文 ｜ 张大东 编辑 ｜ 莽山烙铁头 来源｜ 差评X.PIN（ID：chaping321） 封面来源 ｜ 游戏截图 如果2026年要选出一个社交货币，那《鹅鸭杀》手游当仁不让。 各个平台上，从最简单的对局录屏，到AI动画、真人小剧场乃至素人综艺等二创，再到芜湖大司马、陈泽、CF老四、喜人、崔丁 等不同赛道主播们的直播，种种内容，都印证它实现了跨年龄、跨阶层、线上线下通杀。 以下文章来源于差评X.PIN ，作者小发 差评X.PIN . Debug The World，关注科技、数码、汽车、产经、游戏，传播能改变世界的科技互联网信息。 如果2026年要选出一个社交货币 那《鹅鸭杀》手游当仁不让。 反映到数据上，那就是首日新增500万，首周新增1000万，累计新增3000万。从游戏上线到我落笔，《鹅鸭杀》在App Store游戏 免费榜上长时间位居第一，少数几次掉到第二。 所以，《鹅鸭杀》能火，大家能预料到，但它作为一款没有头部大厂背景的游戏，能火成今天这样，恐怕没有外界说的那么简 单。 光讨论游戏本身，远远不能论证它为啥能大爆。想要找到答案，还要从它的端游时代说起。 《鹅鸭杀》端游的Steam在线人数统计图显示， ...

金元晨报 股市回顾 国际要闻 国内要闻 重要公告 2026 年 03 月 06 日 每日晨报 | 主要市场股指表现 | 4.00 | 近一交易日% | 近20交易日% | （%） | | --- | --- | --- | --- | --- | | 2.00 | 0.00 | | | | | -2.00 | -4.00 | | | | | -6.00 | | | | | 相关报告： 【金元传媒】周报 20260303—AI 春 节档：C 端用户争夺战打响，内容消 费分化显著 李景星 2026.03.05 工作邮箱：zqyjsw@jyzq.cn 研报推荐 【金元传媒】周报20260303—AI春节档：C端用户争夺战打响，内容 消费分化显著 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 -1- 每 日 晨 报 A股行情：上证指数报4108.57点，上涨0.64%，成交额10680.44 亿元；深证成指报14088.84点，上涨1.23%，成交额13219.94亿元； 创业板指报3216.94点，上涨1.66%，成交额6121.81亿元。 亚太市场：香港恒生指数涨0.28%，报25321.34点。恒 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is experiencing a marginal improvement in the policy environment, with an increase in the number of game approvals and a more relaxed approach to content and themes, laying a friendlier foundation for industry development [1][2][3] - The gaming sector's performance is showing a significant upward trend, particularly in 2025, which is expected to be the best year in the past decade, supported by a strong product cycle and sustainable growth into 2026 [1][3] Core Insights and Arguments - The user base for gaming in China has seen positive growth for three consecutive years, with a projected growth rate of 1.35% in 2025, indicating an upward trend [1][4] - Female-oriented games are one of the fastest-growing segments, with female players making up 48% of online gamers by mid-2025, contributing significantly to user growth [5] - The overseas gaming market remains robust, with actual growth rates of 13% in 2025 and over 20% in January 2026, indicating strong competitiveness of Chinese developers in the global market [1][6][7] Important but Overlooked Content - The application of AI in the gaming industry is evolving from a cost-reduction tool to enhancing the gaming experience, potentially reshaping valuation logic [2][9] - User-Generated Content (UGC) is fundamentally changing the gaming landscape, transforming games into dynamic platforms shaped by both players and developers, which could disrupt traditional business models [10] - The "Search, Shoot, Withdraw" gameplay has become a significant growth driver in the shooting genre, with shooting games becoming the second-largest category in the Chinese gaming market by 2025 [11] Market Dynamics and Future Outlook - The gaming industry is expected to continue its growth trajectory, driven by user expansion, AI technology, and ongoing gameplay innovation [4][12] - The valuation of gaming companies is supported by a combination of technology, policy improvements, and sustained performance, with a focus on long-term product pipelines [13] - Recent adjustments in the gaming sector have seen valuations drop to around 15 times earnings, which is still below the perceived industry ceiling, suggesting continued investment opportunities [14]

