晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 昨日 A 股收盘后，国务院发布了关于深入实施"人工智能+"行动的意见。对发 展国内人工智能产业的多个方面都发布了支持和指导的建议。同时国内 AI 产业 链的龙头标志性公司，如寒武纪、胜宏科技、中际旭创和浪潮信息等都在同日发 布了 2025 年的半年度财报，从这些公司上半年的业绩看，无论是收入还是净利 润都呈现高增长趋势，从他们的存货环比变动看，除寒武纪 Q2 期末的存货环比 下降外，其余的公司都继续环比大幅增长，因此总体看这些公司三季度的业绩大 概率能够继续环比增长，寒武纪可能三季度的业绩环比增幅不大。昨日 A 股在出 现历史第二高的交易量后，已经出现调整迹象，如果今天 AI 产业链不能在上述 消息的刺激下明显反弹，则本轮 A 股的上涨行情可能进入盘整或调整的概率较高。 财联社 8 月 27 日电，苹果公司计划于太平洋时间 9 月 9 日上午 10 点举行大型秋 季产品发布会，预计将推出 iPhone 17 系列。我们认为国内苹果产业链的龙头公 司歌尔、立讯等近期公布的半年度报告基本净利润都维持 20%左右的增长，如果 新的苹果产品能够在技 ...

传媒/游戏Ⅱ 完美世界（002624.SZ） 中报业绩大增，看好新游上线及影视修复驱动成长 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 16.37 | | 一年最高最低(元) | 16.72/6.96 | | 总市值(亿元) | 317.57 | | 流通市值(亿元) | 299.20 | | 总股本(亿股) | 19.40 | | 流通股本(亿股) | 18.28 | | 近 3 个月换手率(%) | 195.35 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 完美世界 沪深300 《预计 2025H1 同比大幅扭亏，关注 《异环》上线进展—公司信息更新报 告》-2025.7.17 相关研究报告 《《诛仙世界》《异环》开启新品周期， 业绩或迎反转—公司信息更新报告》 -2024.11.7 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 中报业绩大增，关注重磅新游《异 ...

正在外界对其传言纷纷时，8月25日，《黑色信标》官方发布了最新公告，公告表示，延迟1.2版本结束 时间至10月14日，迟到了整整五十天。 近期有消息显示，《黑色信标》明昼科技大楼搬迁。 之后很长一段时间，除了复刻活动之外没有任何新内容更新。 公告一出，社区更是引发跑路猜测。从国服上线4月28日至今短短四个月左右时间，如果真的如猜测所 言实在令人唏嘘。 | 评论 161 相关 只看作者 三 热门 | | --- | | 无名 | | 实在不行咱们出个陪伴服吧 | | 你要跑路的话吱个声,我有个心理准备 | | 98楼 · 昨天 19:36 回复 | | 白猫 | | 这不就是死了 就把性价比青和最强男角色拉出来复 | | 刻再圈最后一波吗 | | 110楼 · 昨天 21:07 回复 | | 家居哥 OPC MW | | 准备跑路的征兆。 | | 1,公司搬迁,人员缩减 | | 2,新版本不能稳定更新,延后。 | | 3,复刻跳过相对弱势的,先上强势人气高的角色。 | | 你就氪吧,欢迎补充。 | | 86 楼 · 昨天 18:21 回复 | | 灯列 22024年度报告 | | 永久月卡69 | | 昨天 2 ...

"中国味儿"到底是什么？ 不知不觉，2025科隆游戏展已然落下帷幕。或许大家现在还在回味开幕夜上曝光的新内容，但对我而言，令人振奋的不只有新游戏，今年科隆折射出的 2025行业新风向，也给我带来了一些不一样的情绪。 依稀记得去年的这个时候，海内外从业者们都在关心行业生存、市场变化、裁员、资金链等下行期特有的焦虑话题。 你能发现科隆前夕的开发者大会（Devcom）上，海外游戏人提出了不少直戳行业痛处的议题——"游戏行业已死"、"如何在10天内失去一名玩家"、"如何 通过5个简单步骤搞垮你的工作室"...... 当时间来到2025，虽然全球游戏行业下行依旧，Devcom上仍塞满"在不确定时期支持心理健康"、"失败专题：失败无可避免"等惨兮兮的议题，但值得庆 幸的是，一些向好的变化已经在暗地里悄然发生。尤其是国产游戏在这届科隆上呈现出的能量，几乎承包了所有的看点。 一年不见，开始"围攻"科隆了？ 从今年科隆曝光的国产游戏来看，无论是新老产品数量，还是在全球游戏行业以及玩家当中的关注度、新鲜度，今年的国内厂商都有着突破以往的超强 「存在感」。 回顾此次科隆，其中最能体现国产游戏存在感的事件，无疑是开幕夜当天《黑神话： ...

