文 | 游戏观察 上周，网易首款大战略单机游戏《万民长歌：三国》被曝项目被砍。而在项目被砍的前一周，网易雷火 研发的动作冒险游戏《归唐》发布了首支预告片，目前在哔哩哔哩视频平台已经收获了超过1400万的播 放量，收获很高的关注度。 「有人欢喜有人忧」，同一个公司的两款产品有着完全不同的命运。从《万民长歌：三国》目前的 demo来看，游戏有亮点也有缺陷，热度相对一般。但这是首款推出demo的大厂单机游戏，在推出试玩 后不久就被砍实在可惜。不过也在意料之中，丁磊在网易2024年财报Q4财报电话会议中表示：如果发 现有些项目在未来推出时，不适合市场用户的需求，那么我们会积极果断地「踩刹车」。 实际上，对于国产单机游戏来说，这或许已经是最好的时代。主要有两方面的原因。 第一点自然是去年《黑神话：悟空》爆火后，让市场看到了单机游戏的上限，不仅局限在直接的销售收 入上。同时一改玩家对国产单机游戏没有大制作精品的刻板印象，展现了单机游戏市场仍然有很多潜 力。 第二点则与单机游戏本身无关，而是F2P游戏目前较为尴尬的处境。以前国内中大厂商不做单机是因为 F2P游戏赚钱，而现在新推出的F2P游戏也很难赚钱了，以至于目前新F2P ...

Group 1 - The core viewpoint of the news highlights a significant increase in the issuance of game licenses in June, with 147 domestic and 11 imported games approved, marking a new high for the year [1] - The overall trend indicates that by the first half of 2025, a total of 757 domestic game licenses have been issued, continuing the normalized issuance pace observed this year [1] - Several key new games are set to launch, providing a positive outlook for the industry's performance in the second half of the year, including Tencent's "Under the Human" and Perfect World's "Otherworld" [1] Group 2 - According to the "May 2025 China Game Industry Monthly Report," the total market revenue reached 28.051 billion yuan in May, reflecting a year-on-year growth of 9.86% [2] - The esports game segment showed strong performance with sales revenue of 14.523 billion yuan, a year-on-year increase of 28.22% [2] - The continuous issuance of game licenses reinforces the sustainable growth logic of the gaming sector, supported by structural growth driven by the esports ecosystem and overseas product iterations [2]

游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司股票的整体 表现，可以关注游戏ETF（159869）布局机会。 每日经济新闻 6月16日，游戏股集体走强，游戏板块持续冲高，游戏ETF（159869）现已涨4.19%。游戏ETF（159869）近5个交易日累计"吸金"达1.21亿元， 游戏板块持续受资金青睐。 消息面上，浙江省商务厅等17部门印发《关于支持游戏出海的若干措施》，浙江省商务厅解读《关于支持游戏出海的若干措施》指出，加大游 戏出海资金扶持力度。充分发挥中央外经贸专项资金等中央及省级专项资金撬动作用，支持游戏出海。鼓励有条件的地市加大政策支持力度， 推动游戏做大做强、国际化发展。优化数字文化产业投融资和出口信保服务。 中信建投指出，传媒行业Labubu引领IP新消费热潮，AI应用商业化频超预期。AI玩具和眼镜新品密集落地，价格带下探至百元，Rokid Glasses 等产品订单亮眼。游戏行业新品周期持续，竞争格局改善，中小产品回收加速，《归环》《异人之下》等二次元开放世界游戏受关注，《无畏 契约》手游预约量超2000万。政策持 ...

6月16日，游戏板块盘中领涨，游戏ETF（516010）涨超3%。 【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 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨 慎。 每日经济新闻 （责任编辑：董萍萍 ） 中信建投指出，传媒行业Labubu引领IP新消费热潮，AI应用商业化频超预期。AI玩具和眼镜新品 密集落地，价格带下探至百元，Rokid Glasses等产品订单亮眼。游戏行业新品周期持续，竞争格局改 善，中小产品回收加速，《归环》《异人之下》等二次元开放世界游戏受关注，《无畏契约》手游预约 量超2000万。政策持续回暖，版号发放同比增长15%，行业需求稳步回升。AI视频模型可灵与 ...

