Core Viewpoint - Chengdu Qingci has entered into a game licensing transfer agreement with Disney, acquiring the rights to develop and publish the game "Disney: Book of Legends" based on Disney and Pixar properties, with a three-year term starting from the game's launch date [1] Group 1 - The game is expected to be launched in 2026 across various regions including mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, and South Korea, with target release dates varying by region [1]

Group 1 - The core viewpoint of the news is that Qingci Games has signed a game licensing transfer agreement with Walt Disney (China) Co., Ltd., allowing Qingci to develop and publish the game "Disney: Book of Legends" based on Disney and Pixar properties for a period of three years starting from the game's launch date [1] - The game is expected to be launched in 2026 across various regions including mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, and South Korea, with specific release dates varying by region [1] - The game will feature elements of card battles and idle management, allowing players to collect characters from popular Disney and Pixar films and engage in strategic battles [1] Group 2 - The management believes that the signing of the game licensing transfer agreement demonstrates the company's strong capabilities in the gaming industry and its robust publishing power [2] - This agreement is expected to create significant growth and collaboration opportunities for the company, aligning with the overall interests of the company and its shareholders [2] - The company is committed to its core strategy of "quality, globalization, and long-term focus," and will continue to enhance its research and operational integration capabilities to provide high-quality gaming experiences for players worldwide [2]

Core Viewpoint - Qingci Games has entered into a game licensing transfer agreement with Walt Disney (China) Co., Ltd., allowing the company to develop and publish the game "Disney: Book of Legends" based on Disney and Pixar properties, with a launch expected in 2026 across several regions [1][2] Group 1: Game Licensing Agreement - The agreement grants Qingci Games the rights to develop and publish "Disney: Book of Legends," which will feature characters from popular Disney and Pixar films [1] - The game will incorporate elements of card battles and simulation management, allowing players to build unique structures and engage in strategic combat [1] Group 2: Strategic Importance - The management believes that this licensing agreement highlights the company's strong capabilities in the gaming industry and its robust distribution power [2] - The agreement is expected to create significant growth and collaboration opportunities, aligning with the overall interests of the company and its shareholders [2] Group 3: Company Strategy - Qingci Games is committed to a core strategy of "quality, globalization, and long-term focus," aiming to develop popular titles and introduce new IP products for sustained performance growth [2] - The company emphasizes a player-centric approach, focusing on high-quality game experiences while enhancing its research and operational integration capabilities [2]

Core Viewpoint - The agreement between Qingci Games and Disney for the game "Disney: Book of Legends" represents a significant opportunity for growth and collaboration in the gaming industry, leveraging Disney and Pixar's popular characters and stories [1][2]. Group 1: Game Authorization Agreement - Qingci Games, through its controlled entity Chengdu Qingci Interactive Network Technology Co., Ltd., has signed a game authorization transfer agreement with Disney [1]. - The agreement grants Chengdu Qingci the rights to develop and publish the game "Disney: Book of Legends," which is expected to launch in 2026 across various regions including mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, and South Korea [1]. - The game will incorporate elements of card battles and idle management, featuring characters from Disney and Pixar films such as Elsa from "Frozen," Captain Jack Sparrow from "Pirates of the Caribbean," and Woody from "Toy Story" [1]. Group 2: Company Strength and Market Position - The management of Qingci Games believes that this agreement highlights the company's strong capabilities in the gaming industry and its robust publishing power [2]. - The acquisition of this game authorization is expected to create significant growth and collaboration opportunities, aligning with the overall interests of the company and its shareholders [2].

