每经记者｜张梓桐 每经编辑｜文多 8月1日，第二十二届中国国际数码互动娱乐展览会（即2025 ChinaJoy）正式开幕，"出海"与"人工智能（AI）"仍然是今年各大厂商关注的核心议题。 "游戏行业是最早出海的行业，没有之一。"亚马逊云科技中国区行业集群总经理李剑日前接受《每日经济新闻》记者采访时笃定说道。 "我接触过很多中国游戏厂商，其中有不少都是从初创期就开始使用亚马逊云科技服务的。"回忆起早期中国游戏企业出海的场景，李剑语气中带着些许感 慨。 他还注意到，AI已为内容生产环节带来了最直观的变化。"原来需要'重劳动力'的美工美术工作，如今在AI辅助下，能实现很大程度的提效。"李剑解释道， AI生成的素材已能满足很多场景需求。这不仅降低了中小团队的创作门槛，也让大型厂商能将更多人力投入到创意设计中。 代码生成是AI为行业带来的另一个效能突破点。"现在大约30%的代码由AI生成，这在几年前是难以想象的。"李剑给出的这个数据背后，是开发效率的质 变。 AI重塑游戏全生命周期：从构建到运行的革新 "生成式AI（人工智能）出现后，第一批受益者就包括游戏行业。"李剑谈到这项新技术时，眼中透着兴奋。在他看来，AI对游戏 ...

Group 1 - The National Development and Reform Commission is seeking public opinion on guidelines for government investment funds, aiming to enhance planning and prevent competition and crowding out of social capital [1] - The A-share market experienced fluctuations with the Shanghai Composite Index reaching a new high for the year, while the ChiNext Index fell over 1%, indicating mixed performance among major indices [1] - A total of 1,701 stocks in the A-share market rose, with over 50 stocks hitting the daily limit, while the market turnover reached 1.87 trillion yuan, showing a slight increase from the previous trading day [1] Group 2 - The life insurance industry is set to lower the guaranteed interest rates for various insurance products, with ordinary and participating insurance rates dropping to 2.0% and 1.75% respectively, effective by August 31 [2] - The mid-year dividend distribution trend in the Shanghai Stock Exchange remains strong, with 12 companies already proposing mid-year dividends totaling over 4.3 billion yuan [3] - The gaming industry is experiencing increased user activity and revenue, with several companies expected to report significant profit growth in their half-year results [3] Group 3 - The Chinese innovative pharmaceutical industry is transitioning from "follow-up innovation" to "global leadership," with a record number of new drug approvals and significant valuation improvements for domestic companies [4] - A trend of A-share companies listing in Hong Kong is emerging, with over 40 companies having submitted applications, and potential new minimum market capitalization requirements being discussed [5] - The A-share market's financing balance reached 1.968 trillion yuan, the highest since July 2015, with significant net buying concentrated in technology sectors [6] Group 4 - A surge in multi-crystalline silicon futures prices was observed due to acquisition rumors in the photovoltaic industry, prompting regulatory adjustments to trading limits [7] - The tourism market is seeing a rise in demand for summer vacation trips, with a 47% increase in searches for "cooling trips" since July [8] - CATL reported a 33.3% increase in net profit for the first half of 2025, with total revenue of 178.89 billion yuan and a cash dividend plan of 10.07 yuan per share [9]

