所谓"情感公约数"，是指不同文化背景下人们共享的情感母题与心理认同。《黑神话：悟空》主角"天 命人"挑战宿命、突破桎梏的叙事，与西方文化中的"英雄之旅"叙事传统不谋而合——不论东西，一个 普通人反抗命运、追寻自我的故事总能激起共情。从这一起点出发，如何让海外玩家真正理解中国文化 的独特内涵，考验着创作者在文化触达上的功力，而翻译与本地化，正是其中的关键一环。 《黑神话：悟空》的翻译策略颇具巧思。例如，游戏将"悟空""金箍棒"等词语直接音译，保留其独特的 文化意味；游戏团队选择了"Loong"而非"Dragon"作为"龙"的翻译——西方语境中，龙是口吐烈焰的怪 兽，在中国，龙则象征祥瑞。创作者乐于保留差异，从一个个名词出发，吸引海外玩家逐步进入中国文 化的理解框架。当越来越多人主动翻开《西游记》外文译本时，《黑神话：悟空》已完成它最重要的使 命。 《原神》选择了另一条文化触达路径。游戏设定了中国风格的"璃月"、欧洲风格的"蒙德"等面貌各异的 区域，让全球玩家都能找到熟悉的文化入口，在对照中感知中华文明的独特气质。游戏还推出《流光拾 遗之旅》系列纪录片，以内画、龙泉青瓷烧制、金银细工等非遗技艺结合游戏元素，邀请非 ...

Summary of Conference Call Notes Industry Overview - The focus is on the Chinese media and internet industry, particularly in the context of advancements in AI and content creation technologies [1][2]. Core Insights - There is a strong belief in the leading position of Chinese companies in multimodal capabilities during the period around the Spring Festival [1][2]. - The introduction of ByteDance's Seedance 2.0 is highlighted as a significant development in multimodal technology, which is expected to benefit various sectors [1][2]. - The new version of Deepseek is anticipated to enhance intelligence capabilities, potentially surpassing Gemini 3 Pro in performance [3]. Beneficiaries of Seedance 2.0 - The sectors that will directly benefit from Seedance 2.0 include: - Short dramas - Comic dramas - E-commerce - Advertising and marketing - Gaming - The production cycle for content has been reduced from weeks to days, indicating a potential explosive growth in content creation within the industry [1][2]. Additional Recommendations - Companies to watch in various sectors include: - **AI Dramas**: Zhongwen Online, Zhangyue Technology, Huanrui Century, Jiechengtong, Kunlun Wanwei [3]. - **Advertising and Marketing**: BlueFocus Communication Group, Yilv Media, Zhejiang Wenlian [3]. - **E-commerce**: Zhidemai, Yiwan Yichuang [3]. - **Gaming**: Kaiying Network, Giant Network [3]. - There is an expectation for significant advancements in AI coding and agent fields with the upcoming Deepseek version [3]. Important but Overlooked Content - The potential for cost-effective and efficient reasoning capabilities in AI applications is emphasized, which could reshape the landscape of AI-driven solutions in various industries [3].

Core Viewpoint - The inclusion of the gaming publisher, 贪玩 (9890.HK), in the MSCI China Small Cap Index reflects strong recognition of its comprehensive strength, innovation capability, and long-term development potential in the capital market [1][2]. Group 1: MSCI Inclusion - 贪玩 has been added to the MSCI China Small Cap Index, effective after the market close on February 27, 2026 [1]. - Inclusion in the MSCI index indicates that the company meets international standards in governance, operational quality, and market performance, enhancing its representativeness [1]. - This adjustment may lead international investors to optimize their portfolios, increasing market attention on the stock [1]. Group 2: Company Strategy and Operations - 贪玩 focuses on globalizing its IP development strategy and diversifying its business layout, including premium game long-cycle operations and trendy derivative products [1]. - The company is proactively integrating artificial intelligence technology into its game distribution process, enhancing its core advantages in precise marketing and long-term operations [1]. - Key games published by 贪玩, such as 《龙迹之城》, 《原始传奇》, and 《热血江湖：归来》, have established a broad user base and positive reputation in the market [1]. Group 3: Future Outlook - The recognition from MSCI is expected to help 贪玩 expand its international investor base and enhance its brand visibility in the global capital market [2]. - The ongoing optimization of the investor structure is likely to improve the liquidity and valuation of the company's stock, thereby increasing its overall investment value [2]. - 贪玩 aims to continue its global distribution strategy and IP ecosystem strategy, driven by technological innovation, to maintain its leading position in the gaming distribution sector [2].