Core Viewpoint - The agreement between Qingci Games and Disney marks a significant step in the gaming industry, allowing Qingci to develop and publish the game "Disney: Book of Legends," which is expected to launch in 2026 across multiple regions, enhancing the company's growth potential and market presence [1][2]. Group 1: Agreement Details - Qingci Games, through its controlled entity Chengdu Qingci Interactive Network Technology Co., Ltd., has signed a game licensing transfer agreement with Disney (China) Co., Ltd. [1] - The agreement grants Qingci the rights to develop and publish the game "Disney: Book of Legends," inspired by Disney and Pixar characters, with a three-year launch period starting in 2026 [1]. - The game will feature elements of card battles and management simulation, allowing players to engage with iconic characters from popular franchises [1]. Group 2: Company Strength and Opportunities - The management of Qingci Games believes that this licensing agreement showcases the company's strong capabilities in the gaming industry and its robust publishing power [2]. - The acquisition of this game license is expected to create significant growth and collaboration opportunities for the company, aligning with the overall interests of the company and its shareholders [2].

Core Viewpoint - Qingci Games has signed a game licensing transfer agreement with Disney, allowing the company to develop and publish the game "Disney: Book of Legends" for a period of three years [1] Group 1: Game Development and Features - The game combines card battle and idle management elements, enabling players to place unique buildings and engage in simulated management while collecting various characters for strategic battles [1] - The game is expected to be launched in 2026 across mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, and South Korea [1] Group 2: Strategic Importance - The licensing agreement represents a significant move in Qingci Games' business development and strategic layout, highlighting the company's commitment to its core strategy of "quality, globalization, and long-term focus" [1] - The company plans to continue deepening its game development efforts, focusing on both the iteration and upgrade of popular titles and the creation of new IP products to solidify its long-term performance growth [1]

Core Viewpoint - The A-share market experienced a collective rise in the three major indices, indicating positive market sentiment and performance in various sectors [1]. Market Performance - The Shanghai Composite Index closed at 4004.25 points, up by 0.88% - The Shenzhen Component Index closed at 13407.29 points, up by 1.39% - The ChiNext Index closed at 3210.15 points, also up by 1.39% [1]. Sector Performance Top Performing Sectors - Industrial Metals: Increased by 3.54%, with a total trading volume of 32,588.5 million hands and a net inflow of 3.32 billion - Power Equipment: Rose by 2.50%, with a trading volume of 10,029.2 million hands and a net inflow of 2.17 billion - Agricultural Chemicals: Gained 2.42%, with a trading volume of 14,638.0 million hands and a net inflow of 1.92 billion [2]. Underperforming Sectors - Tourism and Hotels: Decreased by 2.29%, with a trading volume of 6,801.9 million hands and a net outflow of 1.19 billion - Film and Television: Fell by 2.19%, with a trading volume of 6,797.2 million hands and a net outflow of 0.87 billion - Cultural Media: Declined by 1.49%, with a trading volume of 23,716.0 million hands and a net outflow of 3.15 billion [2].

11 月 5 日，界面新闻记者获悉，华硕电脑（重庆）有限公司通过 B 站向腾讯游戏安全 ACE 发布了一份致歉 声明。 声明提到，近期，华硕官旗账号发布的《关闭 ACE 反作弊系统，保护你的电脑性能》视频存在错误描述和不 实评价，对腾讯游戏安全 ACE 造成不良影响，引发玩家们对软件安全及电脑性能稳定性上的担忧，在此华硕 深表歉意。 目前，华硕已第一时间下架了该视频，并正在内部进行严肃核查与流程梳理。 图片来源：华硕 经华硕调查，确认该事件源于公司对相关供应商团队管理存在疏漏，未有建立严格的内容审核流程。相关人员 在内容创作过程中，在未经任何事实查证的情况下，根据网络相关不实信息制作内容并发布。 为避免后续同类问题发生，华硕方面表示，将对内部相关失职人员进行严肃处理，同时开展内部整改，建立更 严格的多层级内容审核机制，确保所发布内容真实、准确。 在华硕发布上述声明后，腾讯游戏安全随即转发并回应："感谢华硕官方的真诚和坦率，很高兴看到关于 ACE 的误会得以澄清。我们接受华硕的道歉，并期待未来与华硕继续携手，共同促进游戏产业与舆论环境的健康发 展。" 图片来源：腾讯游戏安全在 B 站的官方账号 公开资料显示，腾 ...

