哔哩哔哩(BILI.US)盘前涨3.48%，报25.3美元。消息面上，高盛发研报称，哔哩哔哩参与了该行的高盛 亚太领袖论坛，就游戏产品线与发行时程方面，公司指《三国：百将牌》为非对称策略休闲卡牌游戏， 管理层预计将成为每日活跃用户(DAU)达百万级别的大作，2026年春节期间正式推出；《嘟嘟脸恶作 剧》为手机动漫RPG，主打可爱角色，预计今年第四季上线；《逃离鸭科夫》为单人俯视角射击掠夺 PC游戏，同样预计今年第四季推出。(格隆汇) | BILI 哔哩哔哩 | | O | | --- | --- | --- | | 24.450 4 -0.295 -1.19% | | 收盘价 09/11 16:00 美东 | | 25.300 + 0.850 +3.48% | | 盘前价 09/12 05:01 美东 | | 雪 5 24 4 5 8 8 8 8 8 8 0 | | ● 快捷交易 | | 最高价 24.880 | 开盘价 24.870 | 成交量 672.7万 | | 最低价 23.700 | 昨收价 24.745 | 成交额 1.63亿 | | 平均价 24.189 | | 市盈率TTM 334.93 总市 ...

公司今年首季eCPM(广告每展示一千次的平均收入金额)两位数同比增长，主因广告客户基数扩大、算 法优化令转化提升;2025年第二季深度转化占比翻倍，2025下半年将测试AI生成(AIGC)个性化标题与封 面，提升广告点击率。 高盛发布研报称，哔哩哔哩-W(09626)参与了该行的高盛亚太领袖论坛，就游戏产品线与发行时程方 面，公司指《三国：百将牌》为非对称策略休闲卡牌游戏，管理层预计将成为每日活跃用户(DAU)达百 万级别的大作，2026年春节期间正式推出；《嘟嘟脸恶作剧》为手机动漫RPG，主打可爱角色，预计今 年第四季上线；《逃离鸭科夫》为单人俯视角射击掠夺PC游戏，同样预计今年第四季推出。高盛维持 哔哩哔哩"买入"评级及目标价205港元。 广告按行业趋势及增长动能方面，哔哩哔哩指上半年游戏行业广告表现稳健，主要游戏发行商于公司平 台投放同比增长，小游戏亦有市占。3C数码业务受618购物节与国家补贴带动，第二季增长超预期;家居 及家品亦受益于补贴及618期间表现理想，趋势可望延续至年底。 ...

公司今年首季eCPM(广告每展示一千次的平均收入金额)两位数同比增长，主因广告客户基数扩大、算 法优化令转化提升;2025年第二季深度转化占比翻倍，2025下半年将测试AI生成(AIGC)个性化标题与封 面，提升广告点击率。 智通财经APP获悉，高盛发布研报称，哔哩哔哩-W(09626)参与了该行的高盛亚太领袖论坛，就游戏产 品线与发行时程方面，公司指《三国：百将牌》为非对称策略休闲卡牌游戏，管理层预计将成为每日活 跃用户(DAU)达百万级别的大作，2026年春节期间正式推出；《嘟嘟脸恶作剧》为手机动漫RPG，主打 可爱角色，预计今年第四季上线；《逃离鸭科夫》为单人俯视角射击掠夺PC游戏，同样预计今年第四 季推出。高盛维持哔哩哔哩"买入"评级及目标价205港元。 广告按行业趋势及增长动能方面，哔哩哔哩指上半年游戏行业广告表现稳健，主要游戏发行商于公司平 台投放同比增长，小游戏亦有市占。3C数码业务受618购物节与国家补贴带动，第二季增长超预期;家居 及家品亦受益于补贴及618期间表现理想，趋势可望延续至年底。 ...

