"中国味儿"到底是什么？ 不知不觉，2025科隆游戏展已然落下帷幕。或许大家现在还在回味开幕夜上曝光的新内容，但对我而言，令人振奋的不只有新游戏，今年科隆折射出的 2025行业新风向，也给我带来了一些不一样的情绪。 依稀记得去年的这个时候，海内外从业者们都在关心行业生存、市场变化、裁员、资金链等下行期特有的焦虑话题。 你能发现科隆前夕的开发者大会（Devcom）上，海外游戏人提出了不少直戳行业痛处的议题——"游戏行业已死"、"如何在10天内失去一名玩家"、"如何 通过5个简单步骤搞垮你的工作室"...... 当时间来到2025，虽然全球游戏行业下行依旧，Devcom上仍塞满"在不确定时期支持心理健康"、"失败专题：失败无可避免"等惨兮兮的议题，但值得庆 幸的是，一些向好的变化已经在暗地里悄然发生。尤其是国产游戏在这届科隆上呈现出的能量，几乎承包了所有的看点。 一年不见，开始"围攻"科隆了？ 从今年科隆曝光的国产游戏来看，无论是新老产品数量，还是在全球游戏行业以及玩家当中的关注度、新鲜度，今年的国内厂商都有着突破以往的超强 「存在感」。 回顾此次科隆，其中最能体现国产游戏存在感的事件，无疑是开幕夜当天《黑神话： ...

Core Insights - The article discusses the evolution of the "二次元" (2D) culture in China, highlighting its transition from a niche interest to a mainstream phenomenon, particularly on platforms like Xiaohongshu (Little Red Book) [2][3][4] - Xiaohongshu has rebranded itself from a "lifestyle guide" to an "interest community," emphasizing user engagement based on shared interests rather than just practical content [3][4] - The rise of the "2.5D" culture reflects a more open and optimistic attitude among younger generations, contrasting with the previous generation's more insular approach [5][6][7] Xiaohongshu's Growth and Strategy - Xiaohongshu's game user MAU surpassed 110 million, with daily exposure of game notes exceeding 2 billion and nearly 1 billion daily reads [2] - The fastest-growing content categories on Xiaohongshu over the past year were "二次元" and gaming, with year-on-year growth rates of 175% and 168%, respectively [2] - The platform's recent large-scale offline event for gaming and "二次元" marks a significant shift in its branding and community engagement strategy [2][3] Cultural Shifts and Market Dynamics - The article notes a generational cultural shift, where the new generation of "二次元" enthusiasts is more accepted and supported by society compared to their predecessors [6][7] - The "二次元" culture has evolved from being a foreign import to a more localized and positive narrative, with a focus on community and shared experiences [7] - The gaming industry continues to thrive, with the domestic market achieving actual sales revenue of 168 billion yuan in the first half of the year, a 14.08% year-on-year increase [20][21] Competitive Landscape - Xiaohongshu is positioning itself to compete with established platforms like Bilibili and Weibo in the "二次元" space, leveraging its large user base and community-driven content [15][21] - The article highlights the importance of government support for the growth of "二次元" culture, with cities competing to become digital content hubs [10][15] - The presence of major gaming IPs at Xiaohongshu's events indicates a strategic move to attract industry partnerships and enhance its market presence [9][21]

Group 1 - The core event, RED LAND, is the first offline venture of Xiaohongshu into the ACG (Animation, Comics, Games) sector, aiming to compete directly with Bilibili in the Chinese two-dimensional market [4][15] - The event attracted approximately 100,000 attendees, showcasing popular IPs from Tencent, NetEase, and Mihayou, among others, in a transformed venue on Shanghai's Fuxing Island [6][15] - Xiaohongshu's content strategy has shifted, with a new slogan emphasizing community interests, and significant growth in two-dimensional and gaming content, which saw year-on-year increases of 175% and 168% respectively [7][16] Group 2 - The event's location was strategically chosen to be in close proximity to Bilibili's headquarters, symbolizing a direct challenge to Bilibili's dominance in the sector [4][15] - The preparation for RED LAND involved extensive renovations and setup within a short timeframe of about 20 days, indicating a strong commitment to creating an immersive experience [8][15] - Despite the high attendance, the event faced challenges due to extreme heat and logistical issues, leading to some negative feedback from attendees [8][10] Group 3 - Xiaohongshu aims to transition from an online community to a platform that shapes offline lifestyle experiences, leveraging the growing two-dimensional market, which is projected to reach a scale of 221.9 billion yuan in 2023 [16] - The event's theme, "Welcome Home, Forever the Protagonist," resonates with the community's desire for connection, similar to Bilibili's approach but with a focus on commercial opportunities for brands [15][16] - The emergence of a "2.5-dimensional" community indicates a trend where younger generations integrate gaming and anime experiences into their real-life activities, presenting a significant market opportunity for Xiaohongshu [16]

