第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 国务院关税税则委员会：调整对原产于美国的进口商品加征关税措施 据财政部网站消息，为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》、《中华人 民共和国海关法》、《中华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，自 2025年11月10日13时01分起，调整《国务院关税税则委员会关于对原产于美国的进口商品加征关税的公 告》（税委会公告2025年第4号）规定的加征关税措施，在一年内继续暂停实施24%的对美加征关税税 率，保留10%的对美加征关税税率。 俄总统普京：若美恢复核试验 俄将采取对等反制措施 当地时间5日，俄罗斯总统普京召开联邦安全会议，就美国意图恢复核试验等问题进行讨论。普京听取 了俄国防部长别洛乌索夫、俄武装力量总参谋长格拉西莫夫等人的汇报。普京表示，若美国或其他《全 面禁止核试验条约》缔约国进行核试验，俄方必将采取对等反制措施。普京责成外交部、国防部、各特 种部门及相关机构进行研判，并提交经各方协调一致的建议方案。 2025年前三季度结婚登记515.2万对 民政部最新公布的数据显示，2025年前三 ...

Market Overview - On November 5, the Shanghai Composite Index rose by 0.23%, the CSI 300 increased by 0.19%, the STAR Market 50 gained 0.23%, the CSI 1000 was up by 0.39%, and the ChiNext Index saw a rise of 1.03%. In contrast, the Hang Seng Index fell by 0.07% [3][4] - The best-performing sectors on November 5 were Power Equipment (+3.4%), Coal (+1.39%), Retail (+1.22%), Environmental Protection (+1.06%), and Light Industry Manufacturing (+0.93%). The worst-performing sectors included Computer (-0.97%), Non-Bank Financials (-0.49%), Communication (-0.43%), Media (-0.41%), and Beauty Care (-0.33%) [3][4] - The total trading volume for the A-share market on November 5 was 1,894.34 billion yuan, with a net inflow of 10.373 billion Hong Kong dollars from southbound funds [3][4] Company Analysis Shenzhou Taiyue (300002) - The company released its Q3 report, which met expectations, and is now awaiting a new product cycle [5] - Key investment opportunities include core overseas games "Sunrise City" and "War Fire and Order," which have been operating for over 5 years and continue to contribute to revenue and profits [5] - Catalysts for growth include the launch of new games [5] Giant Network (002558) - The company published its quarterly report, indicating that the revenue from "Supernatural Action Group" exceeded expectations and is likely to continue [6] - Investment opportunities arise from changes in accounting standards that have slowed the release of revenue and profits, suggesting significant potential in the future [6] - Catalysts for growth also include the launch of new games [6]

点评：2024年《幻兽帕鲁》爆火后，国内厂商曾掀起"帕鲁like"开发热潮，但多数产品因缺乏正版授 权、玩法融合生硬遭遇市场冷遇，FunPlus等厂商相关项目甚至被迫调整。Krafton正版手游的入局，将 使捉宠赛道的竞争焦点从"玩法模仿"转向"IP运营+研发实力"的综合比拼。从资本视角看，具备"强 IP+成熟研发"组合的游戏标的有望获得更高溢价，而单纯依赖玩法复制的中小厂商则可能进一步被边缘 化。 NO.2 腾讯代理发行游戏《终极角逐》定于11月18日公测 ｜ 2025年11月6日星期四 ｜ NO.1 Krafton官宣《幻兽帕鲁》手游2025Q4开启测试 11月5日，韩国游戏巨头Krafton在2025年第三季度财报披露会上宣布，由日本开发商Pocketpair授权、自 身主导研发的开放世界捉宠生存游戏《幻兽帕鲁》，将于2025年第四季度正式启动测试。这款手游将完 整还原端游核心玩法体系，涵盖帕鲁收集、开放世界生存、资源制造等标志性内容，引发行业和资本市 场高度关注。 点评：在此背景下，具备风险对冲机制的厂商有望获得更高估值溢价：一方面是配音管理体系，如是否 建立"核心角色多声优储备"或"声音版权提前锁定 ...