2月26日，游戏板块早盘震荡攀升，游戏ETF（159869）现涨近1%，打开低位布局窗口，截至发 稿，盘中成交额已突破6亿元。持仓股中，顺网科技、浙数文化、完美世界、冰川网络、盛天网络等涨 幅居前；神州泰岳、迅游科技、华立科技等跌幅居前。 2月26日，Sensor Tower APAC Awards 2025年度获奖名单公布，腾讯旗下《三角洲行动》荣获"最佳 跨平台FPS（射击类）游戏"。评语指出，2025年该作移动端收入激增29倍，成为全球增长最快射击游 戏；PC与主机端累计售出1830万份，登顶全球PC免费游戏下载榜。《三角洲行动》以惊人的跨平台数 据摘得行业大奖，彰显了腾讯在全球射击游戏市场的领先发行与长线运营能力，为公司贡献了显著的业 绩增量。其"多端齐发、收入互补"的模式，为射击品类乃至整个游戏行业提供了可复制的成功范本。此 举进一步强化了市场对国产游戏全球化能力的认可。游戏方面，春节期间多端流水数据表现健康，行业 高景气延续。展望后续，3月仍有《洛克王国》、EVE等潜在爆款上线，产品催化不断。游戏板块核心 公司估值性价比在成长板块中依然突出。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏E ...

Seedance2.0 引市场关注，春节档票 房不及预期 ——传媒行业月报 传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 联系人：李智 ⚫ 行情回顾与估值表现：截至 2026 年 2 月 25 日，2 月传媒指数下跌 3.73%，在 30 个一级行业组合中排名第 30，跑输同期上证指数 （+0.71%）4.45pct，跑输同期沪深 300 指数（+0.63%）4.36pct， 跑输同期创业板指（+0.25%）3.99pct。 子板块中，互联网广告营销板块下跌11.56%，游戏板块下跌4.25%， 出版板块下跌 0.04%，影视板块上涨 0.16%。 2026 年 2 月 1 日 ...

近日Epyllion公司的Matthew Ball发布《2026年视频游戏现状报告》，这应该算得上是2026年第一份比较重量级的全球游戏报告，而在这份报告里面，游戏 矩阵也针对中国市场的表现进行了一个具体的整理，其中披露的全球及中国游戏市场关键数据，核心价值在于为我们精准洞察中国游戏市场的实际表现、 厘清行业发展脉络，提供了极具参考价值的依据。 中国玩家话语权持续增加 根据报告显示，2025年，全球游戏内容销售额达1956亿美元（约合人民币1.35万亿元），同比实现5.3%的稳步增长，而中国玩家直接贡献了全球20%的游 戏支出。 值得行业关注的是，中国玩家的消费偏好极具本土导向：84%的游戏支出流向本土游戏产品，仅有16%的份额归于海外游戏。这一数据不仅印证了本土游 戏产品对中国玩家需求的精准适配，更直观体现出中国游戏自研实力的崛起与本土IP影响力的持续扩大。 而根据游戏矩阵在这个春节期间，走进了几个网吧、网咖观察，游戏已经不再是过去《英雄联盟》独步天下了，24年发布的《黑神话：悟空》为网吧带来 了很大的影响，再25年，腾讯的《三角洲行动》《无畏契约》等FPS游戏的风靡更是让不少网咖出现了"一位难求"的场面， ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

