Core Insights - The report by Black Cat Data Center and Black Cat Complaint Platform reveals that the gaming industry faced over 135,000 complaints in 2025, marking a 35% increase from 2024 [1][2] Complaint Distribution - Complaints related to minors seeking refunds accounted for over half (50.14%) of the total complaints, followed by account issues (19.78%), false advertising (15.61%), game bugs (5.70%), and erroneous charges (5.64%) [1][2] Regulatory Context - Recent regulations aimed at preventing minors from becoming addicted to online games have been implemented, including the 830 New Regulations and the Minor Protection Regulations. These measures have led to a significant reduction in gaming time and spending among minors, with 71% of minors gaming less than 3 hours per week and 90.4% not exceeding monthly spending limits [3] Issues with Minor Protection - Despite improvements, issues remain in the protection of minors, such as the prevalence of minors using accounts of parents or relatives to bypass restrictions, with over 70% of minors engaging in this practice [3] Major Game Companies and Complaint Rates - Tencent and NetEase are the leading companies in terms of complaint volume, followed by Giant Network, Paper Games, Mihayou, Xiaomi Games, Xindong Games, Tuyou Games, Thunder Games, and Perfect World. Most companies have a complaint response rate close to 100%, except for Giant Network and Thunder Games, which have response rates of approximately 80% and 20%, respectively [4] Collective Complaints - Collective complaints have emerged as a significant trend in 2025, with 36 collective complaints leading to a total of 6,647 complaints. The most notable issue involved the game "Love and Deep Space," where players complained about the low drop rate of a specific character card [6][9] Specific Game Issues - High complaint volumes were also noted for issues such as the opaque card-drawing mechanism in NetEase's "Pro Evolution Soccer" and dissatisfaction among players regarding promotional recharge offers in Thunder Games' "Dao You Come Dig Treasure" [7][9] Complaint Handling Rates - The handling rates for specific games are as follows: "Love and Deep Space" (98.24%), "Pro Evolution Soccer" (93.54%), "Dao You Come Dig Treasure" (0.83%), "Star Marks Resonance" (100%), and "QQ Dance" (2.58%) [8]

【环球时报驻法国特派记者 尚凯元 环球时报记者 李迅典 刘雅婷】编者的话：随着春节被列入联合国教科文组织人类非物质文化遗产代表作名 录，在海外的春节庆祝活动中也不断涌现出新形式。从英歌舞赴海外演出，到中国机器人加入巡游活动，再到中国网游让海外玩家"云体验"春 节，《环球时报》记者采访多位相关人士，听他们讲述如何向世界传递春节新年味。 世界舞台上的英歌舞 作为岭南年俗中最具视觉冲击力的民间舞蹈之一，英歌舞近年来频频"出圈"，成为海内外春节期间一道极具辨识度的文化风景。2024年春节期 间，广东普宁南山英歌队受邀赴英国演出。6分钟的英歌表演《英歌雄风》在伦敦街头吸引逾70万人围观。"出发前，其实我心里是有担忧的。"普 宁南山英歌队教练、普宁英歌舞国家级代表性传承人陈来发在接受《环球时报》记者专访时谈起当年的伦敦之行，"我担心我们中国的民间文化在 欧洲能不能被接受，当地观众会不会喜欢。" 然而，担忧很快被现场的热烈反响所取代。巡游开始后，伦敦街头人潮涌动，观众自发跟随鼓点节奏拍掌、摆动。"很多人站起来为我们鼓掌。那 一刻我们非常自豪，也真切感受到他们对这种民间舞蹈的喜爱。"陈来发说。 在陈来发看来，英歌舞能够跨越语 ...

