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 ...

21世纪经济报道吴立洋 随着12月开启，2026年也接近尾声，来看本周有哪些值得关注的游戏产业资讯。 行业动态方面，音数协发布《2025年中国电子竞技产业报告》，2025年中国电子竞技产业实际销售收入 为293.31亿元，同比增长6.40%；苹果、索尼先后发布年度奖项，多家中国厂商入围获奖。 国内公司方面，郭炜炜辞任西山居CEO；金山世游《鹅鸭杀》手游公测定档2026年1月7日公测；腾讯 《洛克王国：世界》官宣定档2026年3月26日上线。 海外及合规方面，Netflix宣布以827亿美元收购华纳；《奇迹天使》开发商网禅因概率造假被韩国监管 机构罚款1.58亿韩元。 电竞方面，TT电竞赴美进行产业交流，并与多家行业机构、高校达成合作意向。 行业动向 2025年中国电子竞技产业实际销售收入293.31亿元 12月4日，中国音像与数字出版协会发布《2025年中国电子竞技产业报告》。报告显示，2025年，中国 电子竞技产业实际销售收入为293.31亿元，同比增长6.40%，增幅为近三年新高。回顾前几年数据，中 国电竞产业销售收入自2021年后连续两年下滑，如今重回高点，表明产业核心环节的变现能力正在恢 复。 苹果发 ...

广发证券指出，游戏Ⅱ行业方面，国内游戏市场维持高景气，腾讯旗下《洛克王国：世界》定档 2026年3月，预计行业新品数量增长将推动规模提升，持续推荐头部公司及具备产品趋势改善的标的。 女性向游戏情绪经济升温，《恋与深空》凭借对玩家需求的精准把握快速登顶；老牌IP如网易《天下： 万象》通过技术升级与社交化改造重启长青化路径。AI技术持续渗透内容生产，如字节跳动Seedream 4.5模型提升广告与影视创作效率，推动创意落地。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 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，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun ...

中金公司指出，2025年传媒板块呈现在细分领域行情轮动中整体上行的格局，政策利好、新品周期、华 流出海等因素共振，叠加IP经济需求景气与AI技术迭代，重点公司经历不同程度的业绩提振与估值修 复。展望2026年，传媒行业有望在政策赋能下迎新周期，AI、出海与IP化共驱动发展。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF跟踪中证动漫游戏指数，反映动漫游戏产 业A股上市公司股票的整体表现，关注游戏ETF布局机会。 12月8日午盘，游戏板块持续震荡攀升，游戏ETF现涨近2%。持仓股全线飘红，富春股份领涨近7%，奥 飞娱乐跟涨近5%，星辉娱乐、三七互娱均涨超3%，板块情绪较佳。游戏ETF近5个交易日累计"吸金"达 3.10亿元，备受资金青睐，截至12月5日，产品规模达111.52亿元，助力投资者一键布局A股游戏龙头。 广发证券指出，国内游戏市场维持高景气，腾讯旗下《洛克王国：世界》定档2026年3月，预计行业新 品数量增长将推动规模提升，持续推荐头部公司及具备产品趋势改善的标的。女性向游戏情绪经济升 温，《恋与深空》凭借对玩家需求的精准把握快速登顶；老牌IP如网易《天下：万象》通过技术升级与 社交化改造 ...

Group 1 - Tencent's new game "Luo Ke Wang Guo: World" has surpassed 35 million pre-registrations, indicating a strong user base and emotional appeal [1] - The game is a sequel to the classic "Luo Ke Wang Guo," which has a significant nostalgic value for millions of players [1] - The game is expected to enter public testing by the end of 2025, following multiple rounds of large-scale testing [1] Group 2 - miHoYo's "Honkai: Star Rail" 3.7 version preview is set for October 24, marking the conclusion of a nearly year-long storyline [2] - The new version is anticipated to boost revenue due to its combination of a storyline conclusion, popular characters, and new gameplay features [2] - The pre-release program is expected to generate significant player interest and traffic, potentially leading to record revenue in the first month after launch [2] Group 3 - The tactical mobile game "Valorant: Source Action" achieved over 32 million monthly active users in its first month, setting a record for new game launches in 2025 [3] - This performance stands out against a backdrop of declining sales in the overall gaming market, highlighting its success in the tactical design category [3] - The game's success is viewed as a successful case of opening up a new market segment despite the industry's overall downturn [3]

Core Insights - The issuance of game licenses in September remains high, covering various types of products, with notable approvals including miHoYo's "Honkai: Star Rail" [1][2] - The overall supply of games continues to be released, indicating a normalization trend in license issuance and ongoing industry recovery [1][2] Game License Issuance - A total of 1,195 domestic games have been approved since the beginning of the year, with 145 games approved in September, including titles from Tencent, miHoYo, and NetEase [2] - For imported games, 80 have been approved year-to-date, with 11 approved in September, including titles from Chuangmeng Tiandi and Xinghui Games [2] Market Trends - miHoYo's "Honkai: Star Rail" focuses on large-world sprite collection and has garnered significant attention, with over 4.09 million pre-registrations by September 25 [3] - The competitive landscape is intensifying as various companies, including Tencent and Manjiu, are entering the sprite cultivation genre, indicating a crowded market ahead [3]

