当《PUBG：Black Budget》（以下简称"黑域撤离"）以"射击搜打撤"的身份进入玩家视野时，它天然背负着一个极高的预期。 原因并不复杂。《PUBG》研发商KRAFTON，毕竟是作为过去十年里深刻影响过射击游戏主流形态，做射击游戏最成功的厂商之一。另一方面，搜打撤 赛道本身，已经完成了第一轮市场筛选。玩家对玩法的理解、对完成度的容忍度，早已不同于"吃鸡"诞生之初。 从《黑域撤离》近期测试释放出的玩家反馈来看，该作的表现与外界预期存在明显落差。它所收获的反馈显得格外现实，并未因为出身而获得宽容。 从形式上来看，它就是标准的搜打撤。但在实际体验上，它仍保留了大量PUBG式的设计习惯。就比如《黑域撤离》中有着吃鸡游戏标志性的"缩圈机 制"，驱动玩家向地图中心靠拢，高级资源也集中在地图中心地带。 游戏有这样的设定，可能是想构建以"打"为核心的搜打撤体验，这也是《PUBG》的核心玩法特色。可从当前的测试反馈来看，这一看似差异化的设定， 其实并没有取得预期中的效果。 在直观反馈上，《黑域撤离》的3C体验存在一定调优空间。作为常年游玩第一人称3D 射击、3D MMO产品的玩家，笔者第一次进入游戏时，居然出现 了"晕 ...

12月3日腾讯魔方工作室群迎来15周年庆，其在周年庆上公布了动作、射击、RPG 三大赛道多款产 品的关键动态：动作赛道的《异人之下》PVE内容大幅扩容且预约量可观，《火影忍者》手游推出免费 周年庆专属S忍；射击赛道的《暗区突围》端手游均迎来地图与玩法更新，手游已实现千万DAU；RPG 赛道的《洛克王国：世界》官宣2026年3月26日上线，且承诺核心玩法公平化。目前魔方已成长为多个 品类的定义者，还公布了"创造时代游戏，链接全球玩家"的新愿景，未来将向定义下一代游戏形态迈 进。 12月10日，A股三大指数集体低开，沪指低开0.21%，深成指低开0.20%，创业板指低开0.26%。盘 面上，算力硬件概念股走弱，零售股走强，福建本地股持续发酵。游戏板块低开后持续震荡，游戏ETF （159869）现跌近1.5%，打开低位布局通道。游戏ETF（159869）近5个交易日累计"吸金"达2.11亿元， 备受资金青睐，截至12月9日，产品规模达113.83亿元，助力投资者一键布局A股游戏龙头。 每日经济新闻 （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 ...

6 证券研究报告 点评报告 2025 年 12 月 8 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 国家金融监督管理总局于上周末下调保险公司相关业务风险因子，包括持仓时间 超过三年的沪深 300 指数成分股、中证红利低波动 100 指数成分股的风险因子从 0.3 下调至 0.27，保险公司持仓时间超过两年的科创板上市普通股的风险因子从 0.4 下调至 0.36。该持仓时间根据过去四年加权平均持仓时间确定。结合周末发 布的《基金管理公司绩效考核管理指引》征求意见稿，我们看好沪深 300、红利 和今年一直滞涨的券商等行业的投资机会。 马斯克周末在社交平台 X 上披露了每年向太空发射 100 万吨 AI 卫星的讨论，由于 涉及的发射次数和卫星规模庞大，而且预示了商业卫星应用的新领域，我们认为 这可能大幅提升国内投资者对未来几年商业航天发展空间的预期。马斯克表示， 在地球上已经很难找到简单的电力来源。100 万吨/年的卫星，每颗卫星 100 千瓦， 每年增加 100 吉瓦的人工智能，没有运营或维护成本，通过高带宽激光连接到 Starlink 星座，相当于要每天发射 2 ...

