Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

12月12日，游戏板块早盘窄幅震荡，游戏ETF（159869）现小幅微涨近0.5%。持仓股中，迅游科 技、奥飞娱乐、神州泰岳、电魂网络、三七互娱等均涨超2%，名臣健康、巨人网络、吉比特、富春股 份等跌幅靠前。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 江海证券指出，2025年1~11月，有关部门共发布国产网络游戏版号1532个，同比增长29.39%。11 月国产及进口游戏版号下发数量较大，体现监管政策对于游戏产业发展的呵护态度。游戏板块现金流 好，政策支持力度持续加大，且AI游戏研发持续深化，持续看好游戏板块。 开源证券认为，在第三季度利好基础上，年底游戏板块又迎多重催化：圣诞、元旦及寒假春节假期 临近，行业进入新游上线与老游推广旺季，流水有望显著提升。重点新游包括吉比特旗下策略手游《九 牧之野》（预约破百万，主打"降肝减氪"）、金山软件《鹅鸭杀》手游及B站代理《嘟嘟脸恶作剧 ...

Core Viewpoint - Bilibili (BILI.US) stock rose by 3% in pre-market trading, driven by the upcoming release of new games in December 2025, including a notable title from the company [1] Group 1: Company Developments - Bilibili is set to release the long-awaited anime-themed game "Trickcal Revive," developed by South Korean company EPIDGAMES, which previously performed well in the Korean market [1] - The game is part of a lineup of 13 new games expected to launch in December, indicating Bilibili's active role in the gaming sector [1] Group 2: Industry Insights - According to GameLook, the gaming industry is preparing for a significant year-end with multiple new game releases, reflecting ongoing growth and competition in the market [1] - "Trickcal Revive" has previously entered the top ten monthly revenue rankings in the Korean mobile game market, showcasing its potential success [1]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights a significant increase in the approval of domestic game licenses, with 178 domestic games and 6 imported games approved in November, marking a new monthly high for the year. A total of 1,532 domestic game licenses have been issued in 2025, indicating a robust supply for new game releases [3][4] - The film market is showing signs of recovery, driven by the success of "Zootopia 2," which has grossed over 1.89 billion yuan in the mainland, with a projected final box office of 4.263 billion yuan. Upcoming films are expected to further boost box office revenues [4][5] - The report emphasizes the ongoing development and commercialization of AI applications, particularly in gaming, advertising, and content creation, suggesting continued investment in these sectors [3][4] Summary by Sections Industry Data Overview - "仙逆 H5" ranks first in the iOS free game chart, while "和平精英" leads the iOS revenue chart as of November 29, 2025 [10][14] - The report notes that "明日方舟：终末地" is the top-ranked game in the Android pre-registration chart, and "逆战：未来" leads the iOS pre-registration chart [21][23] Industry News Overview - The report discusses advancements in AI models, including the release of Claude Opus 4.5, which enhances coding and agent capabilities, and the rapid deployment of AI products by Alibaba [31][32] - The gaming market remains vibrant, with a notable increase in the issuance of domestic game licenses, indicating sustained high demand [31][32] Company Recommendations - The report recommends continued investment in AI gaming, AI advertising, AI animation, AI e-commerce, and AI design sectors, highlighting key companies such as 恺英网络, 巨人网络, and 腾讯控股 as beneficiaries [3][4]

点评：该游戏凭借"全场景捏脸"的强社交属性与"卡牌+自走棋"的创新融合切入市场，百万级预约量彰 显了其独特的差异化定位已获得市场初步认可。对游戏行业而言，此案例印证了"玩法微创新+强社交 互动"在细分赛道中的突围潜力，或将激励更多厂商探索此类混合模式。 ｜2025年11月26日星期三｜ NO.1 中国游戏10月海内外收入同比环比齐增 11月25日，中国音数协游戏工委与伽马数据发布《2025年10月中国游戏产业月度报告》，中国游戏10月 海内外收入同比环比均呈增长趋势。具体来看，中国国内游戏市场收入为313.59亿元，环比增长 5.66%，同比增长7.83%。中国移动游戏市场贡献主要增量，实际销售收入226.33亿元，环比增长 5.33%，同比增长2.36%。中国客户端游戏市场实际销售收入72.27亿元，环比增长1.92%，同比增长 29.39%。此外，中国自主研发游戏海外市场实际销售收入17.99亿美元，环比增长10.96%，同比增长 11.90%。 点评：10月游戏海内外市场收入实现同比环比双增长，彰显行业基本面持续向好，印证了精品化与多端 融合趋势的深化。自研游戏海外收入环比增长近11%，则凸显"游戏出海 ...

