【解剖大盘】 市场又变得微妙起来，现在很多人都在抛美债，30 年期国债收益率达到了 5.089%，为 2023年 10 月以 来的最高水平，10 年期国债收益率上升至 4.595%，为今年 2 月以来的最高点。20年期国债拍卖表现不 佳。买涨不买跌是普遍原则。这或许还只是 6 月美债之前奏，想想就让人担心。今天两地市场均走势不 理想，收盘恒指跌 1.19%。 特朗普现在也没啥招了，减税法案也未能通过，只能寄希望与征收关税了。5 月 22 日，根据美国财政 部的声明，美国财政部长贝森特与日本财务大臣加藤胜信在加拿大班夫举行的G7 财长会议期间会晤， 双方都很谨慎，美方"没谈汇率，当前汇率反映基本面"，日方"没谈美债"，日本体量较大，能多薅点羊 毛当然是好的，但实力不允许啊，不能靠硬的了，关键是有中国打样之后，日本也不吃这一套了。但对 付南非这种国家还是绰绰有余，特朗普祭出了"种族灭绝"的大棒，目的就是逼其就范。欺软怕硬，一直 都是玩这套。 又出事了，当地时间 5 月 21 日晚，两名以色列驻美国大使馆工作人员在华盛顿特区犹太博物馆外的活 动中遭枪击身亡。这个事件导致犹太人都人人自危，归根结底还是巴勒斯坦问题没有 ...

Group 1 - The gaming industry is facing intense competition, leading to overall performance pressure and declines, prompting market attention on executive compensation as several listed gaming companies disclose their 2024 annual reports and Q1 2025 results [2] - There is a noticeable difference in executive compensation between Hong Kong-listed and A-share listed companies, with Hong Kong companies generally incorporating stock incentives into their compensation systems, while A-share companies prefer cash [2] - The chairman of Zhongxu Future has seen a salary reduction of over 20 million yuan for 2024, which is primarily attributed to the significant portion of total compensation being related to stock-based compensation, rather than a direct correlation with performance decline [2] Group 2 - Zhongxu Future is transitioning from a "one-stop service for entertainment" strategy to a core focus on gaming business, with a portfolio of well-known IPs such as "Legend," "Miracle," and "Hot Blood Jianghu" [3] - The company has successfully obtained approval for several premium games, including "Free and Easy Jianghu," "Kingdom Crisis," "Laughing Proudly: Heroes' Transmission," and "Hot Blood Jianghu: Awakening" [3] - The primary factors contributing to the revenue decrease in 2024 include several existing games entering the later stages of their lifecycle, new game categories still in the early stages of recouping costs, and a decline in revenue from consumer goods and other non-gaming businesses [3]

2024年的中国游戏行业，如同一场冰与火的较量。据伽马数据（CNG）显示，2024年全球游戏市场规 模为1.22万亿元人民币，同比仅增长3.3%，较2023年的5.1%进一步下滑。 如今，市场"强者恒强"与"创新颠覆"的现象并存，头部厂商靠IP和技术构筑壁垒，中小团队以AI和差异 化内容突围，全球化也成为游戏企业的必选项而非可选项，那些能快速适配监管、用技术杠杆放大内容 价值的企业，将成为新一轮周期的赢家。 当行业步入红海竞争深水区，中旭未来（09890）却上演了一场漂亮的逆袭——全年境外收入暴增 44.9%、毛利率提升至72.1%、现金储备逆势突破至5.15亿元，勾勒出一幅"守正出新"的战略图景。 2024年，"不出海，就出局"，这句游戏行业的生存法则，在中旭未来的财报中得到了极致演绎。 在公司财报第三页上，一组数字格外醒目：2024年境外收入达6.23亿元，远高于2023年的4.30亿元，同 比激增44.9%，占总营收比重由6.6%跃升至11.2%。这背后，来自越南、中国台湾等市场的爆炸性增 长。 据智通财经APP了解到，多年以来，中旭未来持续落地"全球发行+本地文化适配"双引擎，截至2024年 底，公司 ...