Core Insights - ChinaJoy remains a significant event in the gaming industry, attracting large crowds and showcasing new products despite some criticisms about its decline over the years [1][2] - The presence of popular Korean Coser Yasal and other influencers highlights the growing trend of integrating cosplay into gaming events, enhancing audience engagement [2][4] - The game "Red Desert" is positioned as a potential breakout hit, showcasing high-quality gameplay and innovative technology [6] - Major companies like Tencent and Sony continue to dominate the event with large booths and popular game titles, indicating their strong market presence [18][19][11] - The increasing focus on AI-driven hardware and immersive experiences reflects a shift in the gaming industry towards technology integration [24][27][30] Group 1 - ChinaJoy has been held for 22 years and remains a key event in the interactive entertainment sector, attracting significant attendance [1] - The event featured long queues for popular games, such as "Shadow Blade Zero," indicating high demand and engagement from attendees [11] - The absence of major players like MiHoYo and Bilibili at this year's event suggests a strategic shift towards hosting their own events [8][9] Group 2 - The participation of Microsoft CEO Phil Spencer at ChinaJoy signifies the event's growing international influence and importance in the gaming market [21][23] - Traditional gaming companies continue to utilize classic marketing strategies, such as stage shows and influencer appearances, to attract crowds [14] - The emergence of AI-driven products and immersive experiences at the event indicates a trend towards blending gaming with advanced technology [24][30]

Core Insights - Luo Yuhao, co-founder of miHoYo, has become the new "richest person in Jiangxi" with a wealth of 38 billion yuan, ranking 116th on the Hurun Rich List 2024 [2] - Luo's low-profile approach contrasts with his significant contributions to the gaming industry, particularly in technology and product development [2][7] Company Development - Luo Yuhao, along with Cai Haoyu and Liu Wei, founded miHoYo in 2011 with a loan of 100,000 yuan, initially struggling with their first game, "FlyMe2theMoon," which only garnered 3,000 downloads [3][5] - A pivotal moment occurred in 2012 when they received a 1 million yuan angel investment from Sky Network, leading to miHoYo's current valuation of 160 billion yuan [5] - The release of "Genshin Impact" in 2020 marked a significant achievement, generating 245 million USD in its first month and establishing a complex value system and multi-platform compatibility [5][12] Technological Contributions - Luo Yuhao is recognized as the "technical heart" of miHoYo, leading the development of key projects and ensuring the technical foundation of the company's games [5][8] - His expertise in mathematics and algorithm design has been crucial in creating engaging game mechanics, such as the character gacha system in "Genshin Impact" [8][10] Strategic Vision - Luo emphasizes long-term strategies over chasing trends, focusing on internal development and innovation within the company [10] - He has initiated organizational reforms to manage the growing workforce, ensuring a healthy team structure and efficient collaboration across global studios [10][12] Industry Impact - miHoYo's products have achieved over 1 billion downloads globally, showcasing the company's significant impact on the gaming industry [12] - Luo's vision extends beyond gaming, exploring applications of game technology in fields like medical rehabilitation through partnerships with academic institutions [10][12]

Core Insights - The "Yuanjie Neo World" in Xuhui District, Shanghai, is a new landmark that merges gaming IP with real-world experiences, featuring a 1.9 km long metaverse street that integrates "metaverse technology + two-dimensional creativity + urban renewal" [1][19] - The area showcases large-scale installations from popular games, creating a unique "dimension-breaking" landscape that attracts fans and visitors [1][19] Group 1: Integration of Gaming and Urban Space - The street features iconic installations such as the 7-meter tall "Honkai: Star Rail" Sam Mecha and the giant dragon Bolukes, alongside other game-related sculptures, enhancing the area's appeal [1][5][7] - The integration of two-dimensional culture into urban infrastructure includes interactive elements like the "Xiu Xiu" mascot and themed urban furniture, blurring the lines between virtual and real [7][9] Group 2: Economic and Cultural Impact - The area is home to major gaming companies like Tencent, NetEase, and miHoYo, providing a strong IP foundation that drives foot traffic and fan engagement [9][19] - The "Yuanjie Summer Carnival" scheduled from July 18 to August 17 will feature various IP-themed activities, enhancing community participation and consumer engagement [12][19] Group 3: Innovation and Development - The Xuhui District aims to position the area as a hub for innovation and creativity, with the establishment of professional incubators to support game companies from inception to growth [17][18] - The collaboration between gaming companies and local businesses is expected to foster a co-creation ecosystem, encouraging fans to actively participate in the development of the area [9][19]

