南方财经记者孙静芳广州报道 今年5月，广东重磅推出涵盖影视、演艺市场、动漫影视、网络游戏、电子竞技、网络视听六大领域的 文化产业高质量发展"政策包"，87条硬核措施犹如一剂强心针，为这片文化热土注入澎湃动能。如今， 半年过去，政策红利持续释放，人才集聚效应凸显，优质项目落地生根，产业生态愈发完善。 2025粤港澳大湾区文化产业投资大会（广东·广州）（简称"大湾区文投会"）将于11月26日启幕之际， 广东正着力打通文化与金融、科技的对接通道，推动文化产业向融合化、数字化、国际化方向加速迈 进，不断创造新供给、引领新需求，为全国文化产业高质量发展探索出一条独具特色的"广东路径"。 "演唱会经济"成消费新引擎 近日，广州薄荷糖影视出品的《日掛中天》不仅成为首部入围威尼斯国际电影节主竞赛单元的粤产电 影，更让主演辛芷蕾摘得最佳女演员桂冠。 影片总制片人、薄荷糖影业总经理马双感慨道："政策包的出台恰逢其时，从原创孵化到技术应用，从 人才引育到市场拓展，全链条的赋能让我们创作更有底气。"该影片从筹备时省市部门主动协调拍摄场 景，到申报奖项、出海发行获得全力支持。影片取景广州、东莞、韶关等地，岭南地域特色为作品注入 独特情 ...

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]

Group 1: Krafton and "幻兽帕鲁" - Krafton announced that the mobile game "幻兽帕鲁" will begin testing in Q4 2025, developed in collaboration with Japanese developer Pocketpair, featuring core gameplay elements from the PC version [1] - The success of "幻兽帕鲁" in 2024 led to a surge in similar game development by domestic companies, but many faced market rejection due to lack of official licensing and poor gameplay integration [1] - The entry of Krafton with an official mobile version shifts the competitive focus in the pet-catching genre from gameplay imitation to a combination of IP management and development strength [1] Group 2: Tencent and "终极角逐" - Tencent confirmed that the first-person shooter game "终极角逐" will officially launch on November 18, 2025, with players able to register through Tencent's cloud gaming platform [2] - The game, a domestic version of the overseas hit "THE FINALS," features a unique terrain destruction system that allows players to create tactical advantages through environmental manipulation [2] - The public release of "终极角逐" is expected to be a significant catalyst for market sentiment, as shooting games are a core revenue pillar for Tencent, which has faced growth pressures due to insufficient new product iterations [2] Group 3: "光与夜之恋" Voice Actor Change - Tencent's "光与夜之恋" announced a change in the voice actor for the character "查理苏" due to the health issues of the current actor, 吴磊, prompting a search for a replacement [3] - The project team is focusing on character compatibility in the selection process, which has garnered significant attention from both players and the capital market [3] - Companies with risk mitigation mechanisms, such as multiple voice actor reserves or advanced AI voice technology, may achieve higher valuation premiums, while those relying on a single actor without contingency plans may face increased valuation risks [3]

Core Insights - The Hong Kong stock market saw a net inflow of 28.73 billion HKD from northbound trading, with 16.46 billion HKD from the Shanghai Stock Connect and 12.27 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most net bought stocks included SMIC (00981), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - The most net sold stocks were Alibaba-W (09988), Li Auto-W (02015), and Xiaomi Group-W (01810) [1] - SMIC had a net inflow of 32.97 billion HKD, while Alibaba-W faced a net outflow of 19.84 billion HKD [2][7] Group 2: Sector Trends - Northbound capital is increasingly favoring semiconductor stocks, with SMIC and Hua Hong Semiconductor receiving net inflows of 11.43 billion HKD and 9.86 billion HKD, respectively [4] - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which is expected to boost the semiconductor industry [4] - Analysts predict that AI computing demand will drive expansion in domestic and international logic and memory manufacturers [4] Group 3: Company-Specific Developments - Tencent (00700) received a net inflow of 10.3 billion HKD, attributed to strong performance in its gaming segment, with a nearly 15% year-on-year increase in domestic revenue [5] - Alibaba-W (09988) is expected to have capital expenditures reaching 460 billion HKD, significantly higher than its previous target of 380 billion HKD, driven by surging AI demand [7] - Bubble Mart (09992) saw a net inflow of 4.89 billion HKD, with a reported sales growth of 245% to 250% in Q3, exceeding expectations [5]

