这些实践表明，游戏产业长期积累的实时交互、仿真模拟与智能生成能力，构成了一个日益丰富的"技 术工具箱"，为"游戏+"的广泛实践提供了坚实的技术可能性。 从虚拟娱乐到现实解方 游戏的设计思维与沉浸体验正被应用于非娱乐领域，游戏正在超越单纯的娱乐属性，成为回应社会关 切、提供创新解决方案的柔性工具。 ● 本报记者 杨梓岩 曾经主要被视为娱乐产品的游戏，正在打开新的可能性。随着数字技术的演进，游戏产业积累的技术能 力、设计思维与用户基础，开始系统性地溢出原有边界，与医疗、教育、文旅、制造等传统领域深度融 合。业内人士表示，游戏正从提供娱乐消遣的载体，演进为驱动实体产业数字化发展、服务社会多元需 求的柔性工具。这种转变，重塑着人们对游戏的认知，也开辟出新的产业增长点。 从游戏引擎到产业工具箱 游戏与外部产业结合，源于其底层技术的通用性迁移。其中，游戏引擎的演变尤为关键。它正从专门服 务于游戏开发的工具，转变为支持多行业数字化发展的通用型技术底座。 Unity中国平台技术总监杨栋介绍，公司引擎已加速延伸为跨行业赋能平台。面向汽车、制造、智慧城 市等领域对数字孪生的需求，Unity中国推出了相应的工业套件。这种技术输出不 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Major tech companies are accelerating the upgrade of multimodal AI models, which is expected to enhance content production efficiency and diversity, while also increasing demand for inference computing power [4][30] - The gaming sector is anticipated to maintain high prosperity due to new game launches and ongoing operations of evergreen games, with recommendations to increase investments in this area [4][29] Industry Data Overview - "Delta Operation" ranked first in the iOS game free list in mainland China, while "Honor of Kings" topped the iOS game revenue list [10][14] - The film "Zootopia 2" achieved the highest box office for the week [10][25] Industry News Summary - Major companies are continuously investing in large models, with the domestic gaming market reaching new highs in both scale and user numbers [28] - Google’s Gemini 3 Flash has broken the "performance-cost-speed" Pareto frontier, while domestic giants are increasing resource allocation for continuous iteration of large models [28][29] - The launch of the new Alibaba model supports role-playing functions and is the most comprehensive video generation model globally [29] - Tencent's mixed world model 1.5 allows for the creation of interactive worlds from text or images, enhancing the gaming experience [29] - The Doubao large model has seen a significant increase in daily token processing volume, indicating robust growth in AI applications [31][32]

要支持中小游戏企业发展，优化知识产权保护，政策层面的持续发力，为建设新质生产力提供坚实保障。 支持孵化园区建设，降低企业创 业成本。研究制定"新设游戏企业扶持办法"，为初创企业提供"一站式"服务。设立产业投资基金，支持产业链关键企业发展壮大、小微团队 创新创业。建立基于游戏产业市场价值的知识产权科学评估体系，打击私服外挂、商业秘密泄露等侵权违法行为，保护并激励产业创新。 建设具有世界影响力、引领力的游戏电竞集聚区，为产业长远发展提供最优质的产业环境。 以徐汇漕河泾、西岸，杨浦大创智、滨江，静 安大宁、市北为核心功能区，打造政策体系健全、配套服务完善、创业企业汇聚、联动消费活跃的产业高地。 深化国际交流合作，建设出海全链条服务平台，打造产业"世界会客厅"，助力文化走出去。 支持游戏出海服务平台建设，构建涵盖产品本 地化、渠道触达、合规运营、金融服务、数据驱动、生态协同的全链条支撑体系，在版权服务、出海指引、风险预警、海外推广、数据分 析、支付结算、信保信贷等方面提供精准服务。全力提升中国国际数码互动娱乐展览会、中国国际游戏开发者大会、全球电竞大会、中国游 戏产业年会规模能级。 用游戏IP加快培育壮大文化产业新动 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights ongoing trends in the AI industry, with companies like MiniMax and Zhiyu AI passing hearings, indicating a strong interest in AI investments [2] - The education sector is experiencing slight pressure, with increased competition among small and medium institutions, while leading companies like Alpha are stabilizing [4] - The coffee and tea beverage industry maintains high enthusiasm, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is under pressure due to the domestic consumption environment, with online retail sales for physical goods reaching 11.82 trillion yuan, a 5.7% increase year-on-year [4] - Music streaming