Core Insights - The 2025 AGF Asia Game Expo and China International Comic Festival successfully attracted over 450,000 participants, showcasing the latest achievements in the gaming industry and providing an engaging experience for attendees [1] Group 1: Event Overview - The event featured over 1,000 quality IPs and more than 7,000 cultural and creative products, creating a unique scene that covers gaming experiences, cultural displays, and peripheral consumption [2] - Major gaming companies such as Tencent, NetEase, and 37 Interactive Entertainment showcased their diverse content, enriching the exhibition and highlighting the collaborative development of the Guangdong gaming industry [2] Group 2: Gaming Experience and Interaction - Guangdong's mini-game industry is thriving, with over 77,000 games registered in 2024, accounting for 65% of the national total, and an expected revenue growth of 40%-50% this year [3] - Tencent presented several popular mini-games, allowing players to experience instant play, demonstrating Guangdong's innovative capabilities in mini-game development [3] - The event included a game pod area that attracted over 30 small and independent game developers, showcasing more than 40 high-quality original games, emphasizing deep interaction as a key feature of the expo [3] Group 3: Cultural Integration - The expo explored the "game + culture" crossover, with companies using IP empowerment and cultural elements to transform games into new cultural communication vehicles [4] - The display by Yishijie incorporated traditional aesthetics, creating an immersive environment that resonated with players and highlighted the fusion of cultural craftsmanship and gaming IP [4] Group 4: International Collaboration - International gaming companies like Ubisoft and Supercell made their debut at the expo, facilitating communication between domestic and foreign industries [5] - The event showcased successful international games, providing insights into operational experiences and establishing a platform for understanding the Chinese gaming market [6] Group 5: Regional Development - The Hong Kong Animation and Game Pavilion made its debut, featuring 28 companies and promoting cross-city collaboration and resource sharing within the Greater Bay Area [7] - The AGF is evolving from a single offline exhibition to a dual-track model that integrates online and offline experiences, reflecting the effectiveness of Guangdong's gaming policies and the industry's global expansion [7] - The "Golden Diamond Ceremony" highlighted innovative works with market potential, enhancing the image and reputation of Guangdong's gaming brands [7]

（原标题：法国游戏大厂育碧携巨作亮相广州，举办全国首场线下试玩活动） 10月2日至5日，AGF亚洲游戏博览会在广州保利世贸博览馆盛大启幕，同期举办CICF中国国际漫画节动漫游戏展。 腾讯游戏xSupercell、网易游戏、盛趣游戏、三七互娱、西山居等游戏企业集体参展，带来众多现象级游戏IP。另外，法国游戏企业育碧携《刺客 信条：影》全新DLC"淡路之爪"举办全国首场线下试玩活动。 育碧品牌经理郁欣明在接受采访时表示，正值国庆期间，育碧携刚刚上市不久的游戏《刺客信条：影》来参加AGF亚洲游戏博览会，希望第一时 间给广东玩家带来线下体验的机会。 ...

腾讯游戏xSupercell、网易游戏、盛趣游戏、三七互娱、西山居等游戏企业集体参展，带来众多现象级 游戏IP。另外，法国游戏企业育碧携《刺客信条：影》全新DLC"淡路之爪"举办全国首场线下试玩活 动。 10月2日至5日，AGF亚洲游戏博览会在广州保利世贸博览馆盛大启幕，同期举办CICF中国国际漫画节 动漫游戏展。 育碧品牌经理郁欣明在接受采访时表示，正值国庆期间，育碧携刚刚上市不久的游戏《刺客信条：影》 来参加AGF亚洲游戏博览会，希望第一时间给广东玩家带来线下体验的机会。 （文章来源：21世纪经济报道） ...

