以下文章来源于三联电子厂Pro ，作者波旁 需要用脑子，又不太需要。 文 ｜ 波旁 来源｜ 三联电子厂（ID:cyberlife2024） 封面来源 ｜ 金铲铲之战微博 健身房已经不流行晒自拍了，真健身党们都在忙着晒金铲铲截图。 再也没人在意谁穿了裸感的紧身裤，只是偶尔查看一下电量显示——不是运动手环，而是眼前的平板。屏幕里的对战音效与跑步机的嗡鸣交织，正在取代健 身房的背景音乐。 人均一个平板开始铲 因其节奏自控、单局时间固定、操作门槛不高且极易"杀时间"，《金铲铲之战》俨然成了健身区的最新配置。 三联电子厂Pro . 有限解释车间 一局游戏，约等于跑步机上的三公里。从此不再需要暗示自己"坚持45分钟"，原先抽象而艰难的健身目标，被拆解成"D出三星四费卡"或"稳住血量进前 四"这样的具体满足。 有氧运动各自搭配上了金铲铲，没有人再吐槽自己完成不了课时，就连45分钟的动感单车都敢再开一局。 至臻皮肤，成了健身房的lululemon 司美格鲁肽和玛仕度肽刚刚让娱乐圈名人们宣称自己运动减肥成功，并准备接点代言时，却发现健身房里已经邪修出了新科技。它并非通过增强意志力，而 是通过构建一套并行的、高反馈的时间系统，平 ...

去年，Lion Studios（原为Applovin内部工作室，今年被打包卖给了Tripledot）凭借一款《Hexa Sort》大出风头。这款产品是2024年混合休闲赛道的标杆之 作，一度在业内掀起模仿热潮。据Sensor Tower，游戏仅内购收入（IAP）一项，月峰值便突破4000万元，累计收入超过4亿元。 后续Lion Studios又推出了一些新作，但表现都远不及《Hexa Sort》。如找罪犯解谜游戏《Clue Master》、二合小游戏《Merge Sticker Playbook 2D》、类 车位出逃玩法的《Sort Dash》，以及融合点消与休闲射击玩法的《Mr Bullet Blast》等。 令人想不到的是，公司把一款2023年3月发行的老产品《Coin Sort》拎出来改造之后，反而跑出了成绩。 《Coin Sort》自今年6月开始有崛起迹象，8月底进入了美国iOS游戏畅销榜TOP100，近一个月IAP收入已突破2000万元（IAA收入未披露但按照常理占比 更大）。 《Coin Sort》采用类似《Hexa Sort》的堆叠玩法，但消除的主角成了硬币，同时它去掉了《Hexa Sort》的 ...

今年以来，科技股成为A股市场最强主线，TMT板块显著领涨。截至9月19日（下同），通信指数大涨 超64%，电子、传媒、计算机等指数均涨超20%，与机器人相关的机械设备、汽车等板块指数涨超 20%，与创新药相关的医药生物板块涨超20%。 科技题材更是井喷式上涨，光模块指数年内大涨超125%，电路板、PEEK材料、CRO、人形机器人等10 多个概念指数涨逾50%。 一大批科技龙头公司股价频频创出历史新高。其中，电子行业龙头工业富联年内大涨超230%，市值突 破万亿元大关，为TMT板块首只。多达12只千亿市值公司年内股价翻倍，绝大多数为科技股，包括 CPO概念的新易盛、中际旭创、天孚通信等，PCB板块的胜宏科技、深南电路、东山精密，AI芯片的寒 武纪-U，游戏板块的ST华通等。 另外，新能源板块的宁德时代和阳光电源、晶圆代工板块的中芯国际、处理器板块的海光信息、工控板 块的汇川技术，创新药板块的百济神州-U、人形机器人板块的三花智控和拓普集团，年内股价均创出 历史新高。 港股市场表现同样精彩，腾讯控股站上600港元大关，年内涨幅超过50%；阿里巴巴一度站上160港元大 关，年内大涨近100%。此外，网易、携程集团、 ...

Group 1 - The core industry value added of the digital economy accounts for about 10% of GDP, becoming a key force supporting high-quality economic development [1] - The digital economy is expanding in scale, with applications in various fields such as virtual reality and artificial intelligence, leading to the emergence of new professions [1] - The Shenzhen Nanshan Museum has integrated the Dunhuang Grottoes into its exhibition through digital technology, showcasing a new mode of exhibition [3] Group 2 - A virtual reality development engineer and his team spent six months creating the digital Dunhuang virtual reality exhibition, involving data processing and content design [5] - The virtual reality team consists of over 20 members, highlighting the increasing number of new roles and collaboration among different job functions [5][7] - The team has developed over 20 virtual reality products, primarily applied in cultural tourism and digital performances, with a growing demand for talent [7] Group 3 - Digital technology is creating new employment opportunities, such as flight simulators for training pilots, which are becoming increasingly important in talent training and safety drills [9] - A domestic technology team is collaborating to develop a new flight simulator system to meet the growing demand for higher simulation quality [9][11] - A gaming company is also forming an "industrialization group" to apply gaming technology to various cutting-edge applications [13] Group 4 - The demand for animation production efficiency has surged, leading to the emergence of new professions focused on developing AI tools for animation [15] - A team has developed AI tools for animation production, aiming to promote these tools in overseas markets [17] - The digital economy in China exceeds 50 trillion yuan, contributing over 40% to GDP, with the gaming industry rapidly growing and projected to exceed 325.783 billion yuan in 2024 [18]

