Hasbro, Inc. (HAS) is likely to benefit from the strong performance of MAGIC: The Gathering, operational adjustments and licensing partnerships. Also, focus on accelerated cost reductions bodes well. However, an uncertain macro environment is a concern.Let us discuss the factors that suggest why investors should retain the stock for the time being.Hasbro’s Major Growth DriversHasbro’s early momentum in 2025 highlights the effectiveness of its Playing to Win strategy, which centers on high-growth categories ...

中国游戏科技丨 白皮书 中国游戏产业历经从模仿到创新的蜕变，已跻身全球游戏产业核心阵营。受益于移动互联网普及与 技术迭代，产业收入实现指数级增长， 2024 年收入规模创新高为 4550.6 亿元，近二十年复合增长 率达 26.8% ，彰显了强劲增长动力。用户规模同步实现跨越式增长， 2024 年用户量突破 7.5 亿 人，近二十年复合增长率为 18.6% ，为产业持续发展提供了坚实基础。未来随着新技术的不断应 用以及海内外市场进一步拓展，中国游戏产业将延续持续增长的良好发展势头。 自研游戏已成为中国游戏产业发展的中流砥柱 中国游戏产业历经多年发展，已由稚嫩逐步变得成熟，游戏自研能力和市场话语权都得到显著提 升。从数据表现上看，自研游戏国内市场收入在整体游戏产业中的占比不断攀升，从早期约六成稳 步提升至近年来的八成以上，呈现出逐步增强的态势，有力证明了国内游戏产业自主创新能力的显 著进步，也充分说明了国内市场对自研游戏的深度认可。自研游戏的高占比为融入中国文化元素创 造了更多契机，随着游戏品质提升以及游戏出海深化，未来在国际市场有望更好的传播中国文化。 核心摘要： 在数字经济与实体经济深度融合的时代背景下，游 ...

资金面上看，今日云游戏概念板块获主力资金净流入2.14亿元，其中，13股获主力资金净流入，6股主 力资金净流入超3000万元，净流入资金居首的是游族网络，今日主力资金净流入1.09亿元，净流入资金 居前的还有盛天网络、巨人网络、ST华通等，主力资金分别净流入3894.67万元、3725.45万元、3632.46 万元。 截至5月26日收盘，云游戏概念上涨2.69%，位居概念板块涨幅第5，板块内，26股上涨，游族网络涨 停，盛天网络、星辉娱乐、巨人网络等涨幅居前，分别上涨6.31%、5.03%、5.00%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可控核聚变 | 5.14 | 仿制药一致性评价 | -1.55 | | 电子竞技 | 3.30 | 重组蛋白 | -1.53 | | 超导概念 | 3.12 | 创新药 | -1.53 | | 核电 | 3.03 | 猴痘概念 | -1.36 | | 云游戏 | 2.69 | 肝炎概念 | -1.36 | | 人脸识别 | 2.67 | 减肥药 | -1.26 ...

Core Viewpoint - The A-share gaming sector has experienced a significant rise, driven by multiple factors including policy support, better-than-expected performance, technological innovation, and improved market sentiment [5][6]. Group 1: Market Performance - A-share gaming stocks collectively surged, with Youzu Interactive hitting the daily limit, and other companies like Deyuan Network and Iceberg Network rising over 7% [1]. - The gaming ETFs also saw gains, with Guotai Fund's gaming ETF up by 2.96%, Huaxia Fund's gaming ETF up by 2.94%, and Huatai Baichuan's gaming ETF up by 2.93% [1][3]. Group 2: Policy Support - Continuous favorable policy signals have been released, including a significant acceleration in the issuance of game licenses, with 130 domestic and 14 imported game licenses announced on May 21, 2025, marking a substantial year-on-year increase [5]. - The upcoming measures from Guangzhou to support the gaming and esports industry will provide comprehensive policy services, including funding for game development, operations, and esports events [5]. Group 3: International Expansion - Recent policies have been introduced to support the international expansion of gaming businesses, with Guangdong province launching initiatives to encourage local game companies to enhance their global competitiveness [6]. - In Q1 2025, China's self-developed games generated overseas revenue of $4.805 billion, reflecting a year-on-year growth of 17.92% [6]. Group 4: Industry Performance - The overall recovery of the gaming industry is evident, with Q1 2025 revenues reaching 85.704 billion yuan, a year-on-year increase of 17.99% [6]. - Leading companies have reported strong earnings, with NetEase's gaming revenue at 24 billion yuan, up 12.1% year-on-year, and Century Huatong's revenue soaring by 91.12% [6]. Group 5: Technological Innovation - AI technology is enhancing the gaming industry by reducing costs and innovating gameplay, with tools like Tencent's mixed yuan game visual generation platform and Kunlun Wanwei's intelligent agents speeding up game development [6]. - Game development costs have been reduced by 30%-50% through AI applications, as seen in titles like "Xianjian World" and "Space Kill" [6]. Group 6: ETF Overview - There are currently four gaming industry ETFs tracking various indices, with Huaxia Fund's gaming ETF being the largest at 6.203 billion yuan as of May 22, 2025 [7][9]. - The Huatai Baichuan gaming ETF has the lowest fee rate, with a combined management and custody fee of 0.36% [7].