Core Insights - "Kares Dream" is a new card game that has gained significant popularity, topping free charts in multiple countries shortly after its pre-download launch, despite limited marketing efforts [1][2] - Developed by South Korean company Smilegate, known for successful titles like "Crossfire" and "Epic Seven," the game is expected to leverage Tencent's strong distribution capabilities in China [2][3] Game Mechanics and Features - The game features a unique gameplay loop that combines roguelike elements with card mechanics, allowing players to form teams and progress through various in-game challenges [3][6] - It is designed to appeal to hardcore players who enjoy deep character development and strategic gameplay, differentiating itself from other games in the market [6][20] - The game includes a "crisis system" that adds complexity to gameplay, although it has received mixed feedback regarding its clarity and impact on player experience [10][12] Art and Design - The game's art style and UI design have been praised for their quality, contributing to an immersive experience that resonates with players [14][15] - The visual elements are influenced by the success of previous titles, aiming to create a strong emotional connection between players and characters [17][25] Market Position and Strategy - The game reflects a mature production philosophy prevalent in the South Korean gaming industry, focusing on high-quality art and deep gameplay mechanics [17][20] - It aims to cater to a niche audience of dedicated players, contrasting with broader market trends that favor larger-scale productions [23][30] - The shift from a "gacha" monetization model to a more balanced approach indicates responsiveness to player feedback and market demands [29][30]

Group 1 - The gaming sector experienced a strong opening on October 21, with the gaming ETF (159869) rising nearly 1% after a period of volatility. The ETF saw a net inflow of 1.69 billion yuan over the last 10 trading days, indicating strong investor interest, and its total scale reached 10.547 billion yuan [1] - Tencent's first-person shooter game, "The Finals," has been officially named "Ultimate Showdown" for the Chinese market and is currently in a new round of closed beta testing, with recruitment ending on November 3. This marks a significant step in Tencent's product pipeline for the shooting game segment, which is crucial for its revenue [1] - The introduction of "Ultimate Showdown" is expected to positively impact Tencent's stock price in the short term, especially as the gaming sector shows signs of recovery, potentially serving as a catalyst for market sentiment [1] Group 2 - Citic Securities released a report indicating that despite recent pullbacks in the gaming sector, demand remains stable and is not affected by tariffs. The gaming industry has maintained high levels of activity during peak seasons such as summer and National Day [2] - The average forward PE ratio for the gaming sector is below 20x, and the recent adjustments in stock prices are primarily due to funding factors, suggesting that some companies now offer better valuation opportunities [2] - The gaming sector is poised for multiple catalysts, including strong Q3 earnings and a wave of new product launches in Q4, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Summary of Evergreen Games Conference Call Industry Overview - The conference focuses on the evergreen games sector, highlighting the potential for significant revenue growth through effective operations, as demonstrated by Tencent's Supercell game "Clash Royale," which achieved $140 million in revenue in Q2 2025, a 90% quarter-over-quarter increase and over 40% year-over-year growth [2][3] - Companies with evergreen game potential typically possess high Daily Active Users (DAU) and social gameplay attributes, or own classic native IPs that can be continuously iterated and updated, particularly in SLG (Simulation and Strategy Games) and MMO (Massively Multiplayer Online) genres, which have high player sunk costs and stronger user retention [2][5] Key Insights and Arguments - Evergreen game companies generally have valuations above the industry average, with companies like Nintendo, Take-Two, and Nexon showing strong forward Price-to-Earnings (PE) ratios, indicating high market expectations for future earnings [2][6] - As of early 2025, Nintendo's forward PE was 36, TikTok's was 27, and Nexon's was 26, averaging 26, which is higher than the average valuation of the A-share and Hong Kong game sectors, which is below 20 [7] - The operational methodology for evergreen games includes simple content updates, seasonal updates, and continuous iteration of core gameplay and monetization strategies, creating a platform that encourages ongoing player engagement and spending [9][10] Company-Specific Strategies - Tencent's strategy for 2025 emphasizes the operation of headlining games while adjusting its organizational structure to enhance producer incentives, focusing on long-term development and middle-tier games like "Crossfire" and "League of Legends" [4][11] - Nintendo aims to maintain user engagement by expanding gameplay on its platforms, creating "infinite" products that encourage continuous player interaction and consumption [12][13] - Tencent's overseas game revenue accounts for approximately 30%, with Supercell, Riot Games, and Miniclip being significant contributors [14] Potential Companies for Evergreen Games - Companies with successful evergreen game potential typically have large DAU advantages and social gameplay attributes, such as Tencent and Giant Network's new title "Supernatural Action Team" [5] - Companies with classic native IPs that can be continuously updated, like Nintendo with its Mario and Pokémon franchises, and Nexon with its Dungeon Fighter Online (DNF) IP, also show strong potential [5][29] - SLG and MMO games are identified as having longer lifecycle potential due to their inherent player engagement characteristics [30] Valuation Insights - Evergreen game companies are generally valued significantly higher than the industry average, with stable and continuous revenue growth being a key factor supporting these high valuations [6] - The report highlights the importance of maintaining a balance between hardware and software revenue, with Nintendo's software revenue becoming a more significant contributor as hardware sales plateaued [18][19] Conclusion - The evergreen games sector is characterized by companies that can maintain player engagement through continuous updates and strong IPs, leading to sustained revenue growth and higher valuations compared to the broader gaming industry. The strategies employed by leading companies like Tencent and Nintendo serve as benchmarks for success in this evolving market.

