Core Viewpoint - Kuaishou's recent operational challenges, particularly in its gaming segment, highlight systemic weaknesses in its risk control mechanisms, leading to significant market repercussions and a decline in user confidence [1][3]. Group 1: Company Overview - Kuaishou's user base has grown significantly, reaching an average daily active user count of 416 million by Q3 2025, showcasing its strong market presence [4]. - The company initially entered the gaming sector in 2017 with the launch of "Kuaishou Electric Ball," which struggled to gain traction and was eventually shut down in 2022 [5][7]. - Kuaishou's gaming strategy has evolved, with the establishment of a dedicated gaming division in 2021, aiming to consolidate its gaming operations under a more professional governance structure [8]. Group 2: Gaming Business Challenges - The launch of "Danzhi Universe" aimed to streamline Kuaishou's gaming efforts, but it has faced significant challenges, including project cancellations and layoffs, particularly after the underperformance of key titles [9][10]. - Kuaishou's gaming products, such as "Endless Dream Return" and "Super Time Run," have not met market expectations, with both titles failing to achieve sustainable long-term success [12][13]. - The company's approach to gaming has been characterized by a focus on smaller, less risky projects, but this strategy has not translated into substantial revenue growth [10][12]. Group 3: Industry Context - The gaming industry presents unique challenges for platforms like Kuaishou, which traditionally focus on short video content, as the operational and organizational demands differ significantly [20]. - Comparatively, Tencent's gaming success is attributed to its integrated platform evolution, which contrasts with Kuaishou's fragmented approach, leading to governance and operational difficulties [20]. - The recent "black and gray industry" incident underscores the vulnerabilities within Kuaishou's operational framework, revealing the potential for systemic issues to impact overall business performance [1][20].

文 | 游戏观察 12月3日，《无尽梦回》 台港澳新马版本官网发布公告，官宣游戏将于2025年12月31日正式关闭服务器结束营运。该版本由大宇资讯发行，距离开服（5月8 日）才刚满半年。 作为弹指宇宙（快手旗下自研游戏厂牌）首款上线的重点自研游戏，《无尽梦回》在一开始就收获了很多关注。国服版本上线于2024年11月21日，上线第二 天iOS畅销榜最高登上游戏畅销榜33名。 但是上线后，却因玩法和抽卡争议在玩家中评价褒贬不一。在后续的版本更新中，弹指宇宙似乎还没有找到什么有效方法逆转局势，游戏的iOS国服更新也 停在了4月，于5月9日消失在iOS所有分类的畅销榜，这一天正是《无尽梦回》台港澳新马版本开服的后一天。 从雄心勃勃到潦草退场，留给快手游戏的牌真不多了。 悬在《无尽梦回》头上的"达摩克利斯之剑" 作为一款诞生在二游大爆发时代的新生代二游以及快手首款自研产品，快手无疑对这款游戏相当重视。 游戏玩法上，创造性地将动作肉鸽和二游融合，将肉鸽Build部分拆分到角色上，想要打造一款极致爽游。 游戏音乐上，邀请了游戏界配乐大拿陈致逸合作，推出了首张游戏原声专辑《赴梦之约》，内含包括同名主题曲《无尽梦回》在内的多首 ...

Game Releases - "Star Tower Traveler" officially launched on October 20, developed by Yousheng, is a light-action adventure game featuring team-building and combat challenges [1] - "Kara Bichu" mobile game will be publicly released on October 23, created by Chuangmeng Tiandi, offering a unique shooting experience with 2D and 3D character forms [3] - "Three Kingdoms: Looking at the World" is set to launch on October 23, developed by Hangzhou Danzhi Universe Network, allowing players to control historical figures like Cao Cao or Liu Bei [5] Industry News - "Honor of Kings" is celebrating its 10th anniversary with events starting on October 25, maintaining its position as a top-grossing mobile game in China [8] - EA announced that "The Sims Mobile" will cease operations on January 20, 2026, after nearly eight years since its launch on March 6, 2018 [10] - "Genshin Impact" released its new version on October 22, introducing a new grass-type five-star character and a variety of mini-games [12] - In October, 159 domestic games and 7 imported games received approval from the National Press and Publication Administration, including the PC version of "Arknights" [14] Personnel Changes - Li Kaiming, the producer of "Rate the Land," announced his departure from NetEase on October 22, coinciding with the game's 10th anniversary, citing personal career development plans [16]

