当《PUBG：Black Budget》（以下简称"黑域撤离"）以"射击搜打撤"的身份进入玩家视野时，它天然背负着一个极高的预期。 原因并不复杂。《PUBG》研发商KRAFTON，毕竟是作为过去十年里深刻影响过射击游戏主流形态，做射击游戏最成功的厂商之一。另一方面，搜打撤 赛道本身，已经完成了第一轮市场筛选。玩家对玩法的理解、对完成度的容忍度，早已不同于"吃鸡"诞生之初。 从《黑域撤离》近期测试释放出的玩家反馈来看，该作的表现与外界预期存在明显落差。它所收获的反馈显得格外现实，并未因为出身而获得宽容。 从形式上来看，它就是标准的搜打撤。但在实际体验上，它仍保留了大量PUBG式的设计习惯。就比如《黑域撤离》中有着吃鸡游戏标志性的"缩圈机 制"，驱动玩家向地图中心靠拢，高级资源也集中在地图中心地带。 游戏有这样的设定，可能是想构建以"打"为核心的搜打撤体验，这也是《PUBG》的核心玩法特色。可从当前的测试反馈来看，这一看似差异化的设定， 其实并没有取得预期中的效果。 在直观反馈上，《黑域撤离》的3C体验存在一定调优空间。作为常年游玩第一人称3D 射击、3D MMO产品的玩家，笔者第一次进入游戏时，居然出现 了"晕 ...

6 证券研究报告 点评报告 2025 年 12 月 8 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 国家金融监督管理总局于上周末下调保险公司相关业务风险因子，包括持仓时间 超过三年的沪深 300 指数成分股、中证红利低波动 100 指数成分股的风险因子从 0.3 下调至 0.27，保险公司持仓时间超过两年的科创板上市普通股的风险因子从 0.4 下调至 0.36。该持仓时间根据过去四年加权平均持仓时间确定。结合周末发 布的《基金管理公司绩效考核管理指引》征求意见稿，我们看好沪深 300、红利 和今年一直滞涨的券商等行业的投资机会。 马斯克周末在社交平台 X 上披露了每年向太空发射 100 万吨 AI 卫星的讨论，由于 涉及的发射次数和卫星规模庞大，而且预示了商业卫星应用的新领域，我们认为 这可能大幅提升国内投资者对未来几年商业航天发展空间的预期。马斯克表示， 在地球上已经很难找到简单的电力来源。100 万吨/年的卫星，每颗卫星 100 千瓦， 每年增加 100 吉瓦的人工智能，没有运营或维护成本，通过高带宽激光连接到 Starlink 星座，相当于要每天发射 2 ...

Core Insights - The tactical shooting game "Delta Operation" has recently faced significant backlash from players due to changes made to a popular player-created mode called "Shared Prison" and rampant cheating issues, leading to a decline in trust and revenue [1][7][17] Player-Created Gameplay and Official Adjustments - "Delta Operation" attracted a large player base with its high-risk "Search, Fight, Evacuate" gameplay, where players developed a cooperative strategy called "Shared Prison" to reduce conflict and increase resource collection [3][4] - The official team announced adjustments to the game, citing unfair competition as the reason, which led to a massive backlash with over 560,000 negative comments from players [3][5] Revenue and Ranking Decline - Following the announcement of changes, the game's iOS revenue dropped significantly, with daily earnings falling from approximately $4.59 million to a low of $1.51 million, a decline of 67% [7][17] - The game's ranking on the iOS free chart also fell from 6th to around 26th within a short period, indicating a loss of player engagement and trust [7][18] Cheating Issues and Market Competition - The game has been plagued by cheating, with numerous shops selling cheats on platforms like Taobao and Xianyu, leading to a thriving underground market [8][10] - The official team has taken steps to combat cheating, including banning over 88,000 accounts and collaborating with law enforcement to shut down illegal operations [14][17] - The competitive landscape has intensified, with new entrants like NetEase's "Firefly Assault" and others launching campaigns that seem to mock "Delta Operation," further threatening its player base [18]

Core Viewpoint - The tactical shooting game "Delta Operation" has recently faced significant backlash from players due to official adjustments to a popular player-created mode called "Shared Prison," leading to a decline in trust, rankings, and revenue [1][3][12]. Group 1: Player Backlash - Over 560,000 comments criticizing the official adjustments were posted in the announcement's comment section, highlighting player dissatisfaction with the changes [2][9]. - Players expressed that the official's intervention in the "Shared Prison" strategy undermined the game's fairness and enjoyment, with many questioning the rationale behind the changes [10][12]. - Despite the official apology acknowledging the confusion and dissatisfaction caused by the updates, trust issues among players have already emerged [12][14]. Group 2: Revenue and Ranking Decline - Following the adjustments, "Delta Operation" saw a significant drop in its iOS revenue, with daily earnings plummeting from approximately $4.59 million to a low of $1.51 million, marking a decline of up to 67% [15][27]. - The game's ranking on the iOS free chart also fell from 6th to around 26th within a short period, indicating a loss of player engagement and interest [14][27]. Group 3: Cheating Issues - The game has been plagued by rampant cheating, with numerous shops selling cheat programs on platforms like Taobao and Xianyu, generating substantial monthly revenues for some sellers [16][18]. - Players have expressed their frustration with the prevalence of cheats, which has led to negative reviews and a decline in the overall gaming experience [20][26]. - The official team has taken steps to combat cheating, including banning over 88,000 accounts and collaborating with law enforcement to address the issue, but the scale of the problem raises concerns about the game's integrity [23][25]. Group 4: Competitive Landscape - The market for tactical shooting games is becoming increasingly competitive, with new entrants like NetEase's "Firefly Assault" and others leveraging the controversy surrounding "Delta Operation" to attract players [29][30]. - Industry experts suggest that the combination of player dissatisfaction and the influx of competitors could pose significant challenges for "Delta Operation," potentially leading to a loss of its core user base [30].