Core Insights - The mobile game "Dudu Face Prank" is set to launch its public test in China on December 18, with a significant pre-registration volume nearing 2 million [2][4]. Group 1: Game Popularity and Market Position - "Dudu Face Prank" has gained substantial popularity in overseas markets, ranking among the top three popular 2D mobile games in South Korea alongside "NIKKE" and "Blue Archive" [4]. - The game has consistently topped the sales charts for 2D games in South Korea within a year and a half of its launch [4]. Group 2: Unique Gameplay Features - The game differentiates itself in a market characterized by high intensity and time-consuming gameplay by offering a "lightweight" playstyle focused on relaxation [6]. - Daily gameplay is designed to be completed in approximately 10 minutes, contrasting with the typical 30-60 minutes required for daily tasks in traditional mobile games [6]. - An innovative "full-scene interactive face-sculpting" mechanism allows players to manipulate characters in a tactile manner, enhancing emotional release through gameplay [6].

Core Viewpoint - The company is expected to see a slight revenue growth in Q3 2025, driven by various business segments, while the gaming sector faces challenges with declining sales [4][5]. Revenue Forecast - The company anticipates Q3 2025 revenue of 7.65 billion RMB, representing a year-over-year increase of 4.7%. The revenue breakdown by business segment is as follows: gaming at 1.52 billion RMB (down 16.5%), VAS at 3.12 billion RMB (up 10.5%), advertising at 2.52 billion RMB (up 20%), and e-commerce at 490 million RMB (down 14%) [4]. Gaming Business Update - The self-developed game "Escape from Duckov" launched globally on October 16, achieving over 500,000 sales within three days and surpassing 1 million sales by October 22, with a projected revenue of over 150 million RMB [5][6]. - The international version of "Dudu Face Prank" was released on October 9, generating an estimated revenue of 4.02 million RMB in its first three days, with Japan, Taiwan, and the USA being the largest markets [5][6]. - A new game titled "Three Kingdoms Hundred Generals Card" is in development, targeting strategy game enthusiasts and expected to enter testing on October 30, with a launch anticipated in early 2026 [6]. AI Product Development - The company has launched AI translation features for content creators, enhancing user engagement and experience. Additionally, an AI video tool named "Peanut AI" is in internal testing, allowing creators to generate videos quickly [7]. - In advertising, the company has introduced AI capabilities across the ad placement process to improve creative efficiency and effectiveness, including AI-generated titles and automatic modifications of rejected materials [7].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.65% at 26,027.55 points and a total turnover of HKD 2,646.57 million [1] - Short-term volatility is expected, but long-term growth is anticipated due to developments in the AI industry, improved US-China relations, and policy implementations [1] Blue-Chip Stocks Performance - China Life (02628) led blue-chip stocks, rising 6.04% to HKD 24.94, contributing 16.55 points to the Hang Seng Index [2] - The company projected a net profit of RMB 156.79 billion to RMB 177.69 billion for the first three quarters of 2025, representing a year-on-year increase of 50% to 70% [2] - Other notable blue-chip performances included BYD Electronics (00285) up 3.77%, Techtronic Industries (00669) up 3.7%, while China Telecom (00728) and China Resources Mixc Lifestyle (01209) saw declines [2] Sector Highlights - Major technology stocks saw gains, with Alibaba and Kuaishou both rising nearly 2%, and Tencent up 0.48% [3] - The Apple concept stocks performed well, driven by strong demand for the iPhone 17 series, with several companies in the supply chain seeing significant increases in stock prices [4] - Insurance stocks generally rose, with China Life and New China Life both reporting substantial profit increases for the first three quarters of 2025 [5] Automotive Sector - The automotive sector continued its upward trend, with Xpeng Motors (09868) up 3.75% and Geely Automobile (00175) up 3.23% [5] - The China Association of Automobile Manufacturers reported record production and sales for new energy vehicles in September, with year-on-year growth of 23.7% and 24.6% respectively [6] Oil and Gas Sector - Some oil and gas stocks strengthened, notably Sinopec Oilfield Service (01033) which surged 12% [7] - The "Deep Earth Economy" is gaining attention as a strategic emerging industry, focusing on resource exploration and underground space utilization [7] Notable Stock Movements - Jushuitan (06687) debuted with a 23.86% increase, closing at HKD 37.9, focusing on e-commerce SaaS solutions [8] - Tsugami Machine Tool (01651) reached a new high with a 9.63% rise, forecasting a 48% increase in net profit for the first half of the 2026 fiscal year [9] - Bosideng (03998) rose 9.11% as colder weather is expected to boost winter clothing sales [10] - Bilibili-W (09626) gained 8.88% following successful game releases [11] - Aux Electric (02580) increased by 7.59% after announcing a dividend payout plan [12]

