Core Insights - Sensor Tower's report indicates that "Honor of Kings" regained the top position in global mobile game revenue in January 2026, driven by strategic updates and seasonal content [1][3] Revenue Insights - Global mobile game spending reached $7.1 billion in January 2026, reflecting a month-over-month increase of 1.4% [4] - The U.S. market accounted for 31% of total revenue, followed by China (iOS only) at 16% and Japan at 13% [4] - "Game for Peace" saw a significant revenue increase, climbing 19 positions to re-enter the global top ten, attributed to new content and seasonal updates [3][4] Game Performance Highlights - "Arknights: Endfield" launched on January 22, quickly rising to the third position in revenue growth, leveraging its strong IP and innovative gameplay [4] - "Genshin Impact" returned to the revenue growth leaderboard following a major update and new character releases, enhancing player engagement and spending [4] - "Dragon Ball Z Dokkan Battle" experienced a rebound due to its 11th-anniversary celebration, driving fan engagement and spending [5] Download Insights - "Block Blast!" maintained its position as the top downloaded mobile game in January 2026, supported by engaging events [6][8] - Global mobile game downloads reached 4.2 billion in January, marking a 5.4% increase from the previous month [8] - India led in downloads with 607 million, followed by the U.S. and Brazil [8] Growth Trends - "Heartopia" topped the global download growth chart, appealing to players with its avatar-driven simulation gameplay [9] - "Goose Goose Duck" ranked second in download growth, highlighting the enduring appeal of social party games [9] - The market is increasingly driven by diverse content rather than a single dominant genre, as seen in the rise of various game types [8][9]

编者荐语： 日经Gaming是2025年7月创刊的"以商业视点出发的游戏媒体"。日经BP利用在经营、技术、消费、营销 各领域培养的采访力、信息发布力，从商业角度出发，发布游戏及其周边产业的最新动向、商业模式。 日经Gaming . 商业视角的日本游戏媒体。日经BP旗下。 2025年12月20日至2026年2月22日， 大卡普空展——游戏创想，感动世界 在东京京桥CREATIVE MUSEUM TOKYO举办。 本以为这只是面向卡普空粉丝或游戏玩家的作品展览，实际却是处处饱含着日本制造业的热情与创作者 的 执念 ，让笔者大受震撼。 以下文章来源于日经Gaming ，作者吉成早纪 本文将结合日经Gaming对 卡普空制作人 的采访，介绍东京场的独特看点，以及 以及这次展览想传达 的"心意"。 一览卡普空历史与游戏开发幕后 说来惭愧，笔者本人对卡普空的游戏只是稍有涉猎。"如果内容太粉丝向该怎么办啊……"入场前，这个 担忧曾在笔者脑海中一闪而过。 然而会场入口处的设计，轻易就打消了这份顾虑。 阅读更多内容请点击下方"阅读原文" （本文由日经BP提供） ...

Group 1 - Tianzhou Culture's stock price dropped by 5.16% to 5.51 CNY per share, with a trading volume of 546 million CNY and a turnover rate of 11.97%, resulting in a total market capitalization of 4.644 billion CNY [1] - The company, established on August 18, 2003, and listed on December 15, 2010, primarily engages in book publishing and distribution, educational services, and mobile game development, with revenue composition of 85.41% from book publishing and 14.59% from mobile network games [1] Group 2 - Among Tianzhou Culture's top ten circulating shareholders, Dazhong Fund's Dazhong CSI 360 Internet+ Index A (002236) entered the list in the third quarter, holding 3.2229 million shares, which is 0.4% of the circulating shares, with an estimated floating loss of approximately 966,900 CNY [2] - Dazhong CSI 360 Internet+ Index A was established on February 3, 2016, with a latest scale of 754 million CNY, achieving a year-to-date return of 11.75% and a one-year return of 41.78%, ranking 559 out of 5569 and 1364 out of 4295 respectively [2]

Group 1 - The core point of the news is that Xinghui Entertainment's stock price dropped by 5.05% to 7.14 CNY per share, with a trading volume of 671 million CNY and a turnover rate of 7.43%, resulting in a total market capitalization of 8.884 billion CNY [1] - Xinghui Entertainment, established on May 31, 2000, and listed on January 20, 2010, operates in the gaming, football club, and toy industries, with revenue composition as follows: gaming 35.76%, player transfers 19.13%, car models and baby products 17.72%, TV broadcasting rights 15.18%, ticketing and memberships 5.02%, sponsorship and advertising 3.87%, rental income 1.22%, football derivatives 1.05%, and others 1.04% [1] Group 2 - Among the top ten circulating shareholders of Xinghui Entertainment, Huaxia Fund's Huaxia Zhongzheng Animation Game ETF (159869) increased its holdings by 4.2892 million shares, totaling 25.0519 million shares, which represents 2.01% of the circulating shares [2] - The Huaxia Zhongzheng Animation Game ETF (159869) was established on February 25, 2021, with a latest scale of 12.611 billion CNY, achieving a year-to-date return of 15.72% and a one-year return of 41.16% [2] Group 3 - The fund manager of Huaxia Zhongzheng Animation Game ETF (159869) is Lu Yaun, who has been in the position for 3 years and 248 days, managing a total fund size of 26.429 billion CNY, with the best fund return during his tenure being 94.15% and the worst being -34.01% [3]

