2024/2025Q1公司收入分别环比增长33.47%/61.66%，节庆效应对业绩拉动效应明显。近年公司在巩固传 统扑克牌优势的基础上，持续加快掼蛋等新品类布局，后续在节庆旺季及新品拓展双重驱动下，看好核 心休闲娱乐板块的阶段性回暖潜力。后续伴随短剧精品化趋势，公司有望凭借稀缺场景的供给能力在行 业上行期中持续受益。根据12月19日收盘价，分别对应18/16/13倍PE，维持"买入"评级。 格隆汇12月23日｜中邮证券研报指出，姚记科技业绩短期承压，短剧基建持续受益行业浪潮。年末至春 节是线下聚会及家庭娱乐旺季，有望带动扑克牌及休闲游戏需求增长。从公司历史数据来看， ...

今日早参 2025 年 12 月 23 日 何康 策略首席研究员兼金融工程首席研究 员 座机：021-28972202 邮箱：hekang@htsc.com 今日热点 金工：2025 年外资买入哪些中国资产 ETF 截至 2025 年 12 月 20 日，2025 年以来全球投资于中国资产的 ETF 累计获 得 831 亿美元的资金净流入。其中，境内 ETF 累计获资金流入 786 亿美 元，境外 ETF 则累计净流入约 45 亿美元。从总体数值来看，外资买入中国 资产占比较小；然而，就内部分化情况来看，2025 年以来外资对境内资产 的配置存在显著倾向性：就行业分布来看，科技板块获外资流入最多，达 95 亿美元，主要来自美国和欧洲地区；就具体产品而言，外资流入排名前 10 的 ETF 中有六只为科技 ETF，排名前 3 的 iShares 中国科技 UCITS ETF、 Invesco 中国科技 ETF 和 KraneShares CSI 中国互联网 ETF 获资金净流入 均超过 20 亿美元。 风险提示：本报告不涉及证券投资基金评价，不涉及对具体基金产品的投资 建议，亦不涉及对具体个股的投资建议；投资者需 ...

据证券时报，近日，2025中国游戏产业年会在上海召开。此次大会上发布的《2025年中国游戏产业报告》显示，中国游戏产业实现稳步增长，核心数据均创 历史新高。2025年，国内游戏市场实际销售收入预计达3507.89亿元，同比增长7.68%；用户规模增至6.83亿，同比增长1.35%。出海业务方面，自研游戏海 外市场实际销售收入达204.55亿美元，同比增长10.23%，规模已连续6年超1000亿元人民币。在全球经济波动、竞争加剧的背景下，中国游戏企业凭借创新 实力与应变能力，展现出强劲发展韧性。 作为年会核心亮点，上海正式发布"游戏沪十条"，围绕产业发展关键领域推出系统性支持政策，每年扶持资金总额达5000万元，旨在构建具有全球影响力的 游戏电竞产业生态体系，为产业注入强劲动力。 企查查数据显示，截至12月22日，国内现存网络游戏相关企业58.7万家。注册量方面，近五年来相关企业年注册量整体呈上升趋势，2024年注册量达13.24万 家，截至目前，今年已注册17.24万家，超去年全年注册水平，与2024年同期相比增长33.88%。存量方面，现存网络游戏相关企业多分布在华东地区、华南 地区，分别占比29.76%、 ...

