Group 1 - The core viewpoint of the report is that the "post-00s" generation in China, numbering 179 million, is characterized by strong social interaction, a preference for entertainment experiences, and rapid adoption of new technologies, particularly AI [1][6][19] - The "post-00s" users spend an average of 217.6 hours online monthly, with a usage frequency of 3296.7 times, which is significantly higher than the average for all internet users [1][4] - This generation shows a notable preference for mobile video content, accounting for 37.1% of their online activity, followed by social media and gaming at 25.2% and 9.7% respectively [7][11] Group 2 - The report highlights that "post-00s" users are not just gamers but have evolved into deep participants in the esports ecosystem, with significant engagement in events like the League of Legends S15 and KPL finals [13] - Popular games among this demographic include "Honor of Kings" with 42.5 million monthly active users and "Happy Elimination" with 25.2 million, indicating a strong preference for MOBA, strategy, and shooting games [11] - The report emphasizes the importance of emotional value in consumption behavior, where experiences and content serve to enhance their social identity and community engagement [19][21] Group 3 - The "post-00s" generation is increasingly engaging with AI-generated content (AIGC), with active user participation rising by 20.1% over the past year, indicating a strong trend towards innovative content and interactive experiences [6][9] - Platforms like Douyin and Kuaishou dominate their video entertainment preferences, while Bilibili, Tencent Video, Mango TV, and iQIYI each have over 50 million monthly active users among this demographic [15][17] - The report notes that the "post-00s" are driving trends in the "Guzi economy," particularly in collectible toys like blind boxes from Pop Mart, where they represent 43.7% of the user base, showcasing their interest in IP culture [21][24]

Core Viewpoint - The game "Blue Star Origin: Ballad" has gained significant attention in the mobile gaming market due to its unique blend of "beautiful girls + pet-catching" elements, and its development progress appears to be on track with key milestones being met [4][6]. Group 1: Development and Release Strategy - The company has adopted a hybrid release strategy for "Blue Star Origin: Ballad," utilizing self-developed, agency, and joint release methods tailored to different regions, which is relatively uncommon in the mobile gaming sector [6]. - The game has successfully secured an overseas publishing entity, indicating a smooth development process and timely progression through critical phases [4]. Group 2: Collaboration with NEXON in South Korea - The partnership with NEXON for exclusive publishing in South Korea is notable, as it marks a shift from the typical trend of Korean companies importing Chinese products [7][11]. - NEXON, a leading player in the Korean market with a revenue exceeding 4 trillion KRW (approximately 211 billion RMB) in 2023, is well-positioned to leverage its established influence and experience to promote "Blue Star Origin: Ballad" effectively [7][9]. - The collaboration is expected to enhance NEXON's presence in the rapidly growing mobile gaming market in Korea, which has seen a significant increase in revenue from anime-style games, reaching nearly $1.4 billion in the past year, a 41% increase from 2022 [11][15]. Group 3: Joint Release in Japan - In Japan, the game will be jointly published with Yostar, allowing both companies to share responsibilities and risks while leveraging their respective strengths [20]. - The established reputation of the company in Japan, particularly from the success of "Azur Lane," has generated considerable pre-launch interest in "Blue Star Origin: Ballad," despite minimal promotional efforts [21][23]. Group 4: Potential in Hong Kong, Macau, and Taiwan - The agreement with NIJIGEN for the Hong Kong, Macau, and Taiwan markets suggests a strategy where the company may effectively self-publish in these regions, enhancing its operational capabilities [26][28]. - NIJIGEN's previous experience with major titles in these markets positions it as a strategic partner for the company [26]. Group 5: Market Reception and Future Outlook - The game has maintained strong user ratings, with scores of 9.0 and 9.3 on TapTap and Haoyoukuai respectively, and over 7 million pre-registrations, indicating positive player reception [30][31]. - The ongoing development and marketing strategies are expected to help the company evolve and solidify its position in the competitive mobile gaming landscape [31].