Summary of Conference Call Notes Industry Focus - The focus is on the media and internet sector, particularly in relation to AI applications and gaming companies [1] Core Insights and Arguments - The company emphasizes three key investment directions: 1. Leading gaming companies such as Century Huatong, Giant Network, Kejian, Bit Games, 37 Interactive Entertainment, Perfect World, and Shunwang [1] 2. The AI marketing and e-commerce sector, highlighting undervalued stocks like BlueFocus, Yidian, Zhiwei, and Kunlun [1] 3. ByteDance's products, particularly the SD product, are identified as disruptive, with IP companies like Shanghai Film Group, Aofei, Huanrui, Mango, and Reading Group being the primary beneficiaries [1] - The company asserts that the AI wave is unstoppable, with recent price increases being driven by the explosion of AI applications [1] - The analogy of "selling shovels" versus "mining for gold" is used to illustrate that while selling tools is profitable, the significant profit potential lies in directly engaging with high-value opportunities, akin to the success of Tencent and ByteDance during the internet boom [1] - The media and internet sector is positioned as a leader in AI applications, urging investors to remain optimistic during market corrections and to exercise caution during market surges [1] Other Important Points - The call highlights the importance of strategic positioning in the face of market fluctuations, advocating for a proactive investment approach during downturns and a measured response during upswings [1]

Core Insights - The article highlights the growing global influence of Chinese video games, showcasing titles like "Black Myth: Wukong" and "Yanyun Sixteen Sounds" as cultural ambassadors for China, reflecting a shift in how Chinese games are perceived internationally [1][2] - The success of these games is attributed to their unique cultural elements, which resonate with foreign players and encourage them to explore Chinese culture [2][3] - The article emphasizes the supportive ecosystem in Hangzhou, where local policies and resources are fostering the growth of the gaming industry and encouraging companies to expand internationally [5][6][7] Group 1: Game Development and Cultural Impact - "Black Myth: Wukong" and "Yanyun Sixteen Sounds" are examples of how Chinese games are gaining popularity globally, with "Yanyun Sixteen Sounds" achieving over 15 million overseas players within a month of its release [2] - The cultural elements embedded in these games, such as "martial arts" and "jianghu," are intriguing to international players, prompting them to engage with Chinese philosophies and traditions [2][3] - "Nirvana in Fire" has successfully transformed historical narratives into interactive experiences, allowing players to immerse themselves in a living representation of ancient Chinese culture [3] Group 2: Industry Growth and Supportive Policies - Hangzhou's gaming industry has a long history of international expansion, with companies like Deyuan Network experiencing over a decade of growth and cultural export [4] - The local government has introduced supportive policies, such as subsidies for game development and localization, which are crucial for companies aiming to enter global markets [5][6] - The establishment of the Hangzhou (Yuhang) Gaming and E-sports Innovation Development Center has attracted numerous gaming companies, providing them with resources and support to navigate international challenges [7][8]

两年前的春节，美国AI公司OpenAI旗下AI视频生成模型Sora横空出世。如今，中国科技巨头在这一领域吸引了全球范围内的关注。 2月12日，预热多日后，字节跳动Seed团队对外正式发布新一代视频创作模型Seedance 2.0，并已上线即梦AI、豆包等平台。目前，用户打开豆包，便可 在"AI创作Seedance 2.0"入口，发送相关指令来生成视频。官网显示，用户每天享有10个视频生成额度，在点击同意《AI分身使用须知》后，可以创建AI 分身来生成专属视频。 据介绍，Seedance 2.0采用统一的多模态音视频联合生成架构，支持文字、图片、音频、视频四种模态输入，集成了目前业界最全面的多模态内容参考和 编辑能力。具体来看，允许用户同时输入多达9张图片、3段视频、3段音频以及自然语言指令，模型可参考输入素材中的构图、动作、运镜、特效、声音 等元素，打破传统视频生成的素材边界。 从Seedance 2.0官方展示的视频来看，Seedance 2.0能高保真地合成时序精密的复杂交互场景，比如在双人花滑场景中，模型较好地演绎了同步起跳、空中 旋转、精准落冰等一系列高难度动作；在细腻的特写镜头中，模型生成的画面能够 ...

（责任编辑：刘畅 ） 【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 上证指数收涨0.05%，创业板指涨1.32%。沪深京三市成交额21608亿元，较上日放量1597亿元，三 市超2100只个股上涨。算力硬件产业链反弹，CPO、存储器方向领涨；云计算、特高压、稀土永磁、半 导体、小金属概念股活跃。影视、短剧游戏题材继续调整，零售、食品、白酒等消费股表现不佳。 ETF方面，部分跨境ETF表现亮眼，华夏基金巴西ETF、华安基金法国CAC40ETF分别涨6.24%和 4.57%。科创芯片设计板块午后拉升，国联安基金科创芯片设计ETF、科创芯片设计ETF广发分别涨 4.43%和4.28%。CPO表现活跃，科创人工智能ETF华夏、科创人工智能ETF南方均涨4%。 AI应用板块继续回调，两只影视ETF跌3%。游戏板块走低，游戏ETF华泰柏瑞、游戏ETF跌2%。 港股创新药板块走低，港股通创新药ETF工银跌2.5%。 ...