全链路运营实现价值最大化 IP玩具是实丰文化近年来另一个发力的方向，公司构建起横跨海内外文化圈的多元IP矩阵，合作IP覆盖 蛋仔派对等游戏、宝可梦等动漫、海绵宝宝等动画及乖巧宝宝等表情包的多个领域。 ● 本报记者 万宇 实丰文化宝可梦系列的伊布与喷火龙火到国外，很多博主在视频网站上推荐它们；人气表情包乖巧宝 宝、小刘鸭等也被实丰文化做成了手办，一经推出便得到消费者喜爱，买来摆到了桌上。 实丰文化董事长、总经理蔡俊权，副总经理蔡佳霖近日接受中国证券报记者专访时介绍，实丰文化在 AI玩具、IP衍生品、游戏业务三大核心领域深耕布局，并对新能源赛道进行战略性探索，如今，以"科 技+文化"为发展内核的实丰文化，正在多业务板块协同推进中，朝着打造具有全球影响力的文化娱乐 品牌目标稳步前行。 AI玩具引领行业革新 多场景陪伴打造差异化竞争力 实丰文化是一家有30多年历史的老牌玩具企业，扎根于被称为"玩具之都"的广东省汕头市澄海区。在智 能化浪潮席卷而来的背景下，作为玩具行业龙头的实丰文化发力AI玩具领域，推出两款定位不同的代 表性产品——挂件穿戴式的AI魔法星、一体式的AI飞飞兔，后续将推出"AI+毛绒""AI+电动宠 物 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Insights - The company's Q3 performance fell within the upper range of its forecast, with a significant year-on-year net profit growth of 307.70% driven by new game releases [7] - The company is focusing on the global launch of its self-developed products, with new regions for "Wanjian Changsheng" and "Zhangjian Chuanqi" expected to contribute to profit growth in 2025 and 2026 [11] - The company has a robust product pipeline, with anticipated revenue growth and profitability improvements due to new product launches and existing product performance [11] Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 44.86 billion yuan, representing a year-on-year increase of 59.17%, and a net profit of 12.14 billion yuan, up 84.66% [8] - In Q3 2025, the company reported a revenue of 19.68 billion yuan, a year-on-year increase of 129.19%, and a net profit of 5.69 billion yuan, reflecting a year-on-year growth of 307.70% [8] - The company plans to distribute a cash dividend of 6 yuan per share, totaling 4.31 billion yuan, which accounts for 75.67% of the net profit for the period [8] Future Projections - The company is projected to achieve revenues of 61.87 billion yuan in 2025, 68.05 billion yuan in 2026, and 72.14 billion yuan in 2027, with corresponding net profits of 16.95 billion yuan, 20.28 billion yuan, and 22.87 billion yuan [11][12] - The expected growth rates for revenue and net profit are 67% and 79% respectively for 2025, with a gradual decline in growth rates in subsequent years [10][11]

Group 1: Market Movements - Michael Burry, a well-known short-seller, has bet over $1 billion against Nvidia and other tech companies by purchasing put options, as disclosed in regulatory filings [1] - China Evergrande's stock surged by 103% in just 12 trading days, closing at 13.04 yuan per share with a market capitalization of 5.191 billion yuan [2][5] - Southbound funds recorded a net purchase of 10.373 billion HKD on November 5, with significant inflows into companies like Alibaba and Xiaomi [8] Group 2: Institutional Holdings - As of the end of Q3, the "national team" holds over 222 A-shares with a total market value close to 4 trillion yuan, predominantly in financial stocks [6][7] - Major holdings include China Bank, Agricultural Bank, and Industrial and Commercial Bank, with respective holdings of 1.03 trillion yuan, 967.73 billion yuan, and 930.27 billion yuan [6] Group 3: Fund Activity - In October, public fund institutions showed increased enthusiasm for research, with 159 institutions covering 632 stocks, resulting in 7,452 total research instances, a 60.57% increase from September [8] - The most active institution, CICC, conducted 302 research instances, focusing on sectors like pharmaceuticals and machinery [8] Group 4: Company Updates - Nomura raised its target price for Tencent Holdings, predicting a 12% year-on-year increase in non-IFRS net profit, driven by growth in gaming and WeChat advertising [9] - Huawei has officially open-sourced its UCM inference memory management technology, aimed at improving AI inference efficiency [10]