Summary of the Conference Call for Kaiying Network Industry Overview - The gaming sector is currently experiencing a valuation correction, providing an entry opportunity for institutional investors, with valuations in the range of 19-20 times earnings. If valuations reach 25-30 times, there is a potential upside of 40%-50% [2][4] - The gaming sector is expected to bottom out in 2025 and see a significant product launch year in 2026, with major companies like Perfect World, Tencent, Lilith Games, and miHoYo set to release key products, indicating a recovery in market demand and strong user willingness to pay [2][6] Company Insights: Kaiying Network - Kaiying Network's revenue for the first three quarters of 2025 was 4.075 billion yuan, a year-on-year increase of 3.75%. The net profit attributable to shareholders was 1.583 billion yuan, up 23.7%, with a record quarterly profit of 633 million yuan in Q3, reflecting a 34.5% year-on-year growth, primarily driven by the Legend Box business [2][10] - The Legend Box integrates supply and demand, addressing issues such as players struggling to find servers and high customer acquisition costs for small manufacturers. Its business model includes advertising, player value-added services, and transaction sharing, with advertising accounting for 70%-80% of revenue [2][11] Financial Projections - For 2025, Kaiying Network's profit is expected to increase from 1.6 billion yuan to 2.2 billion yuan, with significant contributions from the Legend Box. By 2026, profits could reach 2.6 billion yuan, potentially hitting 3 billion yuan if growth accelerates [4][19] - The advertising revenue potential for the Legend Box is substantial, with a current market share of less than 10%. If it captures 30% of the market, annual revenue could reach 3-4 billion yuan, representing a two to threefold increase from the current scale [4][13] Market Dynamics - The gaming sector's overall performance in 2025 is expected to improve, with a valuation recovery anticipated to reach 25-30 times earnings. The recent market adjustment has created a buying opportunity for institutions, as leading stocks have seen their valuations drop to 19-20 times [3][4] - Companies with new product launches or strong performance, such as Giant Network and Jiubang, are valued between 18-22 times, while those without new products, like Shenzhou Taiyue, are valued around 15 times [7] Future Outlook - Kaiying Network's stock performance has been volatile, closely following the sector index. However, the anticipation surrounding the Legend Box has led to a rebound, although its growth has not matched that of other companies with new product releases [8][9] - The company aims to increase daily active users of the Legend Box from 450,000 to 600,000-700,000 by 2026, with a long-term goal of reaching 1 million by 2027. Achieving these targets could lead to significant revenue growth and ecosystem enhancement [17] Product Development - In 2025, Kaiying Network has fewer new products, but a robust pipeline for 2026 includes titles like "Douluo Dalu," "Three Kingdoms: The Return of the World," and "The Tomb Raider's Notes," which are expected to launch in the first half of the year [18] - The company is also exploring AI applications and other gaming projects, indicating a commitment to innovation and market responsiveness [18] Conclusion - Kaiying Network is positioned as a unique platform in the gaming industry, with a promising business model centered around the Legend Box. The anticipated growth in user engagement and revenue streams, combined with a strong product pipeline, makes it a compelling investment opportunity [19]

12月12日，游戏板块早盘窄幅震荡，游戏ETF（159869）现小幅微涨近0.5%。持仓股中，迅游科 技、奥飞娱乐、神州泰岳、电魂网络、三七互娱等均涨超2%，名臣健康、巨人网络、吉比特、富春股 份等跌幅靠前。 （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 江海证券指出，2025年1~11月，有关部门共发布国产网络游戏版号1532个，同比增长29.39%。11 月国产及进口游戏版号下发数量较大，体现监管政策对于游戏产业发展的呵护态度。游戏板块现金流 好，政策支持力度持续加大，且AI游戏研发持续深化，持续看好游戏板块。 开源证券认为，在第三季度利好基础上，年底游戏板块又迎多重催化：圣诞、元旦及寒假春节假期 临近，行业进入新游上线与老游推广旺季，流水有望显著提升。重点新游包括吉比特旗下策略手游《九 牧之野》（预约破百万，主打"降肝减氪"）、金山软件《鹅鸭杀》手游及B站代理《嘟嘟脸恶作剧 ...

