Core Viewpoint - The report from Jefferies maintains a "Buy" rating for Tencent Holdings (00700) and raises the target price from HKD 706 to HKD 794, highlighting AI-driven growth factors in marketing services and the acceleration of non-payment financial technology and cloud services [1] Group 1: Financial Performance - Tencent's revenue growth in marketing services is driven by multiple AI-related factors [1] - The financial technology and enterprise services sectors benefit from the acceleration of non-payment businesses, such as consumer loans, and cloud services [1] Group 2: Strategic Outlook - Jefferies reaffirms Tencent as a preferred stock for 2026, with AI expected to act as a growth catalyst across various business areas [1] - The company's third-quarter online gaming product mix strategy has contributed to growth, with a continued focus on creating top-tier gaming titles [1] Group 3: Product Development - The game "Delta Action" is anticipated to reach a new daily active user milestone by September 2025, and it is expected to become another evergreen title for the company [1]

"以小搏大"以外的一种突围路径。 作者 | 兰杰 编辑 | 乔芊 自9月9日上线以来，经历了一个月的发酵，真人影视互动游戏《盛世天下》媚娘篇（以下简称《盛世天下》）已经验证了从销量到质量上的成功。 根据点点数据，在中国大陆iOS端，这款游戏迄今仍位列付费应用榜和付费娱乐榜的TOP1。 让长板足够长 9月22日，《盛世天下》制作团队官宣，游戏全平台总销量现已超过一百万套。游戏采用买断制的发行模式，按照39元的售价来算，这意味着《盛世天 下》已经取得了近4000万的收入。 真人影视互动游戏，指的是由真人演绎，玩家可以通过游戏内提供的不同选择，决定故事发展方向和人物结局的游戏。《盛世天下》以武则天的生平经历 为原型，分为"媚娘篇"和"女帝篇"两部，如今上线的《盛世天下》媚娘篇，讲述了主人公如何在遍布危险的后宫之中生存下来的故事。 更早之前，《盛世天下》还曾 登上过香港、澳门、新加坡等地区和国家的苹果商店娱乐付费榜榜首，蝉联TapTap新游榜、微信人气手游榜的Top1。难 得的是，游戏还在全球最大PC游戏平台Steam上超5000条评论中获得了"特别好评"的评价，在TapTap上的评分也有7.7分。 《盛世天下》之前 ...

杰富瑞发表报告，重申腾讯为2026年的首选标的，AI将成为各业务领域的增长催化剂。该行指，公司 第三季度在线游戏的产品组合策略推动增长，集团持续追求打造顶级游戏作品。《三角洲行动》于2025 年9月再创日活跃用户里程碑，该行预期其将成为另一款长青游戏。在营销服务方面，腾讯收入增长受 惠由AI驱动的多重因素推动。金融科技及企业服务业务受益于非支付业务(如消费贷款)和云业务的加速 发展。该行维持腾讯"买入"评级，目标价由706港元上调至794港元。 ...

（文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及动漫制作、游戏 开发、平台运营及相关产业链的上市公司证券作为指数样本，以反映动漫游戏行业相关上市公司证券的 整体表现。该指数聚焦于动漫游戏领域的创新与成长，覆盖了从内容创作到渠道分发的全产业链环节， 具备鲜明的行业代表性和市场活力特征。 财通证券指出，传媒与游戏行业受益于AI技术浪潮及出海趋势。AI应用领域需把握情绪节奏，重点关 注港股互联网大厂、AI Agent等方向；游戏板块表现亮眼，国内游戏收入保持双位数增长，得益于《三 角洲行动》等新游及《王者荣耀》等长青游戏的贡献，海外市场增速显著，Supercell旗下作品及《沙 丘：觉醒》等推动增长。行业整体呈现科技井喷态势，叠加资金端增量流入预期，成长主线有望延续。 ...

【许家印家族信托"防火墙"被击穿，法律穿透信托屏障】2017年3月28日，许家印在香港参加了中国恒大2016年的业绩说明会。到了2025年9月16日，香港高 等法院对恒大创始人许家印的家族信托案作出了历史性判决，不仅授权清盘人接管许家印名下资产，还将其通过离岸家族信托持有的财产一并纳入接管范 围。这一裁决明确宣示：当信托被用来规避债务人责任、欺诈债权人时，"资产隔离"的防火墙将被法律彻底击穿。此举冻结了许家印可能高达50亿美元的海 外资产（包括23亿美元的单一家庭信托、许家印前妻丁玉梅在英国坐拥的33套伦敦豪宅等等），打破了长期以来一些人对"海外信托绝对安全"的幻想。（中 国慈善家） 【2025年诺贝尔文学奖揭晓】瑞典文学院宣布，将2025年诺贝尔文学奖授予匈牙利作家László Krasznahorkai，"以表彰他引人入胜且富有远见的作品，在世 界末日的恐怖中，再次证明了艺术的力量"。1954年1月5日，拉斯洛·卡撒兹纳霍凯生于匈牙利久洛。1985年发表处女作《撒旦的探戈》，为他带来巨大的声 誉，1994年与匈牙利导演贝拉·塔尔合作改编成7小时的史诗电影《撒旦探戈》，成为电影史上的经典作品。曾获得德国年度 ...