Core Views - The A-share market is showing signs of stabilization and recovery, with a positive outlook for the post-holiday market driven by liquidity improvement and policy expectations [2][3][10] - Key sectors such as cultural media, gaming, and AI applications are performing strongly, while sectors like precious metals and new energy are experiencing adjustments [4][9] Market Overview - On Tuesday, the three major indices in the Shanghai and Shenzhen markets showed mixed results, with cultural media and AI application sectors performing well, while precious metals and new energy sectors faced declines [4][5] - The overall market sentiment is characterized by orderly rotation of hotspots, indicating a positive trend towards stabilization [3][9] Sector Analysis - The cultural media sector has shown significant growth, with a 42.75% increase in the first half of 2023, and is expected to continue to have structural investment value in 2026 due to advancements in AI technology and economic recovery [6][7] - The AI theme remains active, with a focus on applications and hardware, indicating a shift from investment in computing power to practical applications in 2026 [7][8] Future Market Outlook - The market is expected to see increased activity post-holiday, with a focus on liquidity return and policy developments, which could provide new investment opportunities [3][10] - Investors are advised to adopt a cautious approach, focusing on low-cost opportunities in small-cap growth stocks and sectors with clear industrial catalysts [3][10]

Group 1: Media Industry Growth - The media industry is expected to see continued growth driven by AI applications, with significant benefits for the gaming and film sectors due to the emergence of new game cycles and improved content supply [1] - In 2025, the media index increased by 27.17%, ranking 9th among 31 primary sub-industries, with gaming and television broadcasting sectors showing notable growth of 60.50% and 20.80% respectively [1] - The media industry achieved revenues of 387.28 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.75%, and a net profit of 32.11 billion yuan, up 37.88% year-on-year [1] Group 2: AI and Market Predictions - The global AI market is projected to exceed $1.8 trillion by 2030, with a compound annual growth rate (CAGR) of 37.3% [2] - The global market for Generative Engine Optimization (GEO) is expected to surpass $100 billion by 2030, with the Chinese market reaching 24 billion yuan [2] Group 3: Film Industry Outlook - The film industry is expected to maintain steady progress in 2025, supported by the release of blockbuster films during key periods [3] - The "manhua drama" format is emerging, with AI significantly enhancing production efficiency, and the domestic manhua drama market is anticipated to enter a high-growth phase starting in 2026 [3] Group 4: Gaming Industry Performance - The Chinese gaming market generated revenues of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%, with mobile games growing by 7.92% and PC games by 14.97% [4] - The overseas gaming market revenue reached $20.45 billion in 2025, marking a 10.23% increase year-on-year [4] - The gaming industry is expected to benefit from the steady launch of new products and improved competitiveness in overseas markets, leading to stable revenue growth [4]

Core Insights - Supercell reported a revenue of €2.65 billion (approximately ¥218 billion) and an EBITDA of €930 million (approximately ¥77 billion) for 2025, matching the historical best performance of 2024, demonstrating the value of long-termism in a stagnating industry [1][44] - The blog highlights two contrasting narratives: the resurgence of "Clash Royale" and the failure of "Brawl Stars," emphasizing the need for innovation and risk-taking in the gaming industry [5][19] Group 1: Performance Highlights - "Clash Royale" experienced a historic resurgence with player engagement metrics showing a doubling of returning players and nearly 500% growth in new players, marking a significant achievement for a nearly ten-year-old game [11][12] - The success of "Clash Royale" was attributed to team efforts in simplifying gameplay and introducing appealing new content, which improved player experience and engagement [13][14] - Supercell's overall financial performance in 2025 was one of its best years, with a notable contribution from "Clash Royale," reflecting a strong product portfolio and commitment to player experience [44][45] Group 2: Lessons from Failures - "Brawl Stars" became the first game in Supercell's history to be shut down after global release, highlighting the challenges of launching new titles in a competitive market [19][20] - Key lessons from the failure of "Brawl Stars" include the importance of extensive testing for long-term retention and the need for a deeper understanding of player expectations before large-scale marketing [21][22] - The experience with "Brawl Stars" reinforced the company's culture of learning from failures and the necessity for bold innovation in game development [24][25] Group 3: Industry Context - The mobile gaming market has seen a modest average annual growth rate of only 3% over the past five years, indicating a stagnation in the industry [9][24] - A significant disparity exists in the success of new games, with only 22 out of approximately 53,000 new mobile games released since 2020 achieving over $1 billion in revenue, predominantly from developers in China, Japan, and South Korea [24][25] - The industry is criticized for focusing on optimizing existing games rather than pursuing radical innovations that could attract new players and expand the market [26][27] Group 4: Strategic Initiatives - Supercell plans to double its investment in new games and innovation in 2025, aiming to create an environment conducive to both long-term game support and new game development [29][30] - The company has restructured its organization to foster independent teams for long-term games and new game development, allowing for distinct cultures and operational methods [30][32] - Supercell is committed to combining the best traits of startups with the advantages of a mature company, emphasizing the need for ambitious founders and a structured approach to innovation [32][34]