Core Viewpoint - The overall expectation for the A-share market in the second half of 2025 is a continuation of the current oscillation and rapid rotation of hot topics, with no systemic large-scale rally anticipated [2][3] Market Assessment - Multiple institutions predict that the market will likely maintain a fluctuating pattern with significant thematic rotation [3] - The uncertainty surrounding the recovery of corporate profit growth is a key factor limiting the potential for a broad market rally [3] - The focus on corporate earnings performance is expected to contribute positively to market dynamics, with fundamental factors likely to outperform historical averages [3][4] Investment Strategy - A consensus strategy among professional institutions is to adopt a balanced allocation to manage risks while selectively focusing on structural opportunities for returns [5] - The importance of monitoring macroeconomic highlights is emphasized, with adjustments to investment strategies based on key areas such as investment, consumption, and exports [4][5] Key Directions for Investment - Institutions identify four main investment directions: 1. Deepening investments in the technology sector, particularly in areas like AI, semiconductors, and military technology [6] 2. Capitalizing on the new consumption wave, including experiential and AI-enabled consumption models [6] 3. Focusing on stable dividend assets in a weak recovery environment [6] 4. Following national policy directions, particularly in sectors like power generation and coal chemical industries [6] Short-term Outlook - Some institutions maintain an optimistic short-term outlook, suggesting a "dual-line layout" strategy that includes focusing on sectors with improving industry conditions and stable earnings [7] - The A500 index is highlighted as a key investment vehicle for capturing growth in emerging sectors [7] Long-term Perspective - Long-term confidence in the market is supported by signs of fundamental improvement and potential capital inflows [8][9] - The low valuation of the Chinese stock market compared to global peers is expected to attract both traditional and new foreign investments [9]

Core Viewpoint - *ST返利 plans to acquire 60% equity of Guangzhou Fengteng for a consideration of no more than 28.8 million yuan, aiming to enhance its competitive edge in the internet effect marketing sector [1][3]. Group 1: Acquisition Details - The acquisition will be funded by the company's own funds without any fundraising or financing arrangements [1]. - Guangzhou Fengteng, established in 2017, has received various government qualifications and has a strong presence in digital marketing and user growth across multiple industries [1]. Group 2: Business Operations of Guangzhou Fengteng - Guangzhou Fengteng's operations include performance marketing, information flow advertising agency, and game publishing and operation [2]. - The company acts as a primary agent for major platforms like ByteDance and UC, providing media account opening, recharge, and advertising design services [2]. Group 3: Strategic Intent of the Acquisition - The transaction aims to integrate Guangzhou Fengteng's capabilities in intelligent advertising systems, data algorithms, and refined operations to enhance *ST返利's marketing capabilities across multiple traffic platforms [3]. - This acquisition is expected to deepen *ST返利's collaboration with upstream e-commerce platforms, thereby enhancing its e-commerce ecosystem service capabilities [3].

Core Viewpoint - The launch of "Jian Xia Qian Yuan: Zero" marks a significant revival of the classic martial arts gaming experience, inviting players to reconnect with the essence of the martial arts world through innovative gameplay and nostalgic elements [1][21]. Group 1: Game Launch and Promotion - "Jian Xia Qian Yuan: Zero" officially launched on May 29 at 10:00 AM, featuring Li Ruotong as the spokesperson, who embodies the spirit of classic martial arts [3][21]. - The game aims to evoke memories of the martial arts youth, emphasizing themes of brotherhood, faction inheritance, and passionate team battles [3][21]. Group 2: Game Features and Innovations - The game utilizes advanced 3D engines and unique martial arts art styles to create a visually stunning world, replicating classic scenes and incorporating traditional architectural techniques [11]. - A comprehensive character customization system allows players to create unique avatars with 120 adjustable parameters, enhancing personal expression within the game [11]. - The game introduces a large-scale outdoor boss battle system where players must strategize against both the boss and rival factions, promoting teamwork and competition [13]. - An innovative "full freedom trading" system allows players to trade items, equipment, and resources without restrictions, fostering a dynamic in-game economy [15]. - The "smart AI hosting" feature enables players to continue earning experience and rewards while offline, reducing the time commitment typically associated with MMORPGs [17]. Group 3: Player Engagement and Rewards - To celebrate the launch, the game offers a "dual welfare matrix" with various rewards, including cash prizes and exclusive in-game items for players who log in during the promotional period [19]. - The game aims to attract millions of players by providing a rich array of activities and rewards, enhancing player engagement and community building [19].