Group 1 - The A-share market opened positively on October 24, with the Shanghai Composite Index rising by 0.17%, the Shenzhen Component Index increasing by 0.51%, and the ChiNext Index up by 0.83% [1] - The storage concept is gaining momentum, with commercial aerospace, quantum technology, and GPU concepts leading the gains, while short dramas, cultivated diamonds, and coal sectors experienced slight declines [1] - The gaming sector showed a slight upward trend, with the gaming ETF (159869) experiencing a minor increase. As of October 23, the gaming ETF has seen a net inflow of 256 million yuan over the past five trading days, indicating strong investor interest, with a total product scale of 11.115 billion yuan [1] Group 2 - On October 22, the National Press and Publication Administration announced that 159 domestic games received approval for release in October, along with 7 imported games, totaling 166 games, maintaining a high approval level [2] - In 2025, a total of 1,440 games have received approval, including 1,354 domestic games and 86 imported games, reflecting a robust gaming market [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of the A-share listed companies in the animation and gaming industry [2]

Group 1 - The Hong Kong internet sector is experiencing a rebound, with stocks such as Black Sesame Intelligence, Weishi Jiajie, and UBTECH rising over 5% [1] - The Hang Seng Internet ETF (513330) has followed the index's upward trend [1] - In October, the proportion of new game releases from well-known game manufacturers is increasing, with titles from NetEase and other companies covering various subcategories [1] Group 2 - Zheshang Securities believes that traditional internet business has bottomed out, and with the Federal Reserve's interest rate cuts, the AI business is rapidly developing [1] - The valuation of the Hong Kong internet sector remains at historical lows, indicating potential for early recovery [1]

Investment Rating - The report maintains an "Outperform" rating for the media industry [1] Core Insights - The media sector outperformed the market in September 2025, with the Shenwan Media Index rising by 4.96%, surpassing the CSI 300 Index by 1.76 percentage points, ranking 5th among 31 industries [2][19] - The gaming market showed a slight month-on-month revenue increase of 0.6% in August, driven by favorable policies, market sentiment, and AI applications [2][27] - The report highlights the importance of new product cycles and regulatory shifts in the gaming sector, as well as the potential for growth in advertising and film content due to improving economic conditions [4][107] Summary by Sections Market and Industry Review - In September 2025, the media sector ranked 5th among 31 industries, with a TTM-PE of 46.5x, placing it in the 95.9th percentile over the past five years [19][25] - The gaming sector saw 145 domestic and 11 imported games approved in September, with a total of 1,275 game licenses issued from January to September, marking a 23.2% year-on-year increase [27][29] Gaming Sector - The gaming market's revenue in August was 29.3 billion yuan, down 13.0% year-on-year but up 0.6% month-on-month, with mobile gaming revenue at 21.5 billion yuan, down 4.2% year-on-year but up 0.8% month-on-month [35][36] - The report emphasizes the ongoing release of game licenses and the potential for growth driven by new product cycles and AI applications [27][28] Film and Television Sector - The total box office for September reached 2.661 billion yuan, a year-on-year increase of 82.8%, while the National Day box office fell by 12.8% to 1.835 billion yuan due to a lack of blockbuster films [45][58] - The report notes that the drama market maintained high viewership levels, with the top series achieving significant viewership numbers [67] AI Applications - The report discusses breakthroughs in AI technology, including Meta's advancements in RAG technology and OpenAI's release of Sora2, which supports high-quality video and audio generation [78][90] - The rapid development of AI applications is seen as a key driver for growth across various sectors, including gaming and advertising [4][107] Investment Recommendations - The report recommends focusing on the gaming sector's new product cycles and the potential for recovery in advertising and film sectors, suggesting specific companies such as Kayi Network and Mango Super Media for investment [4][107] - The October investment portfolio includes Bilibili, Mango Super Media, Perfect World, and Focus Media, reflecting a positive outlook for these companies [4][112]

