文 ｜ 张大东 编辑 ｜ 莽山烙铁头 来源｜ 差评X.PIN（ID：chaping321） 封面来源 ｜ 游戏截图 如果2026年要选出一个社交货币，那《鹅鸭杀》手游当仁不让。 各个平台上，从最简单的对局录屏，到AI动画、真人小剧场乃至素人综艺等二创，再到芜湖大司马、陈泽、CF老四、喜人、崔丁 等不同赛道主播们的直播，种种内容，都印证它实现了跨年龄、跨阶层、线上线下通杀。 以下文章来源于差评X.PIN ，作者小发 差评X.PIN . Debug The World，关注科技、数码、汽车、产经、游戏，传播能改变世界的科技互联网信息。 如果2026年要选出一个社交货币 那《鹅鸭杀》手游当仁不让。 反映到数据上，那就是首日新增500万，首周新增1000万，累计新增3000万。从游戏上线到我落笔，《鹅鸭杀》在App Store游戏 免费榜上长时间位居第一，少数几次掉到第二。 所以，《鹅鸭杀》能火，大家能预料到，但它作为一款没有头部大厂背景的游戏，能火成今天这样，恐怕没有外界说的那么简 单。 光讨论游戏本身，远远不能论证它为啥能大爆。想要找到答案，还要从它的端游时代说起。 《鹅鸭杀》端游的Steam在线人数统计图显示， ...

游戏板块如何布局？20260305 摘要 费，但并非必然支付给谷歌，若选择引导用户至官网支付或采用非 Google Play Billing 方式，该 5%可减免。理论上若实现 100%"切支付"（不通过 Google Play Billing 收款），仅需向谷歌支付 15%~20%的服务费，相当于 由 30%大幅降至 15%~20%。该政策将从 2026 年起逐步在全球落地，节奏 为先欧洲、后美国、再日韩，直至 2027 年 9 月在全球完成落地。 渠道反垄断 进程已持续五六年：起点为 2020 年 Epic Games（《堡垒之夜》开发商）对 苹果与谷歌发起反垄断诉讼。此后 App Store 与 Google Play 在美国、欧洲、 日韩及国内等地区持续面临政府或企业端的诉讼与审查，焦点集中在向游戏公 司收取 30%费用的苛刻性。在监管与诉讼压力下，2020 年至今两大渠道持续 向开发者让利、放松限制并下调费率。当前苹果允许外链或第三方支付，费率 因地区诉讼进展差异呈 case by case，部分地区降至 10%~20%，部分地区 仍在 26%~27%，总体较 30%有所下降；谷歌则如上所述降至 1 ...

解读 2026 政府工作报告相关投资机会 20260305 摘要 2026 年名义 GDP 目标隐含 5%，政策组合呈"表内温和+表外准财政 加力"，8,000 亿政策性金融工具侧重托底投资，消费端 3,500 亿增量 有限。 财税改革预期升温，国企利润上缴比例或时隔 12 年首度上调，有望倒 逼央国企下属上市公司提高分红比例；消费税改革预计年内出现实质性 增量动作。 "十五五"规划纲要中数字中国升格为独立篇章，目标数字经济核心产业 增加值占 GDP 比重达 12.5%，算力、算法及数字技术赋能地位显著提 升。 具身智能与未来能源成机械板块核心主线，特斯拉 V3 定型预期带动产 业链兑现，核聚变项目按计划推进，传统设备更新获 2000 亿超长期国 债支撑。 AI 应用侧 Agent 可用性因代码能力增强而大幅提升，驱动 Token 消耗 非线性增长；游戏板块处于 12-13 倍 PE 低位，叠加 GooglePlay 费率 下调利润增厚。 Q&A 2026 年政府工作报告在宏观目标与政策组合上有哪些关键变化，如何理解 "体制增效、内需平淡、重在改革和产业发展"这一概括？ 2026 年 GDP 增速目标下调至 ...

金元晨报 股市回顾 国际要闻 国内要闻 重要公告 2026 年 03 月 06 日 每日晨报 | 主要市场股指表现 | 4.00 | 近一交易日% | 近20交易日% | （%） | | --- | --- | --- | --- | --- | | 2.00 | 0.00 | | | | | -2.00 | -4.00 | | | | | -6.00 | | | | | 相关报告： 【金元传媒】周报 20260303—AI 春 节档：C 端用户争夺战打响，内容消 费分化显著 李景星 2026.03.05 工作邮箱：zqyjsw@jyzq.cn 研报推荐 【金元传媒】周报20260303—AI春节档：C端用户争夺战打响，内容 消费分化显著 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 -1- 每 日 晨 报 A股行情：上证指数报4108.57点，上涨0.64%，成交额10680.44 亿元；深证成指报14088.84点，上涨1.23%，成交额13219.94亿元； 创业板指报3216.94点，上涨1.66%，成交额6121.81亿元。 亚太市场：香港恒生指数涨0.28%，报25321.34点。恒 ...

