新京报贝壳财经讯 11月26日，据"零一万物"官方公众号消息，近日，北京零一万物科技有限公司与恺 英网络旗下的杭州极逸人工智能科技有限公司宣布达成深度合作，双方将共同研发游戏产业大模型，推 动"游戏+AI"的深度融合与创新变革。双方此次合作将聚焦游戏引擎及相关平台的智能化升级，围绕游 戏研发中的关键环节，探索从开发到运营的全链路效率提升的解决方案。 编辑 杨娟娟 ...

Core Viewpoint - Tencent's international gaming brand Level Infinite has signed a publishing agreement with South Korean game developer SHIFT UP for the cross-platform game "Project Spirits" [1] Group 1 - "Project Spirits" is developed by SHIFT UP in collaboration with Tencent's subsidiary, Yongxing Interactive [1] - The game is built on Unreal Engine 5 and is designed for PC, console, and mobile platforms [1] - Level Infinite is also the global publisher for SHIFT UP's mobile game "Goddess of Victory: Nikke" [1]

Core Viewpoint - The gaming sector is experiencing a strong rebound, with the gaming ETF (159869) rising nearly 5%, and all constituent stocks showing positive performance, indicating a robust recovery in the industry [1] Group 1: Market Performance - The gaming ETF (159869) has seen a trading volume approaching 1.35 billion yuan, reflecting active trading [1] - As of November 24, the product scale of the gaming ETF reached 11.16 billion yuan, facilitating investors' access to leading A-share gaming companies [1] Group 2: Industry Outlook - Longcheng Securities believes that the continuous upgrade of multimodal large model capabilities is expected to accelerate the commercialization of AI, particularly in gaming [1] - Guoyuan Securities is optimistic about themes such as AI applications and cultural exports, with a focus on the gaming sub-sector [1] - Pacific Securities anticipates that improvements in multimodal generation capabilities will lead to accelerated growth in AI applications within the gaming sector [1] Group 3: Financial Trends - The gaming industry's revenue and profit growth rates have shown a consistent upward trend on a year-over-year basis [1] - Guojin Securities notes that the acceleration of profit release in the gaming industry is driven by increasing consumer demand and the continuous release of blockbuster new products, suggesting potential for future valuation adjustments [1] Group 4: Investment Opportunities - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models, presenting investment opportunities in the gaming ETF (159869), which tracks the CSI Animation and Gaming Index [1]

Core Viewpoint - The gaming sector is experiencing significant growth, with the gaming ETF (159869) rising nearly 4% and reaching a product scale of 11.16 billion yuan as of November 24, indicating strong investor interest in A-share gaming leaders [1] Group 1: Market Performance - The gaming ETF (159869) has seen all holdings in the green, with notable gains from companies like Giant Network, Kaixin Network, Mingchen Health, and G-bits [1] - The ETF tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] Group 2: Strategic Developments - Unity and Epic Games announced a strategic partnership, allowing Unity to access the ecosystem of over 500 million registered accounts from Fortnite, enabling developers to publish Unity games directly on the platform [1] - Unreal Engine developers will utilize Unity's cross-platform commercial system for pricing, promotions, and digital product management, enhancing multi-channel operations across PC, mobile, and web [1] Group 3: Industry Outlook - Huaxi Securities believes that the interconnectivity of the two major engine ecosystems will provide unprecedented user reach and commercialization efficiency for game developers, lowering the barriers for small teams to compete globally [1] - CICC notes that the gaming sector continues to meet the social demands of Generation Z, with major companies entering a product content cycle, indicating significant potential for profit and EPS growth [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, presenting investment opportunities in the gaming ETF (159869) [1]