Core Insights - The tactical shooting game "Delta Operation" has recently faced significant backlash from players due to official adjustments to a popular player-created mode called "Shared Prison," leading to a decline in trust and revenue [1][5][16] - The game has also been plagued by rampant cheating, with numerous sellers offering hacks on various platforms, further damaging the game's reputation and player experience [6][10][15] Group 1: Player Reactions and Official Response - Players expressed strong dissatisfaction with the official's decision to alter the "Shared Prison" mode, arguing that it undermines the game's fairness and enjoyment [2][3] - Following the backlash, the official team issued an apology acknowledging the confusion and dissatisfaction caused by the recent updates, promising to reflect on player feedback [3][5] Group 2: Revenue and Ranking Decline - After the announcement of changes, "Delta Operation" saw a significant drop in its iOS revenue, with daily earnings plummeting from approximately $4.59 million to a low of $1.51 million, marking a decline of 67% [5][16] - The game's ranking on the iOS free chart also fell from a peak of 6th to around 26th, indicating a loss of player engagement and interest [5][18] Group 3: Cheating Issues - The game has been criticized for the widespread use of cheats, with many sellers offering hacks that enhance gameplay unfairly, leading to a negative experience for legitimate players [6][10] - Reports indicate that some sellers achieve monthly sales of thousands of units, generating significant income from these illicit products [7][10] Group 4: Competitive Landscape - The competitive environment for "Delta Operation" has intensified, with new entrants in the market leveraging the game's controversies to attract players, as seen with rival titles promoting similar themes [18] - Industry experts suggest that the combination of player dissatisfaction and increased competition poses a significant threat to "Delta Operation's" user retention and revenue potential [16][18]

Core Insights - The tactical shooting game "Delta Operation" has recently faced significant backlash from players due to official adjustments to a popular player-created mode called "Shared Prison" and rampant cheating issues [2][3][4] Player Feedback and Official Response - The game attracted a large player base with its high-risk "Search, Fight, Evacuate" gameplay, leading to the organic development of the "Shared Prison" strategy among players [3] - Following the official announcement to modify the game mechanics, over 560,000 comments criticizing the changes flooded the official channels, indicating strong player discontent [4][6] - The official apology acknowledged the confusion and dissatisfaction caused by the updates, admitting that the handling of the situation was abrupt and inappropriate [6] Impact on Game Performance - The game's iOS revenue saw a significant decline, with daily earnings dropping from approximately $4.59 million to a low of $1.51 million, marking a decrease of over 67% [9][19] - The game's ranking on the iOS free chart fell from a peak of 6th to around 26th, reflecting a loss of player engagement and trust [9][22] Cheating Issues - The game has been plagued by a proliferation of cheats, with numerous shops selling "Delta Assist" and "Delta Vision" hacks on second-hand trading platforms [10][12] - Some shops reportedly achieve monthly sales exceeding 6,000 units, leading to substantial income from these illicit products [12] - The official response to cheating has included significant bans, with over 88,000 accounts banned in a week, highlighting the severity of the cheating problem [16][19] Competitive Landscape - The market environment for "Delta Operation" has become increasingly competitive, with new entrants like NetEase's "Firefly Assault" capitalizing on the game's controversies to attract users [22] - Competitors are actively marketing similar gameplay experiences, which could lead to a further decline in "Delta Operation's" user base if dissatisfaction continues [22]

Core Insights - The domestic shooting game market is experiencing significant growth from late 2024 to 2025, with Tencent's products like "Delta Action" achieving 20 million DAU within a year, and "Peace Elite" seeing over 30% year-on-year growth in Q2 2025 [1][11][12] - The emergence of the "search, fight, and retreat" gameplay has contributed to this boom, alongside the rapid iteration of "hero shooter" products and the IP development of battle royale games [4][10][19] Industry Trends - The shooting game genre has historically been popular due to its broad audience and rapid adoption of new technologies and gameplay innovations [3][19] - The "search, fight, and retreat" gameplay, which has matured over the past year, is a key factor in the current market prosperity, with many companies launching projects in this category [4][10] Gameplay Evolution - The "search, fight, and retreat" gameplay originated from the 2016 game "Escape from Tarkov," which, despite its complexity, laid the groundwork for this genre [5][7] - The success of "PUBG" in 2017 helped popularize elements of this gameplay, making it more accessible to a wider audience [9][10] Market Dynamics - Major companies like Tencent and NetEase are leading the charge in the "search, fight, and retreat" segment, with Tencent's "Delta Action" achieving significant milestones in DAU and revenue [11][12] - The high entry barriers in the shooting game market mean that only large and mid-sized companies can afford to invest in this genre, limiting competition [12][19] Future Directions - The FPS genre is expected to evolve, with potential shifts towards PvE experiences and narrative-driven gameplay, as the current "search, fight, and retreat" trend may reach its peak [20][22] - The industry is exploring the integration of "search, fight, and retreat" mechanics into various game types, indicating a broader influence on game design [17][19] Financial Insights - In the first half of 2025, shooting games accounted for 6% of the top 100 mobile games by revenue, but contributed 17.03% of total revenue, highlighting the significant financial impact of a few successful titles [27]