Group 1 - The core viewpoint of the report is that Weibo's trending topics in 2025 show a significant increase in activity, with a notable focus on social, entertainment, and vertical fields [1][3] - In 2025, Weibo's trending topics experienced a high-frequency explosion, with the term "explosion" appearing 434 times, and "response" being the most frequently listed keyword [3] - Social issues accounted for 28% of trending topics, with 94% of these social hot topics originating from media reports, highlighting Weibo's role as a core platform for public discourse [3] Group 2 - The 15th National Games led the annual events with 2041 trending topics, followed by the movie "Nezha: Birth of the Demon Child" and the 93rd National Day parade, indicating high public interest in national events [3] - In 2025, vertical field trending topics surged, with interest-based topics making up 33%, surpassing social issues, indicating a shift in user attention towards specialized and hardcore content [3] - In the digital automotive sector, Xiaomi's SU7 topped the annual automotive events, while Apple and Huawei continued to lead in mobile phone industry trends [7] Group 3 - The gaming sector saw a transition with "Love and Deep Space" surpassing "Honor of Kings" to become the most talked-about game of 2025 [11] - Entertainment topics accounted for 39% of trending topics, showcasing the diverse blossoming of the cultural and entertainment industry on Weibo [11] - The most influential celebrities of the year included Xiao Zhan, Liu Yuning, and Dilireba, with the film and television market dominated by blockbuster IPs [11]

01 火爆全网的牛牛表情包，出自游戏黑图？ 马年将至，一头牛的表情包反而先火出了圈。 最近，不管是和朋友私聊，还是在群聊里，葡萄君总能见到这只皱着眉头的草地牛。 它确实很魔性，该怎么形容呢……草地牛的眼神有种深邃、严肃、成熟的认真感，但身体却是治愈童风的奶牛造型。 再加上和眼神毫不搭边的大鼻孔、情绪波动不明显的嘴角，整体结合出一种「态度很严肃，但其实也没在干什么很严肃的事」「严肃是表象，幽默是内 核」的反差萌感。 硬要说的话，我觉得或许草地牛传递出的精神状态，会让我有些联想到《国产凌凌漆》里的达闻西…… 而传得最广的草地牛表情包，大抵是抱腿而坐的这张：它好似在沉思、回顾人生，又可能是受了伤、正在EMO……当然，也有可能只是在纯纯发呆放空 自己。你永远摸不透草地牛到底在想什么，以及到底有没有在想东西。 草地牛究竟有多火？除了表情包满天飞以外，现在我甚至能刷到关于它的二创作品。这一方面体现出了大家对草地牛的喜爱，另一方面或许也变相说明， 草地牛正在成为时下的流量密码。 拼豆豆草地牛、国画草地牛，图源小红书 雪人草地牛，图源抖音@曾曾Zeng.目前已获超400万点赞 淘宝上的草地牛玩偶 而草地牛表情包的诞生，其实可 ...

行 华福证券 游戏Ⅱ 2026 年 02 月 10 日 业 研 究 游戏Ⅱ 叠纸：不靠沉迷的《恋与》为何留存稳定？ 投资要点： 摘要核心句 行 业 专 题 报 告 我们认为，"恋与"系列的成功并非传统意义上的内容爆款或沉 迷型设计，而是通过"关系连续性 + 陪伴系统 + 关键情绪节点付费" 重构了手游留存与变现范式：其用户粘性并不依赖高频在线，而建立 在长期情感关系之上，从而形成"DAU 不极端、但收入长期稳定"的 反直觉结构。该模式本质是一种低频但可反复激活的内容消费模型， 使产品生命周期显著长于行业平均，并为女性向及情绪价值型游戏打 开了可复制的商业路径。 投资建议 我们建议重点关注具备以下能力的厂商： 该类公司具备更长生命周期、更平滑收入曲线及更高低频用户价 值，对应估值应从"爆款概率模型"转向"关系资产复利模型"。建 议中长期关注女性向、陪伴型互动内容及情绪消费赛道中已完成产品 验证、且具备持续内容供给能力的头部厂商。 风险提示 内容节奏与情绪节点失误，可能削弱用户长期陪伴感。 新品复制难度与单 IP 依赖，可能导致新品表现不稳定。 用户偏好变化风险，边际吸引力可能逐步下降。 行业与政策环境收紧，或抬 ...

