" 未及降本的海水，先见营收的火焰——游戏AI探索的 「 腾网范 本 」 。 " 作者丨胡家铭 编辑丨董子博 很少有一个游戏品类，能像AI游戏这样，至今仍走在"寻找自我"的路上。 所谓的寻找自我，指的是目前游戏业界对于AI游戏的讨论，仍然大量集中在AI游戏本身的定义——究竟AI 要在游戏环节中发挥什么作用，这个产品才能称作真正的"AI游戏"？ 这并不是一个钻牛角尖的小问题。雷峰网在 "投资熄火"的AI游戏，正走在赛道爆发的前夜 中曾经提到 过， 游戏投资和AI投资，都是近两年降温剧烈的赛道，二者结合的AI游戏，更是一个"投资冰河"。 身份 的差异，直接影响到融资难度的高低。 话虽如此，走到2025年末的时间节点，业内仍然跑出了大量的AI游戏产品，它们或探索激进，或AI应用较 为保守，但相比此前停留于FLASH级别的AI游戏，已经迭代到精品独立游戏的形态。 与中小厂商和独立团队相比，腾讯、网易等游戏大厂，并不是AI游戏的主要阵地。但AI之于追求工业化大 生产的游戏行业，却有着极为现实的"降本"和"提效"需求。腾网二厂在此基础上的探索，也从未停止。 以此为始，游戏行业的"AI革命"路径已日益明朗：一是供给侧的AI ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent's Q3 revenue reached 192.87 billion yuan, representing a year-over-year increase of 15% and a quarter-over-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [4] - The adjusted net profit for Q3 was 70.55 billion yuan, up 18% year-over-year and 12% quarter-over-quarter, surpassing the consensus estimate of 65.97 billion yuan [4] - The growth in revenue and profit is driven by strong performance in the gaming sector, robust advertising growth fueled by AI, and improvements in financial technology services [4][10] Summary by Sections Q3 Performance - Revenue: 192.87 billion yuan (yoy +15%, qoq +5%), above consensus of 188.8 billion yuan [4] - Gross Profit: 108.8 billion yuan (yoy +22%, qoq +4%), exceeding consensus of 106.39 billion yuan [4] - Adjusted Net Profit: 70.55 billion yuan (yoy +18%, qoq +12%), above consensus of 65.97 billion yuan [4] Value-Added Services (VAS) - Domestic game revenue reached 42.8 billion yuan (yoy +15%), driven by stable contributions from titles like "Delta Action" and "Honor of Kings" [5] - International game revenue was 20.8 billion yuan (yoy +43%), exceeding expectations due to growth from Supercell games and new releases [5] Marketing Business - Marketing revenue was 36.2 billion yuan (yoy +21%), surpassing expectations, driven by AI-enhanced advertising platforms [6] - The combined MAU for WeChat reached 1.414 billion, a year-over-year increase of 2% [6] Financial Technology - Financial technology revenue was 58.2 billion yuan (yoy +10%), supported by growth in commercial payment activities and consumer loan services [7] AI Investments - Capital expenditure for Q3 was 12.98 billion yuan, a year-over-year decrease of 24% [8] - AI capabilities are continuously improving, with advancements in transaction ecosystems and model performance [8][9] Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 257.02 billion yuan, 290.51 billion yuan, and 319.01 billion yuan respectively, with stable growth expected in gaming and advertising sectors [10]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The release of Google's Gemini 3 marks a significant advancement in AI capabilities, integrating multimodal understanding and enhancing user interaction [4][22] - Alibaba's AI application "Qianwen APP" quickly rose to the third position in the Apple App Store's free app rankings shortly after its public launch [5][24] - The AI-driven content production model is evolving, particularly in the AI comic industry, which is expected to replace traditional production methods and reduce costs [4][9] - The film market is driven by supply, with strong performances from quality imported films expected to boost box office revenues [7] - The gaming sector shows robust performance, with major titles continuing to update content and maintain user engagement [8] Summary by Sections AI Applications - Google's Gemini 3 offers advanced reasoning capabilities and integrates various media types for enhanced user experiences [4] - The "Qianwen APP" by Alibaba emphasizes dual capabilities of chatting and task management, aiming to integrate various services within the Alibaba ecosystem [5][6] Industry Trends - The AI comic industry is set to transform content production, with significant efficiency gains and cost reductions anticipated [4] - The integration of AI in various sectors such as education, e-commerce, and gaming is expected to accelerate, with major companies investing heavily in these areas [5] Film and Television - The film market is expected to see steady growth driven by quality imports, while the television sector is poised for new content creation opportunities under recent regulatory guidance [7] - Recommendations include focusing on long-video platforms and production companies that align with new content strategies [7] Gaming - The gaming industry is witnessing a strong performance with major titles maintaining user engagement through frequent updates and new releases [8] - There are investment opportunities in companies exploring AI integration within gaming experiences [8] Market Performance - The media sector showed resilience despite broader market declines, with specific sub-sectors like advertising and digital media performing well [14][15] - Recent financial reports from major companies indicate positive growth trends, particularly in the gaming and e-commerce sectors [24][25][26]

