2024年底，马斯克在X上发布一条动态：《流放之路：降临》（POE2）是《艾尔登法环》和《暗黑破 坏神》的爱情结晶，这款游戏也被推上了全球玩家的热搜榜。 如今，《流放之路：降临》将9月11日开启预充值不删档测试，此次发布标志着这款已在全球市场取得 现象级成功的作品，即将正式登陆中国。 据悉，《流放之路：降临》新西兰Grinding Gear Games（下文简称GGG）研发，腾讯发行的刷宝 ARPG 游戏。 《流放之路：降临》国际服自2024年上线以来，最高同时在线人数突破57.8万大关，登顶全球热销周榜 首位，实力霸榜长达8次，还在Steam 2024年度评选中荣获了"铂金级年度新品"、"铂金级最热玩游 戏"以及"最畅销黄金游戏"等多项殊荣。在Twitch平台上，观众峰值一度达到123万，远超同类产品此前 创下的94万记录。 2016年，腾讯代理了《流放之路》系列的一代产品，正式引进国服。2018年，腾讯完成了对Grinding Gear Games的主要股份收购，达成控股。 腾讯代理了很多游戏，均在国内取得了不错的成绩，这次的《流放之路：降临》是否能延续海外市场的 势头？ 国服内容丰富 2014年，《流放 ...

2024 年底，马斯克在 X 上的一条动态，把《流放之路 2》推上了全球玩家的热搜榜。 他说，这是一款「暗黑破坏神和艾尔登法环的爱情结晶」。随即，关于这款游戏的讨论在玩家圈层之外也迅速扩散开来。后来甚至有人爆料，他会在私人 飞机上刷《流放之路 2》，还因此引发过一场「带练风波」。科技狂人马斯克的沉迷，把这款硬核 ARPG 拉出了圈子。许多此前并不熟悉这一类型的玩 家，也因此第一次关注到它。 马斯克转发《流放之路 2》丨来自：X 对我来说，这并不是一款完全陌生的作品。从初中时代沉迷《暗黑 2》开始，我就对「刷宝」类 ARPG 保持着长久的兴趣。打怪、掉落、组建流派，这种 不断重复却又充满未知的过程，对玩家有着某种魔力。《流放之路》系列，就是在这样一群「暗黑死忠粉」的手中诞生，并逐渐成长为最硬核也最纯粹的 ARPG 代表之一。只是它极高的门槛和复杂度，也让很多普通玩家望而却步。 自由交易：完全自由的玩家间贸易机制，大部分物品都可以进行交易 从 2013 年初代《流放之路》发布，作为一个从《暗黑 2》一路走来的老玩家，我也一直有关注这个系列。到 2024 年底《流放之路 2》正式上线，这款游 戏在垂类玩家群体中的口 ...

Real Estate - In the first four months of 2025, the total sales amount of the top 100 real estate companies decreased by 8% year-on-year, with April sales amounting to 308.9 billion yuan and sales area of 14.73 million square meters, reflecting a year-on-year decline of 9.2% and 21.8% respectively [4] - Cumulative sales for the top 100 companies from January to April reached 1,093.5 billion yuan and 54.04 million square meters, showing a year-on-year decrease of 7.8% and 19.9%, with slight changes of -0.5 percentage points and -0.7 percentage points compared to the first quarter [4] - Some high-energy cities are gradually stabilizing, indicating that the overall stability of the real estate market needs further consolidation [4] Automotive - The automotive market in April showed stable performance, with new car launches and ongoing discounts for older models boosting sales for new energy vehicle manufacturers [5] - The domestic sales outlook for 2025 is expected to improve, driven by trade-in incentives, and there is a recommendation to continuously monitor order volumes and changes in terminal discounts [5] - The synergy between intelligent driving and robotics is anticipated to continue to develop, with a focus on companies that have strong self-research capabilities in driving algorithms and chips, as well as those extending into the robotics supply chain [5] National Grid Information Communication - In Q1 2025, the company reported a revenue of 1.112 billion yuan, reflecting a year-on-year increase of 9.14%, while the net profit attributable to shareholders was 26 million yuan, up 117.20% year-on-year [6] - For the full year 2024, the company achieved a revenue of 7.315 billion yuan, down 4.67% year-on-year, and a net profit of 682 million yuan, down 17.60% year-on-year [6] Zoomlion - In Q1 2025, Zoomlion achieved an operating income of 12.12 billion yuan, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 1.41 billion yuan, up 54.0% year-on-year [6] - The company reported a significant increase in operating cash flow, with a net cash flow of 740 million yuan, reflecting a year-on-year growth of 141.0% [6] - The gross margin was 28.7%, up 0.2 percentage points year-on-year, while the net margin was 11.6%, an increase of 3.9 percentage points year-on-year [6] Tencent - Tencent showcased 46 product updates at the SPARK 2025 game launch event, highlighting flagship games and self-developed new titles, demonstrating the company's comprehensive strength in research, development, and investment [7] Eurasia Group - In Q1 2025, the company reported an operating income of 1.951 billion yuan, a year-on-year increase of 0.38%, but the net profit attributable to shareholders was only 3 million yuan, down 74.64% year-on-year [8] Supor - In Q1 2025, Supor's gross margin was 23.9%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 8.6%, down 0.14 percentage points year-on-year, indicating stable profitability [9] - The company reported various expense ratios, with sales, management, financial, and R&D expenses at 10.0%, 1.6%, -0.1%, and 1.8% respectively, showing minor year-on-year changes [9]