Core Insights - The new game "Varsapura" from miHoYo has been officially unveiled with a 31-minute gameplay demo, showcasing its immersive narrative and realistic art style [1][4] - The game is being led by miHoYo founder Cai Haoyu, who has returned to oversee its development, indicating a significant investment in the project [2][4] - "Varsapura" aims to integrate AI technology into gameplay, allowing player choices to dynamically influence the game world, enhancing immersion and freedom [4][18] Company Developments - Cai Haoyu's involvement marks a strategic shift for miHoYo, as he had previously stepped back from day-to-day operations to focus on technology research and new project development [11][19] - The game development team is globally distributed, with talent from Shanghai, Singapore, Los Angeles, and Montreal, reflecting a commitment to high-quality production [4][6] - miHoYo has been actively recruiting for "Varsapura," emphasizing AAA quality, cinematic storytelling, and psychological elements in its job postings [4][18] Industry Context - The gaming industry is witnessing a heightened focus on AI technology, with competitors like Ubisoft also integrating AI into their projects, indicating a broader trend [8] - The market for 2D games is under pressure, with a reported 7.44% decline in revenue for the domestic 2D game market, prompting miHoYo to explore new opportunities [14][15] - "Varsapura" represents a gamble for miHoYo, as it seeks to redefine its position in the gaming landscape and aims to create a "virtual world for a billion people" [16][18]

Industry Dynamics - Multiple game awards announced their annual nominations and winners, with "Light and Shadow: Expedition 33" winning the Golden Joystick Game of the Year and Pokémon Trading Card Game winning Google Play's Game of the Year [2][4] - The Game Awards (TGA) announced nominations for 2025, with "Light and Shadow: Expedition 33" and other titles nominated [6] Company Updates - NetEase reported Q3 2025 financial results, showing a revenue increase of 11.8% in its gaming business, with total net income of 28.4 billion yuan, a year-on-year growth of 8.4% [7] - MiHoYo revealed gameplay footage for its flagship new game "Varsapura," which is set in a modern urban environment [8] Compliance and Regulatory Developments - Roblox implemented mandatory age verification through facial recognition to restrict communication between minors and adults, starting in select countries [9] - Ubisoft announced Tencent's completion of a strategic investment in its newly established subsidiary, Vantage Studios, valued at 3.8 billion euros, with Tencent acquiring a 26.32% stake [10] Technological Advancements - Apple announced the ability for Japanese iPhone users to replace Siri with third-party voice assistants, indicating a shift towards more diverse distribution and payment channels for developers in Japan [11][12]

Core Viewpoint - NetEase CEO Ding Lei acknowledged the impact of a competing product on their offerings during the summer, particularly among users in second- and third-tier cities, drawing attention to Giant Network's new game "Supernatural Action Group" [1][3]. Market Performance - "Supernatural Action Group" has shown a textbook-level market performance since its launch in January 2025, with exponential growth in user base and revenue [3]. - The game reached a peak ranking of 4th on the iOS sales chart in July and has maintained a position within the top 20 since then [3][5]. - As of July, the game reported over 1 million concurrent users, indicating its entry into the top tier of games [5]. Factors Behind Success - The success of "Supernatural Action Group" is attributed to multiple factors, including a precise market positioning that combines "Chinese micro-horror" themes with strong social gameplay, appealing particularly to young female players [7][8]. - The development team, led by a post-95 producer, has a deep understanding of Gen Z players' needs for emotional and social connections, which has been crucial for the game's design [8]. - Continuous content updates and user co-creation have driven sustained growth, with significant events and new versions released regularly [8]. Financial Impact - The financial success of "Supernatural Action Group" is beginning to reflect in Giant Network's financial statements, with a reported revenue of 1.662 billion yuan for the first half of 2025, a year-on-year increase of 16.47% [10]. - By the end of Q3 2025, the company achieved a revenue of 3.368 billion yuan, up 51.84% year-on-year, and a net profit of 1.417 billion yuan, up 32.31% [10]. - The total contract liabilities increased to 1.33 billion yuan by the end of Q3, largely attributed to the contributions from "Supernatural Action Group" [10]. Strategic Insights - Giant Network's CEO emphasized the importance of long-term commitment and deep market understanding, stating that the success of "Supernatural Action Group" is a result of trusting and empowering young teams to focus on their strengths [13]. - The company aims to focus on areas where it has accumulated knowledge and experience, allowing for sustained investment and exploration [13][14]. Industry Implications - The success of "Supernatural Action Group" highlights the value of niche markets in a highly competitive gaming landscape, suggesting that targeting unmet needs can lead to significant growth [15]. - Understanding the demands of Gen Z users is becoming a core competitive advantage for gaming companies, as demonstrated by Giant Network's approach [15]. - The emphasis on long-term strategies over short-term gains is crucial in the gaming industry, with a focus on continuous improvement and iteration [15][16].