Core Viewpoint - The company, 37 Interactive Entertainment, has approved an indirect investment in SX Global Flagship Fund II L.P. through its wholly-owned subsidiary, 37 Starseek Co., Limited, with a total investment not exceeding $10 million [1][8]. Group 1: Investment Details - The investment structure involves the company's chairman, Li Weiwei, and former deputy general manager, Yang Jun, also participating as limited partners, contributing $2 million and $1 million respectively [2][9]. - The total expected scale of the target fund is up to $300 million, with the connection fund's total scale not exceeding $30 million after the contributions from Li Weiwei and Yang Jun [19][28]. - The investment aims to target high-quality projects in frontier technology, software as a service (SaaS), and other tech sectors [28][27]. Group 2: Governance and Approval Process - The board meeting held on September 22, 2025, included all nine directors, and the proposal was approved with eight votes in favor [5][31]. - Independent directors reviewed the transaction and confirmed that it adheres to fair pricing and does not harm the interests of the company or its shareholders [30][31]. - The transaction does not constitute a major asset restructuring and does not require approval from relevant authorities [12][28]. Group 3: Related Party Transactions - The investment is classified as a related party transaction, with Li Weiwei and Yang Jun being related natural persons of the company [10][11]. - The transaction complies with the Shenzhen Stock Exchange's regulations regarding related party transactions [10][11]. - No other shareholders or executives holding more than 5% of the company participated in the investment [25].

9月22日，中国互动影视游戏《盛世天下》官方微博介绍，该游戏的全平台总销量(含海外)已超过一百 万套。 此外，相关数据显示，《盛世天下》移动版自9月9日上线后，连续多日稳定在苹果iOS娱乐付费榜第 一。 若以官方售价39元计算，《盛世天下》全平台销售额已突破3900万元。值得一提的是，《盛世天下》的 海内外口碑仍在提升，讨论热度也居高不下，仅小红书的话题浏览量就超过了2.6亿次。事实上，目前 《盛世天下》仅上线了上篇《媚娘篇》，未来下篇《女帝篇》的上线，则有望进一步推动销售额增长。 公开信息显示，《盛世天下》是一部以中国唐代为灵感创作的互动影视游戏，背后制作公司为 NewOneStudio，该公司曾于2019年制作了业内首部出圈的互动影视游戏《隐形守护者》。而《盛世天 下》相比《隐形守护者》，制作成本显著提高。同时，游戏宣传也获得了腾讯的支持，例如相关宣传植 入了腾讯旗下热门游戏《王者荣耀》《元梦之星》。 谈及《盛世天下》的火爆，DataEye研究院研究总监刘尊对《证券日报》记者表示："《盛世天下》凸显 了中国文化'出海'的优势。中国历史文化底蕴足，给游戏'出海'提供了太多好素材。例如《盛世天下》 把唐朝的服 ...

Group 1 - The stock of Sanqi Interactive Entertainment (002555) closed at 22.24 yuan on September 22, 2025, down 5.52% from the previous trading day, with a total market capitalization of 49.2 billion yuan [1] - On the same day, the stock opened at 23.68 yuan, reached a high of 23.8 yuan, and a low of 21.9 yuan, with a trading volume of 3.588 billion yuan and a turnover rate of 9.95% [1] Group 2 - The company announced that its seventh board of directors held its third meeting on September 22, 2025, where it approved a proposal regarding indirect investment in SX Global Flagship Fund II L.P. by related parties [2] - The company's wholly-owned subsidiary, 37 Starseek Co., Limited, signed an agreement on July 31, 2025, to invest up to 10 million USD as a limited partner in SX Global Flagship Fund II L.P. [2] - The controlling shareholder and chairman, Li Weiwei, plans to invest 2 million USD, while Yang Jun, who served as a director and deputy general manager in the past twelve months, intends to invest 1 million USD, both through indirect investment in the same fund [2] - The transaction pricing is fair and does not affect the company's independence or ongoing viability, with independent directors approving the proposal [2]