Group 1 - The game industry is entering a new development phase characterized by "content refinement + AI industrialization + systematic globalization" by 2025, with stable short-term policies and long-term global opportunities [1] - The National Press and Publication Administration has released 130 domestic game licenses and 14 imported game licenses, indicating a continued friendly policy environment, with a significant year-on-year increase in licenses issued [1] - As of May 2025, 654 domestic licenses and 44 imported licenses have been issued, reflecting a substantial improvement in the supply side of the industry, which is expected to accelerate the introduction of quality content [1] Group 2 - The Chinese game market's actual sales revenue for Q1 2025 reached 85.704 billion yuan, a year-on-year increase of 17.99% [2] - Major game companies have shown robust growth, with Century Huatong's revenue increasing by 91% year-on-year to 8.145 billion yuan, and Perfect World achieving a 52% revenue increase due to the successful launch of "Zhu Xian World" [2] - A-share leading game companies are expected to have a dynamic PE ratio concentrated in the range of 11 to 17 times, indicating that valuations are still at historical lows, combined with high dividend yields from companies like Sanqi Interactive Entertainment and Gigabit Technology [2]

Core Viewpoint - The release of "Three Kingdoms Fantasy Continent 2: Song of the Heroes" has faced a rapid decline in reputation within a week, despite a strong initial performance on the iOS free game chart [1][3]. Performance Summary - "Song of the Heroes" debuted at the top of the iOS free game chart but fell to 36th place by May 23, and briefly entered the Top 10 of the revenue chart before dropping out of the top 20 [3][5]. - The game's rating on TapTap plummeted to 5.3, with a significant number of one-star reviews, indicating a poor reception among players [3]. Comparison with Predecessor - The predecessor, "Three Kingdoms Fantasy Continent," launched in 2020 and consistently ranked in the top 10, ultimately generating over 10 billion in revenue, establishing itself as a phenomenon in the card game genre [5]. - In contrast, "Song of the Heroes" has struggled to maintain a competitive position, being compared unfavorably to lesser-known games [5]. Artistic and Gameplay Changes - The project team acknowledged the importance of art style in attracting players, noting that the original game's aesthetic successfully drew in a diverse user base [6]. - The sequel has undergone significant changes in art style, moving away from the previous aesthetic that appealed to many players, which may alienate existing fans while attempting to attract new ones [10][12]. Narrative and User Experience - The narrative approach in "Song of the Heroes" has been criticized for lacking depth and failing to engage players, with a focus on a "camera-like" character perspective that diminishes player involvement [10][12]. - The storyline has been described as superficial, with the game failing to effectively utilize the Three Kingdoms backdrop, leading to dissatisfaction among players [12]. Company Background and Future Outlook - Lingxi Interactive Entertainment, a subsidiary of Alibaba, has seen mixed results in its gaming ventures, with internal criticisms regarding its cultural alignment with Alibaba's broader goals [16][18]. - The company aims to become the third-largest game company in China within eight years, but the poor reception of "Song of the Heroes" poses significant challenges to achieving this goal [18].

