专题：2025年世界互联网大会乌镇峰会 冯骥指出，历史上很多很厉害的科技公司，包括英伟达、微软、英特尔等，这些公司有很多时间是跟游 戏本身的发展相辅相成的。 "游戏它不光是科学，还是一门艺术，游戏为什么叫第九艺术，它其实很像融合了文学、绘画、音乐、 戏剧等前八种艺术之后，才诞生的第九门艺术，有点像所有这些元素的一个集大成。"冯骥表示。（文 猛） 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：梁斌 SF055 新浪科技讯 11月7日晚间消息，在2025年世界互联网大会上，"杭州六小龙"企业领导人首聚乌镇，并在 中国工程院院士、阿里云创始人王坚主持下同台对话。 游戏科学创始人、CEO，《黑神话：悟空》制作人冯骥谈及公司命名游戏科学背后的原因。冯骥表 示，"很多人可能会觉得游戏好像跟科学关系不大，我想稍微澄清一下，游戏尤其所谓的狭义电子游 戏，它其实是一个技术含量很高，甚至可以说集成了很多计算机领域科技成果的这么一个行业。" ...

Core Insights - MiHoYo has launched a new recruitment campaign for 63 positions related to its upcoming UE5 realistic fantasy project, marking the first public appearance of this product since the announcement of five mysterious new games last September [1][3]. Group 1: Game Development and Features - The new project is characterized as a "fantasy epic world" with significant elements such as "large-scale boss battles," suggesting a gameplay style reminiscent of the "God of War" series [3]. - The game will incorporate AIGC technology, featuring "ecological AI simulation" and "full-terrain combat AI," indicating MiHoYo's advancements in integrating AI into gaming [5]. - The game world will include themes of ancient mysteries, evil beasts, and legendary heroes, emphasizing a strong "Western fantasy" flavor in its narrative [5][10]. Group 2: Recruitment and Talent Needs - The recruitment covers four main functional categories: planning, art, programming, and comprehensive roles, with a focus on "extremely high quality" and "super high sensitivity" in talent requirements [7]. - The job descriptions highlight the need for skills related to "character abilities," "impact feel," and "large-scale synchronized monster simulation," indicating a strong emphasis on action combat mechanics [10]. - This recruitment effort suggests that MiHoYo is accelerating its transition from a "2D-focused company" to a "comprehensive game developer," aiming to leverage advanced technologies like UE5 and AI for its next major release [10].

Market Overview - On November 7, the gaming sector declined by 0.97% compared to the previous trading day, with 37 Interactive Entertainment leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Stock Performance - ST Huada (002602) rose by 2.01% to a closing price of 18.29, with a trading volume of 995,300 shares and a turnover of 1.8 billion yuan [1] - 37 Interactive Entertainment (002555) fell by 3.42% to a closing price of 22.00, with a trading volume of 695,700 shares and a turnover of 1.542 billion yuan [2] - Perfect World (002624) decreased by 2.85% to 16.01, with a trading volume of 425,200 shares and a turnover of 687 million yuan [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 999 million yuan from main funds, while retail investors saw a net inflow of 760 million yuan [2][3] - ST Huada had a main fund net inflow of 14.7 million yuan, while 37 Interactive Entertainment saw a net outflow of 270 million yuan [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index fell by 1.49% over the past five days, with a net outflow of 51.09 million yuan [5] - The Food and Beverage ETF (515170) saw a slight decline of 0.17%, with a net inflow of 10.36 million yuan [5]

