渲染了多日，11月21日，一支时长31分钟的实机演示Demo，正式揭开了米哈游旗下新游《Varsapura》的神秘面纱。 该作最大的亮点，是米哈游创始人蔡浩宇亲自操刀。 追溯至更早的时间，今年7月就已经有细致的玩家发现了一些"小动作"——米哈游在欧洲、美国、韩国等多个国家地区秘密申请了商标"Varsapura"，与此 同时，"Varsapura"官方账号已经在微信公众平台、微博、B站、小红书、米游社等平台完成注册及企业认证，所有IP显示皆指向了新加坡，众人猜测这与 蔡浩宇在新加坡成立的AI创业公司Anuttacon存在深度绑定。 目前，在Instagram上，《Varsapura》关注了Anuttacon，在X平台上，该账号还关注了Anuttacon旗下游戏《星之低语》。 截至发稿，《Varsapura》实机演示Demo在B站播放量突破了470万。蔡浩宇重新出山，这次会在米哈游复刻下一个《原神》吗？ 蔡浩宇"回归" 多方消息显示，蔡浩宇将担当《Varsapura》的制作人，团队还集结了上海、新加坡、洛杉矶、蒙特利尔等多地研发力量。 新游曝光前夕，米哈游招聘官网就已经更新了相关岗位信息：过往标记为UE5城市开放 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The release of Google's Gemini 3 marks a significant advancement in AI capabilities, integrating multimodal understanding and enhancing user interaction [4][22] - Alibaba's AI application "Qianwen APP" quickly rose to the third position in the Apple App Store's free app rankings shortly after its public launch [5][24] - The AI-driven content production model is evolving, particularly in the AI comic industry, which is expected to replace traditional production methods and reduce costs [4][9] - The film market is driven by supply, with strong performances from quality imported films expected to boost box office revenues [7] - The gaming sector shows robust performance, with major titles continuing to update content and maintain user engagement [8] Summary by Sections AI Applications - Google's Gemini 3 offers advanced reasoning capabilities and integrates various media types for enhanced user experiences [4] - The "Qianwen APP" by Alibaba emphasizes dual capabilities of chatting and task management, aiming to integrate various services within the Alibaba ecosystem [5][6] Industry Trends - The AI comic industry is set to transform content production, with significant efficiency gains and cost reductions anticipated [4] - The integration of AI in various sectors such as education, e-commerce, and gaming is expected to accelerate, with major companies investing heavily in these areas [5] Film and Television - The film market is expected to see steady growth driven by quality imports, while the television sector is poised for new content creation opportunities under recent regulatory guidance [7] - Recommendations include focusing on long-video platforms and production companies that align with new content strategies [7] Gaming - The gaming industry is witnessing a strong performance with major titles maintaining user engagement through frequent updates and new releases [8] - There are investment opportunities in companies exploring AI integration within gaming experiences [8] Market Performance - The media sector showed resilience despite broader market declines, with specific sub-sectors like advertising and digital media performing well [14][15] - Recent financial reports from major companies indicate positive growth trends, particularly in the gaming and e-commerce sectors [24][25][26]

Core Viewpoint - Douyu's Q3 2025 financial report shows steady growth with significant improvements in profitability, driven by strategic upgrades and enhanced operational efficiency in the gaming industry [1][5]. Financial Performance - Q3 revenue reached 899 million yuan, with a gross profit of 116 million yuan, representing a year-on-year increase of 90.9% and a gross margin of 12.9% [1]. - Net profit was 11.33 million yuan, up 232.8% year-on-year, while adjusted net profit turned positive at 23.14 million yuan [1]. Business Strategy - Douyu's strategy focuses on enhancing the value chain and exploring commercialization opportunities, leading to improved profitability across various metrics [1][4]. - The company has deepened its involvement in the gaming industry, transitioning from a live streaming platform to a "full-chain partner" in gaming growth [4]. Revenue Streams - Innovative business, advertising, and other revenues totaled 377 million yuan, marking a 21.2% year-on-year growth, primarily driven by the increase in voice social service revenue [2]. - The average monthly active users for voice social services reached 368,600, with 71,700 monthly paying users [2]. Content and User Engagement - Douyu has expanded its content offerings, broadcasting over 60 official esports events and launching more than 30 self-produced events in Q3 [6][13]. - The platform has optimized resource allocation for different game types, enhancing user engagement and operational efficiency [3][15]. Industry Positioning - In a competitive landscape, Douyu has repositioned itself to achieve differentiated competition, leveraging its content advantages to enhance user experience [5][20]. - The company is actively collaborating with game developers to create promotional events and enhance user interaction, thereby strengthening its market position [4][15].