Group 1 - Tencent's game "Path of Exile: Ascendancy" is officially named as the Chinese version of "Path of Exile 2" [1] - Players can continue using their items from "Path of Exile" in "Path of Exile: Ascendancy" after data migration is completed [1] - Successful operation of "Path of Exile: Ascendancy" could strengthen Tencent's influence among core gamers and become a new long-term revenue growth point [1] Group 2 - Eagle Horn Network announced the start of a closed beta test for its new game "Arknights: End of the World" from April 28 to May 11 [2] - The test is a small-scale, non-billing, and data-wiping closed test limited to mobile devices [2] - If "Arknights: End of the World" performs well, it may enhance the value of the "Arknights" series and boost Eagle Horn Network's valuation [2] Group 3 - Teyon and NACON announced the independent new game "RoboCop: Rogue City" will be released on July 17 [3] - The game will introduce new weapons and flashback elements, and it is an independent title that does not require the original game to play [3] - The competitive nature of the gaming industry means that the market performance of new games is uncertain, which could put pressure on the related companies if expectations are not met [3]

Core Viewpoints - The report highlights a mixed performance in the A-share market, with the Shanghai Composite Index down by 0.07% and the Shenzhen Component Index and ChiNext Index up by 0.39% and 0.59% respectively, indicating a divergence in market sentiment [1] - The report notes that the Ministry of Commerce and other departments have optimized the exit tax refund policy to stimulate inbound consumption, lowering the minimum refund threshold from 500 yuan to 200 yuan and increasing the cash refund limit from 10,000 yuan to 20,000 yuan [2] - The Central Political Bureau emphasized the importance of self-reliance and application-oriented development in artificial intelligence, aiming for a healthy and orderly advancement of AI technology [2] Market Performance - The report provides a summary of domestic market performance, with the Shanghai Composite Index closing at 3,295.06 points, down 0.07%, while the Shenzhen Component Index and ChiNext Index saw increases of 0.39% and 0.59% respectively [4] - Internationally, major indices such as the Dow Jones and S&P 500 saw slight increases, with the Dow up 0.05% and the S&P 500 up 0.74% [4] Industry Insights - The report discusses the ongoing optimization of policies to stabilize the consumption sector, with a focus on increasing income for low- and middle-income groups and promoting service consumption [7] - The Central Political Bureau's meeting on April 25 highlighted the establishment of new policy financial tools to support consumption and stabilize foreign trade, indicating a proactive approach to economic management [6][7] - The report emphasizes the potential for growth in the gaming industry, with the approval of multiple game titles, including Tencent's "Path of Exile: Ascendancy," reflecting a normalization in the issuance of game licenses [15] Investment Recommendations - The report suggests focusing on sectors that will benefit from policy support, including tourism, duty-free, hotel, and restaurant industries, as well as domestic beauty brands that are gaining market share [8] - In the real estate sector, the report indicates that the market is stabilizing, with expectations for continued policy support to enhance housing consumption [11][12] - The report highlights the importance of the AI and pharmaceutical sectors, recommending attention to AI drug development and smart healthcare supply chains as key growth areas [19]