在我国文化产业领域，数字化与智能化技术正加速融入内容生产和创作。人工智能、虚拟制片、扩 展现实等前沿技术的应用，使影视作品制作流程和表现力不断优化升级。例如，全球首部由AI参与制 作的短剧《新世界加载中》提供了多种叙事风格并借助AI生成场景，大幅提升了内容创作的效率并缩 短了制作周期。AI技术更催生大量跨界融合的文艺新形态，模糊了传统艺术门类边界，带来了前所未 有的创新空间。 我国文化产业具有独特的禀赋优势与中国特色。一方面，拥有超大规模的市场优势和全球最完整的 产业链体系，为数智技术在文化领域的工程化应用提供了丰富场景，有利于新技术成果在文化领域的迅 速落地和全链条推进。例如，国产游戏《黑神话：悟空》全球销售额达90亿元，其成功不仅在于技术运 用，更在于将中华优秀传统文化与现代顶尖数字技术完美结合，实现中国符号的全球化表达。我国还更 加注重用科技弘扬中华优秀传统文化，在增强文化自信的前提下实现产业高质量发展。例如，在"文化 +旅游"方面的深度实践，不同于西方单纯的娱乐产业化，而是通过数智技术赋能，让中华历史文化资 源在旅游场景中活起来。这种依托深厚文化底蕴、叠加数智科技、面向广阔市场的中国式发展路径，正 是 ...

Core Viewpoint - The article discusses how NetEase has chosen a pragmatic approach in the AI era, avoiding the costly competition of developing general-purpose AI models while focusing on application-level innovations and maintaining a strong R&D investment [3][20]. Group 1: Market Context - During the recent Spring Festival, major tech companies like Alibaba, Tencent, ByteDance, and Baidu spent over 4.5 billion yuan on "red envelopes," marking one of the most expensive tech competitions in history [2]. - NetEase, however, did not participate in this "red envelope war" or the race for large AI models, leading to questions about whether it is falling behind in the AI era [2][3]. Group 2: Business Strategy - NetEase's strategy is characterized by a focus on practical applications rather than competing in the foundational AI model space, which is seen as a more sustainable approach for most companies [3][20]. - The company has maintained a consistent R&D expenditure of over 15% of its revenue, with a projected R&D budget of 17.7 billion yuan for 2025, focusing on application layers rather than general model training [4][20]. Group 3: AI Integration in Products - NetEase has developed thousands of AI production pipelines that enhance various aspects of game development, achieving significant efficiency improvements, such as a 70% increase in design efficiency and a 50% boost in development efficiency through AI tools [6][8]. - The company has also applied AI in its educational and music platforms, enhancing user experience and operational efficiency without pursuing a general-purpose model [6][8]. Group 4: Financial Performance - In 2025, NetEase's total revenue is expected to reach 112.6 billion yuan, with operating profit at 35.8 billion yuan, driven primarily by its gaming segment, which saw a net revenue increase of 11% year-on-year [13][20]. Group 5: Future Growth Potential - The potential for growth in the gaming industry is seen in AI-native games, which are expected to generate over 30 billion yuan by 2027, contributing to a 10% market increase [13][20]. - NetEase's focus on integrating AI into its gaming products positions it well to capitalize on this emerging market, as it transitions from traditional gaming to AI-driven experiences [13][20].

机构观点 经济观察网根据2026年2月12日的市场信息，罗布乐思(RBLX.N)股价当日下跌9.89%，收盘报62.17美 元。下跌主要与部分投行下调目标价及市场对最新财报的担忧有关。 股票近期走势 当日股价波动加剧，开盘价为68.34美元，盘中振幅达10.41%，最低触及61.61美元。这一走势发生在公 司发布2025年第四季度财报(2026年2月5日公布)后，市场对财报中净亏损扩大、业绩指引政策调整以及 竞争风险有所反应。 多家华尔街投行在2月10日左右下调了罗布乐思的目标价，花旗、Piper Sandler和瑞银等机构提及了对AI 竞争平台、盈利可持续性以及公司不再提供年度业绩指引(转为聚焦季度指引)的担忧。不过，也有机构 维持积极评级，认为用户留存与内容生态优势显著，短期风险已充分定价。 业绩经营情况 2025年第四季度财报显示，公司营收同比增长43%至14.15亿美元，预订额同比增长63%至22.2亿美元， 日均活跃用户达1.44亿(同比增长69%)，均超市场预期。但净亏损扩大至3.16亿美元，且公司面临AI娱 乐平台分流用户、内容审核成本提升、青少年用户为主的监管合规压力等风险。此外，中东多国以儿 ...