Group 1 - The gaming sector continues to experience fluctuations, with the gaming ETF (159869) dropping around 2%, indicating a low-positioning opportunity for investors [1] - Notable performers among holdings include Fuchun Co., Mingchen Health, Huali Technology, and 37 Interactive Entertainment, while companies like Gigabit, Perfect World, Giant Network, and others are seeing significant declines [1] - A boom in domestic shooting games is anticipated from late 2024 to 2025, with Tencent's shooting products showing impressive metrics, such as "Delta Force" achieving 20 million DAU within a year and "Peacekeeper Elite" experiencing over 30% year-on-year growth in average DAU in Q2 2025 [1] Group 2 - The head effect in shooting games is pronounced, with a few products generating substantial revenue, and the "search and destroy" genre gaining popularity due to its immersive experience compared to the "battle royale" format [1] - The gaming sector is undergoing transformations driven by AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities [2]

Group 1 - The State Administration of Radio and Television has issued measures to enrich TV content, easing film review processes and encouraging content innovation, which is expected to boost the film and television sector, benefiting companies like Mango Excellent Media and Huace Film & TV [1][2] - Kuaishou's e-commerce revenue is accelerating, and it has raised its full-year revenue guidance, while Bilibili's advertising growth reached 30%, indicating strong growth in value-added services (VAS) and enhancing profit expectations for the media industry [1] - Institutional estimates show a significant increase in incremental capital for 2023, with inflows from individual investors and insurance funds potentially supporting the media sector [1] Group 2 - GF Securities highlights that the new policy from the State Administration of Radio and Television is expected to stimulate content production that better meets user demands, indicating a potential recovery point for the film and television industry, with a focus on companies like Huace Film & TV and Huanrui Century [2] - Wanlian Securities notes a record high in game license approvals in August, with key products from Tencent and Bilibili receiving approval, maintaining a "stronger than the market" rating for the media industry, reflecting improved regulatory conditions [2]

Core Insights - The "search, fight, and retreat" (搜打撤) genre has gained significant traction, with major companies like Sony, Supercell, and Tencent actively participating in this space [1][3] - Tencent is currently the leader in the domestic "search, fight, and retreat" market, with games like "Dark Zone Breakout" and "Delta Action" solidifying its position [3][6] - The gameplay mechanics of "search, fight, and retreat" present inherent contradictions, making it challenging to balance tactical execution with fast-paced action [5][6] Tencent's Dominance - Tencent's "Delta Action" achieved an average daily active user (DAU) of 20 million in July, ranking among the top five in the industry [3] - "Dark Zone Breakout" was launched in 2022, focusing on a realistic approach that creates a "high-risk, high-reward" psychological experience [7] - The company has expanded its offerings, including the recent launch of "Dark Zone Breakout: Infinite" for PC, which has maintained a top 10 position in internet café rankings [9] Market Dynamics - Despite Tencent's stronghold, other companies like NetEase are also entering the "search, fight, and retreat" arena with unique approaches, such as the "Desert Gold" mode in "Naraka: Bladepoint" [15][19] - New entrants like "No Master Star Abyss," developed by former Blizzard CEO Mike Morhaime, are exploring innovative gameplay mechanics that combine cooperative and competitive elements [17][20] - The genre is evolving, with various companies experimenting with different gameplay styles and mechanics, indicating a competitive landscape that is not solely dominated by Tencent [26][27] Future Outlook - The "search, fight, and retreat" genre is characterized by its appeal to players' sense of risk and reward, creating a gambling-like experience that is distinct from traditional competitive shooting games [27] - The ongoing development of diverse gameplay experiences suggests that the future of this genre will not be monopolized by a single product but will instead cater to a variety of player preferences [26][27]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 28 日 星期四 [Table_Summary] 概览 策略：市场情绪受提振，风险偏好回升 电力设备：电力设备出口：变压器、开关表现亮眼，电表、电缆环比 回调 计算机：国务院印发《关于深入实施"人工智能+"行动的意见》，AI 应 用及终端落地有望提速 核心观点 【市场回顾】周三 A 股三大指数集体下跌。截至收盘，上证综指跌 1.76%，深成指跌 1.43%，创业板指跌 0.69%。全市场成交额 31,978 亿元，较上日增加 4,880 亿元。全市场超 4,700 只个股下跌。板块题 材上，CPO、稀土永磁、半导体板块涨幅居前；服装家纺、房地产、 白酒、创新药、教育板块跌幅居前。 3200 【重要新闻】 【国新办举行新闻发布会 介绍中国服务贸易发展和 2025 年服贸会 筹备工作进展情况】国务院新闻办公室于 2025 年 8 月 27 日举行新 闻发布会，介绍中国服务贸易发展和 2025 年服贸会筹备工作进展情 况。据介绍，9 月 10 日至 14 日，2025 年中国国际服务贸易交易会 ...