Core Insights - The Chinese gaming market revenue in August 2025 reached 29.263 billion yuan, showing a year-on-year decline of 13.01% and a month-on-month increase of 0.61% [1][2][4] - The overseas sales revenue of domestically developed games was 1.68 billion USD, reflecting a month-on-month decrease of 0.79% and a year-on-year decrease of 10.66% [1] - The decline in both domestic and overseas markets is attributed to a lack of new blockbuster games following the success of "Black Myth: Wukong" and a decrease in revenue share from IP adaptations, prompting the need for diverse IP operation strategies [1][4] Domestic Market Performance - The domestic client game market revenue in August was 6.563 billion yuan, with a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [7] - The mobile game market generated 21.541 billion yuan, showing a month-on-month increase of 0.85% but a year-on-year decline of 4.25% [7] - The market is experiencing a product cycle transition, with insufficient new releases to support revenue growth, highlighting the need for competitive new products [4][7] IP and Product Trends - In August, the share of revenue from IP adaptation products in the top 50 mobile games decreased year-on-year, while the share of non-IP products increased by 8.1 percentage points to 51.1% [8] - Successful non-IP products like "Egg Party" and "Supernatural Action Group" contributed significantly to the growth of non-IP revenue [8] - The frequency of IP collaborations increased by 65.4% in the first half of 2025 compared to the previous year, indicating a shift towards more diverse IP utilization strategies [10]

Market Overview - On September 22, the Hang Seng Index fell by 0.76%, with southbound trading totaling HKD 136.09 billion, comprising HKD 74.41 billion in buying and HKD 61.68 billion in selling, resulting in a net buying amount of HKD 12.736 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 50.073 billion, with buying at HKD 27.328 billion and selling at HKD 22.745 billion, leading to a net buying of HKD 4.583 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 86.020 billion, with buying at HKD 47.087 billion and selling at HKD 38.933 billion, resulting in a net buying of HKD 8.154 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total transaction amount of HKD 90.45 billion and a net buying of HKD 26.14 billion, while SMIC and Shankai Holdings followed with transaction amounts of HKD 89.67 billion and HKD 55.25 billion respectively [1] - The top net buying stock was the Tracker Fund of Hong Kong (盈富基金) with a net buying amount of HKD 28.64 billion, despite a closing price drop of 0.88% [1] - Meituan-W had the highest net selling amount of HKD 3.85 billion, with a closing price decline of 2.26% [1] Continuous Net Buying - Alibaba-W and Pop Mart were the only two stocks with continuous net buying for more than three days, with Alibaba-W having a total net buying of HKD 604.43 billion over 22 days, and Pop Mart with HKD 21.28 billion over 3 days [2] Summary of Active Stocks on September 22 | Code | Name | Transaction Amount (HKD million) | Net Buying (HKD million) | Daily Change (%) | | --- | --- | --- | --- | --- | | 02800 | Tracker Fund | 300062.61 | 286406.81 | -0.88 | | 09988 | Alibaba-W | 904530.67 | 261418.50 | 0.06 | | 02828 | Hang Seng China Enterprises | 86111.09 | 86061.50 | -1.48 | | 06088 | FITHONTENG | 240377.57 | 45123.01 | 17.83 | | 00412 | Shankai Holdings | 552511.40 | 42858.63 | 29.76 | | 00981 | SMIC | 896702.36 | 31778.65 | 5.16 | | 01810 | Xiaomi Group-W | 289237.11 | 15351.09 | -1.06 | | 00700 | Tencent Holdings | 342267.30 | 13464.57 | -0.23 | | 02020 | Anta Sports | 80758.47 | 12271.30 | -2.22 | | 01347 | Hua Hong Semiconductor | 79088.60 | 10589.67 | 3.57 | | 02228 | Crystal International | 158175.95 | 6579.02 | 8.06 | | 09992 | Pop Mart | 152325.56 | 1922.21 | -1.40 | | 03690 | Meituan-W | 382208.58 | -38469.29 | -2.26 | [2]

Group 1 - The core viewpoint of the article is that Xinghui Interactive Entertainment Co., Ltd. is focusing on improving its gaming business and product pipeline while planning to divest its football club business to concentrate on core operations [1] Group 2 - The company held a roadshow on September 22, 2025, attracting participation from 60 institutions including major funds like Bosera Fund and Morgan Stanley [1] - The gaming business has shown rapid growth in the first half of the year, with several new games expected to contribute positively to performance in the second half [1] - The flagship product "Three Kingdoms Heroes: Strategy to Conquer the World" is set to launch in October 2025, showing promising test data [1] - Multiple games based on popular IPs are planned for release in various regions, including mainland China, Hong Kong, Macau, Taiwan, Japan, Southeast Asia, and Europe [1] - The company aims to focus on high-quality game products and leverage IP value in game development, while also expanding into mini-program games across major platforms [1] - The company plans to sell its 99.66% stake in the Spanish football club, which has been approved by a temporary shareholders' meeting and awaits final approval [1] - Post-divestment, the company intends to allocate more resources to its core business areas, including toys, gaming, AI technology applications, and overseas gaming operations [1]