Group 1: Gaming Industry - The gaming sector is expected to see significant performance growth in Q3 2023, driven by high earnings per share (EPS) revisions and improved market conditions [1] - Domestic self-developed online games in the first half of the year experienced a 20% increase, primarily due to enhanced average revenue per user (ARPPU) [1] - Major titles set to launch include "Valorant," "Famous Generals," "Nine Muses of the Wild," "Iser" domestic version, and "Eternal Ring," contributing to a strong Q3 performance [1] Group 2: Cobalt Market - Cobalt prices are anticipated to experience a cyclical upward trend between 2025 and 2027 due to an optimized long-term supply-demand balance [2] - The cobalt supply-demand relationship is likely to remain in a state of shortage in 2026 and 2027, suggesting a potential price rebound similar to previous cycles [2] - Future cobalt prices may stabilize above 350,000 yuan per ton, indicating a sustained increase in the coming years [2] Group 3: Solar Thermal Power - Solar thermal power is recognized for its significant role in constructing a new type of power system, providing stable and continuous electricity generation [3] - This energy source combines peak-shaving capabilities and energy storage, offering long-term peak regulation and inertia in the power system [3] - The value distribution of solar thermal systems highlights that the concentrator system, heat absorption system, thermal system, and storage system hold substantial value [3]

Core Insights - The ChinaJoy 2025 event will take place from August 1 to 4 at the Shanghai New International Expo Center, highlighting the digital entertainment industry's role as a testing ground for cutting-edge technologies [1] - Perfect World's Senior Vice President, Yidi, emphasized that the gaming industry provides a complex environment for testing and enhancing AI capabilities, with game engines serving as cross-industry empowerment tools [1] Group 1 - Perfect World's game "Yihuan" features innovative differentiation with a supernatural urban open world that can "grow," dynamic weather interactions, and a multi-platform launch across PC, mobile, and consoles globally [3] - The company has upgraded its industrial pipeline with AI tools, evolving from AI algorithms in 2017 to the Perfect World AIGC platform 1 in 2023, and now to AIGC platform 2 in 2024, integrating private deployment and commercial models [3] - The dual spiral of technological and industrial upgrades is expected to bring new methods in production and user experience, indicating a promising future for the gaming industry [3]

Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new industry peak similar to previous waves in 2015 and 2020 [1][2][5] Industry Trends - The current wave of ACG games is characterized by domestic developers no longer blindly following trends but instead focusing on developing their own intellectual properties (IPs) and integrating ACG elements with familiar game types, exploring niche markets [1][11] - The market is seeing a significant influx of new and established players, leading to a competitive environment that may result in a reshuffling of market positions [4][11] Game Launches and Performance - Notable game launches include "Victory Goddess: NIKKE," which achieved $1 billion in global revenue by January 2025, and "Pretty Derby," which returned after a 622-day hiatus, generating approximately $203 million in its first 12 days [2][3] - Other successful titles include "杖剑传说," which generated over 200 million yuan in its first month, and "最终幻想14：水晶世界," which began testing in June 2025 [3][4] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current trend being driven by a more mature understanding of the market and player preferences [5][6] - Previous failures in the sector were often due to a lack of depth in storytelling and gameplay, leading to a "winner-takes-all" scenario where only a few titles succeeded [6][10] Cultural Shifts - The rise of "Guochao" (national trend) has allowed domestic developers to resonate more with local audiences, reducing cultural barriers and enhancing emotional connections with players [12][13] - The development of game-related merchandise is gaining traction, reflecting a shift in focus towards creating a broader ecosystem around ACG titles [12][13] Future Outlook - The current trend indicates a diversification of gameplay styles, with developers exploring various genres such as ARPG, shooting, and open-world games, which may lead to new market opportunities [11][12] - There is speculation about the potential for a "GTA-style" ACG game to emerge, with titles like "异环" and "无限大" being closely watched for their market impact [14][15][16]

