Investment diversification is evident in four key areas: - Digital economy and ICT, with enhanced cooperation in cloud computing, smart cities, and 5G [2][4] - Advanced manufacturing and transportation, including the introduction of electric buses [4] - Gaming and creative industries, with Chinese firms entering the entertainment and digital content sectors [4] - Legal and professional services, with Chinese law firms establishing branches in Qatar [4] Renewable Energy Initiatives - Qatar aims to achieve 18% renewable energy share and a 25% reduction in greenhouse gas emissions by 2030, with significant projects like the 800 MW Al Kharsaah solar power plant [2][6] - Plans for a global largest blue ammonia plant by 2026 to support hydrogen and ammonia-based clean energy solutions [3][6] Innovation and Research - Qatar ranks first in the GCC for university-industry research collaboration and fourth globally in the ITU ICT Development Index [5] - R&D spending increased from 3.25 billion QAR in 2012 to 4.45 billion QAR in 2021, with a target of 1.5% of GDP by 2030 [5] Investment Incentives - Qatar offers a comprehensive set of incentives for foreign investors, including up to 40% coverage of eligible local investment costs for five years in sectors like advanced manufacturing, logistics, technology, and financial services [7][8]

点评：索尼财报显示PS5销量逆势增长，累计出货量达8420万台，彰显其硬件生命周期的韧性。公司战 略重心从硬件推广转向盈利能力提升，旨在通过软件与服务最大化生命周期价值，并可能投入下一代主 机产品开发。对游戏行业而言，这标志着主机市场进入成熟期，硬件厂商的盈利模式将更依赖内容生态 与订阅服务。 ｜ 2025年11月12日星期三 ｜ NO.1 索尼PS5系列游戏机全球出货量达到8420万台 11月11日，索尼集团发布2025财年第二季度（截至9月30日）财报。第二财季营收为3.11万亿日元，同 比增长5%。营业利润为4290亿日元，同比增长10%，净利润达3114亿日元，同比增长7%。报告中披 露，发行5年之久的PS5系列游戏机在报告期内卖出390万台，高于去年同期水平，目前PS5的全球出货 量已达8420万台。此外，索尼高管近日表示，公司将不再在PS5的推广上大举投入，而是把重心放在盈 利能力上。 NO.2 盛趣游戏《永恒之塔》手游官宣2026年推出 11月11日，盛趣游戏与《永恒之塔》版权方NCsoft共同宣布，双方将联合开发正统传承的《永恒之塔》 手游，预计将于2026年正式与全球玩家见面。《永恒之塔》是 ...

Core Insights - The dialogue features Fang Sanwen, founder of Xueqiu, and investor Duan Yongping, discussing investment philosophies and experiences, particularly emphasizing the importance of understanding companies rather than just stock prices [1] Investment Philosophy - Duan Yongping transitioned from being a business operator to an investor, realizing that the essence of investing lies in understanding the business itself, inspired by Warren Buffett's philosophy of "buying a company" [3][4] - He believes that understanding business operations is crucial for successful investing, stating that "those who do not understand business find it hard to invest well" [3] Investment Strategy - Duan advocates for a concentrated investment strategy, likening it to a "punch card" metaphor where one can only make a limited number of significant investments, suggesting he currently holds around ten core investments [3][4] - He emphasizes the importance of deep understanding and long-term holding of a few companies rather than diversifying across many [4] Case Studies - For his investment in NetEase, Duan highlighted the company's passionate team and sound business model, which led to a significant return on investment, although he admits he still does not fully understand the company [4] - Apple is identified as a core asset, with its value stemming from both product quality and corporate culture, which prioritizes user experience and long-term value over short-term profits [5] Current Market Views - Duan expressed that Apple's current stock price is "not cheap," and investment returns should be evaluated against opportunity costs [6] - Regarding Nvidia, he acknowledged the importance of not missing out on the AI wave, recognizing the company's strong competitive position and sustainable demand in the AI industry [7]

证券研究报告 | 公司深度报告 2025 年 11 月 11 日 世纪华通（002602.SZ） 文化出海扛旗者，王者归来犹可期 TMT 及中小盘/传媒 公司深耕游戏主业，以 SLG 和经典 IP 为主，创新开辟"SLG+X"游戏赛道， 点点互动凭借精准买量策略与精细化运营，于 2023 年推出首个现象级产品《无 尽冬日》，开创了"SLG+X"融合创新模式，稳居全球手游收入榜前列，并连 续蝉联中国手游出海收入榜首。公司爆品复制能力较强，《奔奔王国》于 2025 年上线，首月即登顶多国 iOS 免费榜。公司借微信小游戏生态，移植多款海外 产品，如《无尽冬日》。在巩固 SLG 主导地位的同时，公司通过持续的品类拓 展与全球化运营积累，逐步形成以 SLG 为核心、休闲为支撑的双赛道并进格局。 我们认为，SLG 和休闲类多为长青游戏，且公司全球运营能力和爆款复制能力 较强，收入和利润有望维持高速增长。同时公司已经获得摘帽，在 2025 年 11 月 11 日停牌一天，11 月 12 日恢复为世纪华通，实现监管层面的重要拐点，与 业绩高增长形成正向共振。 强烈推荐（首次） 目标估值：NA 当前股价：17.61 元 基础 ...