10月9日上午，Sensor Tower商店情报平台发布9月中国手游发行商全球收入排行榜，榜单显示《三角洲 行动》9月收入环比大涨76%，加之《王者荣耀》与《和平精英》等头部游戏的出色表现，腾讯稳居中 国手游发行商收入榜之首。 榜单显示，腾讯旗下的四款游戏《王者荣耀》、《三角洲行动》、《和平精英》和《金铲铲之战》包揽 本期中国App Store手游收入榜TOP4。 手游收入排行榜 Sensor Tower 据悉，在前五个赛季，《三角洲行动》的畅销榜成绩就表现出了明确的上升势态。在S5期间，《三角 洲行动》一度登上IOS畅销榜单的Top 2，并能持续停留在畅销榜Top 5。 目前，在国服iOS端游戏畅销榜Top 10中，腾讯旗下产品已能长期占据7-8个席位。 除了《三角洲行动》《王者荣耀》《和平精英》外，能够较为稳定留在Top 10内的腾讯系游戏还包括 《金铲铲之战》《穿越火线：枪战王者》《地下城与勇士：起源》《火影忍者》《英雄联盟手游》，以 及8月19日公测上线的《无畏契约：源能行动》，此外还有近期被腾讯集团高级副总裁马晓轶点名跨 越"长青游戏收入线"的《鸣潮》。 本文系观察者网独家稿件，未经授权，不得转载。 ...

Sensor Tower商店情报平台显示，2025年9月共32个中国厂商入围全球手游发行商收入榜TOP100，合计 吸金19.5亿美元，占本期全球TOP100手游发行商收入36.1%。 中国手游发行商收入TOP 30 腾讯(00700)战术射击手游《三角洲行动》于9月17日推出全新赛季"烈火冲天"，强势点燃玩家热情。游 戏当日即登顶中国iOS手游畅销榜，并连续多日稳居榜首。得益于赛季热度带动，《三角洲行动》9月 收入环比大涨76%，加之《王者荣耀》与《和平精英》等头部游戏的出色表现，腾讯稳居中国手游发行 商收入榜之首。 受多款手游强势表现带动，网易(09999)稳居本期发行商收入榜第3名。8月末上线的《梦幻西游手游轻 享服》通过降低玩法门槛、强化社交回流与优化消费节奏，成功激发老玩家回归热情与新玩家付费意 愿，游戏9月收入环比增长46%。同样于8月末推出的科幻射击新游《天命：群星》表现亮眼，9月收入 环比飙升3倍，不仅夺得本月美国手游收入增长榜冠军，还跻身中国出海手游收入增长榜第2名，成为网 易本季度最具爆发力的新作之一。 9月全球合成手游持续发力，柠檬微趣凭多款精品稳固全球市场表现，整体收入环比提升10%， ...

9月25日，TGS东京电玩展2025在日本千叶县幕张展览馆开幕。 "我感觉自己到了梨泰院（首尔国际化程度最高的商圈之一，堪称韩国潮流风向标）。"在现场的玩家小梨感慨道。 想着不赶第一波热度的小梨甚至把行程推迟了两点，可当她9月27日早晨九点到达现场时，入场的队列已经绕场馆一圈。 受访者提供 场馆内更是火热。《女神异闻录3 Reload》（P3R）、Nintendo Switch 2（NS2）登日本本土高人气摊位，试玩队伍预估排队要50分钟以上。 无论在游戏类型、运营策略还是出海实绩上，游戏出海都呈现出了新的表征和趋势。 一、"小游戏"，正在血洗SLG出海赛道 没有连贯的叙事、精美的建模、绚丽的特效，只看画面，似乎和千万个信息流广告里标着"救救这对母子吧"的小游戏并没有什么差别。就是这样一个看 似"粗制滥造"的小游戏，却在海外上线两年后实现累计营收突破33亿美元，成为了当之无愧的爆款。 甚至，也不再被"昙花一现"的论调裹挟。 这款游戏便是《寒霜启示录》（Whiteout Survival）——在国产策略类游戏中，堪称在海外杀疯了的一匹黑马。根据Sensor Tower的数据，《Whiteout Survival ...

