12月游戏版号发放量虽有所回落，但仍维持高位，涵盖多类型产品与知名厂商 风险因素：政策监管风险、版号核发节奏不及预期、新游延期上线及表现不及预期、新游流水不及预 期、出海业务风险加剧、商誉减值风险。 智通财经APP获悉，万联证券发布研报称，2025年12月25日国家新闻出版署公告12月份国产游戏版号及 进口游戏版号，共有144款国产游戏和3款进口游戏过审。2025年12月游戏版号发放量维持高位，结构覆 盖多类型产品。整体来看，供给端延续释放，版号常态化趋势稳固，行业修复节奏持续推进。建议关注 具备产品储备、研发能力及题材多样化布局能力的头部厂商。 《七界梦谭》主打国风仙诡题材，仙侠MMO赛道竞争将会较为激烈 万联证券主要观点如下： 《七界梦谭》由前《一梦江湖》核心策划田力组建的飞光阁工作室研发的MMO赛道产品，该作品主 打"国风仙诡"题材，结合新颖的"化形"战斗系统，支持玩家在战斗中策略切换输出、承伤、辅助形态， 并结合格挡、断招、弹反等ACT机制，强调操作手感与战术深度。该行认为在2026年，古风、仙侠 MMO赛道竞争将持续白热化，完美、网易等大厂均有同类产品布局，例如网易的《燕云十六声》《逆 水寒》、完美 ...

Core Viewpoint - NetEase is undergoing significant personnel changes, with the retirement of Ding Yingfeng, a key figure in the gaming division, amid challenges in sustaining growth and competition in the gaming industry [2][4][8]. Group 1: Personnel Changes - Ding Yingfeng, the Executive Vice President and head of the gaming division, will retire on December 31, 2025, but will continue as a consultant [2][3]. - Ding has been with NetEase since 2002 and has played a crucial role in the development of iconic games like "Fantasy Westward Journey" [3][4]. - There are speculations that Hu Zhipeng, head of the Lei Huo division, may succeed Ding Yingfeng [5][6]. Group 2: Industry Context - The gaming industry is experiencing a shift in personnel management strategies, moving from rewarding historical contributions to focusing on current capabilities and immediate outputs [4][6]. - NetEase is facing growth challenges, with a lack of new blockbuster games, while competitors like Tencent are achieving significant revenue growth [8][10]. - In Q3 2025, NetEase reported a net income of 28.4 billion yuan, an 8.2% year-on-year increase, but its revenue growth has been slowing compared to competitors [8][10]. Group 3: Strategic Needs - Analysts suggest that NetEase needs to implement three key strategies: rebranding the industry image, addressing internal issues, and developing new blockbuster games [10]. - The success of "Egg Party" is fading, and the company has struggled to launch new successful titles, which is critical for its future growth [10].

来源：证券日报 作者：李豪悦 2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀游戏 涌现，得益于近两年版号数量的增长。据《证券日报》记者梳理，2025年，我国累计发放国产网络游戏 版号1676款，相比2024年的1306款同比增长28.33%。 值得一提的是，越来越多游戏厂商在申请游戏版号时，不再局限于移动端，而是增加客户端或主机端的 申请，实现多端并进。其中，2025年多端游版号数量达到了103款，相比2024年的94款同比增长 9.57%。 大厂纷纷布局多端游戏 2025年，多家上市公司及头部企业的核心游戏在申请版号时都增加了客户端或主机端。 例如，腾讯旗下的《王者荣耀世界》，在今年5月份的版号审批中变更信息，在原移动端版本基础上， 新增了客户端版本；完美世界旗下的《异环》，在5月份版号审批中，更是同时申报了移动端、客户端 和主机（PS5）三个类别；创梦天地的《幻幻灵之战》，在12月份的审批中，也同时申请了移动端、客 户端和主机（PS5）。 "当前来看，客户端和主机游戏在中国开始进入高速发展期，之后的市场规模大概率会越来越大。最重 要的原因是，2025年游戏厂 ...

Core Insights - NetEase Group announced the retirement of Ding Yingfeng, Executive Vice President and head of the Interactive Entertainment Division, effective December 31, 2025, after which he will continue as a company advisor [1][7] - CEO Ding Lei expressed gratitude for Ding Yingfeng's contributions, particularly in the success of flagship games and the development of the company's R&D and operational capabilities [1] Group 1: Career and Contributions - Ding Yingfeng entered the gaming industry in 1998 and joined NetEase in 2002, contributing to the design and development of several iconic products, including the first self-developed large-scale online game, "Dahua Xiyou Online" [2] - Under his leadership, "Dream of the West Journey," launched in 2003, has operated for over 22 years by the end of 2025, making it one of the longest-running and highest-grossing product series in NetEase's gaming history [2] Group 2: Business Performance - In the third quarter of 2025, NetEase reported a net revenue of RMB 28.4 billion, with net income from games and related value-added services reaching RMB 23.3 billion, an 11.8% increase compared to the same period in 2024, accounting for 82% of total revenue [5] - The growth was primarily driven by the launch of new games such as "Yanyun Sixteen Sounds" and "Broken Land," as well as the stable income from existing products like the "Dream of the West Journey" series and "Egg Party" [5] Group 3: Organizational Changes - Following Ding Yingfeng's retirement, his responsibilities will be taken over by the current management team of the Interactive Entertainment Division, although specific successors have not been disclosed [7] - The impact of this leadership change on NetEase's long-term strategy and product line planning for the gaming business will gradually become evident in 2026 and beyond [7]