Core Viewpoint - The article discusses the evolving landscape of AI in the gaming industry, highlighting the challenges and opportunities faced by major players like Tencent and NetEase in integrating AI into game development, while also noting the rise of independent teams exploring native AI games [2][32]. Group 1: AI Game Development Landscape - The gaming industry is currently in a phase of "self-discovery" regarding AI games, with significant discussions focused on defining what constitutes a true "AI game" [2]. - Investment in both gaming and AI has cooled significantly over the past two years, leading to a challenging environment for AI game development [2][3]. - By the end of 2025, numerous AI game products have emerged, showcasing a shift from basic AI implementations to more sophisticated independent games [2][3]. Group 2: Tencent's Approach - Tencent's strategy primarily focuses on efficiency improvements through AI, rather than developing native AI games independently [4][5]. - The company has made significant advancements in AI technology, particularly in enhancing existing game projects with AI features, rather than creating entirely new AI-driven games [6][8]. - Tencent's "Hunyuan" platform, launched in May, aims to streamline game art design processes, leveraging years of accumulated data to enhance development efficiency [9][12]. Group 3: NetEase's Strategy - NetEase's approach differs from Tencent's, opting for a tighter integration of AI within its studio teams, particularly through the Fuxi Lab, which closely collaborates with project teams [16][17]. - The Fuxi Lab focuses on practical AI applications that directly support game development, allowing for a more flexible and responsive development process [18][20]. - NetEase's AI initiatives are designed to enhance player engagement and interaction, rather than fundamentally altering core gameplay mechanics [20][21]. Group 4: Independent Teams and Native AI Games - Independent teams are exploring the potential of native AI games, which are defined as games that could not exist without AI [23][24]. - Examples like "Maggie's Garden" illustrate how small teams are leveraging AI to create unique gameplay experiences, with significant portions of the team dedicated to AI development [26][30]. - The article emphasizes that while AI can enhance game development efficiency, it does not replace the creative input of human designers, highlighting the need for a balance between AI capabilities and traditional game design [30][32]. Group 5: Future Outlook - The future of AI in gaming is uncertain, with major companies prioritizing efficiency over radical gameplay innovations, leaving the exploration of native AI games to independent developers [32][33]. - The article concludes that for AI to truly enhance gaming experiences, it must be integrated as a tool for game design rather than a fleeting trend, suggesting a need for deeper integration of AI into the gaming development process [32][33].

Core Insights - The gaming industry has emerged as a new focal point during the Double Eleven shopping festival, alongside traditional e-commerce platforms and apparel brands [1][2] - Various gaming companies, including Tencent, NetEase, and miHoYo, have adopted diverse strategies for live-streaming sales, moving beyond traditional discounting to engage players more interactively [1][3] Group 1: Marketing Strategies - Live-streaming sales have become a new extension of the gaming industry's content ecosystem and business model [2] - Companies are utilizing live-streaming to create entertaining consumption scenarios and transactional content, enhancing player engagement [3][16] - Tencent's games focus on resource leverage and limited-time offers, with high DAU products like "Escape from Tarkov" achieving over 10 million DAU [3][9] Group 2: Player Engagement - Live-streaming sessions serve as platforms for player interaction, allowing them to express concerns and ask questions about game balance and updates [10][28] - The live-streaming format has transformed into a space for both sales and community engagement, fostering trust and loyalty among players [10][27] Group 3: Sales Performance - NetEase's "Nirvana in Fire" mobile game achieved significant sales during its live-streaming event, ranking first on the sales leaderboard [7][9] - The "Nirvana in Fire" game previously generated over 25 million yuan in sales during a four-hour live-stream in August [9] Group 4: Industry Trends - The rise of live-streaming sales reflects a broader trend in the gaming industry, driven by increasing advertising costs and the need for more efficient growth strategies [28][30] - The gaming live-streaming market has seen a 56% increase in consumption scale compared to early 2024, with mobile game live-streaming accounting for over 30% of total ad spending [30]

Core Insights - The rise of the "search and extraction" (搜打撤) gaming genre has significantly revitalized the accompanying service industry, particularly the escort service known as "护航" [1][12] - The escort service has become highly addictive for players, leading to increased demand and a shift in player behavior towards seeking these services [4][5] - The market for gaming escorts is expanding rapidly, with projections indicating a substantial increase in users and market size in the coming years [12][14] Industry Overview - The "护航" service involves hiring escorts to help players gather resources in-game and safely extract them, thus reducing the risks associated with gameplay [2][5] - The current gaming landscape has seen a simplification of game mechanics, increasing player engagement and demand for escort services [9][11] - The escort service market is projected to reach 32 billion yuan by 2024, with a compound annual growth rate exceeding 35% [12][14] Market Dynamics - The escort service market is characterized by high competition, with many players and studios vying for attention, leading to a "卷" (intense competition) environment [14][17] - Successful escort studios often leverage connections with popular streamers or professional players to enhance their service offerings and pricing [16][19] - The influx of players seeking escort services has raised concerns about the impact on the overall gaming experience, prompting discussions about maintaining game balance and player satisfaction [19]