platforms are seen as quality internet assets driven by domestic demand, suggesting continued investment interest [4] - The automotive service sector is witnessing a decline in sales for traditional luxury brands, while domestic luxury and new force brands are experiencing growth [4] - The internet medical sector is expanding, with companies like JD Health and Ant Group's AI health application gaining traction [4] - Concerns remain regarding the sustainability of capital expenditure and returns in the AI industry, but there is optimism about the long-term trends [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumption index fell by 2.98%, with notable stock performances from companies like HuShang Auntie (+4.27%) and Luckin Coffee (-3.62%) [9] - E-commerce index decreased by 2.86%, with Pinduoduo's stock rising by 24.51% while Alibaba's stock fell by 5.71% [13] 1.2 Platform & Technology - The media index dropped by 2.23%, with Netflix and Tencent Music experiencing slight declines [19] - The virtual asset market saw a decrease in total cryptocurrency market value to $296.84 billion, with Bitcoin and Ethereum prices falling by 2.4% and 3.5% respectively [25] - The automotive service sector's index fell by 1.21%, with significant declines in stocks like Advance Auto Parts (-12.87%) [34] 1.3 Media - The media index decreased by 0.1763%, with Perfect World (+10.68%) and Giant Network (+8.97%) showing positive performance [50] - The report emphasizes the importance of new game releases and innovations in the gaming sector, with a projected revenue of 350.79 billion yuan for the domestic gaming market by 2025 [4]

试运营一个月调整不断 据完美世界相关负责人回应，中关村IMAX店虽以"完美世界"冠名，却与完美世界无直接关联，而是由母公司完美世界控股集团有限公司（以下简称"完美控 股"）接盘运营。在影视行业集体朝着多元化娱乐空间转型的当下，锚定"完美世界影城超感体验馆"的中关村IMAX店冒头似乎有了更多深意。而手握游戏及 影视IP的"完美系"，又能否借此再找回那个属于自己的院线席位？ 完美世界股份有限公司（以下简称"完美世界"）大举收购又快速出清的院线业务，如今以高调接棒UME影城（北京华星店），升级改造为完美世界影城 （中关村IMAX店）（以下简称"中关村IMAX店"）的姿态重回大众视野。新影院试运营一个月，北京商报记者调查发现，中关村IMAX店九大影厅（3个特 效厅、3个VIP厅和3个普通厅）已全部开放，但从订座管理，到IMAX影厅暖气系统，再到IMAX影厅观影效果等，中关村IMAX店还都在边运营边调适中。 中关村IMAX店已于11月21日投入试运营，截至12月21日，该店九大影厅全部开放，包括3个特效厅（升级后的IMAX特效影厅、LED特效影厅和新的 CINITY特效影厅）、3个VIP厅和3个普通厅。 中关村IMAX ...

（原标题：国内游戏年收入3507亿元；上海发布游戏"沪十条"丨游戏周报） 21世纪经济报道 吴立洋 近日，一年一度的游戏产业年会在上海市徐汇区举办，年会期间发布多个行业研究报告和数据，亦有多 位从业者围绕不同主题展开论坛研讨。 报告数据方面，音数协游戏工委发布《2025年中国游戏产业报告》，2025年，国内游戏市场实际销售收 入3507.89亿元，同比增长7.68%；用户规模6.83亿人，同比增长1.35%；《中国游戏产业未成年人保护 进展报告2025》则显示，截至2025年6月底，我国19岁及以下网民规模达到2.09亿人，约占全国网民总 数的18.6%。 政策动态方面，在本届产业年会上，上海宣布即将推出支持游戏电竞产业发展十条举措（"沪十条"）， 将优质的资源精准投向关键环节，支持上海乃至中国游戏产业的高质量发展；此前，广州市天河区也发 布两项促进数字文化产业高质量发展的政策措施。 国内公司方面，网易宣布《燕云十六声》海外版玩家首月突破1500万；二次元游戏《新月同行》宣布停 止更新。 合规与海外方面，索尼腾讯《荒野起源》侵权一案达成和解；育碧收购亚马逊工作室在研4V4MOBA游 戏；日本知名游戏厂商Cyg ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 2025年，市场超预期回暖，A股、港股结构性行情显著，投资者对即将到来的2026年充满期待。新的一 年经济前景如何？市场行情如何演绎？ 中国基金报记者采访了复胜资产董事长兼投资总监陆航、相聚资本总经理梁辉、康曼德资本董事长丁 楹、华安合鑫董事长袁巍、深圳红筹投资总经理兼投资总监邹奕和同犇投资总经理童驯等六位私募投资 人士。 受访人士表示，在盈利和业绩驱动下，2026年中国股市仍有较好的机会，A股与港股有望保持上行态 势，风格上成长与价值将趋于均衡；看好AI产业链，以及周期、消费和制造业的投资机会。 2025年结构性行情超出预期 中国基金报：2025年的市场与年初预期有哪些不同？ 童驯：今年A股市场呈现显著的结构性行情，科创板、创业板及主板表现均超出年初时的预期。行业分 化特征鲜明，有色金属、通信、电子等板块表现亮眼。核心驱动源于双重逻辑：一是供求关系收紧叠加 美联储降息周期开启，贵金属（金、银）、小金属（钨、锑、钴）及工业金属（铜、铝）价格大幅上 涨，直接推动有色金属板块估值与业绩双升；二是AI产业技术进展持续超预期， ...