长青游戏成为本季度驱动网易营收增长的主要力量。 20日，网易发布2025年第三季度财报。 在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。 对此，丁磊在11月20日晚间的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的 网易近一两年离职的事业部级高管不止一个，此前引发了外界讨论。 财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%；非公认会计准则下归股净利润为95亿元，同比增长26.7%。 具体到本季度业务来看，Q3网易的营收支柱游戏及相关增值服务收入为233亿元，同比增加11.8%。 来自于在线游戏的净收入约占该分部净收入的97.6%。 长青游戏持续受到玩家欢迎，体现了网易游戏强劲的长线运营能力。 财报提到，在线游戏净收入同比增加来自经典IP《梦幻西游》电脑版、《蛋仔派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理 游戏净收入增加。 网易提到，11月2日《梦幻西游》电脑版同时在线人数突破358万，这是自7月份畅玩服上线后，第四次在线人数创新高。 在电话会上，网易管理层回应了近一年高管离职的事件。 ...

上调目标价至790 港元，买入评级：公司Q3 核心业务利润率改善延续，AI 赋能在广告与游戏等高毛利 板块已形成规模化回报。基于2026 年盈利预测与估值模型，目标价790 港元，较上一收盘价有26.7%上 行空间，维持"买入"评级。 机构：第一上海 研究员：李京霖/吕彦辛 2025Q3 业绩稳健增长，AI 提效与生态扩张共同驱动：得益于视频号、小程序、搜一搜等核心生态场景 的持续扩张，以及游戏、广告与金融科技三大业务条线的同步改善，2025Q3 公司录得收入1930 亿元人 民币，同比增长15%，环比增长5%；毛利1088 亿元，同比增长22%，毛利率受益于高质量广告库存与 游戏内容结构优化，较去年同期进一步提升。Non-IFRS 归母净利润706 亿元，同比增长18%，环比增长 12%，利润增速显著快于收入增速，反映出经营效率与结构优化带来的盈利质量提升。本季度AI 在精 准定向、搜索相关性、内容生成与游戏生产链路的提效作用逐步增强，研发投入持续保持高位，资本开 支节奏更趋稳健，算力投入进入"效率优先期"，在国产GPU 性能进一步靠齐后再推进大规模扩容。 Q3 长青游戏矩阵稳健扩张，新品表现与核心IP 驱 ...

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

Group 1 - The game "Jiumu Zhi Ye" has surpassed 500,000 pre-registrations, indicating strong player interest and effective promotional efforts [1] - The game is set to officially launch on December 18, generating significant attention within the gaming community [1] Group 2 - The official announcement of a collaboration between "Delta Action" and "Counter-Strike: Future" is expected to enhance player engagement and add collectible value [2] - "Counter-Strike: Future" is anticipated to reveal a major event soon, which could positively impact the parent company's stock performance if the game launches successfully in 2026 [2] Group 3 - NetEase reported a Q3 net income of 284 billion yuan, with 233 billion yuan coming from gaming and related services [3] - The classic game "Dream of the Westward Journey" has reached a new peak in concurrent users, while new titles have shown strong initial performance in various markets [3] - Continuous investment in content updates and innovation is necessary for long-term success, especially in a competitive international market [3]

Investment Rating - The report maintains a positive investment rating for leading companies in the media and internet sector, particularly recommending companies such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The report emphasizes that leading companies in the gaming sector are undervalued, and an upcoming wave of AI applications is expected to drive growth [1]. - The media sector has shown resilience, with a year-to-date increase of 28.21%, ranking 9th among all sectors [6]. - The gaming industry is projected to maintain high growth, with key companies expected to have valuations below 15 times earnings, indicating a strong safety margin [6]. - The film industry is anticipated to experience a significant box office recovery due to the release of major films in November and December [6]. - AI applications in the film industry, particularly in AI animation, are seen as a rapidly monetizable direction [6]. Industry Overview Market Performance - The media industry index decreased by 1.44% in the past week, ranking 23rd among all industries [12]. - The report highlights the performance of individual stocks, with notable increases in companies like Xiangyuan Cultural Tourism and Lianchuang Shares [15]. Gaming Sector - The gaming sector is highlighted for its potential, with companies like Century Huatong and Giant Network expected to perform well in the upcoming year [6]. - The report notes that the gaming industry is likely to see breakthroughs in AI applications, enhancing growth prospects [6]. Film Sector - The report identifies a strong lineup of films for the end of the year, which is expected to boost box office revenues significantly [19]. - Major films such as "Demon Slayer" and "Avatar 3" are anticipated to drive ticket sales [6]. Key Data Points - The report provides detailed statistics on the performance of various segments within the media industry, including box office rankings and viewership ratings for television dramas and variety shows [19][25][32]. - The top-grossing mobile games in China are dominated by Tencent, with "Delta Force" leading the iOS sales chart [36]. Book Publishing Sector - The report includes data on the best-selling books in various categories, indicating trends in consumer preferences [38][39]. This summary encapsulates the key insights and data points from the industry report, focusing on the investment landscape and performance metrics across different sectors within the media and internet industry.