【完美世界】持续重点推荐 付费模式：抽卡为 "大富翁"棋盘式，90 抽必出当期 UP（不歪池），70 抽后提率，角色保底出率 1.87%，单抽 附培养资源，叠加福利让利玩家；月卡（异晶开采凭证）享资源特权，通行证（精锐 / 荣誉猎人补给）含专属奖 励，所有付费计入累计充值；测试累计充值 4348 元（含异晶、月卡等费用），公测返还异晶 63350、异晶开采凭 证 2 个。 多端表现：PC 端和iOS运行流畅；安卓端机型有分化，中高端表现佳，天玑 8100以下机型帧率波动大，期待 后续优化。 《 查找图书 》开启第三轮限量计费删档 "共存测试"，整体感受超预期：1）亮点：都市体验感突出，载具、同居 玩法为亮点，PC 端表现佳；2）优化空间：安卓端帧率还有优化空间。整体看产品底子扎实、在二游中差异化显 著，后续的日本和北美市场有望口碑发酵，有望成为长线大单品。 玩法亮点：1）都市场景体验真实，交互纵深强，角色互动丰富，NPC 数量大增且带生活化细节；载具类型丰 富，部分可进化（如摩托车解锁 "鬼火摩托"）；2）新增好感度绑定同居玩法（4 级解锁），含互动及专属语音， 第一人称视角提升代入感；3）加入PVE搜打撤/ ...

Market Overview - The three major indices opened lower, with the Shanghai Composite Index down 0.10%, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.24% [1] Sector Performance - The film and theater, cultural media, and short drama gaming sectors experienced significant declines, with the film and theater sector down 3.60% [2] - Other sectors that saw declines include tourism and hotels (-1.55%), short drama gaming (-1.40%), and cultural media (-1.26%) [2] - The intellectual property protection sector decreased by 1.22%, while the internet e-commerce sector fell by 1.01% [2] Notable Stocks - Seedance concept stocks remained active, with companies like iReader Technology, Huayi Brothers, Bona Film Group, and Decai Co. achieving three consecutive trading limit increases [2] - Rongxin Culture and Jiecheng Co. opened more than 10% higher [2] AI Industry Developments - The recent Seedance 2.0 has sparked widespread evaluation and discussion within the AI industry, showcasing impressive real-world effects and potentially becoming a significant milestone in AI video development [3] Hong Kong Market - The Hong Kong stock market opened slightly higher, with the Hang Seng Index up 0.23% and the Hang Seng Tech Index up 0.21% [5] - AI application stocks continued their upward trend, with Zhihui rising over 5%, and XianDao Intelligent opening 1% higher on its first trading day at HKD 46.26 per share [5]

Group 1 - The media sector experienced a significant surge, with the gaming ETF (516010) rising over 5% and the film ETF (516620) hitting a temporary limit up, driven by increased expectations for entertainment consumption during the Spring Festival and the catalytic effect of AI video models [1][3] - The launch of ByteDance's Seedance 2.0 platform allows for automatic scene planning and sound effect integration, achieving near "indistinguishable" movie-level output, indicating a high level of AI video capability [3] - The current valuation of the gaming sector remains attractive, with a clear logic for a "product year" in 2026, as the core companies' PE valuations have not surpassed previous highs for 2025 and 2026, providing a favorable risk-reward profile [4][5] Group 2 - The domestic gaming market is projected to exceed 350 billion yuan in sales revenue for the first time in 2025, with a year-on-year growth of 7.68%, and a record high of 1,771 game licenses issued, laying a solid foundation for the product year in 2026 [4] - The upcoming 2026 Spring Festival is expected to be the longest in history, with many manufacturers well-prepared, indicating the gaming industry is set to enter a peak season [4] - The gaming sector is currently experiencing a triple resonance of high valuation attractiveness, a product year, and the Spring Festival peak, warranting continued attention [5]