把握更确定方向，再次推荐【完美世界】及游戏板块 20260302 摘要 AI 技术推动游戏行业发展，商业化提速，主要体现在广告、电商和社交 娱乐等领域的变现能力增强。游戏作为 AI 的重要应用方向，行业景气度 上升，部分公司估值回调后性价比提升。 在宏观环境不确定背景下，报告聚焦确定性强的方向，即具备爆款开发 能力或平台属性的游戏公司，重点关注完美世界及其潜在爆款游戏《异 环》，完美世界被列为 3 月金股。 复盘传媒与游戏投资历史，"买爆款"策略有效。例如，《哪吒 2》推 动光线传媒市值大幅上涨，《无尽冬日》助力世纪华通收入利润增长， 心动公司依靠《出发吧麦芬》等爆款产品市值大幅增长。 《异环》被视为 2026-2027 年最接近上限的潜在爆款，因其在都市题 材开放世界方向的创新性，玩法融合多种现实体验，商业模式兼顾公平 性与付费驱动，美术风格独特，且团队对玩家反馈响应迅速。 《异环》国服公测定档 4 月 23 日，早于市场预期，体现公司对三测结 果的信心。该时段新品竞争不激烈，与竞品周年庆错位，且紧邻五一假 期，有望与暑期旺季需求更好匹配。 Q&A "大 DAU 长青游戏"与平台型游戏公司的平台属性与渠道价 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The media industry has shown significant performance, with the media index rising by 3.5% last week, outperforming the Shanghai Composite Index by 3.1% [11]. - The report highlights a K-shaped recovery in the gaming sector, with high-end and cost-effective games performing well, while mid-tier games lag behind [8]. - The competition for AI super applications intensified during the Spring Festival, with major players like ByteDance, Alibaba, and Tencent vying for market share [30]. Summary by Sections Weekly Market Review - The media index increased by 3.5%, achieving a trading volume of 715.2 billion yuan, marking the second-highest trading week in 26 years [11]. - Sub-sectors such as film and television, digital media, and publishing led the gains, with notable individual stock performances, including a 61% increase for Zhangyue Technology [14][11]. AI Spring Festival Special - The report discusses the concentrated iteration of AI models during the Spring Festival, with a focus on multi-modal generation and agent capabilities [26]. - Major internet companies are competing for the "AI super entrance," with significant updates from companies like ByteDance and Alibaba [30][35]. - The report notes that the demand for tokens is increasing, leading to accelerated commercialization of AI models [28]. Film Spring Festival Box Office - The overall box office for the Spring Festival reached 5.752 billion yuan, marking a decline compared to previous years, with a notable drop in audience numbers [8]. - The report identifies a strong performance from top films, with "Flying Life 3" leading the box office and "Biao Ren" breaking records for martial arts films [8]. Gaming Spring Festival Special - The gaming sector exhibited a K-shaped recovery, with high-value and luxury games outperforming others [8]. - Tencent maintained a strong position in the market, with several high DAU products dominating the sales charts [8]. - The report suggests that sports events may catalyze the performance of football games, indicating potential growth areas [8]. Internet Sector Insights - The report emphasizes the competitive landscape in AI narratives, with a focus on full-stack AI service providers [25]. - It also notes a potential easing of competition in instant retail, following regulatory discussions with major internet platforms [25].

Investment Rating - The report maintains a "Buy" rating for the media sector, indicating a strong performance compared to the market, with a 3.5% increase in the media index, outperforming the Shanghai Composite Index by 3.1% [5][11]. Core Insights - The media sector is experiencing significant growth, with a notable increase in trading volume, reaching 715.2 billion yuan, marking the second-highest trading week in 26 years [5][11]. - The report highlights a K-shaped recovery in the gaming industry, with high-end and cost-effective games performing well, while mid-tier games lag behind [8][11]. - The competition for AI super applications is intensifying among major internet companies, with ByteDance, Alibaba, and Tencent emerging as key players in the market [6][30]. Summary by Sections Weekly Market Review - The media index increased by 3.5%, outperforming the Shanghai Composite Index by 3.1%, with a trading volume of 715.2 billion yuan, the second-highest in 26 years [5][11]. - Sub-sectors such as film and television, digital media, and publishing led the gains, with notable individual stock performances, including a 61% increase for Zhangyue Technology [5][11]. AI Spring Festival Special - The report discusses the concentrated iteration of AI models during the Spring Festival, with a focus on multi-modal generation and agent capabilities [6][26]. - Major internet companies are competing for the "AI super entrance," with significant user engagement and promotional activities during the Spring Festival [30][31]. Film Spring Festival Box Office - The overall box office for the Spring Festival reached 5.752 billion yuan, marking a decline compared to previous years, with a significant drop in audience numbers [8][11]. - The report notes strong performances from top films, with "Flying Life 3" leading the box office and "Biao Ren" breaking records for martial arts films [8][11]. Gaming Spring Festival Special - The gaming sector shows a clear K-shaped recovery, with high-end and cost-effective games thriving, while mid-tier games struggle [8][11]. - Tencent continues to dominate the market with multiple high DAU products, while innovative gameplay and sports events are expected to boost performance in the gaming sector [8][11].