专题：2025年世界互联网大会乌镇峰会 新浪科技讯 11月7日下午消息，在2025年世界互联网大会上，"杭州六小龙"企业领导人首聚乌镇，并在 中国工程院院士、阿里云创始人王坚主持下同台对话。 游戏科学创始人、CEO，《黑神话：悟空》制作人冯骥表示，"比如之前有很多人花很长时间练习怎么 作曲，怎么演奏乐器，怎么拍摄视频，这些不是一个人能完成的，但是AI给了很多没有这些机遇、时 间的人，一个可以放大的可能性。" 他认为，"也许我们往后看，AI是可以让更多有这样审美的人，能够创造比现在更繁荣、更高水平的作 品，我其实非常建议大家尽可能拥抱水平最强的AI，反而能够感受到更乐观的东西，如果只是刷公众 号看一些危言耸听的标题，可能还觉得这是一个很糟糕的时代。" 他进一步分析，"在AI真正发展之后，可能会让人有更多闲暇、不再为生存花费大量的时间，而是能更 自由的发挥自己的专长，一个更自由的时代。我个人的建议是大家在这个时代能够多锻炼身体，静观其 变就好了。"（闫妍） 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 ...

Summary of Key Points Core Viewpoint - On November 7, Yaoji Technology experienced a slight decline of 0.39%, closing at 25.54 yuan, with a total of 4 block trades amounting to 4,616 million yuan [1]. Trading Activity - The first block trade occurred at a price of 23.08 yuan for 500,000 shares, totaling 11.54 million yuan, with a discount rate of -9.63% [1]. - The second block trade also took place at 23.08 yuan for 400,000 shares, amounting to 9.23 million yuan, maintaining the same discount rate of -9.63% [1]. - The third block trade involved 600,000 shares at the same price of 23.08 yuan, totaling 13.85 million yuan, again with a discount rate of -9.63% [1]. - The fourth block trade mirrored the previous trades, with 500,000 shares at 23.08 yuan, totaling 11.54 million yuan, and a discount rate of -9.63% [2]. Recent Performance - Over the past three months, Yaoji Technology has recorded a total of 4 block trades with a cumulative transaction value of 4,616 million yuan [2]. - In the last five trading days, the stock has seen a cumulative decline of 1.54%, with a net outflow of 40.24 million yuan in principal funds [2].

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - The media sector has shown significant growth in Q3 2025, with public funds increasing their allocation to the sector, reaching a five-year high in both holding scale and allocation ratio [5][8] - The report highlights the strong performance of the gaming industry, AI applications, state-owned educational publishing companies, and leading advertising media companies as key areas of investment focus [5][8] Summary by Sections 1. Q3 Performance Overview: Record Revenue and Significant Profit Recovery - In the first three quarters of 2025, the media sector's total revenue reached CNY 416.065 billion, a year-on-year increase of 4.98%, while net profit attributable to shareholders was CNY 32.891 billion, up 40.23% [8][13] - Q3 alone saw revenue of CNY 143.178 billion, a year-on-year increase of 8.41%, and net profit of CNY 10.617 billion, up 44.74% [8][13] 2. Subsector Performance: Notable Industry Divergence, Strong Growth in Gaming - The gaming sector demonstrated high market vitality, with revenue of CNY 74.788 billion in the first three quarters, a 25.92% increase year-on-year, and net profit of CNY 13.475 billion, up 82.32% [30][32] - The film sector's revenue increased by 10.52% year-on-year to CNY 26.265 billion, while net profit surged by 482.33% to CNY 1.826 billion [50] - The publishing sector faced a revenue decline of 7.10% to CNY 97.600 billion, but net profit increased by 15.43% to CNY 11.421 billion, largely due to tax policy impacts [80][86] 3. Fund Holding Changes: Significant Increase in Sector Allocation, Favoring Gaming Companies - Public funds' total market value of heavy holdings in the media sector reached CNY 59.394 billion in Q3 2025, a 63.43% increase from Q2 2025 [5][95] - The gaming sector received the most attention, with heavy holdings amounting to CNY 43.546 billion, representing 73.32% of the total media sector holdings [5][95] 4. Investment Recommendations - The report suggests focusing on sectors with high industry vitality, such as gaming and AI applications, as well as state-owned educational publishing companies with defensive value characteristics [5][8]

Core Viewpoint - The company 贪玩 (09890) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 23,000 shares at a total cost of HKD 331,100 [1] - The buyback price per share ranges from HKD 14.36 to HKD 14.45 [1]