Group 1 - The AGF Asia Game Expo held in Guangzhou from October 2 to 5 serves as a significant platform for promoting cultural tourism consumption during the National Day holiday and advancing the "game dimension economy" [1] - The main venue covers an area of 82,000 square meters, featuring over 1,000 global brands and more than 7,000 IP peripheral products, along with over 100 special events [1] - Major gaming companies such as Tencent Games, NetEase Games, and Ubisoft participated, showcasing popular game IPs and hosting exclusive offline trial events [1] Group 2 - The Hong Kong Animation and Game Pavilion made its debut with 28 local brands, including 3MindWave and Tianming Entertainment, featuring interactive sessions with cosplay characters [2] - High-profile esports events such as the League of Legends Challenge Cup and the Capcom Street Fighter 6 World Tour are scheduled to take place during the expo [2]

Core Viewpoint - Apple is making efforts to enhance gaming on macOS to attract developers and improve the gaming experience on Mac, despite the platform's historical limitations in gaming performance and content availability [4][6][8]. Group 1: Apple's Gaming Strategy - Apple aims to showcase the capabilities of its M-series chips through gaming, as gaming performance is a direct indicator of hardware capability [8]. - The company is also motivated to retain gaming content within its ecosystem, as it has strict in-app purchase policies on iOS, and wants to prevent users from relying on external platforms like Steam and Epic [8][14]. - Despite the limited gaming market on Mac, Apple is pushing for more native game versions to create a viable gaming environment, even if the current offerings are sparse [8][17]. Group 2: Technical Limitations - The transition from Intel to Apple Silicon has created challenges for gaming on Mac, as many games are developed for Windows and do not have macOS versions [9][11]. - Hardware limitations, such as performance and power consumption issues, hinder the ability of Macs to run demanding games effectively [11][13]. - The unified memory architecture of Macs, while beneficial for certain tasks, may not meet the needs of high-performance gaming, as dedicated video memory is often preferred [13]. Group 3: Content Development Challenges - Apple's dual approach to gaming—offering services like Apple Arcade while also promoting high-profile games—creates a conflicting strategy that may confuse users [14][15]. - The lack of significant investment from developers in adapting games for macOS results in a limited selection of titles, which undermines the potential for a robust gaming ecosystem [17]. - The overall perception of Mac as a gaming platform remains skeptical, as developers are hesitant to invest in creating content specifically for macOS [17].

Group 1 - Tencent's "Honor of Kings World" PC version has begun pre-download and will officially launch on July 24, 2025, attracting significant player interest [1] - Successful launch and market response of "Honor of Kings World" could provide Tencent with a new revenue growth point, leveraging its existing user base to increase market share [1] - The introduction of a new hit game in a competitive industry can enhance Tencent's market position and boost investor confidence [1] Group 2 - The media reviews for the domestic action game "Mingmo: Yuanshu Zhi Yu" have been released, with the PC version receiving an average score of 73 from 13 media outlets, while the Xbox version scored 88 from 5 reviews, and the PS5 version received 75 from 52 reviews [2] - High media ratings can significantly impact the game's reputation and stimulate sales growth, potentially increasing the valuation and attractiveness of the developer Chengdu Lingze Technology [2] - Continued positive sales and player feedback could attract more capital into the domestic gaming sector, promoting industry development [2] Group 3 - Ubisoft's Q1 2025 financial report shows that "Assassin's Creed: Shadows" has surpassed 5 million players, indicating strong player engagement since its launch [3] - The game has achieved impressive metrics, including 2 billion stealth kills and interactions with 38 million animals, showcasing its appeal in the market [3] - Despite the strong performance of "Assassin's Creed: Shadows," lower-than-expected net bookings may raise concerns about Ubisoft's short-term profitability [3]

Industry Trends - In April, Sensor Tower released the global revenue rankings for Chinese mobile games, with Point Cloud Interactive's "Whiteout Survival," Tencent's "PUBG MOBILE," and miHoYo's "Honkai: Star Rail" taking the top three spots [2][4] - Tencent's domestic game revenue reached 42.9 billion yuan, a 24% increase year-on-year, while international game revenue was 16.6 billion yuan, up 23% [5] - NetEase reported a net income of approximately 24 billion yuan for its gaming and related services, reflecting a year-on-year growth of 12.1% [6] - Chengdu Ghost Face Technology, a company previously invested in by Tencent and Kuaishou, filed for bankruptcy, highlighting challenges faced by small to mid-sized anime game developers [8][9] Company Financials - Tencent's Q1 2025 revenue was 180 billion yuan, a 13% year-on-year increase, with adjusted operating profit rising 18% to 69.3 billion yuan [5] - NetEase's Q1 2025 revenue was 28.8 billion yuan, a 7.4% increase, with net profit at 10.3 billion yuan [6] - Huya reported a total revenue of 1.51 billion yuan for Q1 2025, with game-related services revenue growing 52.1% to 370 million yuan [7] International Market Developments - Ubisoft's annual revenue for the 2024-2025 fiscal year was 1.8992 billion euros (approximately 15.2853 billion yuan), a decline of 17.5% year-on-year [10] - Microsoft announced a 3% workforce reduction across all levels and departments, impacting its gaming divisions including Xbox and Bethesda [11] Strategic Partnerships - Riot Games partnered with cryptocurrency platform Coinbase to become the exclusive crypto exchange and official blockchain technology partner for its esports events [13][14]