Core Viewpoint - The gaming industry shows positive policy support and strong performance from new products, leading to an overall optimistic outlook for the sector [1]. Industry Summary - In Q3 2025, the gaming industry's revenue reached 30.362 billion yuan, marking a year-on-year growth of 28.6% and a quarter-on-quarter increase of 9.48%. The industry's profit also saw a significant year-on-year increase of 112%, reaching 5.777 billion yuan, with a profit margin of 19% [1]. - The issuance of game licenses remains stable, with a record number of domestic licenses issued. In the first nine months of 2025, the actual sales revenue of the Chinese gaming market grew by 7.11% year-on-year, driven by strong product performance [1]. Company Performance - **Kying Network**: In Q3 2025, the net profit reached 630 million yuan, a new quarterly high with a year-on-year growth of 34.5%. The gross profit margin improved to 84.2%, indicating a higher contribution from high-margin products [2]. - **Giant Network**: The company's revenue for Q3 2025 was 2.15 billion yuan, a 101.5% increase from Q2 2025, driven by the success of the product "Supernatural Action Group" [2]. - **G-bits**: The net profit for the quarter was 569 million yuan, showing a remarkable year-on-year growth of 307.7%. The product "Staff Sword Legend" generated significant revenue, contributing to the company's strong performance [2]. - **ST Huatuo**: The successful overseas product "Whiteout Survival" performed well in both domestic and international markets, while the new product "Kingshot" validated the feasibility of the "casual + SLG" model [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The impact of educational materials reform is gradually being digested, and performance is expected to recover [6] - The company reported a revenue of 1.76 billion yuan for Q3 2025, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 109 million yuan, a year-on-year decrease of 5.4% [2] - The company achieved a revenue of 5.29 billion yuan in the first three quarters of 2025, a year-on-year decrease of 26.5%, with a net profit of 399 million yuan, down 49.1% [3] - The game subsidiary, Zhixing Tong, is undergoing significant personnel changes, which may reshape its business [4] - The company is actively embracing technological changes and diversifying its business to enhance performance [5] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and net profit due to changes in the educational materials subscription and distribution model in Jiangxi Province [3] - The revenue for 2025-2027 is projected to be 7.3 billion, 12 billion, and 12.5 billion yuan, respectively, with net profits of 732 million, 1.204 billion, and 1.248 billion yuan [6][10] - The earnings per share (EPS) for the same period are expected to be 0.54, 0.88, and 0.91 yuan [6][10] Business Outlook - The core business position is stable, and if the new procurement policies in Jiangxi are streamlined, the main publishing and distribution revenue is expected to stabilize [3] - The game business is currently in a transitional phase, but with personnel restructuring and cost reductions, it is anticipated to stabilize and lay the foundation for future performance recovery [4] - The company is focusing on nurturing digital and emerging businesses as future growth points, including IP development and AI-driven marketing solutions [5]

Core Viewpoint - ASUS Computer (Chongqing) Co., Ltd. issued an apology to Tencent Game Security ACE for a misleading video that raised concerns about software safety and computer performance among players [1][4] Group 1: Apology and Response - ASUS has removed the controversial video and is conducting an internal investigation and process review [2] - The company acknowledged that the incident stemmed from management oversights regarding the supplier team and a lack of strict content review processes [4] - Tencent Game Security expressed gratitude for ASUS's sincerity and looks forward to future collaboration to promote a healthy gaming industry and public opinion environment [4] Group 2: Product Background - Tencent Game Security ACE is a self-developed game security product focusing on comprehensive safety protection throughout the game lifecycle, serving hundreds of games and over 700 million players [6] - ACE evolved from Tencent's early anti-cheat systems and was officially launched in November 2021, transitioning into a comprehensive security solution covering anti-cheat, content security, and economic safety [6] - The controversial video claimed that the ACE anti-cheat system excessively scans the hard drive, leading to memory usage issues and performance drops in games [6] Group 3: Ongoing Issues - Despite the removal of the original video by ASUS, copies have been circulated on Bilibili, and various user-uploaded tutorials on disabling ACE continue to appear [7] - As of the report, Tencent Game Security has not provided further responses regarding the issues mentioned in the video [7]

Core Viewpoint - The company is integrating AI technology into its game development process to enhance art design and improve user interaction experiences [1] Group 1 - The company has multiple game products that utilize AI-generated tools for optimizing art design workflows [1] - AI assistants are being introduced to enhance the interactive experience in the company's games [1]