从AI应用方面看，2025年8月《国务院关于深入实施"人工智能+"行动的意见》颁布，标志着AI已上升 至国家战略层面，"人工智能+"有望延续"互联网+"的热潮，造就新生态、新场景、新商业。再从文娱产 业来看，以"哪吒"、"黑神话：悟空"等为代表的本土IP不仅在国内深受消费者喜爱，更是在全球范围内 掀起热潮。而例如游戏、影视等互联网时期诞生的娱乐内容形式亦展现出极强的生命力，《超自然行动 组》、《无尽冬日》、《哪吒之魔童闹海》、《疯狂动物城2》等众多爆款文娱内容依旧在2025年发光 发亮，吸引众多玩家和观众深度参与其中。同时国家广播电视总局在8月出台新政，着力促进文娱产业 创新，为内容注入了新的生机和活力。 关注爆款游戏流水表现与广电新政落地情况 国泰海通发布研报称，传媒行业正处于AI应用加速发展和文娱产业周期向上的关键节点，2025年指数 表现较好，2026年在产品和政策的共振下有望延续强势。基于AI应用的发展进程及文化娱乐板块的周 期向上，该行重点推荐游戏、影视、AI应用、IP等板块。 国泰海通主要观点如下： 传媒指数年内最高涨幅超40%，游戏板块领涨 2025年1-11月传媒指数最低点的日期为1月13日， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数集体收涨，截止收盘，沪指收涨 0.69%，深成指收 涨 1.47%，创业板指收涨 2.23%。沪深两市成交额 18617.23 亿元。申 万行业方面，通信、综合、电子领涨，传媒、银行、美容护理领跌。 港股方面，恒生指数收涨 0.43%，恒生科技指数收涨 0.87%；海外方 面，美国三大指数集体收涨，道指收涨 0.47%，标普 500 收涨 0.64%， 纳指收涨 0.52%。 【重要新闻】 【央行发布一次性信用修复政策有关安排】针对特定时期内、单笔金 额在 1 万元以下的小额个人逾期信息，将实施一次性信用修复，"免 申即享"，信用卡、房贷、消费贷等均可适用。专家表示，一次性信 用修复政策绝非"征信洗白"，只有全额结清逾期债务才能享受信用修 复政策。 【贵金属再度迎来爆发式上涨】12 月 22 日，现货黄金突破关键关口， 站上 4440 美元/盎司，现货白银则首次突破 69 美元/盎司，双双创下 历史新高。现货铂金大涨 7%，再次站上 2100 美元/盎司，为金融危 机以来首次 ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xindong Company, Shenzhou Taiyue, Kaiying Network, and Jibite, while Perfect World is rated as "Hold" [8][9]. Core Insights - The gaming industry in China is expected to achieve a sales revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%, driven by an increase in user ARPU [1]. - Mobile games are projected to generate 257.08 billion yuan in revenue, up 7.92% year-on-year, while client games are expected to see a significant recovery with a revenue of 78.16 billion yuan, marking a 14.97% increase [1]. - Mini-games and console games are highlighted as the biggest growth areas, with mini-games expected to reach 53.54 billion yuan, a 34.39% increase, and console games projected at 8.36 billion yuan, an 86.33% increase [2]. - The overseas market for self-developed games is anticipated to reach 20.46 billion USD, growing by 10.23%, with strategy games dominating the revenue share [3]. Summary by Sections Overall Market Performance - The gaming market is experiencing steady growth, supported by long-term operations and innovative new products [1]. - The user base is expected to exceed 683 million, with a growth of 1.35% year-on-year [1]. Mini-games and Console Games - Mini-games are benefiting from lightweight features and social media platforms, significantly lowering customer acquisition costs [2]. - Console games are seeing a surge due to hardware upgrades and popular titles driving sales [2]. Overseas Market - The overseas revenue for self-developed mobile games is projected to be 18.48 billion USD, with a growth rate of 13.16% [3]. - The North American, Japanese, and Korean markets contribute 57.81% of the overseas revenue, indicating a high market concentration [3]. Investment Recommendations - The report suggests focusing on companies with long-term operations and strong overseas strategy game capabilities, such as Giant Network [4]. - New product cycles and companies transitioning to platform-based business models are also recommended for investment [4].

Industry Overview - The Chinese gaming industry is experiencing steady growth, with the actual sales revenue expected to reach 350.79 billion yuan in 2025, a year-on-year increase of 7.68%, and the user base growing to 683 million, up 1.35% [1] - The market shows a "stronger stronger, emerging rise" pattern, with the console gaming market continuing its rapid growth, achieving sales revenue of 8.36 billion yuan, a staggering increase of 86.33% year-on-year [1] - Mini-program games have emerged as a major highlight, generating revenue of 53.54 billion yuan, a year-on-year growth of 34.39%, driven by dual-track monetization through in-app purchases and advertising [1] International Expansion - The overseas market for self-developed games has also performed well, with actual sales revenue reaching 20.46 billion USD, a year-on-year increase of 10.23%, maintaining a scale of over 100 billion yuan for six consecutive years [1] Policy Support - The "Game Shanghai Ten Measures" was officially released, introducing systematic support policies in key areas of industry development, with an annual support fund totaling 50 million yuan, aimed at building a globally influential gaming and esports industry ecosystem [1] Technological Integration - The gaming industry is evolving from a mere entertainment medium to a flexible tool driving digital transformation in traditional sectors such as healthcare, education, and manufacturing, reshaping perceptions of gaming and opening new growth points [2] - Game companies are increasingly demanding AI technology, which is accelerating the application of AI in the industry, further enhancing its value to society and achieving a leap in digital and real-world integration [2] Market Performance - A-share gaming stocks have shown strong performance this year, with an average increase of nearly 44%, and three leading gaming stocks have doubled in price [3] - Giant Network's stock has surged over 260% this year, driven by the deep integration of AI technology into its core gaming business [3] - As of December 19, three gaming stocks have seen net purchases exceeding 50 million yuan in December, with Giant Network leading at 263 million yuan [3] Investor Interest - The most frequently researched company this year is Shunwang Technology, with 23 investor inquiries, indicating strong interest in its upcoming asymmetric competitive card mobile game [4]