Core Insights - The iQOO 15 series is positioned as a leading performance flagship in the smartphone market, skipping the 14 series to emphasize a generational leap in product capabilities [1] - The device features top-tier specifications, including a 2K 144Hz display, self-developed Q3 gaming chip, and advanced camera systems, aiming to redefine the gaming smartphone category [3][11] Display Technology - The iQOO 15 is equipped with a high-quality 2K Samsung "Summit" display, utilizing 2K LEAD OLED technology, which enhances luminous efficiency by 40%, reduces power consumption by 44%, and extends lifespan by 50% [6] - The display's design eliminates traditional polarizing layers, allowing for nearly ten million pixel points to be precisely etched, resulting in superior color performance that exceeds P3 color gamut coverage by 1.18 times [6][8] - iQOO maintains a commitment to flat screens, believing they provide a better gaming experience by minimizing accidental touches and visual distortion [8] Self-Developed Chip - The Q3 chip represents a significant advancement in mobile gaming technology, featuring capabilities such as full-scene ray tracing and game super-resolution, marking a shift in the industry towards a "dual-chip era" [11][13] - The chip's architecture allows for enhanced performance and energy efficiency, enabling mobile gaming experiences that rival console graphics [11][14] Camera and Imaging - The iQOO 15 includes a comprehensive camera system with a 50MP main sensor, 50MP super telephoto, and 50MP ultra-wide lenses, along with a 32MP front camera, enhancing the photography experience [16] - The device incorporates advanced imaging technologies to improve detail and overall photo quality, addressing previous limitations in iQOO's imaging capabilities [16] Market Position and Strategy - The launch of the iQOO 15 series signifies a strategic shift from being an "e-sports specialist" to a "full-featured flagship," focusing on technology development and user experience [18] - iQOO has achieved significant market success, with the iQOO 13 becoming the best-selling flagship in the brand's history, and maintaining a leading market share in China [18][21] - The competitive landscape is evolving, with iQOO, Vivo, and Xiaomi forming a strong trio in the high-end smartphone market, collectively dominating the segment previously led by Apple [21][22]

Group 1 - A-shares opened higher on October 20, with the Shanghai Composite Index rising by 0.67%, the Shenzhen Component Index by 1.49%, and the ChiNext Index by 2.45% [1] - Technology stocks rebounded significantly, with CPO, computing power, and consumer electronics concepts leading the gains, while insurance stocks surged and gold stocks saw notable pullbacks [1] - The gaming sector opened strong, with the gaming ETF (159869) rising over 2%, and it recorded a net inflow of 2.421 billion yuan over the past 10 trading days, reflecting strong investor interest [1] Group 2 - From January to September 2025, the National Press and Publication Administration issued 1,195 domestic online game licenses, a year-on-year increase of 24.61% compared to 959 licenses in the same period of 2024 [2] - Jianghai Securities believes that the normalization of game license issuance indicates ongoing regulatory support for the gaming industry, which has strong cash flow and increasing policy backing [2] - The gaming sector is expected to benefit from multiple catalysts, including AI, content, and commercialization model transformations, making the gaming ETF (159869) an attractive investment opportunity [2]

Company Overview - The company continues to show strong performance in its gaming business, with robust growth in advertising, financial services, and enterprise services, indicating sustained high-quality growth [1][2]. Gaming Business - For Q3 2025, domestic game revenue is expected to maintain a rapid growth rate of 11% year-on-year, particularly in the shooting game sector, with notable daily active users (DAU) for titles like "Peacekeeper Elite" exceeding 33 million, "Delta Action" surpassing 30 million, and "Dark Zone Breakthrough" breaking 10 million [1]. - Internationally, the company anticipates a 25% year-on-year increase in overseas game revenue for Q3 2025, driven by the successful monetization of quality games from its subsidiary Supercell [1]. Advertising Growth - Advertising revenue is projected to grow by 19% year-on-year in Q3 2025, fueled by improvements in AI advertising efficiency, increased ad loads from video accounts, mini-programs, and search functionalities [1][2]. Financial Services - The company expects a combined revenue growth of over 20% year-on-year for lending and wealth management services in Q3 2025, alongside a recovery in commercial payment income [2]. - Overall, financial and enterprise services revenue is anticipated to grow by 11% year-on-year in Q3 2025, supported by increased cloud computing demand and optimization efforts [2]. AI Development - Recent advancements in AI models, such as the mixed Yuan image 3.0, indicate progress that can compete with leading closed-source models in the industry [2]. - Although AI investments have not yet reached the commercialization phase, the company maintains high-quality growth in other business areas, contributing to margin improvement [2]. Profitability Forecast - Adjusted operating profit is expected to increase by 18.5% year-on-year, while adjusted net profit is projected to rise by 12% in Q3 2025 [2]. Valuation and Target Price - The company maintains its revenue and profit forecasts for 2025/2026, with a rating of "outperform" and a target price of HKD 700, implying a 9.5% upside from the current stock price [2].

Group 1 - The gaming sector experienced a notable rise on September 5, with the gaming ETF (159869) increasing by over 1%, indicating a significant upward trend [1] - Key stocks in the gaming ETF that saw substantial gains include Baotong Technology, Yaoji Technology, 37 Interactive Entertainment, Zhejiang Shuzhi Culture, Light Media, and Dihon Network [1] - Huawei's recent product launch showcased the Mate XTs foldable phone and the largest Mate TV, both featuring large screens that enhance gaming experiences through improved visual quality and interactivity [1] Group 2 - HarmonyOS is becoming a new hub for game developers, with over 1,000 game companies joining the Harmony ecosystem and more than 9,200 games available [2] - Popular games such as "Delta Action," "Crossfire: Gun Battle King," "Dark Zone Breakthrough," "League of Legends Mobile," and "Yuanmeng Star" are set to debut on the Harmony ecosystem starting in September [2] - The gaming sector is undergoing transformations driven by AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]