Core Insights - Tencent has launched the Hunyuan Game Visual Generation Platform, an AI content engine designed specifically for industrial-grade game content production [1][3] - The platform features a comprehensive matrix of game image and video model capabilities, including four image generation models and five video models [3] Group 1: Platform Features - The four image generation models include a base model for game images, special effects generation, transparent image generation, and character concept art generation [3] - The AI art pipeline integrates multiple AI tools seamlessly, allowing designers to complete the entire workflow from inspiration gathering to generating standard character views on a single page [4] Group 2: Efficiency Improvements - Designers can input text descriptions to instantly generate character inspiration galleries, hand-drawn sketches, standard three-view outputs, and 360° dynamic demonstration videos, significantly reducing the fragmented workflow [4] - The real-time canvas feature allows designers to quickly generate and adjust concept designs, enhancing creative efficiency and providing immediate feedback [4] Group 3: Time and Cost Savings - Traditional character view generation, which typically takes 12 hours, can now be completed in just a few minutes to 30 minutes, with a consistency rate of 99% [5] - The platform has reportedly improved the efficiency of art teams by 300% in several leading game projects [5] Group 4: Market Context - In addition to Tencent's Hunyuan Game, other AI tools in the domestic market include GiiNEX and ByteDance's Trae, which can generate simple game code [5]

Core Viewpoint - The mobile game "Jianxia Qingyuan: Zero" will launch on May 29, 2023, aiming to revive the classic martial arts experience for players, featuring traditional gameplay elements and innovative features to enhance player engagement [1][16]. Group 1: Game Features - The game retains the essence of classic martial arts gameplay, focusing on brotherhood and team battles, while reintroducing iconic characters and narratives from the series [3][6]. - It offers a visually stunning experience with advanced 3D graphics and a unique art style, recreating classic locations and allowing for customizable character designs [8]. - The game includes a "no-bind free trading" system, enabling players to trade items without restrictions, thus fostering a player-driven economy [12]. - An innovative "smart AI hosting" system allows players to continue earning rewards while offline, making it accessible for busy individuals [14]. Group 2: Community and Engagement - The game emphasizes community engagement through large-scale battles and cooperative gameplay, allowing players to participate in dynamic events and share in the rewards [10]. - It aims to create a nostalgic yet fresh martial arts world, appealing to both long-time fans and new players [16].

Core Viewpoint - The Chinese film industry is facing significant challenges, with a stark contrast between the box office performance of animated films and traditional cinema, leading to a potential crisis for many theaters and production companies [2][3][5]. Group 1: Market Performance - The box office threshold for the Chinese film industry is set at 48 billion, with a failure to reach this number potentially leading to the closure of 70% of theaters [2]. - In 2023, the total box office revenue was 42.5 billion, while the short drama market reached 50.4 billion, indicating a shift in audience preference [2]. - Despite a 18.47% increase in box office revenue during the 2024 Spring Festival, the overall annual box office saw a decline of 22.6% [3]. Group 2: Industry Challenges - The film industry is characterized by unpredictable blockbuster content, high production costs, and a lack of cash flow during production, making it a risky investment [8][10]. - The revenue structure of the film industry is unhealthy, with a significant disparity in valuation compared to the gaming industry, which has a more robust revenue model [11][12]. - The gaming industry is projected to generate 325.78 billion in revenue in 2024, significantly overshadowing the film industry's total box office [25]. Group 3: Production Insights - The production of "Nezha 2" involved over 4,000 animators and 138 visual effect companies, highlighting the increasing complexity and cost of animation projects [17][19]. - The production strategy of "Nezha 2" contrasts with traditional methods, as it adopted a more extensive team approach, which may increase uncertainty in return on investment [19][20]. - The success of "Nezha 2" is partly attributed to the spillover effects from the gaming industry, which has been rapidly expanding and attracting talent [20][24]. Group 4: Strategic Approaches - Companies like Light Chaser Animation are diversifying their investments to mitigate risks, aiming to cover losses from multiple projects with the success of a few [36][38]. - The industry has seen a trend towards producing stable, family-friendly content that can ensure consistent cash flow, as exemplified by the "Boonie Bears" series [13][14]. - The approach of treating film production like venture capital, where the success of one project can offset the failures of others, is becoming more prevalent [36][38].