Core Viewpoint - The article emphasizes that 2025 is expected to be a significant year for the domestic gaming industry, with historical highs in market revenue and user scale, driven by successful product launches and advancements in AI technology [2][4]. Market Performance - By the end of 2025, China's gaming market is projected to reach an actual sales revenue of 350.79 billion yuan, a year-on-year increase of 7.68%, marking the first time it surpasses 350 billion yuan. The user base is expected to grow by 1.35% to 683 million [4]. - The gaming market faced challenges from 2020 to 2023, with a notable decline in revenue to 265.8 billion yuan in 2022. However, the market has shown signs of recovery, with the gaming industry index rising nearly 50% since the beginning of 2025 [4][5]. Individual Company Performance - Since the beginning of 2025, 15 A-share gaming companies have seen stock price increases exceeding 50%, with companies like Century Huatong and Giant Network experiencing over 100% growth [5]. - Companies such as Century Huatong, Gigabit, and Perfect World are forecasting significant profit increases for 2025, while others like Ice River Network and Star Shine Entertainment expect to turn losses into profits [5]. Key Drivers - Successful blockbuster products are identified as the core driver of the gaming industry's recovery. The improvement in mobile game quality and the performance of new products in the market are crucial factors [7][12]. - Giant Network, one of the top-performing A-share gaming companies, has seen its stock price rise over 240% in 2025, largely due to the success of its game "Supernatural Action Group," which has achieved over 1 million daily active users [9][10]. Future Outlook - The gaming sector is expected to continue its upward trend into 2026, with a projected market size of 357 billion yuan, supported by stable game license approvals and ongoing product cycles [14]. - Analysts express cautious optimism about the gaming market's growth, emphasizing the importance of high-quality products and long-term operational capabilities for sustained success [14][15]. Strategic Focus - Companies are advised to deepen their focus on high-quality products and explore niche markets to achieve breakthroughs. Giant Network's strategy of concentrating resources on key projects and enhancing AI integration is highlighted as a representative approach [16].

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, while B2C games with high daily active users (DAU) are expected to see significant increases in both content and DAU through user co-creation driven by natural language AI game engines [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase, as well as those with key project reserves like 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sector's 3.7% growth [15] - The AI-driven evergreen games are extending their lifecycle, with major titles like "Honor of Kings" and "Crossfire" achieving historical highs during the Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - The revival of PC games is deepening, with an increasing proportion of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products are highlighted, including Tencent Holdings, which is expected to see significant growth from its AI engine-driven games [60][61] - Other companies to watch include Xindong Company, Giant Network, and Kyeing Network, each with promising projects and growth potential [60][61]

2025已是过去，回顾这一年来也确实发生了不少事情，特别是几个大厂之间的明争暗斗，更是让人猝不及防,像这一年里最知名的京东淘宝外卖大战，惹得 不少消费者直呼喝不下了，现在就让小陆带着大家来回顾一下这一年各大厂的历程。 2025年的互联网大厂，用一个词形容便是炮火连天。行业投入规模远超8亿元，烧钱速度堪称惊人，这份狂热甚至登上过《第一财经》专题报道，称其为"互 联网行业近五年最激烈的资本厮杀"。 京东主动出击，美团被动防御，两家企业各自投入至少500亿元；就连一向低调的腾讯，单季度也砸下400亿元采购算力，这份投入力度，相当于同期3家中 小互联网公司的总市值。 外卖小哥奔波不停，有媒体街头采访显示，北京某外卖站点骑手日均配送量较2024年增加40%；奶茶店订单量暴增，蜜雪冰城、喜茶等品牌门店日均订单破 千，不少门店紧急扩招店员。 数千亿元资金投入后，效果立竿见影。多家大厂利润大幅亏损，美团三季度核心业务亏损超140亿元，京东外卖补贴也耗损数十亿，这些数据均来自各家企 业公开财报。 排在第三位的是拼多多，市值约1.1万亿元人民币，作为万亿级阵营的重要一员，拼多多凭借稳健的核心业务，撑起了互联网行业的重要版图。 A ...