9月18日至23日，湖北盛天网络技术股份有限公司（证券代码：300494，证券简称：盛天网络）接受了 长江证券、海富通基金等34家机构的特定对象调研与分析师会议，会议以电话会议形式开展，地点为线 上会议及武汉，公司首席战略官高维接待。以下为本次投资者关系活动的主要内容： 产品落地方面，推出AI原生音乐社交APP"给麦"，在多模态模型领域实现突破，今年5月上线AI虚拟人 播客功能，后续将拓展角色服务。游戏社交APP"带带电竞"研究"AI + 社交"场景开拓。同时，公司探索 AI出海，推出多款面向海外C端用户的AI应用。未来，公司将持续升级技术能力，探索AI泛娱乐出海。 独立游戏《活侠传》2024年上线后销量口碑俱佳，今年8月扩充主线剧情，后续将持续优化更新。此 外，公司还筹备发行《我的挚友》等多款重点游戏。 原创IP方面，《星之翼》出海成绩亮眼，自2024年11月登陆日本市场后表现出色，境外流水占比超 80%。该作与日本寿屋机甲少女IP联动引发热潮，还将于9月底参加东京游戏展。未来，公司将巩固与 国际IP方合作，开发衍生内容，同时加速原创IP全球化布局。 AI领域布局：构建平台体系，推进产品落地 新品游戏运营： ...

证券代码：300494 证券简称：盛天网络 投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 长江证券、海富通基金、国联民生证券、华泰资产、天风证券、华源 证券、华创证券、开源证券、东方资管、广发基金、华夏基金、招商 基金、长盛基金、浦银安盛、大成基金、永赢基金、鹏华基金、申万 菱信、浦银基金、中邮基金、富国基金、中信建投、博道基金、金鹰 基金、中英人寿、中信证券、诺安基金、光大资管、中国人寿、平安 资管、上海名禹、国泰基金、幸福人寿、西南证券 时间 2025年9月18日-2025年9月23日 地点 线上会议、武汉 公司接待 人员姓名 首席战略官 高 维 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、请问公司的游戏 IP 业务未来规划如何？ 公司在游戏IP领域已构建起多维度的经典品类布局，成功推出《三 国志 2017》《三国志・战略版》《真・三国无双霸》等多款深受玩家 认可的 IP 改编作品。其中，公司在《三国志・战略版》项 ...

Group 1: Company Overview - Dongyue Group reported a revenue of 7.46 billion RMB in H1 2025, a year-on-year increase of 2.8%[7] - The gross profit margin improved to 29.1%, up by 9.3 percentage points year-on-year[7] - Net profit attributable to shareholders reached 780 million RMB, a significant increase of 153.3% year-on-year[7] Group 2: Refrigerant Business Performance - The refrigerant segment generated 2.29 billion RMB in revenue, a year-on-year growth of 47.7%[8] - Profit from the refrigerant business soared to 1.03 billion RMB, up 209.8% year-on-year, with a segment profit margin of 44.9%, an increase of 23.5 percentage points[8] - As of September 12, 2025, the price of R22 refrigerant was 34,500 RMB per ton, up 2,500 RMB per ton since the beginning of the year[8] Group 3: Challenges in Other Segments - Revenue from fluorinated polymers declined by 4.6% year-on-year to 1.94 billion RMB, with a segment profit margin of 13.4%[9] - The organic silicon segment faced a 15.9% drop in revenue to 2.76 billion RMB, with a profit margin of only 0.38%[9] Group 4: Future Projections and Ratings - The target price for Dongyue Group is set at 18.9 HKD, representing a potential upside of 57.5% from the current price[10] - Projected revenues for 2025-2027 are 16.09 billion RMB, 17.47 billion RMB, and 18.15 billion RMB respectively, with net profits expected to be 1.90 billion RMB, 2.58 billion RMB, and 2.81 billion RMB[10]