Group 1 - Tencent's "Luo Ke Kingdom: World" has officially launched a "peer testing" recruitment, seen as a crucial step towards its goal of a Q4 2025 release [1] - The testing focuses on five key areas: social experience, game usability, visual quality, performance optimization, and device compatibility, addressing core pain points from previous tests [1] - If successful, "Luo Ke Kingdom: World" is expected to replicate the long-term operational performance of classic IPs, contributing stable cash flow to Tencent [1] Group 2 - Tencent's new product "Code: Glimmer" has initiated testing recruitment, with the recruitment period lasting until October 13, and actual testing expected to begin in mid to late October [2] - Although the product's positioning and core gameplay have not been disclosed, the recruitment survey hints at a multi-genre game that may optimize for cloud gaming scenarios [2] - The domestic open-world game market is expected to continue its growth, and "Code: Glimmer" could contribute additional revenue if it successfully integrates multiple gameplay elements [2] Group 3 - MiHoYo's new simulation game "Star Valley" has completed official account certification on Douyin and Xiaohongshu, signaling the game's entry into the pre-launch phase [3] - Based on previous marketing timelines, "Star Valley" is anticipated to unveil in October, following a similar pattern to MiHoYo's other titles [3] - The reuse of technology from "Genshin Impact" in "Star Valley" is expected to lower development costs and shorten product cycles, enhancing capital efficiency and solidifying MiHoYo's leading position in the industry [3]

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of HKD 614.34 [6] Core Insights - Tencent's 1Q revenue grew by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit increased by 22% year-on-year, also surpassing expectations by 2.5% [1][4] - The growth in the gaming sector is expected to remain robust despite high base effects in the upcoming quarters, driven by the long-term operation of Tencent's games and the expansion of WeChat's mini-store [1][4] - The advertising business saw a significant increase, with 1Q advertising revenue growing by 20.2% year-on-year, and WeChat's mini-store advertising consumption increasing nearly fourfold from February to April [2][4] Revenue and Profitability - For 2025, Tencent's revenue is projected to reach RMB 735.52 billion, with a year-on-year growth rate of 11.4%. The adjusted net profit is expected to be RMB 262.69 billion, reflecting a growth of 17.95% [5][30] - The gross profit margin for 1Q was reported at 55.8%, indicating a year-on-year improvement [31] Business Segments - The value-added services segment, which includes gaming, saw a 17% year-on-year increase in revenue, with domestic game revenue growing by 24% [3][31] - The advertising segment's revenue growth was driven by a 60% increase in video account revenue, highlighting the effectiveness of Tencent's advertising strategies [2][31] Future Outlook - The report anticipates continued growth in Tencent's revenue and adjusted net profit for 2026 and 2027, with slight adjustments to previous forecasts due to changes in capital expenditure and depreciation rates [4][30] - The introduction of AI capabilities and the establishment of an independent e-commerce department within WeChat are expected to further enhance Tencent's growth potential [10][12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 614.34 HKD [6][7]. Core Insights - The company's revenue for Q1 increased by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit grew by 22% year-on-year, also surpassing expectations by 2.5% [1]. - The advertising revenue in Q1 grew by 20.2% year-on-year, significantly above consensus expectations, with a notable 60% increase in revenue from video accounts [2]. - Domestic game revenue rose by 24% year-on-year, with a strong pipeline of new games set to launch [3]. - The company has adjusted its revenue forecasts for 2025-2027 upwards by 0.6%, 0.5%, and 0.5% respectively, driven by the growth of the WeChat mini-store and AI product integration [4][31]. Revenue and Profitability - The projected revenue for 2025 is 735.52 billion RMB, with a year-on-year growth rate of 11.4%. The adjusted net profit for 2025 is forecasted to be 262.69 billion RMB, reflecting a growth of 17.95% [5][31]. - The gross profit margin for Q1 was reported at 55.8%, indicating a healthy profitability trend [12]. Business Segments - The value-added services segment, which includes gaming, saw a 17% increase in revenue, while the online advertising segment experienced a 20.2% growth [5][32]. - The WeChat mini-store has shown significant growth potential, with advertising consumption increasing nearly fourfold from February to April [2][13]. Future Outlook - The company is expected to benefit from the continued expansion of its WeChat mini-store and the integration of AI capabilities, which are anticipated to enhance user engagement and drive revenue growth [4][18]. - The upcoming launch of new games, particularly the mobile version of "Valorant," is expected to attract a substantial user base and contribute to revenue growth [22][23].