Core Viewpoint - Bilibili's stock price has increased by over 9%, reaching 229 HKD, with a trading volume of 926 million HKD, driven by strong game sales and positive financial forecasts [1] Game Performance - The newly released game "Escape from Duckkov" has sold over 500,000 copies since its launch on October 16 [1] - The international version of the card RPG game "Dudu Face Prank" topped the free iOS game charts in Hong Kong, Macau, and Japan shortly after its release on October 9 [1] - A new game titled "Three Kingdoms: Hundred Generals Card" is set to begin testing in October [1] Financial Outlook - According to招商证券, Bilibili's advertising and gaming businesses continue to perform well, with a rich pipeline of new games and gradual release of commercial value [1] - The company is expected to achieve revenue of 7.6 billion CNY in Q3, representing a year-on-year growth of 4% [1] - Adjusted net profit for the same period is projected to be 650 million CNY, reflecting a year-on-year increase of 175% and a quarter-on-quarter increase of 16% [1] - The firm is optimistic about the acceleration of commercialization and the release of operational leverage, which will enhance profitability [1]

Core Viewpoint - Bilibili-W is expected to report Q3 2025 revenue between 76.00 and 77.78 billion yuan, representing a year-on-year growth of 4.0% to 6.5%, with net profit projected between 2.36 and 3.61 billion yuan, showing a significant increase of 396.8% to 554.0% [1][3] Revenue and Profit Forecast - Q3 revenue forecast: 76.00 to 77.78 billion yuan, with a year-on-year growth of 4.0% to 6.5% [1][3] - Q3 net profit forecast: 2.36 to 3.61 billion yuan, with a year-on-year growth of 396.8% to 554.0% [1][3] - Adjusted net profit forecast: 5.91 to 6.93 billion yuan, with a year-on-year growth of 150.2% to 193.4% [1][3] Recent Performance Insights - In Q2 2025, Bilibili-W reported revenue of 73 billion yuan, a year-on-year increase of 19.8%, with a gross profit margin of 36.5% [4] - Non-GAAP net profit for Q2 2025 was approximately 5.6 billion yuan, with a net profit margin of about 7.7% [4] - Daily active users reached 109 million, and monthly active users reached 363 million, with over 31 million monthly paying users, a 9% year-on-year increase [4] Business Segment Performance - Advertising revenue grew by 30% year-on-year, with the number of advertisers increasing by over 20% [4] - Mobile gaming revenue increased by 60% year-on-year, with several games leading sales charts [5] - Live streaming and value-added services revenue grew by 11% year-on-year, with monthly paying users exceeding 31 million [5]