近日，中国图象图形学学会（CSIG）正式公布2025年度科学技术奖评选结果。其中，由网易（杭州）网络有限公司与天津大学、中国科学技术大学、中 国航天科工集团第四研究院十七所共同合作的项目《基于强化学习的智能决策关键技术及应用》，荣获学会"2025年度中国图象图形学学会科技进步奖-一 等奖"，产学研协同创新再结硕果。《逆水寒》便是项目落地场景之一，作为网易旗下人工智能实验室，网易伏羲深度参与《逆水寒》在图形技术与人工 智能领域的探索，以游戏AI的创新实践助力数字文娱作品突破"游戏"边界，获得国家级学术权威认可。 关于《基于强化学习的智能决策关键技术及应用》项目介绍 本获奖项目系统开展了基于强化学习的智能决策关键技术攻关，聚焦"奖励质量低、经验复用难、环境波动大"三大关键挑战，提出了基于时空分解的奖励 信号生成、基于自监督学习的经验表征提取、以及基于演化-强化学习的策略模型优化三项创新技术，在策略性能、学习效率、跨任务泛化方面实现能力 突破，达到国际领先水平。 | | 中国图象图形学学会 | 请输入要搜索的内容 Q | | --- | --- | --- | | | | CHINA SOCIETY OF IMAG ...

游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映 动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 （文章来源：每日经济新闻） 12月11日，游戏板块午盘承压，游戏ETF（159869）小幅微跌近1%左右。持仓股中，富春股份、名臣 健康、奥飞娱乐等跌幅居前，仅巨人网络、光线传媒逆势走高。游戏ETF（159869）近5个交易日累 计"吸金"达2.29亿元，备受资金青睐，截至12月10日，产品规模达116.11亿元，助力投资者一键布局A 股游戏龙头。 12月11日，Sensor Tower数据显示，2025年11月前后头部手游普遍抓住万圣节、黑五与感恩节等关键节 假日窗口，通过高密度的运营活动有效撬动玩家消费，推动收入持续走高。11月，点点互动旗下两款主 打游戏Whiteout Survival和Kingshot凭借节日及特色活动持续领跑出海手游收入榜。Whiteout Survival通 过万圣节、感恩节及"霜龙暴君"联盟对抗活动，稳居收入榜首；Kingshot受益于"双十一"促销和感恩节 活动，位列第二。同时，柠檬微趣的Gos ...

Core Viewpoint - The article discusses the successful listing of the domestic GPU leader, Moer Thread (688795), and the potential benefits for several A-share companies, particularly Century Huatong (002602), which has invested in Moer Thread [1][3]. Group 1: Investment Details - Century Huatong's wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., Ltd., holds a 7.3121% stake in Guosheng Capital, which owns 19.588689 million shares of Moer Thread, accounting for 4.8968% of the total shares before the IPO and 4.1676% after the IPO [3]. - The fair value of Century Huatong's stake in Moer Thread is expected to impact its net profit by approximately 640 million yuan for Q4 2025, representing about 53% of the audited net profit attributable to shareholders for 2024 [3][5]. Group 2: Market Performance - Moer Thread's stock surged by 425.46% on its first trading day and reached 735 yuan per share on December 10, with a market capitalization of 345.5 billion yuan [3][6]. - Century Huatong's stock has increased by over 240% this year, with a current market value of 130.5 billion yuan [6]. Group 3: Broader Industry Context - Other A-share companies, such as Heertai, have also invested in Moer Thread, with Heertai holding 4.105109 million shares valued at approximately 3 billion yuan based on Moer Thread's closing price on December 10 [6]. - Century Huatong has been investing in Moer Thread for several years, focusing on the metaverse hardware ecosystem, which includes investments in leading companies in the AR display and GPU sectors [5].

