Core Insights - The article discusses the anticipated success of miHoYo's new game "Varsapura," highlighting its significant initial engagement metrics and the strategic importance of the project for the company [2][4][10]. Group 1: Project Overview - "Varsapura" has achieved over 600,000 views and gained more than 100,000 followers within three hours of its first video release on Bilibili [2]. - The project is positioned as a "next-generation flagship" title, with a high level of completion demonstrated in its gameplay and battle mechanics showcased in the video [4][10]. - The game is being developed under the HoYoverse brand, indicating a strategic shift in branding for miHoYo's international projects [4]. Group 2: Development and Talent Acquisition - The talent acquisition for "Varsapura" is unprecedented in miHoYo's history, with a focus on recruiting top talent from various projects, indicating the project's high priority [7]. - The project is seen as a spiritual successor to "PJSH," with potential reuse of outdoor art assets, while also incorporating elements from other projects [8]. - The development team is led by Cai Haoyu, who has returned to a more active role, although he is primarily based in Singapore, which may affect his direct involvement [9]. Group 3: Market Context and Future Outlook - The gaming industry is currently facing a potential gap for miHoYo, with no new major releases expected in the next one to two years, making "Varsapura" crucial for the company's future revenue [12]. - The competition from other upcoming titles, such as Eagle Horn Network's "Arknights: End of the World," poses a risk of losing core players if "Varsapura" does not meet expectations [12]. - The success of "Varsapura" is seen as vital for miHoYo to maintain its market position and to avoid a decline in player engagement following the success of "Genshin Impact" [10][12].

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

Core Viewpoint - The gaming sector is experiencing significant growth, with notable increases in stock prices and revenue for key players like NetEase, which reported strong financial results for Q3 2025. Group 1: Financial Performance - NetEase reported a net revenue of 28.4 billion yuan for Q3 2025, representing an 8.2% year-over-year increase [1] - The company's net profit attributable to shareholders reached 8.6 billion yuan, showing a 32% year-over-year growth [1] - Research and development expenses amounted to 4.5 billion yuan, with an R&D intensity of 16% [1] Group 2: Gaming Business Highlights - The gaming and related value-added services revenue for Q3 was 23.3 billion yuan, an increase of 11.8% year-over-year, contributing 82% of total net revenue [1] - Online games accounted for 97.6% of the net revenue in this segment, driven by popular titles such as "Dream of the Red Chamber" and new releases like "Yanyun Sixteen Sounds" [1] - The game "Dream of the Red Chamber" achieved a peak concurrent user count of 3.58 million, marking the fourth record high since its launch [2] Group 3: New Game Releases - Since the beginning of 2025, NetEase has launched approximately 9 new games, with "Yanyun Sixteen Sounds" gaining popularity both domestically and in the European and American markets [2] - The game reached a peak of over 190,000 concurrent users on Steam, entering the Top 4 of the global best-selling games list [2]

【#网易回应游戏制作人离职#：正常人员流动，不影响日常运营】#网易第三季度游戏收入233亿元# 今 日网易发布第三季度财报。在随后的电话会上，针对游戏研发策略、近期个别制作人离任的提问，网易 管理层表示，专注是一家公司应有的核心优势。对已有的成功产品会精益求精，对新项目会做出有竞争 力的内容。 针对近期的调整属于正常人员流动，管理层表示，调整在不影响日常运营情况下进行，希望团队更加专 注、高效，集中力量打造长青精品。对于长青项目，希望项目团队能够心无旁骛，持续精进；对于具备 长青潜质的新项目，将果断下重注，加大资源投入。（新浪科技） ...

Group 1 - The gaming sector is experiencing a downturn, with the gaming ETF (159869) dropping over 1% during midday trading on November 20. Notable declines were seen in stocks such as Fuchun Co., Mingchen Health, Xinghui Entertainment, Youzu Network, and Yaoji Technology, while Aofei Entertainment saw an increase [1] - Despite the recent volatility, there is a trend of increased buying as prices drop, with a net inflow of 926 million yuan into the gaming ETF over the past five trading days, bringing the total product scale to 11.461 billion yuan [1] - The nomination of "Ningchao" by Kuro Games for "Best Mobile Game" at the TGA 2025 has led to a reward distribution of "Star Voice*1000" to players, highlighting the recognition of domestic games in areas such as open-world design and narrative depth [1] Group 2 - According to a report by CICC, a favorable policy environment is fostering a new content cycle, accelerating the development of the cultural industry. The 15th Five-Year Plan emphasizes the importance of cultural prosperity as a hallmark of modernization in China [2] - The gaming industry has demonstrated potential for growth during this policy-friendly period, with a normalization in the issuance of game licenses leading to a recovery in supply-side dynamics and an increase in content richness [2] - The gaming sector is catalyzed by advancements in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities [2]

智通财经APP获悉，11月20日，网易(09999)发布2025年第三季度财报。财报显示，《燕云十六声》国内 三季度月活跃用户数、收入均创新高。近期，网易加快游戏全球发行，《燕云十六声》海外版本拿下20 个欧美地区Steam畅销榜前十，Steam英语区好评率达84%，成为首款横扫欧美市场的中国武侠游戏，并 在全球取得极具开创性的品类表现。 《燕云十六声》是网易旗下的一款以五代十国历史为背景的武侠开放世界游戏。正式上线前，游戏谷歌 热度随预热动作直线攀升，全球预注册人数累计达到1000万，并在PlayStation商店登顶美国、英国、德 国、法国等欧美市场在内的16个地区预售榜。 上线后，游戏更是引发了全球范围内的"开门红"。上线仅40分钟，玩家数量便突破了50万大关。上线24 小时，海外版本玩家超过200万，且在未开放国区的情况下，Steam上全球同时在线人数峰值突破19万， 登上Steam全球畅销榜TOP4、最热玩游戏Top5，横扫20个欧美地区Steam畅销榜前十。 截至目前，《燕云十六声》在Steam平台上已收获超过2.3万条评测，总体好评率高达83%，达到"特别 好评"级别。其中，来自非简体中文玩家的 ...

