（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中原证券指出，2025H1国内游戏市场规模与用户数据再创新高，行业需求表现稳固，地方对于游 戏产业扶持鼓励的政策频出。在AI应用端，目前AI技术在游戏产业的应用较为明朗，不仅限于制作发 行流程环节的降本增效，AI NPC、AI+UGC、AI陪伴等更能体现AI技术智能化、个性化的游戏应用或 游戏化应用已有产品雏形，预计未来将有更多基于AI技术赋能的AI原生游戏出现，帮助游戏行业实现 价值重估。关注后续游戏公司新产品上线节奏。 创业板软件ETF华夏（159256）跟踪创业软件指数（399264），该指数聚焦创业板中AI软件类50只 优质个股，深度布局AI+，在人工智能应用端的金融科技、AI Agent、AI游戏方面均有涉及。其行业中 软件开发+IT服务占比高达70%。权重股包括同花顺、润和软件、软通动力、指南针、昆仑万维、深信 服等知名软 ...

继国产3A游戏《黑神话：悟空》爆火后，时隔一年，8月20日凌晨，"黑神话"系列的新作，《黑神话：钟馗》正式发布了先导预告片，再次引 发市场广泛关注。若《钟馗》延续前作品质，将推动国产单机游戏市场规模突破百亿关口，并为中国文化符号的全球输出开辟新路径。 8月21日早盘，游戏板块开盘后略有震荡，游戏ETF（159869）现小幅微跌，持仓股中，吉比特、掌趣科技、天舟文化、奥飞娱乐等涨幅居 前，北纬科技、游族网络、迅游科技、浙数文化等跌幅居前。游戏ETF（159869）近5个交易日获资金净流入，累计"吸金"达1.11亿元，备受资 金青睐。 每日经济新闻 消息面上，腾讯《王者荣耀世界》曝光新内容，或为资本市场注入强心剂。在"2025科隆游戏展"开幕之夜上，腾讯游戏旗下备受瞩目的《王者 荣耀世界》公布了最新预告片。此次预告片中，首次展示了带具体界面的实机画面，这一突破为玩家揭开了游戏更为真实的一角。 一方面， 新玩法和实机画面展示了游戏开发的实质性进展，增强了投资者对游戏未来上线及市场表现的信心；另一方面，玩法拓展了游戏的受众范围， 有望吸引更多不同类型玩家，创造更高的营收预期。若游戏后续顺利上线并取得良好成绩，将为腾讯 ...

Group 1 - Tencent's Saros Studio announced the tactical shooting game "Destiny Trigger" will launch in Q1 2026 on Steam and Epic Games Store, showcasing the company's stable game development pipeline and execution capabilities [1] - The game trailer demonstrated technical strength and innovative gameplay, boosting investor confidence in the product's commercialization potential, which could lead to a valuation recovery for Tencent's gaming segment [1] - Positive testing data could catalyze short-term stock price increases, especially with expectations for overseas business growth [1] Group 2 - Eagle Horn Network's "Arknights: End of the World" was revealed at the Cologne Game Show, featuring a new character that sparked global player interest, highlighting the game's unique wasteland style and open-world exploration [2] - The ongoing development and innovation of "Arknights: End of the World" enhance investor confidence in its market performance, with potential for increased brand recognition and revenue growth [2] - The existing large fanbase of "Arknights" could further drive engagement and related product sales, expanding profit opportunities for the company [2] Group 3 - Tencent's "Honor of Kings World" showcased new gameplay and real-time graphics at the Cologne Game Show, indicating substantial progress in game development [3] - The expanded gameplay could attract a broader audience, leading to higher revenue expectations for the game [3] - Successful launch and performance of the game could provide new growth points for Tencent's gaming business, positively impacting stock price and market valuation [3]

8月20日早盘，游戏板块震荡拉升，吉比特触及涨停，迅游科技涨超10%，恺英网络、神州泰岳、 完美世界、巨人网络等跟涨，游戏ETF（159869）现持续走强涨近2%。游戏ETF（159869）已连续4个 交易日获资金净流入，累计"吸金"达1.89亿元，备受资金青睐。 消息面上，8月20日，黑神话相关话题登顶热搜。在当日凌晨的科隆游戏展开幕之夜上，《黑神 话：悟空》开发商游戏科学公布了旗下最新作品《黑神话：钟馗》，本作官网现已上线，并正式进入开 发状态。作为黑神话系列的第二作，《黑神话：钟馗》依然取材于中国的古代神话与民俗传说；其次， 它依然是一款标准的单机、动作、角色扮演游戏，商业模式与前作别无二致。游戏科学特别提醒，从即 日起，《黑神话：悟空》在各大社媒平台的官号，都已从"黑神话：悟空"改名为"黑神话"。未来黑神话 系列所有游戏的官方信息，都会通过同名账号"黑神话"统一发布。《黑神话：钟馗》的官宣以及《黑神 话：悟空》 官方账号的更名，意味着游戏科学正在极力构建一个庞大的黑神话系列IP。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含 ...