Core Insights - Perfect World was awarded the "2025 Annual Digital Ecological Leading Enterprise Case" at the "Breaking Waves · Coexistence - 2025 China Digital Industry Ecological Conference" for its significant contributions to building a healthy and sustainable digital ecosystem [1] - The company has established a global strategy of "global production, global distribution, and global partnerships," exemplified by the creation of the global IP "Very Hero" through collaboration between its Chinese and French teams [1] - Perfect World's multi-platform open-world game "Tower of Fantasy" launched in 2022 topped the iOS game charts in over 40 countries and regions, indicating strong overseas user acceptance [1] - The company is developing an original supernatural urban open-world RPG game "Yihuan," which has completed its second domestic test and first overseas test, receiving positive feedback from players [1] - Perfect World aims to provide a seamless gaming experience across PC, mobile, and console platforms for global players [1] Industry Insights - The recent global success of Chinese IP products like Labubu and "Black Myth: Wukong" can be attributed to three key factors: hard power, confidence, and empathy [2] - The Chinese cultural industry has developed the necessary capabilities for top-tier IP creation, including content development, technical production, and brand output [2] - Cultural confidence among new-generation creators allows for effective storytelling and revitalization of traditional culture [2] - The rise of Generation Z has shifted the focus towards emotional engagement as a fundamental logic for IP success, making it crucial for companies to resonate deeply with global users [2] - Cultural products face unique challenges in international markets, including ideological, legal, and infrastructural barriers [2] - Legal compliance is essential for companies venturing abroad, with respect for diversity being a prerequisite for acceptance [2] - Perfect World plans to enhance its global capabilities and integrate into the global industry chain to promote Chinese culture internationally [2]

Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new wave of industry excitement similar to past peaks in 2015 and 2020 [1][2][7] Industry Trends - The current wave of ACG games is characterized by a shift from blind imitation to the development of original IPs, with companies exploring niche markets and integrating ACG elements with familiar game genres [1][14] - The market is seeing a diverse range of game types, including card games, retro styles, and SLG, indicating a broader appeal to ACG players [14][15] New Entrants and Game Launches - A number of new and returning titles are launching, including "Victory Goddess: NIKKE," which achieved significant revenue shortly after its release [2][4] - Established titles like "Pretty Derby" are also making comebacks, with strong community engagement despite lower initial performance metrics [4][5] Major Upcoming Titles - Anticipated releases include Perfect World's "Yihuan," which has garnered over 300,000 pre-registrations, and Tencent's adaptation of the popular comic "Yiren Zhi Xia" [5][8] - The trend of exporting games to international markets before domestic launches is becoming more common, with titles like "Ruyuan" leading the way [15][17] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current phase being distinct due to the focus on quality and innovation rather than mere replication of successful formulas [7][12] - The industry is witnessing a competitive landscape where both established and new players are vying for market share, potentially leading to a reshuffling of the market [6][9] Cultural Integration - The rise of "Guochao" (national trend) is influencing ACG games, allowing developers to connect more deeply with local audiences through culturally resonant themes [17][18] - The development of game-related merchandise is gaining traction, reflecting a growing recognition of the potential for additional revenue streams beyond the games themselves [17][18] Future Outlook - Analysts suggest that the likelihood of a breakout hit akin to "GTA" in the ACG space is low in the current competitive environment, as many developers focus on monetization rather than long-term product development [19][21] - The potential for independent PC games to emerge as significant players in the ACG market is noted, emphasizing the importance of narrative and emotional connection over gameplay mechanics [21][22]

Group 1: Industry Insights - The Yarlung Tsangpo River hydropower project, with an investment of 1.2 trillion, has been approved, which is expected to benefit industries such as civil explosives and cement in Tibet [2] - The rare earth price index reached a new high of 192.24 points in July, with a month-on-month increase of over 6%, indicating a trend of accelerating price increases due to China's export controls against the U.S. [3] - The establishment of a joint venture by LG Energy and Toyota in the U.S. for battery recycling marks a shift in the global supply chain dynamics, potentially reducing China's dominance in battery raw materials [6] Group 2: Company Performance - Sanhua Group expects a net profit of 1.12 to 1.33 billion for the first half of the year, representing a year-on-year growth of 10% to 30% [4] - Perfect World anticipates a net profit of 480 to 520 million for the first half of 2025, recovering from a loss of 177 million in the same period last year, driven by the success of its new MMORPG game [8][9]