关旭认为，"好故事"的底层创作逻辑是强叙事、系列化和国际视野。强叙事是剧集高审美、高浓度、高密度的一种体现，"如今的审 美习惯让观众和行业对强叙事的需求更迫切，所以无论是现在还是未来，我们都会反复强调这一点。" 系列化则是基于观众反馈，在未来形成高效的标准化制作体系，对剧集进行系列化探索。在系列IP打造上，优酷此前已有多个成功案 例。"比如基于人气IP开发的精品漫改剧《异人之下》系列，在粉丝中引发追剧热潮；《我叫赵甲第2》是第一部收获观众良好反馈后 进行了续集制作；待播的还有'周木楠少年江湖宇宙'的《暗河传》，讲述《少年歌行》和《少年白马醉春风》衍生人物的故事。"关 旭介绍。 5月28日，"优酷原创"新厂牌推出，将以强叙事、系列化、国际视野追求"好故事"。优酷副总裁关旭表示，该厂牌是优酷对内容精品 化战略更深层次的沉淀，也是在精品内容创作道路上"向新而生"的又一探索。 近年来，优酷在"为好内容全力以赴"的品牌主张下，不断挖掘观众审美需求。相继推出了《墨雨云间》《边水往事》《难哄》等多部 优质作品，以及《新生》《异人之下之决战！碧游村》《沙尘暴》等13集以下精品剧，让强叙事、极致风格化、更高的美学体系成 为优酷 ...

Group 1 - Tencent's new game "Under the Other" has started a beta test, indicating its entry into the competitive market of 2D games [1] - The Chinese 2D game market is expected to see a significant turning point by May 2025, with several new titles receiving approval from the National Press and Publication Administration [1] - The 2D game sector, which was once thriving, is now experiencing a downturn with a reduction in new game releases and ongoing service terminations [1][2] Group 2 - Major companies are adjusting their strategies in the 2D game market, with Tencent notably reducing its investments in this area [2] - The success of miHoYo's "Genshin Impact" has led to increased competition and investment in the 2D game sector, but Tencent's focus has shifted towards maintaining its core competitive games [2][3] - The demand for deeper gameplay and content updates is rising among players, which has posed challenges for existing games like "White Night: Aurora" [2][3] Group 3 - The market for "pan-2D" users in China is projected to grow from 354 million in 2019 to 570 million by 2029, indicating a strong potential for 2D game IPs [4] - The revenue from the pan-2D market is expected to increase significantly, from 298.3 billion yuan in 2019 to 834.4 billion yuan by 2029 [4] - The unique cultural appeal and user engagement of 2D games continue to attract major companies despite the current market challenges [4] Group 4 - Tencent's recent release "Victory Goddess: New Hope" has performed well, reaching the top of the iOS free charts and maintaining a position in the top 20 of the best-selling charts [5] - Tencent is focusing on a niche of "2D beautiful girls" combined with shooting games, which reflects its strengths in traffic generation and social retention [5] - The competitive landscape is shifting, with companies needing to balance visual appeal and innovative content to attract younger audiences [6] Group 5 - NetEase is restructuring its approach to 2D games, focusing on long-term operations of established IPs like "Onmyoji" while reducing investment in new projects [6] - The 2D game market is undergoing a new round of reshuffling, with established IP holders focusing on sustaining existing products while newcomers aim to disrupt the market with innovative gameplay [6] - The future success in the 2D game market will depend on companies' abilities to balance visual appeal with engaging content that resonates with Generation Z [6]