敖然中国音像与数字出版协会常务副理事长兼秘书长 文章内容为《中国数字出版》2025年第5期专稿《游戏经济：概念界定、主要特性与发展路径》全文 文化，是经济发展的"助推器"。文化经济继农业经济、工业经济、商业经济之后，成为新兴经济门类，包括文化经济化和经济文化化，其实质是文化与经 济的交融互动、融合发展[1]。文化经济以文化资源为核心要素，涵盖文化生产、流通、消费全链条[2]。 文化经济与数字经济密不可分。科技进步是文化经济增长的核心动力，推进文化产业从小型服务业发展成为具有较大规模、完整生态的独立产业[3]。在 数字技术、智能技术加持下，文化产业全链条得以升级，创造出核心的、创意驱动的版权交易市场，也创造出拓展的、数据驱动的广告市场，以及内容产 品与服务带动的衍生市场，带来多维度、多种类的"产消一体"等新模式。同时，文化产业产生的衍生效用借助数字技术延展，价值更是不可估量。因此， 文化经济的发展水平，已成为衡量国家实力、人民幸福感和获得感的重要指标，成为现代化经济体系的重要构成与文化强国的核心支撑。从文献信息分析 来看，国外对文化经济学中文化创意产业的研究出现在2000年后，2010年前后是一个高峰，并且对不 ...

以下文章来源于中国数字出版 ，作者敖然 中国数字出版 . 聚焦"文化强国""数字中国""全民阅读"等国家重大战略实施，以推进数字技术与出版深度融合发展、促 进文化强国建设为宗旨，注重专业性、学术性、实用性、可读性，旨在为数字出版产业搭建高端交流平 台。 敖然 中国音像与数字出版协会常务副理事长兼秘书长 文章内容为《中国数字出版》2025年第5期专稿《游戏经济：概念界定、主要特性与发展路径》全文 文化，是经济发展的"助推器"。文化经济继农业经济、工业经济、商业经济之后，成为新兴经济门类， 包括文化经济化和经济文化化，其实质是文化与经济的交融互动、融合发展 [1] 。文化经济以文化资源 为核心要素，涵盖文化生产、流通、消费全链条 [2] 。 文化经济与数字经济密不可分。科技进步是文化经济增长的核心动力，推进文化产业从小型服务业发展 成为具有较大规模、完整生态的独立产业 [3] 。在数字技术、智能技术加持下，文化产业全链条得以升 级，创造出核心的、创意驱动的版权交易市场，也创造出拓展的、数据驱动的广告市场，以及内容产品 与服务带动的衍生市场，带来多维度、多种类的"产消一体"等新模式。同时，文化产业产生的衍生效用 借 ...

Group 1 - The company has identified mini-program games as a key focus area for development, aligning with market trends and its business strategy [1] - The company is making adjustments and technical restructuring for the mini-program version of "Attack City," with plans to enhance its long-tail revenue [1] - "Time Adventurer," a custom-developed mini-program game combining simulation management and SLG card gameplay, is expected to start online testing in Q3 and launch in Q4 [1] Group 2 - "Fantasy Brigade," a mini-program game that integrates idle, RPG, and card gameplay with elements of simulation management and SLG, is set for online testing by the end of the year, with commercialization planned for Q1 2026 [1] - The company is conducting in-depth research on the short drama industry and plans to leverage its IP resources and AIGC tools to explore new creative models that merge cultural content with technology [1] - Collaborations with industry stakeholders are in progress to focus on content innovation, channel expansion, and international dissemination, aiming to produce high-quality works that align with the company's business strengths [1]

来源：环球网 Mike Ybarra透露，今年5月的首次涨价确实涉及关税成本，但此次调整完全源于微软内部利润压力。他 批评微软将经营风险转嫁给消费者："若想推动玩家升级至Xbox Series系列，微软应自行承担关税成 本，而非让用户为利润不足买单。"（青山） 【环球网科技综合报道】9月23日消息，暴雪前娱乐总裁Mike Ybarra在社交平台发文，直指微软Xbox游 戏机年内第二次涨价的核心原因并非外界猜测的关税问题，而是主机利润未达预期。 微软于9月21日宣布，自10月3日起在美国市场调整Xbox主机售价：Xbox Series S 512GB版本从379美元 涨至399美元，Xbox Series X从499美元飙升至599美元。这是继今年5月最高涨幅达150美元后的第二次 调价，两款主机自2020年发布以来累计涨幅分别达33%和30%。尽管微软官方将涨价归因于"宏观经济 环境变化"，但Mike Ybarra直言："利润问题才是根本，关税只是持续涨价的借口。" ...