Core Insights - The 2025 Tokyo Game Show has seen significant attendance and interest in both domestic and international games, highlighting the growing popularity of Chinese games abroad [1][2][4] - Chinese games have made notable achievements in international markets, with several titles receiving awards and achieving high user engagement [4][20] - The gaming industry is experiencing a shift towards "mini-games" and innovative marketing strategies, which are proving successful in retaining users and generating revenue [5][10][24] Group 1: Event Highlights - The Tokyo Game Show 2025 opened on September 25, attracting large crowds and long queues for popular titles like "Persona 3 Reload" and "Nintendo Switch 2" [1] - Domestic Chinese games also drew significant attention, with players struggling to secure demo tickets for titles like "Arknights: End of the World" [2] Group 2: Chinese Games' International Success - "Whiteout Survival" has achieved over $3.3 billion in revenue within two years of its overseas launch, showcasing the potential of Chinese strategy games in international markets [5] - The game has a retention rate of 42% and a monthly retention rate of 8%, significantly higher than the average for similar games [5] - "Kingshot," another SLG game, generated $75 million in revenue within four months of its launch, indicating a trend of successful mini-games in the market [5][6] Group 3: Marketing and User Engagement - The success of "Whiteout Survival" is attributed to its innovative gameplay that combines light and heavy SLG elements, enhancing user retention [6][8] - The game has successfully attracted a diverse player base, with over 20% of its users being female, breaking traditional gender norms in the SLG genre [8] - Marketing strategies have evolved, with games utilizing platforms like TikTok and YouTube for targeted advertising and local cultural integration [10] Group 4: Performance of Otome Games - "Love and Deep Space" has set a record for Chinese otome games, generating nearly 6 billion RMB globally, with 64% of revenue from the Chinese market [11][13] - Despite its success, the game has faced a decline in revenue, with a 73% drop in the week following its peak [14][16] - The game's lack of engaging content and updates has led to player dissatisfaction, impacting its overall performance [16] Group 5: Industry Growth and Future Prospects - In 2024, China's game export revenue reached $18.56 billion, accounting for nearly 40% of the domestic market, reflecting significant growth over the past decade [20] - Major companies like Tencent and NetEase are leading the charge in overseas markets, focusing on localization and strategic investments [20][21] - The gaming industry is witnessing a diversification of successful titles, with both "mini-games" and high-quality productions finding their place in the global market [27][28]

Core Insights - Chinese gaming stocks have experienced a significant increase, with major companies like Tencent, NetEase, and Century Huatong seeing stock price growth of 64%, 72%, and 303% respectively since the beginning of the year [1] - The overall market sentiment towards gaming stocks has improved, driven by favorable policies and a recovering economic environment [5][10] Industry Growth Factors - The gaming industry's profitability has improved due to supportive government policies, such as multiple initiatives in Shanghai and Shenzhen aimed at boosting the gaming sector [5] - The approval process for game licenses has become more stable, allowing companies to plan product development and release schedules more effectively [5] - Public perception of the gaming industry has shifted positively, recognizing its contributions to technology, education, and cultural confidence, exemplified by the success of the game "Black Myth: Wukong" [7] Financial Performance - The first half of 2025 has been described as the best financial reporting season for the industry in years, with over 80% of companies reporting profits and top companies achieving record revenue and profit levels [8][10] - Century Huatong's market capitalization has tripled, surpassing 150 billion [8] Market Outlook - Investors are optimistic about the future growth potential of the gaming industry, particularly in global markets, which is seen as a key driver for stock price increases [13][19] - The gaming sector is exploring new markets and technologies, with significant growth opportunities identified in shooting games, mini-games, and single-player games [17][18] Global Expansion - Chinese gaming companies are increasingly focusing on global markets, with many launching products simultaneously worldwide rather than treating overseas markets as secondary [20] - Companies like Century Huatong have successfully penetrated international markets, contributing to their stock price increases [21] - Collaborations between Chinese and global firms are becoming more common, enhancing the global presence of Chinese gaming companies [23][28] Technological Advancements - Major companies are investing in AI and other technologies to improve game development processes, which is expected to yield significant results [30][32] - The market for gaming-related merchandise is also growing, with projections indicating substantial revenue potential in the coming years [34][35]