Policy Updates - Beijing is accelerating the construction of the Future Digital Space Innovation Experimental Zone, with the unveiling of the "Shougang Park eSports Center" and the launch of a 5,400 square meter gaming eSports incubator [1] - Shanghai's information transmission, software, and information technology services industry is projected to grow over 22% by 2025, reaching a scale of 1.7297 trillion yuan, making it the third largest industry in the city [1] - The Pudong District is integrating eSports into its cultural and tourism activities, with plans for a "National eSports Carnival" as part of its development matrix [1] - During the Shanghai Two Sessions, representatives suggested supporting the "New Three Samples" (online literature, online games, online films) for cultural export [1] - Zhejiang Province emphasizes cultural "New Three Samples" for international influence during its 14th Five-Year Plan [1] Industry Insights - In January 2026, 177 domestic games and 5 imported games received approval from the National Press and Publication Administration, maintaining a high level of game approvals [2] - The first AI virtual idol in China, Yuri, received identity certification, indicating a growing trend in AI integration within the gaming and eSports sectors [2] - Guangzhou's internet gaming service revenue exceeded 56.8 billion yuan in 2025, with a year-on-year growth of 18.8%, highlighting the sector's rapid development [2] - The Guangzhou Game Industry Service Center has been established to support the lifecycle development of gaming companies [2] Events and Initiatives - Douyin Mini Games launched a cash incentive policy for Q1 2026, offering up to 40% cash rewards for game consumption [3] - The INDIE Live Expo, Asia's largest independent game festival, is scheduled for April 25, 2026, providing a platform for independent game developers [4] - The 2026 AGF Asia Game Fair will take place from October 2 to 5 in Guangzhou, featuring over 1,000 IPs and 7,000 cultural products [4] - The Fourth Sci-Fi Planet Competition is open for global project submissions, with a total prize pool of 1.75 million yuan, including 600,000 yuan for the sci-fi game category [4]

女性向游戏市场来新活儿了。 1月29日，乐元素旗下沉浸式共感3D偶像游戏《V Project》首次曝光PV与实机演示，以男性偶像练习生群像为核心，聚焦全新的互动成长与情感表达。 虽然打上了"女性向"的标签，但《V Project》的内容定位显然与传统的女性向游戏存在差异，跳出了恋爱、换装和模拟经营热门赛道，从第三视角去尝试 偶像IP叙事，确实带来了些不一样的新鲜感。 另一方面则是美术风格区别于传统日式偶像游戏，角色建模更偏向"真人"，追求介于青涩男孩与成熟男性之间的少年感；舞台演出抛弃了华丽的服装、统 一的制服，转向了休闲、街头、嘻哈这种类似韩式潮流风的穿搭；包括音乐风格也不同于日系偶像团体的活泼、热血，释出的初见舞台更倾向明快时尚的 旋律，团队整体风格其实更偏向韩系爱豆。 《V Project》可以视作乐元素在偶像游戏市场的全新尝试，与常见的日式风格偶像游戏存在一定的差异。而之所以又说它不同于传统的女性向游戏，是因 为这并不是一款以女性为主体的产品。 现阶段女性向市场的一个显著特点就是极端追求女本位、女性主体，以女性第一视角参与到游戏中确实能够用最快的速度与用户产生情感连接，所以当下 市场上的女性向产品多是 ...

Core Insights - Major anime and manga exhibitions in China, such as BW2026 and RED LAND, are strategically scheduled during peak holiday periods to maximize attendance and engagement [1][3][5] - The competition among these events is intensifying, with multiple exhibitions planned for the same dates, indicating a crowded market [5][11] - The target demographic for these events is predominantly young, with over 70% of attendees aged between 15 and 28, highlighting the importance of appealing to this age group [9][21] Event Scheduling - BW2026 is set for July 10-12, 2026, maintaining its traditional mid-July timing [1] - RED LAND will take place from October 2-6, 2026, coinciding with the National Day holiday, and features an extended duration compared to previous years [3] - Other events like萤火虫SP 2026 and CICF are also expected to be scheduled during the National Day holiday, further saturating the market [5] Market Dynamics - The number of anime and manga exhibitions is increasing, with at least 413 events planned during the 2025 Mid-Autumn and National Day holidays, indicating a growing interest in the genre [7] - The concentration of events during peak periods is driven by the need to capture the attention of the youth demographic, who are more likely to attend during school holidays [11] Challenges and Trends - The industry faces challenges related to content restrictions, particularly concerning Japanese IPs, which are being limited in favor of domestic ACG content [12][16] - Despite these challenges, there is a rich pool of domestic ACG IPs that can be leveraged for exhibitions, with many games gaining traction among attendees [16][20] - The trend of integrating gaming into anime exhibitions is growing, as these events provide a more targeted audience for game developers compared to traditional gaming expos [18] Audience Engagement - The rise of the "fan economy" is evident, with over 500 million users in China's broader anime and manga community, particularly among younger generations who are willing to spend on experiences that provide emotional value [21][22] - Large-scale exhibitions are becoming significant social events, fulfilling various needs such as identity recognition, emotional expression, and social interaction among fans [22]