Core Viewpoint - Douyu's Q3 2025 financial report shows steady growth with significant improvements in profitability, driven by strategic upgrades and enhanced operational efficiency in the gaming industry [1][5]. Financial Performance - Q3 revenue reached 899 million yuan, with a gross profit of 116 million yuan, representing a year-on-year increase of 90.9% and a gross margin of 12.9% [1]. - Net profit was 11.33 million yuan, up 232.8% year-on-year, while adjusted net profit turned positive at 23.14 million yuan [1]. Business Strategy - Douyu's strategy focuses on enhancing the value chain and exploring commercialization opportunities, leading to improved profitability across various metrics [1][4]. - The company has deepened its involvement in the gaming industry, transitioning from a live streaming platform to a "full-chain partner" in gaming growth [4]. Revenue Streams - Innovative business, advertising, and other revenues totaled 377 million yuan, marking a 21.2% year-on-year growth, primarily driven by the increase in voice social service revenue [2]. - The average monthly active users for voice social services reached 368,600, with 71,700 monthly paying users [2]. Content and User Engagement - Douyu has expanded its content offerings, broadcasting over 60 official esports events and launching more than 30 self-produced events in Q3 [6][13]. - The platform has optimized resource allocation for different game types, enhancing user engagement and operational efficiency [3][15]. Industry Positioning - In a competitive landscape, Douyu has repositioned itself to achieve differentiated competition, leveraging its content advantages to enhance user experience [5][20]. - The company is actively collaborating with game developers to create promotional events and enhance user interaction, thereby strengthening its market position [4][15].

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

作为成都最为独特的文化象征，大熊猫早已成为链接全球目光与城市魅力的天然纽带。现在，一场以国宝熊猫为灵感源泉的创意盛宴正在展开，成都正以熊 猫这一超级IP打造"熊猫伙伴在世界，熊猫家园在成都"的全球文创版图。 11月20日至22日，以共护熊猫家园、共建美丽世界、共享开放机遇为主题的2025全球熊猫伙伴大会在成都举行。来自30多个国家和地区的数百名专家和业内 人士，以大熊猫保护和文化交流为载体，共同探讨全球生态保护和绿色发展的科学路径。 其中，作为大会重要组成部分的2025熊猫家园·大熊猫文化创意大赛正式向全球发出创意征集令，并同步展示2024年首届大赛成果。一只熊猫，万千创意。 成都这座拥有大熊猫和千年文化的城市，正以开放的姿态汇聚全球创意，携手"全球熊猫伙伴"共塑文创产业新生态。 作为全球熊猫伙伴大会期间的核心活动之一，"熊猫家园·大熊猫文化创意大赛国际授权展"于11月20至22日在成都双流空港国际会议中心（三楼序厅）亮 相。展会集中发布100余款熊猫家园创意新品，覆盖金融文创、潮玩、服饰家居、文具办公等品类。 在本次活动现场，新一届大赛正式向全球发出创意征集令。据介绍，相比2024年首届赛事，第二届熊猫家园 ...