Investment Rating - Industry Rating: Recommended [5] Core Views & Investment Suggestions - The demand in the domestic cultural tourism market is robust, with inbound travel orders increasing by 173% year-on-year for the upcoming May Day holiday. This indicates a peak travel interest since 2023, driven by long domestic trips and new tax refund policies for outbound travelers [2][24] - The gaming industry is seeing a normalization in supply regulation, with 127 games approved in April, reflecting a steady recovery in domestic demand and the cultural consumption industry chain [2][24] - AI is positioned as a crucial intersection of technological innovation and domestic demand expansion, with increasing importance on self-sufficiency and technological innovation for long-term development [3][25] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability 2) The gaming industry, which is expected to see policy incentives boost domestic demand and enhance product competitiveness 3) The film and cultural tourism sectors, which are likely to benefit from consumption policies that stimulate cinema recovery and improve consumer demand [3][25] Market Overview - In the 16th week of 2025 (April 21-25), the Shanghai Composite Index rose by 0.56%, the CSI 300 Index increased by 0.38%, and the ChiNext Index climbed by 1.74%. The Hang Seng Index saw a rise of 2.74%, while the SW Media Index fell by 0.11%, ranking 25th among 31 industries [1][12][18] - Among sub-industries, gaming and internet services saw increases of 1.56% and 1.39%, respectively, while the film industry experienced a slight decline of 0.14% [1][12][16] Industry News - The top three films at the box office were "Nezha: Birth of the Demon Child," "Sunshine Flowers," and "Detective Chinatown 1900." The most popular online films included "The Legend of the Condor Heroes: The Great Hero" and "Murder 3" [4][7] - The gaming market is experiencing significant growth, with the TCG (trading card game) market projected to exceed 20 billion, driven by major IPs entering the space [27]

Group 1: Investment and Strategic Partnerships - Tencent's investment of €1.16 billion will strengthen Ubisoft's balance sheet, including debt repayment and supporting new operations, while Ubisoft retains full creative control, IP ownership, and business decision-making rights [1] - Gaggle Studios announced a strategic partnership with Kingsoft Game, making Kingsoft the exclusive agent for "Goose Goose Duck" in mainland China, responsible for localization and mobile development, with the mobile version expected to begin testing in May 2025 [4] - NEKCOM announced a strategic investment agreement with GCL Global Holdings, with GCL acquiring 20% of NEKCOM's shares for the global distribution of the upcoming RPG "Showa America Story" [17] Group 2: Financial Performance and Market Trends - Friendship Time reported a revenue of ¥1.162 billion for the year ending December 31, 2024, a 10.1% increase from ¥1.056 billion in 2023, with a significant reduction in adjusted annual losses by 67.8% [6] - Heartbeat Company achieved a revenue of ¥5.012 billion, a 47.9% year-on-year increase, with game business revenue growing by 64.2% [6][7] - Qingci Games reported a revenue of ¥628 million, turning a profit of ¥51.12 million, with overseas market revenue increasing from 28.47% to 43.93% of total revenue [8] - Zulong Entertainment's revenue reached ¥1.141 billion, a 25.6% increase, driven by the success of "Dragon Tribe: Cassel's Gate" and sustained popularity of "Shining Name" [9] - IGG's total revenue was HK$5.737 billion (approximately ¥5.357 billion), a 9% increase, with net profit soaring by 697% to HK$580 million (approximately ¥541 million) [10][11] Group 3: Game Releases and Market Performance - Ubisoft's latest title "Assassin's Creed: Shadow" attracted over 3 million players within a week of release, setting a record for first-day sales in the franchise [20][21] - The game "NIKKE: Goddess of Victory" has generated over $1 billion in revenue since its launch in 2022, indicating strong market performance prior to its domestic release [12] - The gaming industry is seeing a trend where over 67% of PC players' time in 2024 is spent on games older than six years, highlighting a shift in player engagement towards established titles [5]