Core Insights - NetEase Group announced the retirement of Ding Yingfeng, Executive Vice President and head of the Interactive Entertainment Division, effective December 31, 2025, after which he will continue as a company advisor [1][7] - CEO Ding Lei expressed gratitude for Ding Yingfeng's contributions, particularly in the success of flagship games and the development of the company's R&D and operational capabilities [1] Group 1: Career and Contributions - Ding Yingfeng entered the gaming industry in 1998 and joined NetEase in 2002, contributing to the design and development of several iconic products, including the first self-developed large-scale online game, "Dahua Xiyou Online" [2] - Under his leadership, "Dream of the West Journey," launched in 2003, has operated for over 22 years by the end of 2025, making it one of the longest-running and highest-grossing product series in NetEase's gaming history [2] Group 2: Business Performance - In the third quarter of 2025, NetEase reported a net revenue of RMB 28.4 billion, with net income from games and related value-added services reaching RMB 23.3 billion, an 11.8% increase compared to the same period in 2024, accounting for 82% of total revenue [5] - The growth was primarily driven by the launch of new games such as "Yanyun Sixteen Sounds" and "Broken Land," as well as the stable income from existing products like the "Dream of the West Journey" series and "Egg Party" [5] Group 3: Organizational Changes - Following Ding Yingfeng's retirement, his responsibilities will be taken over by the current management team of the Interactive Entertainment Division, although specific successors have not been disclosed [7] - The impact of this leadership change on NetEase's long-term strategy and product line planning for the gaming business will gradually become evident in 2026 and beyond [7]

" 有劫友，即江湖。 " 作者丨 胡家铭 编辑丨 董子博 2025年12月20日晚，如果此时的你，恰好身处深圳湾，只需抬头就能发现，此时的夜空，已被"烛 龙"与"大佛"的光影接管。千架无人机编织的天幕流转之下，从19日开始的"2025永劫无间嘉年华"，正式 进入了四日狂欢的高潮阶段。 倘若将时间轴拉回刚刚过去的这个周末，一种名为"永劫红"的视觉符号，正以一种近乎暴力的美学，覆盖 深圳的交通动脉：从宝安机场的到达厅，到高铁站的巨幅广告，再到地铁通道里铺天盖地的"你振的振的 振的很不错"，来自聚窟洲的红色风暴，全面入侵了三次元位面的现实世界。 剥离掉都能看到的熙熙攘攘和人头攒动，一组"反常识"的数据是，在实体零售普遍承压的当下，嘉年华活 动带动深圳卓悦中心商圈客流却实现了逆势增长。 究竟是什么力量，使得《永劫无间》在这个冬至，"承包"了大半个深圳？答案或许就是那句过耳不忘的 slogan："如果振，请深振"。 掐指一算，《永劫无间》端游上线至今已经近五年，手游上线近两年，在大量劫友的心中，《永劫无间》 早已不是一个单纯的游戏IP，而是以"振刀"为核心，构建起来的武侠文化集合体。 而以嘉年华为锚，《永劫无间》数年来 ...

Core Insights - The Chinese gaming industry is transitioning from rapid growth to a focus on "high-quality development," with projected sales revenue reaching 350.79 billion yuan in 2025, reflecting a year-on-year growth rate of 7.68% [1][2] - The industry is evolving towards a "game economy" with a market size exceeding 1.2 trillion yuan, driven by technological innovations like artificial intelligence and a deepening of traditional cultural content [1][2] - The gaming sector is at a pivotal point, shifting from "product export" to "cultural export," emphasizing long-term value creation in response to new challenges [1][2] Industry Growth and Structure - The gaming market in China is expected to achieve historical highs, with actual sales revenue surpassing 350 billion yuan and a user base reaching 683 million by 2025 [2] - Client games are experiencing significant growth, with a year-on-year revenue increase of 14.97%, while the console gaming market is seeing explosive growth at 86.33% [2] - The esports sector is becoming a vital industry engine, with market revenue exceeding 170 billion yuan, reflecting a nearly 19% increase [2] Economic Impact - The gaming economy is structured into three layers: the core economic layer generating over 480 billion yuan, the associated economic layer contributing approximately 554.8 billion yuan, and the radiating economic layer adding over 173 billion yuan [3] - Examples of successful integration of gaming with cultural and urban development include the "Metaverse" districts in Shanghai and major events like the "Honor of Kings" finals attracting 60,000 global spectators [3] Regional Development - Shanghai's gaming industry is projected to generate 170.7 billion yuan in sales by 2025, with a growth rate of 9.57%, supported by initiatives like the "Game Ten Measures" [4] Technological and Cultural Drivers - Artificial intelligence is becoming a core productivity tool in game development, enhancing efficiency by over 80% in art asset production and achieving a 95% accuracy rate in localization [7] - The gaming industry is increasingly viewed as a vehicle for cultural transmission, with traditional elements being integrated into popular games, enhancing their global appeal [8] International Expansion and Responsibility - By 2025, China's self-developed games are expected to generate 20.455 billion USD in overseas sales, with mobile games contributing over 90% of this revenue [10] - The industry is recognizing the importance of social responsibility, with over 70% of minors' gaming time being controlled to within three hours, although challenges remain regarding account misuse [11] - Companies are exploring the social value of gaming beyond commercial returns, with initiatives aimed at integrating cultural heritage into educational programs [11]