游戏科学创始人、CEO，《黑神话：悟空》制作人冯骥表示，"如果我们追溯中国游戏整个产业的发 展，中国有长达十年甚至更长时间，中国整个游戏产业是全世界用户数最多、规模最大的，这个产业培 育了很多很多用户和人才，我们是在这样的基础上（得到这个结果），也许我们选对了题材，也许找对 了时间和商业模式，但也不能忘记中国还有很多做得很好的公司。" 专题：2025年世界互联网大会乌镇峰会 至于为什公司起名游戏科学，冯骥谈到，"很多人觉得游戏和科学不相关，但是游戏其实是技术含量很 高，甚至可以说集计算机等领域科技成果大成的行业，我们知道历史上有很多很厉害的科技公司，比如 英伟达、微软等，实际上这些公司有很多时间是跟游戏产业发展相辅相成的。"（闫妍） 新浪科技讯 11月7日下午消息，在2025年世界互联网大会上，"杭州六小龙"企业领导人首聚乌镇，并在 中国工程院院士、阿里云创始人王坚主持下同台对话。 他分享了一组数据，"全世界去年最赚钱、收入规模最大的十款游戏，这里面有四款是来自中国团队研 发的，其中还有三款是来自中国游戏投资或者参与的情况，这些才是这个产业能够诞生一些拔尖公司的 基础。" 责任编辑：李思阳 新浪声明：所有会议 ...

Core Viewpoint - Yaoji Technology reported a net profit attributable to shareholders of 390 million yuan for the first three quarters, a year-on-year decrease of 8.00% [1] - In Q3 2025, the net profit attributable to shareholders was 134 million yuan, down 3.98% year-on-year [1] Financial Performance - The company's short-term performance is under pressure, but there is an optimization in revenue structure [1] - The gaming business remains stable, and the IP card ecosystem layout is improving [1] Business Development - The company is deeply engaged in the casual puzzle segment, establishing multiple studio teams to maintain a continuous production capacity of quality content [1] - Yaoji Technology invested in Shanghai Ludao Consulting Management Co., Ltd. to participate in the issuance and secondary trading platform of sports culture collectible cards [1] Strategic Initiatives - In September 2022, the company established Yaoji Trendy Products and became the agent for Pokémon TCG (Simplified Chinese version) in mainland China [1] - The company is building a full industry chain ecosystem around short videos and short dramas, with over 200 indoor scene constructions completed in the short video center [1] - A short drama fund has been set up to specifically invest in quality projects in parks and industries [1] - The company is actively integrating production and broadcasting, aiming to create a complete ecological closed loop from IP, production, distribution to investment flow [1] Outlook - Given the growth potential of the Shanghai International Short Video Center and card business, the company maintains an "overweight" rating [1]

Group 1 - The GTC2025 Global Flow Conference was held in Shanghai on November 6, where Perfect World (002624) was awarded the title of "Outstanding Overseas Game Publisher of the Year" [1] - Perfect World adheres to an international strategy of "product refinement and global expansion," continuously optimizing its global distribution system and promoting high-quality cultural products worldwide [1] - In esports, Perfect World emphasizes "events driving products and events driving overseas expansion," with the 2024 Shanghai Major event achieving record scale, selling out finals tickets in 10 seconds and semi-finals tickets in 25 seconds, attracting over 70,000 offline viewers and nearly 10,000 overseas viewers [1] Group 2 - The online game "Perfect World International" has been operating for nearly 20 years, becoming an early benchmark for China's gaming industry going global [2] - The game "Persona 5: Phantom X" launched in Japan, Europe, and Southeast Asia, achieving top rankings in iOS free charts across 35 countries, including Top 4 in Japan's iOS overall sales chart [2] - The upcoming game "Eternal Loop" has completed domestic and overseas testing, showcasing at major gaming exhibitions, and is expected to launch on multiple platforms globally, enhancing the company's global expansion efforts [2] Group 3 - The GTC Global Flow Conference has been successfully held for nine sessions, with the 2025 "Whale Sound Award" covering nine categories, including gaming, short dramas, AI, cross-border e-commerce, marketing, and overseas services, with 83 award-winning companies selected from nearly 1,000 applicants [3]