位于乌镇云舟宾客中心的会场外，主题互动展区人流如织：微短剧拍摄实景让参观者亲身体验导演创 作；《黑神话：悟空》主角半身像前合影者排起长队。会场内，各界代表共聚一堂，探讨中国故事走向 世界的现实路径与未来图景。 "这是中国创作者的独特优势" 近年来，文化"新三样"在海外刮起强劲"中国风"。 11月的浙江桐乡乌镇，水汽氤氲，桂香浮动。 世界互联网大会期间，这座千年古镇敞开怀抱。以"数联全球·文聚浙里"为主题，一场关于网文、网 剧、网游等文化"新三样"高质量发展的交流展示活动在此举行。 《黑神话：悟空》首发即登顶多国游戏销量榜；《司藤》《长月烬明》等剧集在东南亚广受欢迎。数据 显示，2024年中国网络文学海外营收达48.15亿元；微短剧应用海外累计下载量近5500万次；自主研发 游戏海外销售收入超185亿美元。据预测，到2027年，这三项出口规模将继续大幅增长。 数字时代，为何网文、网剧、网游能成为中国故事的"新载体"？中国文化产品如何立足自身优势，提升 辨识度？ 《仙剑奇侠传》《九州牧云录》等爆款小说的作者管平潮认为："数字时代，能从浩如烟海的中华传统 文化中汲取营养，这是中国创作者的独特优势。"他表示，为写好仙 ...

Market Overview - The A-share market saw collective gains last Friday, with the Shanghai Composite Index rising by 0.34% to close at 3,888.60 points, the Shenzhen Component Index increasing by 0.85% to 12,984.08 points, and the ChiNext Index up by 0.7% to 3,052.59 points. The total trading volume in the A-share market reached 1.59 trillion RMB, with net purchases from southbound funds amounting to 2.727 billion HKD. Over 3,900 stocks in the A-share market experienced gains [1][6]. - In terms of sector performance, the steel, agriculture, forestry, animal husbandry, and retail sectors led the gains, while the banking and coal sectors saw declines. Concept indices such as titanium dioxide and Hainan Free Trade Zone performed well, whereas indices related to avian influenza and flu saw declines [1][6]. Important News - The China Securities Regulatory Commission (CSRC) has drafted an announcement regarding the pilot launch of commercial real estate investment trusts (REITs). The announcement outlines eight key points, including the definition of commercial real estate REITs, registration and operational management requirements, and the responsibilities of fund managers and custodians. It emphasizes the need for strict adherence to regulatory standards and the roles of regulatory bodies in monitoring and managing risks associated with commercial real estate REITs [2][6]. Industry Insights - In November, a record 184 game licenses were approved, with notable titles such as Xishanju's "Star Sand Island" entering the life simulation genre. The total number of approved domestic games this year has reached 1,532, with 178 approved in November alone. The report highlights the competitive landscape for life simulation games, with major developers like miHoYo and Tencent also entering the market [7][8][9]. - The approval of game licenses is expected to continue to support the industry's recovery, with a focus on companies that possess product reserves, research capabilities, and diverse thematic layouts [9].

Core Viewpoint - The recent incident involving online gaming live streaming has highlighted deep-rooted issues in the current governance of the online ecosystem in China, particularly regarding the emergence of organized online violence that transcends commercial contracts and legal boundaries [1][2]. Group 1: Incident Overview - The controversy began when a well-known creator, "Xiaoyao Sanren," faced backlash for playing a new game with a legal license, leading to a wave of online violence against unrelated brands like vivo [1][5]. - The online violence escalated from individual disputes to a systematic attack on companies such as miHoYo and NetEase, indicating a standardized chain of malicious activities that exploit social issues for commercial gain [2][10]. Group 2: Nature of Online Violence - The attacks have evolved into a form of "collective punishment," where individuals and brands are targeted indiscriminately, undermining normal consumer expression and posing a substantial threat to public order [2][9]. - The online violence is characterized by organized efforts, including detailed "violence strategies" that instruct participants on how to disrupt live streams and spread false rumors [8][9]. Group 3: Impact on Companies - Companies like vivo, which had no commercial ties to the incident, faced extreme and irrational attacks, including large-scale disruptions of their live streaming activities and personal attacks on their executives [5][6]. - The situation has created an environment where businesses are not only pressured by market competition but also face unpredictable "public opinion disasters," significantly increasing compliance costs and harming the innovation landscape [11]. Group 4: Regulatory Response - The Chinese government has initiated a series of measures to address these online issues, including a special campaign targeting the provocation of extreme group emotions and the legal consequences for malicious marketing practices [14][15]. - There is a call for platforms to take responsibility for their algorithms and to implement measures against organized harassment and misinformation [17][18]. Group 5: Future Considerations - The ongoing situation emphasizes the need for a collaborative approach to governance in the online space, where legal frameworks, platform responsibilities, and societal consensus must align to restore a healthy online environment [16][19].