Core Viewpoint - The lawsuit filed by Envision Energy against MiHoYo is centered around allegations of network infringement due to the negative portrayal of a game character named "Envision Company" in the mobile game "Honkai: Star Rail" [3][4] Group 1: Legal Proceedings - The Jiangyin People's Court in Jiangsu Province has opened a case regarding the network infringement dispute between Envision Energy and MiHoYo, with the hearing taking place on June 11, 2023 [1] - Envision Energy claims that the game character's name and logo are highly similar to its own trademark, potentially causing confusion among the public [3] Group 2: Allegations and Impact - Envision Energy alleges that the game depicts the "Envision Company" engaging in negative behaviors such as cost-cutting, low-bidding, and violent demolition, which severely damages the company's reputation [3] - The negative portrayal has led to public discussions that further harm Envision Energy's brand and corporate image [3] Group 3: Company Background - Envision Energy, established in 2007 in Jiangyin, Jiangsu, is part of Envision Technology Group, which focuses on smart wind power, energy storage systems, and green hydrogen solutions [4]

Core Viewpoint - The lawsuit between Envision Energy and miHoYo highlights the conflict between a real-world company and a fictional game character, raising concerns about brand reputation and trademark rights in the gaming industry [1][2][3]. Group 1: Lawsuit Details - Envision Energy has filed a lawsuit against miHoYo for a character named "Envision Company" in the game "Honkai: Star Rail," claiming it closely resembles their name and logo, causing reputational damage [2][10]. - The character in the game is depicted negatively, engaging in unethical practices such as cost-cutting and violent demolition, which Envision Energy argues harms its public image [10][11]. - Envision Energy attempted to resolve the issue through communication with miHoYo but was unsuccessful, leading to the formal lawsuit for online infringement [3][9]. Group 2: Trademark and Competition Issues - In addition to the lawsuit against miHoYo, Envision Energy has also sued Envision Investment Group for trademark infringement and unfair competition, indicating a broader concern over brand protection [5][13]. - Envision Energy has a significant portfolio of registered trademarks, with 378 registered and 127 pending, while Envision Investment has also registered multiple trademarks, leading to potential confusion in the market [14][16]. - The conflict is exacerbated by the fact that both companies operate in overlapping sectors, particularly in renewable energy, which could lead to competitive disadvantages for Envision Energy [16][18].

Investment Rating - Industry Rating: Recommended [4] Core Insights & Investment Recommendations - DeepSeek has released an update to its R1 model, with expectations rising for the R2 model. The R1 update, based on the DeepSeek V3 Base model, has shown significant performance improvements in various benchmark tests, particularly in mathematics, programming, and general logic capabilities, comparable to leading closed-source models. The distilled version R1-0528-Qwen3-8B has demonstrated performance close to that of the much larger Qwen3-235B, enhancing accessibility to advanced AI [2][24] - Nvidia is developing a new AI chip named "B30" specifically for the Chinese market. This chip will support multi-GPU expansion and is expected to be priced between $6,500 and $8,000, lower than the H20 chip. The development reflects Nvidia's commitment to maintaining its market share in China amid U.S. export controls [3][25] - The report emphasizes the importance of expanding domestic demand and technological innovation in the context of rising uncertainties from external trade disputes. It maintains a cautiously optimistic view on leading Chinese tech companies, suggesting investment opportunities in Hong Kong internet leaders, the gaming industry, and the film and cultural tourism sectors [26] Industry Data - In the film industry, the top three movies by box office revenue for the week were "Mission: Impossible - Dead Reckoning" with 95.165 million yuan, "Time's Son" with 32.68 million yuan, and "Doraemon: Nobita's Painting Adventure" with 19.587 million yuan [47] - The top five iOS games by revenue were "Honor of Kings," "Peacekeeper Elite," "Zero Zone," "Gold Shovel Battle," and "Shoot Zombies," while the top five Android games were "Heart Town," "Staff Sword Legend," "My Leisure Time," "Honkai: Star Rail," and "Honor of Kings" [48][50] - The top three TV series by viewership index were "The Cang Hai Legend," "Bending Waist," and "Falling into Our Love" [53]