Group 1 - The gaming sector experienced slight fluctuations, with the gaming ETF (159869) seeing a net inflow of 206 million yuan over the past five trading days, indicating strong investor interest [1] - Kuaishou's self-developed game brand "Danzhi Yuzhou" is set to launch a new round of testing for its game "Three Kingdoms: Looking at the Gods of the World" on September 4 [1] - Kuaishou's CEO Cheng Yixiao expressed ambitions for the company's AI model to enhance capabilities in game development and professional film production, aiming for deeper applications in concept design, scene generation, and character design [1] Group 2 - The State Council issued an opinion on the implementation of the "Artificial Intelligence +" initiative, aiming for AI to fully empower high-quality development by 2030, with over 90% application rates for new intelligent terminals and agents [2] - The initiative outlines key actions across six areas: scientific technology, industrial development, consumption enhancement, public welfare, governance capacity, and global cooperation, providing a clear roadmap for related work [2] - The integration of AI technology is driving a comprehensive upgrade in the gaming industry, enhancing both the competitiveness of game manufacturers and the player experience, while also reducing costs and improving content quality [2]

Group 1 - The core viewpoint of the news is that game companies are actively addressing player concerns and optimizing their game mechanics to enhance user engagement and trust [1][2][3] Group 2 - "Honor of Kings" has clarified its matchmaking mechanism, stating that historical win-loss distribution and other external honors are not considered in matchmaking, which may help improve player trust and community activity [1] - Kuaishou's game "Three Kingdoms: Looking at the World" is set to begin a new round of testing on September 4, indicating ongoing optimization in strategy and commercialization, potentially enhancing user engagement and market competitiveness [2] - Hero Game's RPG "Double Helix" has opened pre-orders on the App Store and will launch on October 28, featuring a no-gacha system and no stamina limits, which may attract player interest and strengthen the company's competitive edge [3]

Group 1 - The recent significant news is the continuous decline in gold prices, which has made the public increasingly sensitive to fluctuations in gold prices over the past three years [1] - Historical context shows that during the Three Kingdoms period, people sold gold and silver due to famine, indicating that even "hard currency" like gold loses value in dire situations [3][5] - The game "Three Kingdoms: Looking at the Divine Continent" offers a modern interpretation of the economic conditions of the Three Kingdoms era, allowing players to experience the historical significance of gold [5][9] Group 2 - The game is developed by "Danzhi Universe," a subsidiary of Kuaishou, featuring a unique ink wash painting style that aligns well with the historical theme of the Three Kingdoms [7] - The game incorporates detailed storytelling and gameplay that reflects the economic changes of the era, allowing players to engage with the historical context of gold as a vital resource [9][11] - "Three Kingdoms: Looking at the Divine Continent" is currently available for pre-registration on iOS, TapTap, and its official website, targeting players interested in historical strategy games [13]

Group 1 - The recent fluctuations in the gold market have caused significant anxiety among investors, likened to a roller coaster ride [1][3] - On August 11, international gold prices experienced a sharp decline, impacting domestic gold store prices, with brands like Chow Tai Fook and Lao Miao dropping to 1008 yuan and 1004 yuan per gram respectively [3] - Historical context shows that current gold price volatility is relatively minor compared to past events, suggesting that patience is essential during price drops [4][8] Group 2 - During the Three Kingdoms period, gold's value decreased significantly due to societal needs for survival over precious metals, with historical records indicating that gold was cheaper than grain [6][10] - Despite its lower value among the populace, gold remained a crucial resource for military and political maneuvers, as seen in the actions of figures like Dong Zhuo and Cao Cao [10] - The game "Three Kingdoms: Looking at the Gods" offers an engaging way to explore the economic dynamics and historical significance of gold during that era, receiving accolades for its innovative approach to Chinese culture [12][14]