Core Viewpoint - The article emphasizes the necessity of adhering to the rule of law in online governance to eliminate malicious provocations and restore a healthy discourse environment for economic and social development [1][26]. Group 1: Incident Overview - A recent controversy arose from a well-known creator's live stream, which led to a wave of online violence against brands like vivo, despite no commercial ties to the creator [1][6]. - The incident reflects a broader issue where individual disputes escalate into systematic attacks on companies, driven by malicious narratives and organized online violence [2][3]. Group 2: Nature of Online Violence - The online violence has evolved into a form of collective punishment, where brands are targeted based on individual controversies, leading to significant disruptions in their operations [6][11]. - There is a notable shift from mere opinion disputes to malicious framing, where companies are unjustly associated with unrelated negative events [4][5]. Group 3: Organized Tactics - The article highlights the emergence of organized tactics among online attackers, including detailed "guides" on how to conduct online harassment against companies and individuals [10][9]. - This organized behavior is characterized by a lack of concern for factual accuracy, focusing instead on creating psychological pressure on businesses through extreme measures [11][12]. Group 4: Implications for Businesses - Companies are increasingly facing not just market competition but also the threat of sudden and unprovoked public backlash, which raises compliance costs and complicates the business environment [14][15]. - The normalization of such online violence poses a risk to the foundational trust within society, potentially harming the overall economic landscape [15][26]. Group 5: Regulatory Response - The article discusses recent regulatory measures aimed at curbing online violence, including actions by the Central Internet Information Office to address the provocation of extreme group sentiments [18][20]. - Legal frameworks are being strengthened to punish organized online harassment and malicious marketing practices, signaling a zero-tolerance approach to such behaviors [21][22]. Group 6: Recommendations for Improvement - Platforms are urged to take responsibility for their algorithms and implement measures to identify and mitigate organized harassment [23][24]. - A call for a return to rational discourse among internet users is made, encouraging independent thought and resistance to emotional manipulation [24][25].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][7]. Core Insights - The number of game approvals in November reached a record high, with 178 domestic games and 6 imported games approved, contributing to a total of 1,532 domestic games approved year-to-date [2][3]. - The game "Star Sand Island," developed by SEED LAB, is positioned in the life simulation genre and has garnered significant market attention, with over 400,000 wish list entries on Steam as of November 13 [2]. - The competitive landscape for life simulation games is expected to intensify in 2026, with major developers like miHoYo and Tencent entering the market, making differentiation crucial for success [2]. Summary by Sections Game Approval Statistics - In November, 178 domestic games and 6 imported games received approval, marking a significant increase in the approval rate [2]. - Year-to-date, 1,532 domestic games and 93 imported games have been approved [2]. Market Trends - The approval of diverse game types indicates a stable trend in the normalization of game approvals, contributing to the ongoing recovery of the industry [3]. - The report highlights the importance of product reserves, R&D capabilities, and diverse thematic layouts for leading companies in the industry [3]. Competitive Landscape - "Star Sand Island" is highlighted as a key title in the life simulation genre, with its success dependent on differentiation and leveraging multi-platform advantages [2]. - The report anticipates a competitive environment with several major players entering the life simulation market, emphasizing the need for unique offerings [2].