Group 1: Industry Overview - The media industry has experienced a cumulative increase of approximately 24% in 2025, driven by strong earnings and the impact of AI on profitability [15][16][17] - AI is enhancing the profitability of the media sector, potentially driving long-term growth and a prosperous content ecosystem [16][18] Group 2: AI and Its Applications - Continuous iteration and upgrades of large models by domestic and international tech giants are laying the foundation for a thriving AI application ecosystem [35][36] - The gaming industry is witnessing robust supply and demand, with a significant increase in the issuance of game licenses, totaling 1,532 in 2025, a 29% year-on-year increase [41][42] - AI is transforming the game development process, improving efficiency and innovation in gameplay design and narrative structure [53][54] Group 3: Sector-Specific Insights - The gaming sector's revenue grew by 24% year-on-year in 2025, with a notable 29% increase in Q3 alone, driven by new game releases and strong user engagement [23][25] - The film industry saw a 9% increase in revenue year-on-year, with a remarkable 110% increase in net profit, largely attributed to successful IP content like "Nezha 2" [24][31] - The advertising and marketing sector experienced a 6% revenue growth year-on-year, with a 14% increase in net profit in Q3, supported by AI-driven cost optimization [28][33] Group 4: Investment Recommendations - Recommended companies in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, which are well-positioned to benefit from the ongoing AI integration [4][41] - In the film sector, companies like Mango Super Media and Shanghai Film are highlighted as key players benefiting from supportive policies and AI tools [4][24] - For the marketing sector, recommended companies include Huimai Technology and Inertia Media, which are expected to gain from AI advancements [4][28] Group 5: IP Expansion and Capitalization - The expansion of IP companies into overseas markets is becoming a core growth driver, with a focus on diversifying product categories [39][40] - Capitalization efforts are accelerating the growth of IP companies, with notable recommendations including Reading Group and Aofei Entertainment [39][40]

进入2025年Q4，自走棋赛道竞争局势正愈演愈烈，让人梦回2019年Q1。 彼时，巨鸟多多推出《Dota2游廊自走棋》掀起了一股厂商"下棋打牌"热。头部厂商腾讯网易自研、发行两手都抓，一方面在已上线老牌游戏中添加自走 棋玩法，如《逆水寒》《英雄联盟》《阴阳师》等。另外一方面，各大自研群开始立项测试自走棋新品，如天美《Chess Rush》等。中小厂商也不甘示 弱，像龙渊网络、英雄游戏、电魂网络等，争先推出自走棋手游产品。 时隔六年，国内市场再度掀起了自走棋热。我们认为，它可被视为自走棋下半场的里程碑节点。原因有二：首先，自走棋赛道从增量市场，转变成了存量 市场，头部产品虹吸效应显著。其次，参赛选手从中小厂商为主，大厂为辅，转向了腾网米大厂之间的小圈子竞争。 在自走棋下半场，厂商比拼的或许不单单只是玩法的认知，而是集团对自走棋赛道的战略定位/定力。玩法部分，我们会在后面详细介绍。先简单聊下自 走棋赛道的战略定位，我们认为腾网米持续加注自走棋赛道，本质是争夺大DAU赛道话语权，类似常年围绕枪车球品类打架。 它锚定的核心用户为两类人群即大学生这类泛休闲用户跟30+这类云玩家（弃坑重度竞技的端手游玩家）。它是往下渗透 ...