本报（chinatimes.net.cn）记者于玉金 北京报道 长青游戏成为本季度驱动网易营收增长的主要力量。网易11月20日晚间发布财报，2025年Q3，公司实 现净收入284亿元，同比增长8.2%；非公认会计准则下，归属于公司股东的净利润为95亿元，同比增长 33.3%。 而在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。对此，丁磊在11月20日晚间 的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的，目 的是让整个组织变得更加专注、高效，从而集中力量打造长青和精品的网易游戏。 《梦幻西游》在线人数创新高 网易2025年Q3净收入为284亿元，上一季度和去年同期分别为279亿元和262亿元。 2025年Q3游戏及相关增值服务净收入为233亿元，上一季度和去年同期分别为228亿元和209亿元。本季 度，来自在线游戏的净收入约占该分部净收入的97.6%，上一季度和去年同期该占比分别为97.1%和 96.8%。 网易在财报中表示，今年Q3在线游戏净收入环比增长来自于《梦幻西游》电脑版、《逆水寒》手游等 自研游戏及若干代理游戏净收入增加。其同比增加来自《梦幻西游 ...

Core Insights - The company reported a revenue of 193 billion RMB in Q3 2025, marking a 15% year-on-year increase and a 5% quarter-on-quarter increase, driven by the expansion of core ecosystem scenarios such as video accounts, mini-programs, and search [1] - Non-IFRS net profit attributable to shareholders reached 70.6 billion RMB, reflecting an 18% year-on-year growth and a 12% quarter-on-quarter growth, indicating improved operational efficiency and profit quality [1] - The AI's role in enhancing efficiency across various business lines is becoming increasingly significant, with a focus on precision targeting, search relevance, content generation, and game production [1] Business Segments Gaming - Value-added services revenue was 95.9 billion RMB, a 16% year-on-year increase, with domestic game revenue at 42.8 billion RMB, up 15% [1] - Key titles such as "Delta Force," "Honor of Kings," and "Peacekeeper Elite" showed strong performance, with "Delta Force" achieving a DAU of over 30 million and "Honor of Kings" reaching a record DAU of 139 million [1] - International game revenue surged by 43% to 20.8 billion RMB, driven by significant contributions from titles like Supercell's "Clash Royale" [1] Marketing Services - Marketing services revenue for Q3 was 35.8 billion RMB, reflecting a 21% year-on-year increase, with video accounts and mini-programs leading the growth [1] - The improvement in eCPM and automated ad placement efficiency driven by AI contributed to revenue growth, although traffic expansion remained a primary revenue driver [1] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue reached 58.2 billion RMB, a 10% year-on-year increase, with strong performance in commercial payments and enterprise services [1] - The company maintained one of the lowest bad debt ratios in the industry for consumer credit, while its cloud business continued to grow, supported by advancements in AI capabilities [1] Investment Outlook - The target price for the company's stock has been raised to 790 HKD, indicating a potential upside of 26.7% from the previous closing price, with a "buy" rating maintained due to improved profit margins and AI-driven returns in high-margin sectors [2]

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

传媒月月谈：10 月板块回调，关注估值修复 20251119 摘要 内容行业政策环境改善：广电二十一条新规等政策细则鼓励内容创新， 预计 2026 年将成为内容创新和机制优化的关键观察期，为行业发展提 供积极信号。 AI 技术赋能内容生产：AI 技术将从效率提升逐步渗透到内容生成，实现 高度自动化，对游戏、广告、影视领域构成革命性变化，并促进新的用 户使用方式和商业模式的发展。 文化出海带来新增长：中国优质内容伴随着文化内核输出，尤其在游戏、 网文、短剧赛道上，将带来新的增长机会，提升中国文化在全球的影响 力。 IP 经济价值提升：国内 IP 产业链逐渐成熟，头部内容公司将向 IP 运营 生态者转型，改善商业化潜力和业绩波动性，IP 消费品及衍生品发展迅 速。 游戏市场流水回升：10 月份国内游戏 APP 整体流水同比增长 1%，环比 增长 5%。《崩坏：星穹铁道》新版本发布登顶中国大陆 iOS 畅销榜， 年底及春节期间娱乐需求有望推升行业景气度。 Q&A 请简要介绍中金公司对 2026 年传媒行业的展望。 中金公司对 2026 年传媒行业的展望主要集中在四个大趋势。首先是政策友好 下的新内容周期。今年游戏行 ...