Core Viewpoint - The forum focused on "nurturing new generation talents" and discussed the establishment of a collaborative talent cultivation platform among government, universities, and enterprises, highlighting the importance of talent in the development of the gaming industry in China [2][3]. Group 1: Talent Development Initiatives - The "Million Talents Gathering in South Guangdong" initiative aims to attract one million graduates and various talents to Guangdong for employment and entrepreneurship, with 37 Interactive Entertainment actively supporting this plan [2]. - 37 Interactive Entertainment emphasizes the importance of talent cultivation as a strategic foundation for its development, collaborating with multiple universities on various industry-academia projects to create a platform that integrates theory and practice [3][5]. - The company aims to deepen cooperation with universities to establish a long-term mechanism for collaborative talent cultivation, optimizing its internal talent development system to provide ample growth opportunities for students [3][8]. Group 2: Innovative Talent Recruitment Strategies - The company has implemented flexible recruitment policies, such as removing graduation date restrictions and allowing 80% of positions to be open to all majors, to help students overcome employment barriers [5][6]. - 37 Interactive Entertainment reports a high retention rate, with one in three new hires being promoted within a year and a 60% conversion rate from interns to full-time employees, indicating strong performance in talent retention [6]. Group 3: Future Talent Ecosystem - The company is focused on creating a new ecosystem for the development of the new generation of talents, with plans to cultivate "AI-driven and innovative super individuals" [7]. - A personalized training system is being developed to meet the growth needs of new generation employees, including cross-departmental rotations and mentorship opportunities [7]. - The year 2025 is identified as a critical year for the cultivation and development of new generation talents, with the company maintaining a strategy of diversification, quality, and globalization to support talent attraction and development [8].

5月24日，"向新出海——2025文化出海增长战略前瞻会"在文博会上举行，吸引了来自政府、企业及行 业协会的众多嘉宾参与，共同探讨文化"出海"的新趋势与战略方向。 游戏出海早已成为中国游戏营收的重要组成部分。近年，面对全球游戏市场的变化，亦对中国游戏厂商 出海提出了新的要求。数据显示，2024年，广东游戏产业营收规模为2604.31亿元，出海营收达到423.6 亿元，同比增长9.9%。广东游戏产业的增长率已经超过全国游戏市场水平，在腾讯、网易、三七互 娱、4399等广东厂商强势带动下，中国自研游戏影响力持续提升。 广州游戏企业"出海"的成绩更为亮眼。广州市游戏行业协会发布的《2024年广州游戏行业发展报告》显 示，2024年广州游戏产业总营收约1406.67亿元，其中，广州企业海外营收为190.58亿元。在前瞻会上， 福州扬帆出海网络科技有限公司与广州市游戏行业协会联合发布《广州游戏出海指数》（简称：出海指 数），为游戏企业出海提供数据支持和战略参考。出海指数显示，2024年，广州游戏企业海外营收 190.58亿元，约占全省出海游戏总营收的45%。广州出海企业在SLG（策略类游戏）赛道表现突出，占 率保持全球 ...

Market players were eager to push the start button on Nintendo (NTDOY 5.13%) stock as the trading week drew to a close. Shares of the storied Japanese video game company finished Friday up by more than 5% thanks in no small part to an analyst's price-target increase. That rise was in contrast to the S&P 500's dip of 0.4%.A bull gets more bullishBefore market open that day, JPMorgan Chase's Junko Yamamura lifted her fair value assessment on Nintendo's Japan-listed stock to 15,300 yen ($106.52) per share, up ...

Core Viewpoint - The article highlights the rapid development of a billion-level digital entertainment industry cluster in the western part of Shenzhen, driven by Tencent's new headquarters and supportive government policies aimed at establishing a new high ground for the digital entertainment industry in the Guangdong-Hong Kong-Macao Greater Bay Area [1][5]. Group 1: Policy Initiatives - Bao'an District has introduced the "Bao'an District Digital Entertainment Industry Support Plan," which includes rent discounts, enterprise growth support, game license applications, and ecosystem development to foster a concentrated development model for the digital entertainment industry [3][4]. - The support plan offers significant financial incentives, including up to 1 million yuan for outstanding game companies and subsidies of 20,000 yuan per game license approved by the National Press and Publication Administration, with a maximum of 1 million yuan per company [3][4]. Group 2: Economic Impact - The total investment for Tencent's "Internet+" Future Technology City, also known as "Penguin Island," is 31.9 billion yuan, with a total construction area of 2 million square meters, positioning it as a global focal point for the digital entertainment industry [1][5]. - The implementation of the support plan is expected to accelerate the upgrade of the digital entertainment industry, enhance industry value, attract high-end talent, and promote the development of industry clusters, contributing to Shenzhen's goal of becoming a globally influential digital creative industry hub [5].