Core Viewpoint - The article discusses the evolving nature of the game "恋与深空" (Love and Deep Space) and its impact on the乙游 (乙游) industry, highlighting the shift from traditional virtual relationships to a more interactive and celebrity-like experience with male characters, raising questions about the core values of乙游 [1][8][17]. Group 1: Game Development and Marketing Strategies - "恋与深空" actively breaks the barriers between virtual and real-life interactions, allowing players to engage with male characters in a more tangible way, which is a departure from traditional乙游 practices [3][5]. - The game has successfully attracted a broader audience by incorporating real-life interactions with cosplayers, enhancing its visibility and appeal on social media platforms [5][12]. - The introduction of a home system in the game's 5.0 update allows players to build a virtual home with male characters, further blurring the lines between the game and real-life experiences [5][19]. Group 2: Player Engagement and Community Reactions - The game's offline events have sparked mixed reactions, with some players enjoying the interactive experiences while others criticize them for undermining the fantasy aspect of乙游 [7][16]. - Players express concerns about the potential shift in the game's target demographic, fearing it may abandon its "female-oriented" label to attract male users [8][12]. - The phenomenon of players seeking validation through social media interactions with male characters indicates a shift in player motivations, focusing on self-presentation and social currency rather than traditional gaming experiences [15][16]. Group 3: Industry Trends and Future Directions - The乙游 industry is moving towards a model similar to the entertainment industry, where characters are treated as virtual celebrities, allowing for diverse monetization strategies beyond traditional gameplay [17][21]. - "恋与深空" is expected to pursue high-end collaborations, aligning itself with luxury brands, which could further enhance its market position and appeal [21][23]. - The potential for characters to engage in various promotional activities, such as concerts and brand endorsements, suggests a significant evolution in how乙游 can sustain player interest and engagement [23].

Core Insights - The mobile game "Love and Deep Space" celebrated its two-year anniversary by recreating its in-game home in front of the Oriental Pearl Tower, providing an immersive experience for players [1] - The event attracted thousands of young players, showcasing the blending of cultural landmarks with gaming experiences to foster community and emotional connections [5][9] Group 1: Event Details - The immersive exhibition took place from January 16 to 20, occupying 1,000 square meters, with over 400 square meters dedicated to the recreated villa [1] - The exhibition featured various rooms from the game, including a living room, kitchen, and garden, allowing players to feel a sense of "coming home" [1] - The event was designed to break the traditional boundaries of cultural landmarks, transforming them into platforms for youth engagement and community culture [1][5] Group 2: Player Engagement - Players had to meet specific criteria to attend, such as reaching level 60 in the game and being female, which aimed to prevent ticket scalping [2] - The event included both "check-in" and "interactive" areas, with the latter allowing players to interact with live actors portraying game characters [2] - Many players expressed a strong desire to return to the event, indicating a high level of engagement and emotional investment in the experience [3] Group 3: Cultural Impact - The event reflects a broader trend in Shanghai, where cultural landmarks are increasingly integrating with IP-driven experiences to attract young audiences [9][10] - The Oriental Pearl Tower's initiatives, such as collaborations with various IPs, demonstrate a commitment to creating immersive experiences that resonate with youth culture [8][9] - The city's vibrant two-dimensional ecosystem supports a continuous flow of events, enhancing the emotional connection between players and the city [6][9] Group 4: Marketing and Promotion - The game launched extensive advertising campaigns across 13 cities, with Shanghai receiving the highest number of promotional displays [6] - The integration of various commercial spaces with gaming IPs has created a rich landscape for players to explore, enhancing their overall experience [7] - Social media platforms have become vital for players to share their experiences and organize meet-ups, further solidifying community bonds [7]