Core Viewpoint - The issuance of game licenses in August 2025 reached a record high, with 166 domestic games and 7 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2]. Group 1: Game License Issuance - A total of 1,050 domestic games have been approved since the beginning of the year, with 166 games approved in August alone, marking a month-on-month increase of 39 games [2]. - The approved domestic games include titles from well-known companies such as NetEase, Bilibili, and others, showcasing a diverse range of products [2]. - For imported games, 69 have been approved this year, with 7 approved in August, including Tencent's "Kaeas Dreamland" [2]. Group 2: Notable Game Titles - "Kaeas Dreamland," developed by South Korea's Smilegate, is expected to perform well due to its unique gameplay mechanics and high-quality 2D animation [3]. - "Escape from Duckov," developed by Bilibili's "Carbonated Squad," has received positive feedback during its Steam testing phase, with over 200,000 players and a 93% "very positive" rating [4]. - The game combines tactical gameplay with a cute art style, filling a niche in the "light tactical game" market [4].

Investment Rating - The report maintains a "Recommended" rating for the gaming industry, indicating a positive outlook for the sector [3][6]. Core Insights - In August 2025, a total of 173 game licenses were issued, with 166 being domestic and 7 imported, marking a significant increase in the number of licenses issued compared to the same period in 2024 [1][6]. - The report highlights key games that received approval, including titles from major companies such as Tencent, NetEase, and Bilibili, which are expected to contribute positively to their respective revenues [6]. - The issuance of game licenses has been stable and consistent throughout 2025, with a total of 1,050 domestic and 69 imported licenses issued so far this year, reflecting a strong recovery in the gaming market [6]. Industry Overview - The gaming industry is characterized by a total of 160 listed companies, with a total market capitalization of 2,014.6 billion and a circulating market capitalization of 1,832.2 billion [3]. - The absolute performance of the industry has shown a significant increase of 75.8% over the past 12 months, indicating strong growth potential [5]. - The report emphasizes the ongoing success of established games and the potential for new releases to drive revenue growth, particularly for companies like Tencent and Giant Network [6].

Core Insights - The National Press and Publication Administration released a new batch of online game licenses on August 25, totaling 173 licenses, marking a record high for the year [1] - Among the 173 approved games, 166 are domestic and 7 are imported, with notable titles from major companies like Tencent, NetEase, and Bilibili [1][2] - As of August this year, the total number of game licenses issued has exceeded 1,000, reaching 1,119, which includes 1,050 domestic games and 69 imported games [3] Company Highlights - Tencent, NetEase, Bilibili, Lingxi Interactive, 37 Interactive Entertainment, and Kaiying Network received licenses for several key products [1] - Bilibili's self-developed game "Escape from Duckov" has gained significant popularity, with over 300,000 wish list entries on Steam [1] - Tencent and Xiaoming Taiji will jointly operate the domestic version of "Kaeas Dreamland," a new dark fantasy-themed rogue card game developed by Smilegate's team [2] Game Features - "Escape from Duckov" is a PvE single-player game focused on resource accumulation and character growth, differing from other similar games by lacking multiplayer and competitive elements [1] - "Dudu Face Prank" is a collectible card RPG developed by Epid Games, set to launch globally in the second half of 2025, featuring a unique character customization mechanic [2] - "Kaeas Dreamland" combines deep strategy with light-hearted gameplay, showcasing an innovative dark universe fantasy style and a "character collapse" mechanism [2]