11月20日，游戏板块早盘高开后震荡下挫，游戏ETF（159869）现跌超0.5%。持仓股中，富春股 份、名臣健康、星辉娱乐、游族网络、姚记科技等跌幅居前，仅奥飞娱乐、北纬科技、三七互娱等逆势 上涨。截至11月19日，该ETF规模已达114.61亿元，为投资者布局A股游戏龙头提供了便捷工具。 当前游戏行业景气度持续攀升，龙头公司业绩表现强劲：完美世界三季度营收与利润大幅增长且前 三季度扭亏为盈；世纪华通单季收入突破百亿，移动游戏业务实现高速增长；腾讯游戏业务增速亮眼， 国际市场表现尤为突出。行业驱动力充沛：四季度新游密集上线，腾讯、网易、字节等大厂重磅产品集 中亮相；政策环境友好，文化出海受鼓励；AI技术催化产品创新，助力估值修复。 招商证券认为，当前游戏龙头公司（如世纪华通、三七互娱等）估值处于低位（明年预估市盈率不 足15倍），安全边际高；同时，预计明年一季度业绩将保持高增长，成为短期催化剂，加之AI技术有 望在游戏领域实现应用突破，机构坚定看好该板块的投资价值。 （责任编辑：董萍萍 ） 【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 ...

Core Viewpoint - The gaming industry is witnessing a significant shift as multiple game developers, including NetEase, are withdrawing their games from Android channel servers, rejecting the high revenue share model imposed by these platforms [1] Group 1: Industry Trends - Since October, several popular NetEase mobile games have exited the OPPO channel, with players required to migrate their accounts to continue playing on official servers [1] - The trend of "unbinding" from channel servers has been ongoing, with classic titles like "Dream of the Red Chamber" and "Light Encounter" also terminating their partnerships with OPPO [1] Group 2: Revenue Share Dispute - The high revenue share model for Android channels, which can reach up to 50%, has been publicly criticized by industry leaders, including NetEase's founder, who argues that this is detrimental to the industry ecosystem [1] - The shift away from traditional channel servers is partly due to a significant decline in natural traffic from mobile app stores, prompting game developers to explore alternative platforms like Douyin, Bilibili, and TapTap for customer acquisition [1]

Core Insights - Epic Games and Unity have officially announced a partnership to integrate the Unity engine into the popular game Fortnite, aiming to upgrade it towards an "open metaverse" space for global players and creators [1][3] Group 1: Partnership Details - The collaboration will break the previous limitations of Fortnite's closed ecosystem, allowing creators to use Unity's tools for content creation and enabling cross-engine content import and interoperability [1] - Unity's engine offers the advantage of "build once, deploy everywhere," significantly lowering the barriers for cross-platform content creation and migration [1] Group 2: User Engagement and Ecosystem Expansion - The upgraded gaming lobby experience in Fortnite is expected to be more intuitive and fluid, allowing players to browse game content and purchase skins directly through a web interface [3] - Epic Games aims to create an open and shared ecosystem, allowing players to navigate to other companies' content without Epic's involvement in development or direct revenue pursuit [3] - Epic has been expanding Fortnite's ecosystem from a pure "battle royale" model to a comprehensive ecosystem similar to Roblox, attracting 70,000 creators and publishing 200,000 types of experiential content [3] - Unity's CEO Matt Bromberg indicated that Fortnite is expected to officially launch Unity engine-based experiences next year, providing more possibilities for global players and creators [3]

Core Viewpoint - The collaboration between Unity and Epic Games marks a significant shift in the gaming industry, potentially positioning Epic Games as the ultimate winner due to its control over distribution channels and the active user base of Fortnite [1][4]. Group 1: Collaboration Details - Unity and Epic Games have announced a partnership that allows Unity games to be published within the Fortnite ecosystem, reaching over 500 million registered users [4][5]. - The collaboration includes integrating Unreal Engine support into Unity's cross-platform commercial system, providing developers with more options for managing pricing and promotions [4]. - The partnership aims to promote an open and interoperable future for video games, with both companies emphasizing the importance of collaboration in the gaming ecosystem [5]. Group 2: Market Impact - Epic Games' Fortnite is one of the largest user-generated content (UGC) ecosystems globally, with over 500 million registered users, second only to Roblox [5]. - In 2024, approximately 70,000 creators are expected to participate in UGC creation, with a total revenue share of around $352 million (approximately 2.5 billion) distributed to creators [5]. - The collaboration is seen as a strategic move to fend off potential competition and to enhance market presence, as both companies are currently in a stalemate phase [5][6]. Group 3: Company Performance - Unity reported a total revenue of $470 million for Q3 2025, a year-on-year increase of 5%, despite a net loss of $127 million, reflecting a loss rate of 27% [6]. - The revenue growth for Unity is attributed to the performance of its subscription services and advertising network, indicating a positive trend in its business transformation [6].