Group 1 - The gaming media sector is experiencing a significant rise, with the gaming ETF (159869) increasing by over 3.5% and all holdings showing positive performance, including Mingchen Health, Xunyou Technology, Shenzhou Taiyue, Ice River Network, Borui Communication, Shengtian Network, and Guomai Culture [1] - Tencent's Q3 2025 earnings report reveals that the total revenue from its online gaming business reached 63.6 billion yuan, with domestic game revenue at 42.8 billion yuan, a year-on-year increase of 15%, and international game revenue at 20.8 billion yuan, a year-on-year increase of 43% [1] - NetEase's Q3 2025 financial report shows a net income of 28.4 billion yuan, an increase of 8.2% year-on-year, with its gaming and related value-added services generating net income of 23.3 billion yuan, a year-on-year increase of 11.8%, accounting for 82% of total revenue, highlighting the strong performance of its gaming business [1] Group 2 - CITIC Securities indicates that the gaming industry in Q3 2025 continues to show high growth momentum, driven by leading companies, with both industry revenue and profits maintaining high growth [1] - The regular issuance of game licenses on a monthly basis is expected to sustain the supply of quality content in the gaming industry [1] - Future prospects include refined operations for already released games, which are likely to extend the revenue contributions from these games, and the rich pipeline of leading industry products is expected to provide high certainty for future earnings growth [1]

Group 1 - The gaming sector showed strong performance on November 24, with the gaming ETF (159869) rising nearly 1%, and most constituent stocks experiencing gains, led by Mingchen Health with an increase of nearly 8% [1] - NetEase reported its Q3 2025 financial results on November 20, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year. The gaming and related value-added services segment generated net revenue of 23.3 billion yuan, up 11.8% year-on-year, accounting for 82% of total revenue [1] - The net profit attributable to shareholders for the period was 8.6 billion yuan, indicating a significant recovery in NetEase's gaming business compared to the same period last year [1] Group 2 - NetEase's overseas gaming expansion has accelerated significantly over the past two years, with the global user base for the game "Marvel Duel" exceeding 40 million as of December 2024 [1] - The international version of "Nirvana in Fire" mobile game launched on November 7, 2025, topping the free charts on the App Store in several countries including Japan, Malaysia, Thailand, Vietnam, Cambodia, and Brunei [1] - NetEase management indicated that the performance of games like "World of Warcraft" and "Hearthstone" has exceeded previous levels, with plans for deeper development of related products in the future [1] Group 3 - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on investment opportunities in the gaming ETF (159869) that tracks the performance of A-share listed companies in the animation and gaming industry [2]

Group 1 - The company's revenue increased by 8.2% year-on-year to 28.36 billion yuan, which was 3% lower than Bloomberg's expectations [1] - Gross margin was 64.1%, exceeding Bloomberg's expectations by 0.1 percentage points [1] - Adjusted net profit margin reached 33.5%, surpassing Bloomberg's expectations by 0.8 percentage points, with adjusted net profit growing by 26.7% year-on-year to 9.5 billion yuan, slightly below Bloomberg's expectations by 0.6% [1] Group 2 - Self-developed games performed well, generating revenue of 23.33 billion yuan, which was 2.3% lower than Bloomberg's expectations, with a year-on-year growth of 11.8% [1] - The revenue growth was driven by titles such as "Dream of the Red Chamber" PC version, "Egg Party," and new releases like "Yanyun Sixteen Sounds" and "Marvel Showdown" [1] - The gross margin for the gaming segment was 69.3%, exceeding Bloomberg's expectations by 0.6 percentage points, with a year-on-year increase of 0.5 percentage points [1] Group 3 - Cloud Music achieved revenue of 1.96 billion yuan, which was 3.0% lower than Bloomberg's expectations, with a year-on-year decline of 1.8% [2] - Gross margin for Cloud Music was 35.4%, falling short of Bloomberg's expectations by 0.6 percentage points, but showed a year-on-year increase of 2.6 percentage points [2] - Youdao reported revenue of 1.63 billion yuan, which was 1.7% lower than Bloomberg's expectations, with a year-on-year growth of 3.6% [2] Group 4 - The company expects adjusted net profit growth of 18.4%, 8.8%, and 8.6% for 2025-2027, reaching 39.7 billion, 43.2 billion, and 46.2 billion yuan respectively [2] - Corresponding PE ratios for 2025-2027 are projected to be 14.9, 13.7, and 12.6 [2]