Industry Developments - The Chinese government has introduced multiple favorable policies for the gaming industry, including support for game exports and the establishment of a "Game Art Design" undergraduate program [1][4][5] - The National Press and Publication Administration approved 127 new game licenses in April, with 118 being domestic games [1][6] Company Updates - Gigabit reported Q1 2025 revenue of 1.136 billion yuan, a year-on-year increase of 22.47%, and a net profit of 283 million yuan, up 11.82% [1][8] - Giant Network's 2024 net profit grew by 31.15%, with stable operations and significant growth in mini-game business [1][11] - Iceberg Network reported a net loss of 247 million yuan in 2024, a decline of approximately 190%, primarily due to high overseas marketing costs [1][9][10] - Perfect World experienced a 28.5% revenue decline in 2024 but rebounded in Q1 2025 with a revenue increase of 52.22% [1][12] - Youzu Network's 2024 revenue fell by 11.75%, but Q1 2025 showed a revenue increase of 7.29% [1][13] - Tencent announced 46 game updates at the SPARK 2025 conference, including 24 new games [1][14] - Ru Yi Jing Xiu partnered with NBA China to develop two mobile games, expanding into the sports gaming sector [1][15] - NetEase's global investment and cooperation president Simon Zhu announced his departure, with Li Riqiang taking over [1][16]

Core Viewpoint - The article discusses the current state of the Chinese gaming market, highlighting the challenges and opportunities for companies amidst a stagnant market environment, with a focus on the recent approval of new games and the implications for industry players [2][4]. Game Approval Insights - On April 21, the National Press and Publication Administration approved a total of 127 games, with 46 being "casual puzzle" games, accounting for 39% of the approved titles [2]. - Mobile games dominate the approvals, with over 110 titles, while only two pure PC games were approved [2]. - Tencent's game "Path of Exile: Ascendancy" has over 2 million pre-registrations, indicating strong market interest [2]. Market Trends - The overall Chinese gaming market has stagnated around 300 billion RMB for several years, with growth momentum diminishing [4]. - Companies are increasingly conservative in their game offerings, preferring to release genres and models that have been previously validated by the market [4]. - The article notes that the approval of games like "Legend of Maifa" and "Monopoly: Top Winner" reflects a trend towards established game types that have been successful in the past [4]. Industry Challenges - An industry analyst suggests that the market is not yet facing a demand bottleneck, but rather a lack of decision-makers and talent on the supply side [4]. - The current game offerings are characterized by significant homogeneity, limiting player choices and leading to a reliance on social gameplay mechanics, which may not be essential for engaging game experiences [4]. - The normalization of game approvals raises questions about how companies can succeed in a zero-sum market environment [4].

关税让百事可乐更难做了。 可乐的生产依赖浓缩液、水、甜味剂。为了交更少的税，百事可乐从 50 多年前开始在企业税率更 低的爱尔兰生产浓缩液——几乎所有在美国销售的百事可乐浓缩液都来自爱尔兰，现在百事要为此 缴纳 10% 的进口关税。可口可乐也在爱尔兰生产浓缩液，但其在美国本土销售的汽水，大部分浓 缩液来自美国亚特兰大以及领土波多黎各，这也意味着可口可乐受关税影响更少。 两家企业还受到美国对进口铝征收 25% 关税的影响。可口可乐 CEO 詹姆斯·昆西 (James Quincey) 此前表示，可口可乐从加拿大进口了一些铝，关税可能会导致可乐价格上涨，公司可通过增加塑料 瓶装饮料或从美国采购铝来缓解。 OpenAI 的最强模型幻觉更严重。 OpenAI 上周发布 o3、o4-mini 两款推理模型，凭借图像推理等能力引发关注。OpenAI 最早介绍 o3 的时候，还特意强调其在高难度编程能力测试中达到 Top 200 人类程序员的水平。但许多使用者发 现，这两款模型幻觉更严重。他们决定继续使用 o1 Pro 或 Gemini 2.5 等模型。 非营利机构 Transluce 测试发现，o3 经常会幻想自己用了某 ...