Group 1 - Citi maintains the Hang Seng Index target at 26,800 points for the end of this year and 27,500 points for mid-next year, driven by the 15th Five-Year Plan which is expected to catalyze growth in multiple sectors including technology, tourism, healthcare, insurance, and renewable energy [1] - The Hong Kong stock market has shown strong upward momentum this year, with expectations of broad recovery in earnings for both mainland and Hong Kong markets next year, supported by relatively low valuations compared to the US and Europe, and the Chinese market being one of the best performers when the US dollar weakens [1] - The outlook for internet stocks is positive, with AI expected to enhance advertising monetization and accelerate growth in AI computing platforms and cloud services, indicating that this sector is still in its early discovery phase [1] Group 2 - The gaming industry is expected to benefit from a supportive approval stance from mainland authorities, with at least 1,500 domestic games anticipated to be approved, and mobile gaming being less affected by foreign economic conditions [1] - The online retail sector is expected to recover healthily as competition in the food delivery market stabilizes [1] - The banking sector is viewed favorably due to public fund reforms driving capital inflows into financial stocks, and the potential for profit growth from adjustments in provisions, alongside the attractiveness of high-yield stocks amid declining interest rates in the US and China [1] Group 3 - The gaming and casino sectors are also seen as attractive, with current valuations being reasonable and low sensitivity to tax changes, alongside expectations for increased foot traffic from events like concerts during the Golden Week [1] - Market expectations suggest that the Federal Reserve will continue to cut interest rates, but any further reduction in Hong Kong's best lending rate may depend on the stabilization of the local property market [2] - Citi has raised its earnings per share forecast for 2026 from 8.1% to 9.8%, benefiting from a low base in the internet sector, global economic growth, recovering demand for industrial stocks, and strong growth in the essential consumer goods sector [2]

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) showing a decline of approximately 1%, but has seen a net inflow of 898 million yuan over the past five trading days, indicating strong investor interest [1][2] - AI is significantly enhancing the game planning process, improving efficiency across the entire creative chain, including content generation, NPC interactions, and storyline production [1] - The domestic self-developed online game market has grown by 19% year-on-year in the first half of this year, with a median revenue growth rate of 18% among 17 core A+H stock companies [2] Group 2 - Major companies like Tencent, Giant Network, and G-bits are achieving impressive revenue performance in their respective segments, with notable titles such as "Delta Action" and "Endless Winter" leading the way [2] - The gaming sector is undergoing transformations driven by AI, content innovation, and changes in commercialization models, presenting investment opportunities in the gaming ETF (159869) [2]

华福证券指出，AI深度赋能游戏策划环节，实现创意生成、交互设计、玩法优化与剧情生产的全链路 提效。创意内容生成上，可快速输出世界观、任务、对话等框架。NPC交互方面，驱动NPC实现开放式 对话与场景适配，《逆水寒》AI女团响应多场景问答、《麦琪的花园》AI伙伴执行指令并跨语言交 流，且能贴合人设拒答违规问题。同时，通过模拟玩家行为数据验证"推理剧场"等玩法可行性，动态调 整难度、分析卡组胜率，快速定位失衡问题并给出方案。剧情生产上，《无尽冬日》大量采用AI生成 剧情后经人工优化，大幅提升内容生产效率。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及动漫制作、游戏 开发、平台运营及相关产业链的上市公司证券作为指数样本，以反映动漫游戏行业相关上市公司证券的 整体表现。该指数聚焦于动漫游戏领域的创新与成长，覆盖了从内容创作到渠道分发的全产业链环节， 具备鲜明的行业代表性和市场活力特征。 （文章来源：每日经济新闻） 今日游戏ETF（516010）回调超3%，近5日净流入超5亿元，资金抢筹游戏板块。 ...