（1）LLM：公司于9 月末发布文生图模型混元图像3.0，性能达到行业领先水平，超过谷歌的Nano Banana 模型；（2）Agentic AI：将MCP 集成于微信生态内，推动智能体 AI 在小程序领域的应用，有 望将微信打造为AI 时代操作系统。CAPEX 方面，受芯片供给等因素影响，公司25Q3 CAPEX 为129.83 亿元，同比下降24%，环比下降32%。我们认为短期内，公司主要将算力资源投入于内部业务的使用， 如游戏、广告、混元基础模型能力升级等，对于外部云服务收入则相对谨慎，目前公司用于支持内部业 务发展的GPU 资源充足。 向后展望，腾讯正基于微信生态系统，开发微信内部AI 智能体，有望应用于电商、支付、办公等多场 景，打造AI 时代操作系统。 投资建议：公司游戏+广告核心业务贡献稳定盈利以及现金流增长，公司维持AI 投入，微信生态具备长 期AI 发展潜力，有望成为AI 时代操作系统。我们预计2025-2027 年公司实现营收7504/8339/9111 亿元； 经调整归母净利润2589/2987/3199 亿元；对应PE 分别为21.1/18.4/17.2 倍，维持"买入"评级。 推出智 ...

Core Viewpoint - Tencent's Q3 2025 performance significantly exceeded expectations, driven by a strong recovery in the gaming business and effective monetization of AI technology in advertising [1] Financial Performance - Tencent reported total revenue of 192.9 billion RMB, a year-on-year increase of 15%, surpassing market expectations by 2% [1] - Non-IFRS net profit attributable to shareholders reached 70.6 billion RMB, up 18% year-on-year, exceeding market expectations by 7% [1] - The gaming business grew by 23% year-on-year, with domestic growth at 15% and international growth at 43%, both significantly exceeding expectations [2][3] - Advertising revenue increased by 21% year-on-year, with a gross margin improvement of 3.7 percentage points to 56.4% [1] Gaming Business Insights - Domestic gaming revenue reached 42.8 billion RMB, with notable performances from long-standing games like "Honor of Kings" and "Peacekeeper Elite" [2] - The new game "Delta Action" achieved over 30 million daily active users in September, ranking among the top three in revenue [2] - International gaming revenue reached 20.8 billion RMB, driven by strong performances from "PUBG Mobile" and new titles [2][3] - Despite a projected slowdown in international gaming growth in Q4 2025 due to high base effects, a robust pipeline of games for 2026 is expected to support long-term growth [2][3] AI and Advertising Performance - AI significantly enhanced advertising eCPM and inventory release efficiency, contributing to a 21% year-on-year increase in advertising revenue, totaling 36.2 billion RMB [3] - The gross margin for advertising improved from 53% to 57% year-on-year, driven by AI advancements [3] - AI-driven advertising targeting and technology upgrades contributed 40-50% of the eCPM increase [3] Other Business Segments - Financial Technology Services (FBS) revenue was 58.2 billion RMB, a 10% year-on-year increase, with a gross margin improvement of 2.4 percentage points to 50.2% [4] - The company experienced robust growth in online payments and improvements in offline retail and transportation sectors [4] - Cash capital expenditure for Q3 2025 was 20 billion RMB, with a downward adjustment in 2025 CapEx guidance due to temporary chip supply constraints rather than a strategic reduction [4] Investment Outlook - Tencent's Q3 performance highlights strong growth in gaming and AI-driven profit release, with a commitment to high-quality growth strategies [5] - The company maintains a "buy" rating, reflecting confidence in its strategic position in the consumer sector and healthy profit growth [5]