Core Viewpoint - The gaming sector is demonstrating resilience in the current macroeconomic environment, with significant performance from both listed and non-listed companies ahead of the 2026 Spring Festival, confirming the anticipated strong product cycle for the year [1] Group 1: Company Performance - Tencent Holdings, Huya, and Kingsoft, along with A-share companies like Century Huatong and Giant Network, have shown strong operational data for their games [1] - Century Huatong's casual game "Yihuan" has surpassed 25 million pre-registrations [1] - Giant Network's "Supernatural Action Group" announced a daily active user (DAU) count exceeding 10 million as of February 2 [1] Group 2: Market Trends - The gaming sector is experiencing multiple catalysts, including AI, content innovation, and changes in commercialization models [1] - The gaming ETF (159869) tracks the China Securities Animation and Gaming Index, which leads the market in AI application content, accurately reflecting the overall performance of the A-share animation and gaming industry [1] - The current environment is characterized by favorable policies, product cycles, and AI empowerment, creating a potential investment window in the gaming sector [1]

Group 1: Electronic Industry Insights - The electronic industry index fell by 3.73% in the week of February 2-6, 2026, with semiconductors down 3.02% and consumer electronics down 4.19% [5][8] - Google's capital expenditure guidance for 2026 is projected to be between $175 billion and $185 billion, exceeding previous market expectations of $130 billion [9][10] - The smartphone market is not expected to recover until at least 2027, with a significant decline in revenue anticipated for companies like MediaTek and Qualcomm in Q1 2026 [9][10] Group 2: Semiconductor Sector Developments - The ongoing tight supply and demand situation for memory chips has led to price increases, with Infineon announcing price hikes due to rising costs [10][11] - The report suggests focusing on the supply chain of Changxin Storage and the cascading effects of semiconductor price increases, with a recommendation to pay attention to semiconductor equipment investment opportunities [11][12] - Recommended stocks include North China Innovation, Zhongwei Company, and Tuojing Technology, with beneficiaries including Jingce Electronics and Zhaoyi Innovation [12] Group 3: Media and Gaming Sector Trends - The game "Yihuan" has received positive feedback during its third test, with over 20 million pre-registrations, indicating strong market interest [14][15] - The gaming industry is expected to maintain high prosperity due to the combination of intensive operational activities and holiday seasons, with recommendations to invest in companies like Perfect World and Xindong Company [15][16] - ByteDance's AI video model Seedance 2.0 has shown impressive results, potentially accelerating the commercialization of AI in short-form content [16] Group 4: Military and Aerospace Sector Analysis - Guobang Electronics is positioned to benefit from the acceleration of commercial aerospace and the "14th Five-Year Plan" military product orders, with expected revenue growth from satellite T/R components [18][19] - The company is projected to achieve net profits of 484 million, 665 million, and 831 million yuan from 2025 to 2027, with corresponding EPS of 0.81, 1.12, and 1.39 yuan per share [18][19] - The market for satellite T/R components is expected to reach 30 billion yuan as China moves towards a new era of commercial aerospace [19][20]

Group 1 - The core point of the article is the appointment of two new vice presidents at Giant Network, including Wang Xinyu, the producer of the hit game "Supernatural Action Group," as part of the company's strategy to focus on nurturing young core talent [2][3] - On February 6, Giant Network held its 2026 annual meeting in Shanghai, where the founder and chairman, Shi Yuzhu, awarded vice president certificates to Wang Xinyu and Zhao Jianfeng, the head of the "Journey" IP track [2] - Wang Xinyu, a post-95 producer, has been with the company for eight years since joining as a campus recruit, and the success of "Supernatural Action Group," which recently surpassed 10 million daily active users (DAU), validates the company's R&D philosophy [2] Group 2 - The company underwent a significant management change last year when former CEO Zhang Dong resigned for personal reasons, leading to Liu Wei's appointment as the new CEO and general manager [3] - Zhang Dong, an 80s graduate of Peking University with nearly 20 years of experience in the gaming industry, is expected to return to Giant Network as CEO in 2024 [3] - Liu Wei, born in 1968, has been with the company since the early days and has previously led the company through privatization and capital operations, emphasizing the importance of cultivating young talent upon his return [3]