8月20日早盘，A股三大指数集体低开，沪指低开0.28%，深证成指低开0.61%，创业板指低开1.14%。截 至发稿，沪指翻红，涨0.07%。沪深北三市成交额为7040亿元，较上一日此时缩量635亿元。 2024年8月，旗舰级3A游戏《黑神话：悟空》横空出世，在海内外引发巨大反响和热烈讨论。短短4 天，销量便突破千万大关，两周内全球销量飙升至1800万份。 作者：展雪 责任编辑：王珂 | | 代码 | 名称 | | 最新 | 涨幅% ↓ | | | --- | --- | --- | --- | --- | --- | --- | | 1 | 603444 | 吉比特 | 1 | 421.19 | 10.00 | 38.29 | | 2 | 300467 | 迅游科技 | | 25.58 | 9.22 | 2.16 | | 3 | 300052 | ST中青宝 | | 11.54 | 4.06 | 0.45 | | 4 | 002624 | 完美世界 | 1 | 15.82 | 2.86 | 0.44 | | 5 | 002517 | 恺英网络 * | | 20.65 | 2.63 | 0.53 | | 6 ...

每日经济新闻 2025年小游戏出海的核心逻辑是"跟时间赛跑"，游戏厂商需拼增长、抓风口，关键策略包括：产品上追市场风口，依托IAA 短平快特点发掘融 合玩法，扩大用户盘；打法上借力TikTok等短视频平台，用精准买量素材和达人合作触达用户爽点；渠道上依托TikTok for Business等本土化 营销平台，借助本地资源突破市场壁垒。 开源证券认为，看好新老游戏基于持续运营活动、内容更新、地区拓展打造成长青游戏，如巨人网络《超自然行动组》、心动公司《心动小 镇》、吉比特《杖剑传说》等，以及新游戏继续拓增量，如心动公司《伊瑟》9.25 国服上线等。 8月19日早盘，游戏板块低开后震荡攀升，游戏ETF（159869）现已翻红微涨，涨近0.5%附近。游戏ETF（159869）已连续3个交易日获资金净 流入，累计"吸金"达1.47亿元，备受资金青睐。 消息面上，伽马数据公布了《2025年1-6月中国游戏产业报告》，报告提到国内小游戏H1市场规模再次创下新高——小游戏收入达232.76亿 元，同比更是大涨40.20%。其中，同样值得关注的还有IAA（广告变现）小游戏的亮眼表现，其广告变现收入达79.73亿元，于小游戏 ...

Group 1 - Generative AI technology is penetrating the gaming industry, driving a new wave of growth through innovations such as dynamic story generation and AI NPCs with memory and emotional interaction capabilities [2] - The number of possible gameplay combinations has increased to millions due to dynamic story generation [2] - AI NPCs are now capable of memory and emotional interactions, enhancing player engagement [2] Group 2 - Art asset production efficiency has improved by 50 times, significantly impacting development processes [3] - The gaming industry is experiencing a transformation where the boundaries between gaming and AI are blurring, creating a trillion-dollar market with new rules [3] - Companies that fully embrace AI technology are positioned to reap the benefits of this technological revolution [3] Group 3 - Zulong Entertainment's AI games have generated over 1 billion in revenue [4] - Tencent has reduced development costs by 30% through AI assistance [4] - MiHoYo's new game has seen a 25% increase in retention rates during testing [4] Group 4 - Smaller teams are facing a technological gap crisis due to rapid advancements in AI [4] - An ethical review system is urgently needed to address the implications of AI in gaming [4] - The cost of computing power has surpassed 40% of total expenses in game development [4]