受访人士表示，在盈利和业绩驱动下，2026年中国股市仍有较好的机会，A股与港股有望保持上行态势，风格上成长与价值将趋于均衡； 看好AI产业链，以及周期、消费和制造业的投资机会。 2025年结构性行情超出预期 中国基金报：2025年的市场与年初预期有哪些不同？ 童驯： 今年A股市场呈现显著的结构性行情，科创板、创业板及主板表现均超出年初时的预期。行业分化特征鲜明，有色金属、通信、电 子等板块表现亮眼。核心驱动源于双重逻辑：一是供求关系收紧叠加美联储降息周期开启，贵金属（金、银）、小金属（钨、锑、钴）及 工业金属（铜、铝）价格大幅上涨，直接推动有色金属板块估值与业绩双升；二是AI产业技术进展持续超预期，光模块等核心环节企业盈利 预测不断上修，带动产业链股价稳步走高，成为全年市场核心主线之一。 【导读】 六大私募把脉2026：股市仍有较好机会，成长与价值风格趋于均衡 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报 私募报道组 2025年，市场超预期回暖，A股、港股结构 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in social entertainment media and internet healthcare, while noting challenges in e-commerce and short video segments [4][11]. E-commerce - The report indicates a decline in the year-on-year growth rate of physical e-commerce sales as per the National Bureau of Statistics, suggesting a weak overall sales outlook for Q4 [4][15]. - Alibaba's AI application, Qianwen, has integrated with Gaode Map, marking a significant step in its ecosystem [12]. Social Entertainment Media - Bilibili and Tencent's advertising performance continues to outperform the market, with Tencent's gaming fundamentals showing upward momentum [4][16]. - Tencent's new game, "Delta Action," is expected to become a major title alongside "Honor of Kings" and "Peacekeeper Elite" [4][16]. Internet Healthcare - JD Health and Alibaba Health are leveraging their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][16]. Short Video - The report notes a recent decline in stock prices for AI application-related companies due to market sentiment, but maintains a positive outlook on Kuaishou's core business stability [4][16]. IP and Trendy Toys - Pop Mart's new flagship store in Shanghai is expected to enhance interactive space and expand its presence, with new IPs like 1001moons and supertutu being launched [4][16]. Long Video - The report suggests monitoring investment opportunities in iQIYI and Mango TV, as regulatory changes are expected to improve the long video sector's commercial model [4][17]. Music Streaming - TME and NetEase Music reported stable performance in Q3, although concerns about competition have led to a valuation adjustment [4][18]. Gaming Sector - The domestic gaming industry remains highly prosperous, with continued recommendations for leading companies like Tencent and NetEase, and a focus on companies with improving product trends [4][19]. Advertising - Focus Media has shown strong growth in non-recurring revenue, with a significant increase in advertising spending from internet advertisers in Q3 [4][19]. Publishing - Some publishing companies are facing challenges due to negative impacts from educational reforms, leading to delays in revenue recognition [4][19]. Film and Television - The report highlights the potential for recovery in the long video industry, with a focus on companies with strong production capabilities and project pipelines [4][20]. AI Applications - The report emphasizes the importance of AI in various sectors, including advertising and healthcare, suggesting a growing trend towards AI integration in business models [4][20].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The report highlights that the daily usage of Doubao Tokens has surpassed 50 trillion, ranking first in China and third globally. The gaming market is expected to grow steadily by 2025, with female-oriented games experiencing growth rates significantly above the industry average [2][4]. Industry Summary - The Doubao model was launched by Huoshan Engine, with significant improvements in capabilities, including enhanced agent abilities, multimodal capabilities, and context management [8][9]. - The domestic gaming market is projected to reach a revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%. Mobile games, PC games, and console games are expected to see growth rates of 7.92%, 14.97%, and 86.33%, respectively [13][19]. - The female-oriented gaming segment is rapidly expanding, with a market size of 8 billion yuan in 2024, marking a year-on-year increase of 124.1% [19]. - The report recommends investment in specific companies within the media sector, including Wanda Film, Perfect World, and Mango Super Media, among others, due to their potential for sustained high growth [7][21].