Core Viewpoint - The essence of investing is understanding companies rather than merely speculating on market trends, emphasizing the importance of company culture and long-term thinking in investment decisions [2][5][25]. Group 1: Investment Philosophy - The phrase "buying stocks means buying companies" is highlighted as a fundamental principle, but understanding the specific companies is challenging, with less than 1% of investors truly grasping this concept [2][5][16]. - The transition from technical analysis to understanding business fundamentals is crucial, as the speaker initially struggled with charts but found clarity in the concept of company ownership [3][4]. - The speaker emphasizes that investment is not about finding opportunities but rather about avoiding mistakes, indicating a focus on risk management [25][32]. Group 2: Company Analysis - The speaker's ability to understand companies like NetEase and Apple stems from personal experience in the gaming industry and insights into corporate culture, respectively [7][18][22]. - The cultural aspect of companies is deemed more significant than their business models, with a strong emphasis on user experience and long-term value creation [27][31]. - The speaker believes that a good company culture allows for mistakes but ensures a return to the right path, highlighting the importance of having guiding principles [26][31]. Group 3: Specific Investments - The speaker has made significant investments in companies like NetEase, Apple, and Moutai, with a focus on understanding their business models and market positions [8][14][35]. - The investment in NetEase was driven by a belief in its potential for profitability and a favorable cash position relative to its market value, leading to a substantial return [18][20]. - The speaker expresses skepticism about the current valuation of Apple, suggesting it is not cheap and may not offer high expected returns, while acknowledging its strong user base and potential for future growth [34][35].

根据深交所规定，公司股票将于2025年11月11日停牌1天，2025年11月12日开市起复牌并撤销其他风险 警示，股票简称将由"ST华通"变更恢复为"世纪华通"，证券代码仍为"002602"。撤销其他风险警示后， 公司股票交易的日涨跌幅限制由5%变为10%。 为期一年的风险警示，终以"合规整改到位+业绩持续高增"的双重达标画上句号。 11月10日晚间，ST华通（002602）发布公告称，公司关于撤销其他风险警示的申请已获得深圳证券交 易所审核同意。此前在11月7日，世纪华通在对照《股票上市规则》逐项自查后，确认符合申请撤销公 司股票其他风险警示的条件，已向深交所提交了"摘帽"申请。 然而，ST华通的发展并没有就此阻滞，反而在随后一年里走出了一条逆势增长曲线。数据显示，2025 年第三季度，ST华通营收首次突破百亿元大关，达到100.2亿元，同比增长60.2%。 2024年11月，世纪华通（002602.SZ）因财务造假被证监会责令整改，并罚款800万元，5名高管被罚， 公司就此"戴帽"，股票名称变为"ST华通"。 作为A股游戏板块龙头企业，ST华通的摘帽历程不仅折射出监管层对上市公司财务合规的严格要求，更 展 ...

记者丨吴立洋 实习生涂玥 编辑丨肖潇 11月10日晚间，ST华通发布公告称，公司关于撤销其他风险警示的申请已获得深圳证券交易 所审核同意。此前在11月7日，世纪华通在对照《股票上市规则》逐项自查后，确认符合申请 撤销公司股票其他风险警示的条件， 已向深交所提交了"摘帽"申请。 根据深交所规定，公司股票将于2025年11月11日停牌1天，2025年11月12日开市起复牌并撤销 其他风险警示，股票简称将由"ST华通"变更恢复为"世纪华通"，证券代码仍为"002602"。撤 销其他风险警示后，公司股票交易的日涨跌幅限制由5%变为10%。 为期一年的风险警示，终以"合规整改到位+业绩持续高增"的双重达标画上句号。 2024年11月，世纪华通（002602.SZ）因财务造假被证监会责令整改，并罚款800万元，5名高 管被罚，公司就此"戴帽"，股票名称变为"ST华通"。 然而，ST华通的发展并没有就此阻滞，反而在随后一年里走出了一条逆势增长曲线。数据显 示，2025年第三季度，ST华通营收首次突破百亿元大关，达到100.2亿元，同比增长60.2%。 作为A股游戏板块龙头企业，ST华通的摘帽历程不仅折射出监管层对上市公司财 ...

智通财经APP讯，家乡互动(03798)发布公告，于2025年11月11日，该公司斥资11.9万港元回购8.4万股股 份，每股回购价格为1.4-1.42港元。 ...