Market Overview - The Korean stock market opened significantly higher today, recovering from its largest single-day drop since August, with an initial increase of over 2% before narrowing to a 1.09% gain [4][5] - The Seoul Composite Index reached 4048.19, up by 43.77 points [5] - Key stocks such as LG Energy, Korea Electric Power, and LG Electronics showed notable gains [6] Economic Indicators - South Korea's trade surplus expanded to $14.245 billion in September, with a current account surplus of $13.467 billion [6] - Japan's Nikkei 225 index also saw a rise of over 2%, currently reported at 50964.96 points [8] Company Performance - Nintendo's stock surged by over 6%, reaching a new high in over 11 weeks, following the release of its Q3 financial results for FY 2025-2026, which exceeded market expectations [9][10] - Nintendo reported Q3 revenue of 527.2 billion yen, significantly above the expected 461.76 billion yen, marking a year-on-year growth of over 90% [11] Wage Trends - Japan's nominal wages increased by 1.9% year-on-year in September, aligning with economists' expectations, while real cash earnings fell by 1.4% for the ninth consecutive month [12][13] - The Bank of Japan is closely monitoring wage trends as a key factor for future interest rate decisions, with the next policy meeting scheduled for December 19 [13]

Key Insights - The report discusses the potential bubble in AI investments, indicating that the AI sector may be transitioning from the acceleration phase to the frenzy phase, with signs of irrational valuations and performance under expectations [2][4][5] - The report highlights the resilience of Chinese exports, which grew by 6% year-on-year in Q2 despite tariffs reaching 145%, and anticipates continued strong growth in exports through 2026 [4] - The report emphasizes the strong performance of large brokerage firms, with a 62% year-on-year increase in net profit for the first nine months of 2025, driven by asset expansion and increased investment activity [8] - The report notes the positive outlook for the airline industry, particularly for China National Aviation, as it benefits from improving supply-demand dynamics [11] - The report indicates that Spotify's revenue for Q3 2025 reached €4.272 billion, a 7% year-on-year increase, with a strong performance in user growth and profitability [12] - The report mentions that YUM China achieved a revenue of $3.2 billion in Q3 2025, reflecting a 4% year-on-year growth, supported by strong same-store sales [19] Group 1: AI Sector - The report outlines concerns regarding the AI bubble, suggesting that the sector is moving towards a potential frenzy phase characterized by irrational valuations [2][5] - It notes that AI-related investments contributed approximately 1 percentage point to U.S. economic growth in the first half of 2025, indicating significant economic impact [5] Group 2: Chinese Exports - The report highlights the resilience of Chinese exports, which grew by 6% year-on-year in Q2 2025, despite high tariffs [4] - It anticipates that the structural improvements in the export sector will continue to support growth through 2026 [4] Group 3: Brokerage Firms - The report indicates that large brokerage firms experienced a 62% increase in net profit year-on-year for the first nine months of 2025, driven by asset growth and increased investment activity [8] - It suggests that the operating environment for brokerages is improving, with enhanced performance elasticity and sustainability [8] Group 4: Airline Industry - The report discusses the positive outlook for China National Aviation, which is expected to benefit from improving industry supply-demand dynamics [11] - It highlights the company's recent engagement with investors regarding operational performance and future growth strategies [11] Group 5: Spotify - The report states that Spotify's Q3 2025 revenue reached €4.272 billion, a 7% year-on-year increase, with strong user growth and profitability [12] - It emphasizes the company's ongoing innovation in content and product features, which are expected to drive future growth [12] Group 6: YUM China - The report notes that YUM China achieved a revenue of $3.2 billion in Q3 2025, reflecting a 4% year-on-year growth, supported by strong same-store sales [19] - It highlights the company's effective cost management and expansion strategies as key drivers of its performance [19]