Core Insights - The article discusses the rapid global expansion of China's cultural "new three samples" (online literature, web dramas, and online games) and their significance as cultural benchmarks rather than just digital trends [1][2]. Group 1: Cultural Impact and Global Reach - The cultural "new three samples" have gained significant popularity overseas, with the game "Black Myth: Wukong" topping sales charts in multiple countries and series like "Si Teng" and "Chang Yue Jin Ming" being well-received in Southeast Asia [2]. - In 2024, China's online literature is projected to generate revenue of 4.815 billion yuan, while micro-short dramas have nearly 55 million downloads overseas, and self-developed games are expected to earn over $18.5 billion [2]. - The expansion of these cultural products goes beyond traditional themes, with contemporary narratives resonating with international audiences, as seen in the Serbian airing of the drama "Time is Just Right," based on a real-life online novel [3]. Group 2: Technological Integration - Technology plays a crucial role in the development and dissemination of the cultural "new three samples," with advancements in mobile internet and AIGC (Artificial Intelligence Generated Content) driving new formats like vertical micro-short dramas and animated micro-dramas [4][5]. - AIGC technology is reshaping content production and distribution, enabling rapid creation and translation of content, which is essential for reaching global audiences [5][6]. Group 3: Quality and Content Innovation - The consensus among industry experts is that the high-quality development of cultural "new three samples" relies on producing premium content that resonates with audiences, even without translation [6][7]. - The characteristics of premium content include strong narratives and emotional depth, which are essential for achieving cultural resonance [7]. - Initiatives like the "Fruit Burning Plan" by Hongguo Short Drama aim to support high-quality projects across various themes, contributing to the industry's growth and sustainability [8][9]. Group 4: Industry Ecosystem and Support - The industry is transitioning from rapid growth to a focus on quality, with platforms like Hongguo Short Drama enhancing review standards and support mechanisms to foster a healthier ecosystem [8]. - The establishment of the "Cultural 'New Three Samples' Innovation Cooperation and International Exchange Center" in Jiaxing aims to strengthen the industry chain and promote international collaboration [9].

Core Insights - The article discusses the high-quality development of China's cultural "new three samples" (online literature, web dramas, and online games) during the World Internet Conference in Wuzhen, Zhejiang, highlighting their growing global influence and the unique advantages of Chinese creators [1][2]. Group 1: Cultural "New Three Samples" - The cultural "new three samples" have gained significant popularity overseas, with online literature generating an estimated revenue of 4.815 billion yuan in 2024, micro-short dramas achieving nearly 55 million downloads, and self-developed games earning over 18.5 billion USD in overseas sales [2]. - The success of works like "Black Myth: Wukong" and series such as "Si Teng" and "Chang Yue Jin Ming" in Southeast Asia illustrates the global appeal of Chinese cultural products [2]. - The expansion of these cultural products beyond traditional themes into contemporary narratives, such as the TV series "Time is Just Right," indicates a shift towards more relatable content for international audiences [3]. Group 2: Role of Technology - Technological advancements are crucial for the development of the cultural "new three samples," with the rise of mobile internet giving birth to new formats like vertical micro-short dramas [4]. - The rapid development of AIGC (Artificial Intelligence Generated Content) is creating new opportunities in the animation micro-short drama sector, with projections of 3,000 new works by mid-2025 [4]. - Innovations in gaming technology, particularly in computer graphics, are expected to enhance the quality and creativity of global gaming content [5]. Group 3: Quality and Content Innovation - The consensus among industry experts is that the high-quality development of cultural "new three samples" relies on producing premium content that resonates with audiences [6][7]. - The characteristics of premium content include strong emotional narratives and relatable stories, which are essential for effective international communication [3][6]. - Initiatives like the "Fruit Burning Plan" by Hongguo Short Drama aim to support high-quality projects across various themes, contributing to the industry's growth [7][8]. Group 4: Industry Ecosystem - The micro-short drama industry is transitioning from rapid growth to a focus on quality, with leading platforms implementing stricter review standards and support measures to foster a healthier industry environment [8]. - The establishment of the "Cultural 'New Three Samples' Innovation Cooperation and International Exchange Center" in Jiaxing aims to enhance the industry ecosystem by linking creation bases and enterprises for better international promotion [9].