Core Insights - The Chinese gaming industry has experienced significant revenue growth from 140.7 billion to 325.7 billion from 2015 to 2025, driven by mobile gaming expansion, overseas market exploration, and the cultural and commercial value of classic IPs [1] Group 1: Buy Volume Strategy - "Buy volume" has become a core skill for most Chinese game developers over the past decade, evolving from reliance on app stores to a more strategic approach due to the rise of social media and short video platforms [2][4] - The early gaming market relied heavily on channel resources, with a focus on "channel supremacy," which limited developers' autonomy and profitability [3] - As the market matured, the focus shifted to direct user advertising and building independent marketing strategies to compete with app store channels [3][4] Group 2: Overseas Market Challenges - Chinese game companies are increasingly investing in overseas markets, but many domestic buy volume strategies have not translated well internationally due to market fragmentation and differing attribution mechanisms [5][6] - The reliance on device parameters for user tracking in China contrasts with the standardized advertising identifiers used in overseas markets, complicating the effectiveness of traditional strategies [6] - Localizing marketing strategies and forming local teams have become essential for adapting to diverse overseas markets [7] Group 3: Privacy Compliance and Data Sharing - Stricter privacy regulations, such as GDPR and Apple's ATT, have significantly impacted the advertising industry, reducing the traceability of ad campaigns and the precision of audience targeting [11][12] - The industry is moving towards broader cooperation and data sharing among platforms, service providers, and advertisers to enhance targeting precision within compliance frameworks [12] - The need for a balance between privacy protection and effective advertising strategies is becoming a consensus in the industry [12] Group 4: Cost Trends and Advertising Strategies - Despite fluctuations in the gaming market, global buy volume costs are on a steady rise, with the top 100 mobile games in China projected to spend nearly 10 billion in buy volume by mid-2024 [13] - The marginal effectiveness of traditional buy volume strategies is declining, prompting a shift towards a balanced approach between brand and performance advertising [13][14] - The introduction of AI in advertising is seen as a key direction for enhancing efficiency and effectiveness in user acquisition [15][16]

Core Insights - The company reported a 9% YoY growth in total revenue to RMB27.9 billion, which was 2% below consensus expectations [3] - Operating profit increased by 30% YoY to RMB9.1 billion, also missing consensus by 1% [1] - Cash revenue reached RMB21.2 billion, reflecting a 20% YoY increase and beating forecasts by 3%, indicating successful summer campaigns [1] Financial Performance - Core online game revenue grew 15% YoY to RMB22.1 billion, slightly below consensus estimates [3] - Gross profit margin expanded to 64.7%, exceeding the consensus of 63.4% [3] - The company has a deferred revenue of RMB16.1 billion, which is a 28% YoY increase [3] Strategic Initiatives - The company is focusing on rejuvenating existing game portfolios and improving operational efficiency, prioritizing quality over quantity in game development [1] - Successful summer campaigns for key franchises such as Marvel Rivals and Where Winds Meet were highlighted, supported by strong operational capabilities [1] - Upcoming game launches include Destiny Rising and Diablo II, with a focus on cross-terminal global launches [1] Operational Adjustments - The company has streamlined its game development and marketing operations, leading to improved efficiency [1] - Significant increases in operating expenses (opex) by 6-8% were noted, particularly in sales and marketing (S&M) estimates, which were raised by 10-14% [2] Valuation and Outlook - The target price has been uplifted to US$153/HK$240 based on adjusted earnings per share and net cash [3] - The company has repurchased approximately 0.5 million shares and has a remaining buyback quota of US$3.0 billion until January 2026 [3]

Core Insights - The Chinese gaming industry has experienced significant growth from 140.7 billion yuan to 325.7 billion yuan in annual revenue over the past decade, particularly after key regulatory changes in 2015 [1] - The focus of the industry has shifted towards user acquisition strategies, particularly "buying traffic," which has become a core skill for most Chinese game developers [3][4] - The industry is now facing challenges due to rising traffic costs and the need for more targeted marketing strategies, leading to a shift from broad-based to localized and AI-enhanced approaches [2][3] Industry Trends - The early years of the gaming industry relied heavily on various promotional methods, including partnerships and advertising through channels like app stores, which became crucial for game distribution [4][5] - The rise of 4G and social media platforms has transformed user acquisition strategies, with a significant shift towards buying traffic as a primary growth method [3][5] - As the domestic market matures, the focus has shifted to overseas markets, where the fragmented nature of platforms and differing attribution mechanisms pose new challenges for traditional buying strategies [6][7] Market Dynamics - The gaming industry is moving towards a more refined approach to user acquisition, with an emphasis on understanding local market preferences and behaviors [8][9] - The introduction of stricter privacy regulations has impacted the ability to track user data effectively, prompting the industry to seek new collaborative approaches to data sharing and advertising strategies [10][11] - Despite rising costs, the overall trend in user acquisition spending continues to increase, with significant growth in advertising budgets for mobile games [12][13] Advertising Strategies - The effectiveness of traditional performance-based advertising is diminishing, leading to a growing recognition of the need for a balanced approach that includes both brand and performance advertising [13][14] - Platforms like Twitch are becoming influential in shaping consumer decisions through authentic content and real-time feedback from gamers [14] - The integration of AI technologies is seen as a key direction for enhancing advertising efficiency and effectiveness, with companies increasingly adopting automated and intelligent systems for user acquisition [14][15]