Core Insights - The integration of traditional Chinese opera and gaming is emerging as a new cultural phenomenon, enhancing both artistic expression and audience engagement [1][3][32] - The academic seminar "Art New Quality Productivity: Innovation Drive and Paradigm Change" highlighted the importance of technology in art creation and the growing trend of "opera-game fusion" [1][3] Group 1: Industry Trends - The gaming industry is becoming a significant platform for the dissemination of traditional culture, with a projected user base of 674 million and a market size exceeding 350 billion yuan in 2024 [3] - 68% of overseas gamers express a preference for games featuring Chinese cultural elements, indicating a global interest in this fusion [3] - "Embedded fusion" is identified as a key collaboration model, integrating opera elements into game design, narrative, and aesthetics [3][24] Group 2: Successful Case Studies - The collaboration between Zhejiang Xiaobaihua Yue Opera Troupe and Tencent's "Honor of Kings" successfully integrated elements from the Yue opera "Butterfly Lovers," achieving 64 million skin acquisitions and 1.5 billion total exposures [5] - The partnership between Tencent's "Tianya Mingyue Dao" and Shanghai Peking Opera House showcased Peking opera through motion capture technology, enhancing player experience [8] - Perfect World's "Dream New Zhu Xian" and Jiangsu Peking Opera House's collaboration received positive feedback from young players, demonstrating the effectiveness of opera integration [9] Group 3: Audience Engagement - The "Digital Pear Garden" initiative by NetEase's "Nirvana in Fire" game has attracted significant player engagement, with 89.6% of players experiencing opera for the first time through the game [17] - Players actively participate in sharing their experiences and engaging with opera culture, indicating a successful outreach strategy [17][19] - The collaboration with various opera forms, including Huangmei opera, has resonated well with younger audiences, leading to high engagement rates [19][26] Group 4: Future Directions - The concept of "opera-game fusion" is seen as a pathway for traditional opera to reach new audiences and explore digital cultural products [32] - The integration of advanced technologies like motion capture and 3D scanning is enhancing the authenticity of opera representation in games [32][33] - Industry experts emphasize the need for innovation while respecting the artistic integrity of traditional opera, ensuring that the essence of the art form is preserved in its digital adaptations [33]

近日，中国图象图形学学会（CSIG）正式公布2025年度科学技术奖评选结果。其中，由网易（杭州）网络有限公司与天津大学、中国科学技术大学、中 国航天科工集团第四研究院十七所共同合作的项目《基于强化学习的智能决策关键技术及应用》，荣获学会"2025年度中国图象图形学学会科技进步奖-一 等奖"，产学研协同创新再结硕果。《逆水寒》便是项目落地场景之一，作为网易旗下人工智能实验室，网易伏羲深度参与《逆水寒》在图形技术与人工 智能领域的探索，以游戏AI的创新实践助力数字文娱作品突破"游戏"边界，获得国家级学术权威认可。 关于《基于强化学习的智能决策关键技术及应用》项目介绍 本获奖项目系统开展了基于强化学习的智能决策关键技术攻关，聚焦"奖励质量低、经验复用难、环境波动大"三大关键挑战，提出了基于时空分解的奖励 信号生成、基于自监督学习的经验表征提取、以及基于演化-强化学习的策略模型优化三项创新技术，在策略性能、学习效率、跨任务泛化方面实现能力 突破，达到国际领先水平。 | | 中国图象图形学学会 | 请输入要搜索的内容 Q | | --- | --- | --- | | | | CHINA SOCIETY OF IMAG ...

来源：朝阳永续 | 载据来源:朝阳水续盘利预测载招房 贯币单位:亿元人民币 | | | | | | | 日時 香港電影 更多反境调测 展注朝阳水线会负责 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构面积了 | 发布日期 | 要业收入 | 125-5回比 | 净利润 | 同比 | 经调整净利润 | 同比 | | 实方预测区间 | | 268.97~303.47 | 0.6%-13.5% | 75.81~115.85 | -13.5%-32.2% | 84.54-99.78 | -12.7%~3.1% | | 平均收 | | 287.46 | 7.5% | 84.40 | -3.7% | 91.12 | -5.9% | | 中位数 | | 287,37 | 7.4% | 81.82 | -6.7% | 90.29 | -6.7% | | 第一上海证券 | 2025-12-09 | 292.77 | 9.5% | 77.22 | -11.9% | == | == | | 东方证券 | 2025-11-27 | 284.01 | 6.2% | 87. ...

1. 网易-S第四季度业绩预期怎么样？ 截至2025年12月10日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入268.97~303.47亿元，同比增长0.6%~13.5%； 预测公司Q4一致预期净利润75.81~115.85亿元，同比变动-13.5%~32.2%； 预测公司Q4一致预期经调整净利润84.54~99.78亿元，同比变动-12.7%~3.1%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 华安证券认为：网易-S在25Q3实现收入283.6亿元，同比增长8.2%，毛利率64.1%，同比增加1.2个百分点。调整后净利润95.0亿元，同比增长26.7%，净利 率33.5%，同比增加4.9个百分点。游戏业务收入233亿，同比增长11.8%，得益于《梦幻西游》PC端、《逆水寒》等游戏收入增长。《梦幻西游》PC端最 高在线人数创新高，达358万。海外市场《命运：群星》登顶多地区下载榜，后续《暗黑破坏神IV》等游戏将陆续上线。有道业务收入16.3亿元，同比增 长3.6%，持续推进"AI+教育"布局，推出新一代有道AI答疑笔SpaceX。云音乐收入19 ...