Core Viewpoint - Tencent's strong financial performance in the first half of the year reflects its significant investment in AI technology, which is expected to drive long-term growth despite short-term sacrifices [5][12]. Financial Performance - Tencent's total revenue for the first half reached 364.53 billion yuan, a year-on-year increase of 14% [5]. - The net profit attributable to shareholders was 103.45 billion yuan, up 16% year-on-year [5]. - In Q2, revenue was 184.5 billion yuan, growing 15% year-on-year, with operating profit at 69.25 billion yuan, an 18% increase [5][6]. Business Segments - The three core business segments showed robust growth in Q2: - Value-added services revenue was 91.4 billion yuan, up 16% [7]. - Marketing services revenue reached 35.8 billion yuan, a 20% increase, marking a historical high [7]. - Financial technology and enterprise services revenue was 55.5 billion yuan, growing 10% [7]. Investment in AI - Tencent invested 20.25 billion yuan in AI research and development in Q2, a 17% increase [8]. - Capital expenditure surged 119% to 19.11 billion yuan, indicating a commitment to long-term growth through AI [8]. User Engagement and AI Integration - Tencent's AI product matrix has deeply penetrated user experiences, with WeChat's monthly active accounts reaching 1.411 billion, a 3% year-on-year increase [8]. - AI applications in gaming have significantly boosted revenue, with total game income in Q2 at 59.2 billion yuan, a 22% increase [9]. Global Strategy and Ecosystem Expansion - Tencent's global strategy leverages its WeChat ecosystem, with 92 countries utilizing WeChat mini-programs [10]. - The payment network has expanded, with 2.6 million merchants in Malaysia using DuitNow QR codes [10]. - Tencent Cloud services have over 10,000 overseas clients, enhancing digital capabilities for international companies [10]. Future Growth Potential - The advertising business has room for growth, driven by improvements in click-through rates, traffic growth, and ad loading rates [12]. - The gaming sector, particularly shooting games, is identified as a key growth area, with significant interest from new-generation players [12]. - AI and ecosystem collaboration will remain central to Tencent's strategy, with ongoing investments expected to yield benefits [12].

Core Insights - Tencent's Q2 2025 earnings report highlighted the unexpected success of the game "Delta Action," which has rapidly climbed to the top of the industry in terms of daily active users (DAU) and revenue [1][4][10] Game Performance - "Delta Action" launched in September last year and has shown significant growth, entering the top five in industry DAU and top three in revenue [1][4] - The game achieved over 10 billion yuan in revenue in Q4 last year and currently boasts over 20 million daily active users, marking a 66% quarter-on-quarter increase [4][10] - It has become a rare dual-platform evergreen product, performing exceptionally well on both PC and mobile [4][10] Strategic Importance - Tencent's management has consistently highlighted "Delta Action" as a key contributor in every earnings report since Q3 last year, positioning it alongside major titles like "Honor of Kings" and "Peace Elite" [2][5] - The game aligns with Tencent's strategy for long-term service-oriented games (GAAS), marking it as the most successful self-developed evergreen product since "Peace Elite" in 2019 [5][20] Market Dynamics - "Delta Action" has reached a peak of nearly 200,000 concurrent users on the Steam platform and ranks among the top three in net bar popularity [6] - On mobile, it competes closely with "Peace Elite," ranking in the top three of both the App Store free and revenue charts [8] - The game has the highest average daily active accounts among new releases in the past three years [9] Revenue Structure - The strong performance of "Delta Action" has shifted Tencent's revenue structure towards self-developed products, directly enhancing the gross margin of Tencent's value-added services, which saw a year-on-year increase of 23% [10] Competitive Landscape - Tencent's management has addressed concerns regarding potential cannibalization among its flagship games, emphasizing that the shooting game genre in China remains underexploited compared to Western markets [15] - The company believes that the introduction of new gameplay modes can expand the user base rather than merely competing for existing users [15] - "Delta Action" and "Peace Elite" currently have low overlap in user demographics, reducing immediate competition [15][18] Future Considerations - Tencent aims for "Delta Action" to complement "Peace Elite," potentially attracting players interested in extraction gameplay [18] - The company holds the IP for "Delta Action," allowing for greater revenue control and operational flexibility compared to "Peace Elite," which is based on an IP controlled by a third party [20] - The competition between Tencent's internal studios could lead to significant shifts in its game development strategy, especially if "Delta Action" continues to outperform "Peace Elite" [20]

Group 1 - The first large-scale professional esports event was held at the newly renovated Shenzhen Sports Center, featuring the 2025 "Crossfire" IP Carnival and Summer Finals [1] - The team "White Shark.Douyu" won the CFPL S26 championship by defeating their rival "Chengdu AG" with a score of 3:0, showcasing a strong performance throughout the season with a record of 13 wins and 5 losses [1] - Tencent Interactive Entertainment announced the official launch of the "Crossfire" IP world, transitioning from a single gameplay shooting game to a multi-mode shooting platform [1] Group 2 - The event also included the draw for the 2025 EWC Esports World Cup, with teams representing China including "White Shark.Douyu" and others that qualified based on their rankings [2] - The finals attracted nearly 10,000 spectators, with tickets selling out within 48 hours, and the upgraded facilities provided an immersive experience for attendees [1][2] - A drone performance illuminated the night sky in Shenzhen, showcasing characters and symbols from "Crossfire," enhancing the event's atmosphere [2]