与"劫杯"同规格打造的"劫日派对"，则在卓悦中心·节日大道同步上演。活动现场设置了人气角色"宁红 夜"实体雕塑、趣味互动摊位、好礼兑换点以及周边贩售区等多元场景，为商圈聚拢超高人气，让卓悦 中心成为上周末深圳福田CBD最热门的网红打卡地标。 赛事与城市消费的深度联动成为本届嘉年华的一大亮点。据悉，本届"劫杯"深化与银联的战略合作，观 众凭赛事门票即可解锁南山商圈美食折扣、景点联票等专属权益。观赛之余，观众既能打卡岭南美食、 探访湾区地标，感受地道城市文化氛围，也能在"观赛-品味-游览"的复合场景中，深度体验深圳的多元 魅力。 12月22日，为期4天的"2025永劫无间嘉年华"在深圳落下帷幕。本届嘉年华创新采用"全球电竞赛事+沉 浸式街区派对"双主场模式，以2025《永劫无间》世界冠军赛总决赛（简称"劫杯"）为核心，同步举办 首届超大型嘉年华"劫日派对"，通过"数字内容激活实体消费"的创新路径，为粤港澳大湾区文旅产业注 入新动能。 作为嘉年华的核心环节，12月20日至21日，网易主办的2025"劫杯"在深圳南山区春茧体育馆正式开赛。 来自全球各大赛区的顶尖战队齐聚鹏城，为全球观众献上了一场场精彩激烈的巅峰对决。 ...

Core Insights - The Chinese gaming industry is transitioning from a phase of rapid growth to a new stage focused on "high-quality development" amid an improving policy environment and sufficient supply of game licenses [1] - The 2025 China Gaming Industry Report forecasts that the domestic gaming market will achieve actual sales revenue of 350.79 billion yuan, with a year-on-year growth rate of 7.68% [1] - The industry is experiencing a structural transformation, with the "gaming economy" showcasing a vast ecosystem exceeding 1.2 trillion yuan, driven by technological innovations like artificial intelligence and a deepening of traditional cultural content [1][2] Industry Growth - By 2025, the domestic gaming market is expected to reach a historical high with actual sales revenue surpassing 350 billion yuan and a user base of 683 million [1] - The client game segment is projected to see a significant revenue increase of 14.97% due to the simultaneous release of high-quality mobile and PC games, while the console gaming market is expected to grow by 86.33% [1] - The esports sector is becoming a crucial industry engine, with market revenue exceeding 170 billion yuan, reflecting a nearly 19% year-on-year growth [1] Economic Impact - The gaming industry is evolving beyond mere entertainment, becoming a new economic force that integrates culture and technology, contributing over 1.2 trillion yuan to the economy by 2025 [2] - The core economic layer of the gaming economy generates over 480 billion yuan, while the associated economic layer, including hardware and esports, is valued at approximately 554.8 billion yuan [2] - The outer radiation economic layer contributes over 173 billion yuan, showcasing the deep integration of gaming with sectors like cultural tourism and education [2] Technological and Cultural Drivers - The gaming industry is experiencing a qualitative leap driven by technological innovations and cultural depth, with AI becoming a core productivity tool in game development [4] - AI is enhancing production efficiency by over 80% in art asset creation and is widely adopted across the game development process, with 62% of studios utilizing AI technology [4] - Games are increasingly serving as digital vessels for the transmission and innovation of traditional Chinese culture, enhancing their global appeal [5][6] Global Expansion and Responsibility - By 2025, China's self-developed games are expected to generate overseas sales revenue of 20.455 billion USD, with mobile games contributing over 90% of this revenue [6] - Successful overseas strategies emphasize localization and community engagement, with companies establishing local teams to maintain user connections [7] - The industry is also addressing social responsibilities, with over 70% of minors' gaming time controlled within three hours, although challenges remain regarding account misuse [7][8] Social Value Exploration - The "gaming+" initiative is exploring the social significance of gaming beyond commercial returns, with companies integrating cultural education into their offerings [8] - This approach reflects a mature development perspective in the gaming industry, aiming to unify commercial and social values for sustainable growth [8]