每经记者｜张梓桐 每经实习编辑｜余婷婷 ｜2025年5月27日 星期二｜ NO.3 腾讯魔方工作室《异人之下》开启新一轮测试招募 5月26日消息，腾讯旗下魔方工作室研发的漫改动作游戏《异人之下》近日正式宣布启动"百相测试"招 募。此次测试将覆盖PC（个人电脑）端与移动端平台，并支持双端数据互通。作为改编自热门国漫 《一人之下》的IP（知识产权）作品，该游戏凭借原作的高人气及腾讯的研发实力，自公布以来便备受 市场期待。 点评：作为腾讯2024年重点IP储备之一，《异人之下》若测试反馈良好，则有望填补其动作类手游的市 场空白，增强投资者对腾讯游戏板块复苏的信心。尤其在今年国内游戏版号常态化背景下，新游表现将 成为股价催化因素之一。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 点评：在传统商贸业增长乏力的背景下，游戏电竞产业高达1400亿元的营收规模及其对年轻人口的集聚 效应，使其成为区域经济转型的关键抓手。对于资本市场而言，这既意味着新的价值发现机会，也预示 着行业分化将进一步加剧——拥有技术沉淀和本土资源优势的企业，或将成为这轮政策红利的最大赢 家。 NO.2 微软X ...

文/苏苏 在《少年歌行》和《异人之下》的推动下，优酷尝试男频漫改IP系列化制作，推出"少歌宇宙"和"异人 之下系列"。前者改编周木楠同名小说《少年白马醉春风》和《暗河传》，后者《异人之下碧游村篇》 则以短剧形式呈现。但惋惜的是，《少年白马醉春风》和《异人之下碧游村篇》不论是数据表现还是口 碑表现均折戟，不仅暴露了男频IP的延展能力存疑，优酷的漫改赛道与男频剧赛道发展遇阻。 此外，在"以男性向作品探索新增量"的方针下，优酷当时筹备了修仙大IP改编的《凡人修仙传》、尾鱼 小说改编的《七根心简》、天下霸唱同名IP改编的《火神》（剧名《真探》）、根据南派三叔"随笔"内 容改编的《藏海戏麟》（后改名"藏海传"），非遗题材历史剧《天宫之城》。然而这几部剧集均早已杀 青，却尚无一部剧集播出。在腾讯视频已有《庆余年》一、二季和《雪中悍刀行》，爱奇艺已有《赘 婿》的成功案例作为对比，优酷的男频天下尚且没有打开局面。 2023年底，优酷当时剧集业务的负责人在公开讲话中提到，要"以男性赛道撬动平台新增量"。 2025年，优酷剧集负责人更换后，曾经押注的男性赛道，作品或扑街、或迟迟无法播出、或一直开不了 机，或在平台调转发展方向、施 ...

Core Viewpoint - The article discusses Tencent's SPARK game release event, highlighting its strategy of reinforcing dominance in mature markets while cautiously exploring potential risks in the gaming industry [3][10]. Group 1: Event Overview - The SPARK Tencent game release event showcased a record 46 new games, significantly more than previous years, indicating a robust project pipeline [2][3]. - The event was divided into three segments: self-developed, published, and invested games, providing a comprehensive view of Tencent's gaming portfolio [3]. Group 2: Strategic Insights - Tencent's strategy focuses on solidifying its dominance in established gaming genres, particularly in the FPS sector, by creating a competitive ecosystem that is hard to replicate [4][10]. - The introduction of projects like "The Finals" and "Path of Exile" reflects Tencent's approach to adapt and innovate within existing genres while maintaining a stronghold on market share [4][6]. Group 3: IP and Market Positioning - Tencent's aggressive acquisition of high-profile IPs, such as "Dune" and "Under the Red Sky," demonstrates its commitment to securing strategic positions in the gaming landscape, regardless of immediate domestic audience size [6][7]. - The company is increasingly targeting subcultures within the gaming community, aiming to capture a wider audience while maintaining its competitive edge in popular genres [7]. Group 4: Project Evaluation - Among the new releases, "Silicon Universe" is highlighted as a potential game-changer, representing a departure from Tencent's usual strategies and possibly marking a significant turning point for the company [9]. - The development of "Honor of Kings World" and "Star of Dawn" reflects Tencent's ongoing struggle with innovation, as both projects have faced lengthy development cycles and multiple directional shifts [12][14]. Group 5: Market Dynamics - The article suggests that Tencent's extensive resource allocation to defend its market position may inadvertently stifle innovation and exploration of new gaming categories [10][11]. - The overall sentiment indicates that while Tencent's new game announcements are plentiful, they lack significant breakthroughs in gameplay and genre innovation, reflecting a cautious approach amidst competitive pressures [17][18].