Core Insights - The company is expected to report a 28% year-on-year increase in Non-GAAP net profit to 9.6 billion yuan for Q3 2025, with revenue projected to grow by 14% to 23.9 billion yuan, aligning with Bloomberg consensus estimates [1][2] Group 1: Q3 2025 Performance Expectations - The flagship product "Fa Xin Ya" and new games are showing strong performance, with online game service revenue expected to increase by 15% in Q3 2025 [1] - The desktop version of "Dream of the Red Chamber" has seen record high online users, surpassing 3.15 million on September 7 [1] - The mobile version of "Dream of the Red Chamber" launched a new service at the end of August, contributing to user engagement [1] Group 2: New Product Cycle and Future Focus - The company is set to focus on key products in 2026, including the multi-platform RPG "Forgotten Sea," which began its first round of testing at the end of June [2] - The open-world game "Infinite" was showcased at the Tokyo Game Show, highlighting innovations in traditional gaming frameworks and user interaction [2] - The life simulation party game "Starry Sky" received its license in September and is expected to begin testing within the year [2] Group 3: Profit Forecast and Valuation - The company has raised its Non-GAAP net profit forecasts for 2025 and 2026 by 2% and 3% to 39.3 billion yuan and 41.5 billion yuan, respectively [2] - Current stock prices correspond to a P/E ratio of 17x for 2025 and 16x for 2026, with target prices increased by 5% to 275 HKD and 177 USD, indicating an upside potential of 20% and 22% for HK and US stocks [2]

Group 1 - The gaming sector experienced a slight decline in the early trading session on October 16, with the gaming ETF (159869) showing a minor drop. However, it has attracted significant capital inflow of 2.394 billion yuan over the past 10 trading days, bringing its total scale to 10.815 billion yuan, indicating strong investor interest in A-share gaming leaders [1] - In September 2025, the National Press and Publication Administration released a total of 156 game licenses, including 145 domestic and 11 imported games. Notable titles include Tencent's "Guihuan," NetEase's "Xinghui Youqing Tian," and others [1] - From January to September 2025, the National Press and Publication Administration issued 1,195 domestic game licenses, a year-on-year increase of 24.61%, compared to 959 licenses in the same period of 2024. This reflects a supportive regulatory environment for the gaming industry [2] Group 2 - The gaming sector is undergoing multiple catalysts, including advancements in AI, content, and commercialization models. The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, highlighting investment opportunities [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector continues to attract attention, with a recommendation to buy [3] - The normalization of game license issuance reflects ongoing regulatory support for the gaming industry, with 1,195 domestic game licenses issued from January to September 2025, a year-on-year increase of 24.61% [3] - The domestic gaming market revenue in August 2025 was 29.263 billion yuan, a year-on-year decrease of 13.01%, primarily due to a high base effect from the previous year [4][5] - The overseas sales revenue of self-developed games in August 2025 was 1.68 billion USD, a year-on-year decrease of 10.66% [5] Summary by Sections Industry Performance - The relative performance over the last 12 months shows a 30.22% increase, while absolute performance indicates a 48.4% increase [2] - The gaming market experienced a revenue decline in August 2025, attributed to the lack of new blockbuster products and the fading popularity of last year's hit [4][5] Regulatory Environment - The National Press and Publication Administration issued 156 game licenses in September 2025, including 145 domestic and 11 imported games [3] - The issuance of game licenses has been consistent, with 79 imported game licenses issued in 2025 compared to 75 in the same period of 2024 [3] Investment Recommendations - The gaming sector is viewed positively due to strong cash flow, ongoing policy support, and deepening AI game development [7] - Key companies to focus on include Kyeing Network, Giant Network, G-bits, Tencent Holdings, and Xindong Company [7]