作为中国游戏产业的排头兵，上海制定《上海市支持游戏电竞产业健康发展三年行动方案》，发布系 列"政策包"，倡导精品原创、激发科技创新、鼓励游戏赋能、推动文化出海，着力为来自全世界的企业 打造发展的沃土。 来源：中国新闻网 上海发布系列"政策包" 支持游戏电竞产业发展 中新网上海12月19日电 (记者 王笈)上海市委宣传部副部长黄斌兵19日表示，上海将发布"游戏沪十 条"及相关区级配套政策，以更细致、力度更大的支持举措，为游戏企业提供全周期服务，将最优质的 资源精准投向关键环节，为上海乃至中国游戏产业的高质量发展注入更加强劲的动力。 当天，2025年度中国游戏产业年会大会在上海举行。作为网络游戏行业一年一度的重要活动，中国游戏 产业年会于今年首次落户上海，既是对上海网络游戏产业集聚优势的认可，也离不开上海持续优化的营 商环境。 在这片沃土上，国内外游戏企业携手共进，迸发出强劲活力。从《原神》《明日方舟》，到《无尽冬 日》《无限暖暖》，沪产游戏在世界游戏版图上刻下鲜明的"上海印记"；腾讯华东总部、网易上海国际 文创科技园、拳头游戏全球研发中心等项目纷纷落户上海；《永劫无间》用中国武侠开辟电竞新领域。 "在上海，一条 ...

Core Viewpoint - HarmonyOS 6 has been pushed to nearly one million devices, achieving an upgrade in system experience from "usable" to "user-friendly" [1][44] Group 1: System Performance - Significant improvement in system fluency, with faster application launch speeds and smooth operation even when multiple applications are open simultaneously [2][45] Group 2: Software Ecosystem - Continuous enhancement of software ecosystem, with common applications like WeChat and Douyin fully adapted, providing a better experience than Android [2][45] - Some applications still require native adaptation, but compatibility with Android apps is achieved through "Zhuoyitong," offering a near-native experience [5][47] Group 3: AI Capabilities - The AI voice assistant "Super AI" has evolved into a smart hub for ecosystem management, supporting multiple dialects and enabling complex task execution through simple voice commands [16][54] Group 4: Gaming Experience - Comprehensive optimization of gaming experience, with mainstream games adapted to HarmonyOS 6 maintaining smooth performance and stable frame rates even in high-load scenarios [23][59] Group 5: Imaging Features - AI-powered intelligent photography and post-processing capabilities, including smart composition assistance and advanced editing features through voice commands [30][66] Group 6: Device Interconnectivity - Enhanced device collaboration, allowing quick content sharing and cross-screen operations between smartphones and tablets, significantly improving office efficiency [39][75] Summary - HarmonyOS 6 has made substantial progress in system fluency, ecosystem adaptation, AI functionality, and device collaboration, marking a transition from "usable" to "user-friendly" [43][77]

Core Insights - The Game Awards (TGA) recognized the Chinese game "Mingchao" with the "Player's Voice" award, marking a significant achievement for Chinese gaming in the global market [1] - The success of "Mingchao" and "Black Myth: Wukong" illustrates the evolution of Chinese games from one-off hits to a more sustainable and competitive presence in the global gaming industry [3] Group 1: Awards and Recognition - "Mingchao" won the "Player's Voice" award at TGA, following "Black Myth: Wukong," which won two awards in the previous year [1] - "Black Myth: Wukong" achieved sales of 22.4 million copies and over $1.1 billion in revenue on Steam alone, showcasing the commercial viability of Chinese AAA games [2] Group 2: Market Dynamics - The transition from "Black Myth: Wukong" to "Mingchao" reflects a shift in Chinese gaming towards cross-platform development and long-term operational strategies [3] - "Mingchao" topped the App Store free charts in 107 countries and regions shortly after its global launch, indicating strong market penetration [2] Group 3: Industry Ecosystem - The success of "Mingchao" is attributed to a supportive local industry ecosystem in Guangdong, which fosters game development through favorable policies and a robust industry chain [4] - The local government's initiatives have provided critical support for game companies, enhancing their confidence and capabilities in global markets [4] Group 4: Corporate Strategies - Major Chinese gaming companies like NetEase and Tencent are expanding their global presence through innovative products and strategic investments, creating a dual approach of self-developed and acquired content [5] - Smaller companies, like Kuro Games, are also accelerating their international expansion, emphasizing the importance of collaboration and leveraging resources from larger firms [6]

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 ...

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 ...