转自：新快报 ■《鸣潮》周边商品。 ■工作人员正在调试动捕设备。 ■市民挑选《鸣潮》周边商品。 近日，素有"游戏界奥斯卡"之称的TGA（The Game Awards）各大奖项出炉，由广州库洛游戏研发并发 行的开放世界动作游戏《鸣潮》斩获了"玩家之声"奖项。这是去年继《黑神话：悟空》后又一中国游戏 获得该奖，也是今年TGA唯一获奖的国产游戏。《鸣潮》的获奖，不仅代表着全球玩家对中国游戏的 认可与喜爱，也让粤产游戏站上了世界的舞台，展现了"广东造"游戏的生猛实力。 获奖感受 获奖是意外之喜专注做出更好内容 Evans指出，《鸣潮》能得到玩家的认可，一是游戏的动作性；二是游戏中高质量的实时动画演出，包 括音乐、高品质的画面和精彩的剧情。值得一提的是，角色"卡提希娅"的主题EP歌曲《Against The Tide》此前也获得了好莱坞音乐传媒奖2025年度电子游戏歌曲的殊荣。 "玩家之声"奖项主要由全球玩家自主投票决定，直接反映游戏在玩家群体中的真实热度。此次获奖，标 志着《鸣潮》已经跻身全球玩家认可的一线作品行列。一家在广东本土成长的企业，如何能通过作品赢 得全球市场？《鸣潮》接棒《黑神话：悟空》获奖，研发背后又 ...

部分网友直接指出，视觉上，黑与红撞色调、碎裂网格背景、拼贴式预告函、角色佩戴半面具等均与《P5》标志性元素"撞车"；几位男主怪盗服装造型亦 与《P5》中主角团队"心之怪盗团"存在相似之处；而在交互层面，PV中UI界面的动态切换效果、背景音乐风格，甚至"偷心"的核心叙事主题，也与 《P5》叙事体系和世界观高度重合。 今日，就《恋与制作人》新活动"世纪预告函"被质疑"抄袭""过度借鉴"等相关问题，《国际金融报》记者向叠纸网络方面发送采访函，但截至发稿，尚未 得到相关回复。 同时，截至发稿，《恋与制作人》官方账号也未在社交网络上回应此次新活动争议。 《恋与制作人》开服玩家小其（化名）起初觉得这次风格鲜明的怪盗主题卡池颇为惊艳，"甚至一度以为是与《P5》的正式联动"。针对新活动争议，她对 记者坦言"心情复杂"，"对叠纸的美术能力和原创性，我本来是有信任和期待的。" 在小其看来，当即视感过于明显，甚至令人感到是在"明目张胆"地借用知名IP的整体风格时，无论游戏卡面本身多精致、剧情多用心，玩家的欣赏与沉浸 体验都难免大打折扣。"'抄袭'或'过度借鉴'是任何创作者和公司应当慎重对待的敏感话题。这直接关系着信任问题。"她补充 ...

Core Insights - The Chinese gaming industry is experiencing steady growth, with historical highs in core metrics, including an expected actual sales revenue of 350.79 billion yuan in 2025, representing a year-on-year increase of 7.68%, and a user base growth to 683 million, up 1.35% [1] Industry Performance - The console gaming market continues its rapid growth, with actual sales revenue reaching 8.362 billion yuan, a staggering year-on-year increase of 86.33%, marking three consecutive years of explosive growth [1] - Mini-program games have emerged as a significant highlight, generating revenue of 53.535 billion yuan, up 34.39%, driven by dual monetization through in-app purchases and advertising [1] - The overseas market for self-developed games also performed well, with actual sales revenue reaching 20.455 billion USD, a year-on-year increase of 10.23%, maintaining a scale of over 100 billion yuan for six consecutive years [1] Policy and Support - The "Game Shanghai Ten Measures" was officially released, introducing systematic support policies in key areas of industry development, with an annual support fund totaling 50 million yuan, aimed at building a globally influential gaming and esports industry ecosystem [1] Technological Integration - The gaming industry is evolving beyond mere entertainment, integrating with traditional sectors such as healthcare, education, and manufacturing, thus reshaping perceptions and opening new growth avenues [2] - Game companies are increasingly demanding AI technology, which is accelerating the application of AI in the industry and creating a value leap through the integration of digital and physical realms [2] Market Trends - The gaming industry is expected to maintain a high level of prosperity, with new products being launched and cross-platform connectivity contributing to growth, while seasonal activities are likely to enhance user engagement and average revenue per user (ARPU) [2] - The mini-program gaming sector is anticipated to exhibit characteristics of sustained high prosperity, stable growth rates, and optimized profit structures, supported by collaborations between WeChat and Apple [2] Stock Market Performance - Leading gaming stocks have shown strong performance in the A-share market, with an average increase of nearly 44% this year, and three stocks, including Giant Network, Century Huatong, and G-bits, have doubled in price [3] - Giant Network's stock has surged over 260% this year, driven by the integration of AI technology into core gaming operations and innovative product offerings [3] - As of December 19, three gaming stocks, including Giant Network, Zhejiang Shuju, and G-bits, saw net purchases exceeding 50 million yuan in December, with net buying amounts of 263 million yuan, 66 million yuan, and 58 million yuan respectively [3]