Core Viewpoint - The compliance rectification process for Caesar Culture has concluded, and the gaming industry may be entering a new "golden decade," which is a positive factor for the company's delisting risk warning removal. However, the lack of strong performance to support this change means rebuilding market trust will be a long-term effort [2]. Group 1: Compliance and Financial Performance - Caesar Culture received an administrative penalty notice from the Guangdong Securities Regulatory Commission on September 13, 2024, for inflating profits by 15.55% in 2021, leading to a total penalty of 13 million yuan [3]. - The company has undergone financial statement corrections for the years 2021 to 2023 and the first half of 2024 to meet the requirements for removing the delisting risk warning [3]. - Despite the upcoming delisting risk removal, the company has reported continuous losses, with a total loss exceeding 2 billion yuan over three years [5]. Group 2: Financial Data Summary - In the first three quarters of 2025, Caesar Culture achieved revenue of 420 million yuan, a year-on-year increase of 28.62%, but reported a net loss of 108 million yuan, a decrease of 12.49% [5]. - The company's revenue for 2022, 2023, and 2024 was 621 million yuan, 431 million yuan, and 454 million yuan, respectively, with net losses of 687 million yuan, 795 million yuan, and 528 million yuan [5]. - As of the end of 2024, total assets were approximately 3.42 billion yuan, a decrease of 16.88% from the previous year, and net assets attributable to shareholders were approximately 2.99 billion yuan, down 14.99% [6]. Group 3: Market Opportunities and Strategies - The Chinese gaming market is showing a significant upward trend, with actual sales revenue reaching 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08% [8]. - Caesar Culture plans to leverage its IP resources by launching new games based on popular IPs, including "One Piece" and "Ultraman," while also adopting AI technology to enhance development efficiency [8]. - Industry experts suggest that the focus should shift from merely leveraging IP to innovating gameplay and technology to retain players in a competitive market [9].

Group 1 - The gaming sector demonstrated resilience on December 10, with the gaming ETF (159869) rising nearly 1.5% after a low opening, indicating strong investor interest [1] - Among the holdings, Jibite led with over a 3% increase, while Light Media and Giant Network both rose over 2.5%, showcasing a positive trend in key stocks [1] - The gaming ETF (159869) attracted a total of 211 million yuan in the last five trading days, with a total product scale reaching 11.383 billion yuan as of December 9, highlighting its appeal to investors [1] Group 2 - The China Audio-Video and Digital Publishing Association released a report indicating that the actual sales revenue of China's esports industry is projected to reach 29.331 billion yuan in 2025, reflecting a year-on-year growth of 6.4%, the highest increase in three years [2] - The report suggests that the esports industry's core monetization capabilities are recovering after two consecutive years of decline since 2021 [2] - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

12月3日腾讯魔方工作室群迎来15周年庆，其在周年庆上公布了动作、射击、RPG 三大赛道多款产 品的关键动态：动作赛道的《异人之下》PVE内容大幅扩容且预约量可观，《火影忍者》手游推出免费 周年庆专属S忍；射击赛道的《暗区突围》端手游均迎来地图与玩法更新，手游已实现千万DAU；RPG 赛道的《洛克王国：世界》官宣2026年3月26日上线，且承诺核心玩法公平化。目前魔方已成长为多个 品类的定义者，还公布了"创造时代游戏，链接全球玩家"的新愿景，未来将向定义下一代游戏形态迈 进。 12月10日，A股三大指数集体低开，沪指低开0.21%，深成指低开0.20%，创业板指低开0.26%。盘 面上，算力硬件概念股走弱，零售股走强，福建本地股持续发酵。游戏板块低开后持续震荡，游戏ETF （159869）现跌近1.5%，打开低位布局通道。游戏ETF（159869）近5个交易日累计"吸金"达2.11亿元， 备受资金青睐，截至12月9日，产品规模达113.83亿元，助力投资者一键布局A股游戏龙头。 每日经济新闻 （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 ...