作者|远禾 数据支持 | 勾股大数据（www.gogudata.com） 去年一年的A股市场，几乎聚焦于贵金属、AI、算力相关概念。 然而在此之中，却有一个相对少被关注的消费板块悄然崛起，2025年板块整体上涨超60%。 那就是，游戏板块。 加上这次发布的版号，2025年，全年获批游戏数量已经累计达到1771款，相比2024年的1416款增长25.07%，还创下2018年游戏版号新规实施以来的历史新 高。 去年版号的历史新高，并非单一的放量，而是由多种因素共同造成。 一方面，在经历了过去几年的行业低迷之后，2025年以来相关政策逐渐放宽，社会态度也逐渐改善。 2025年4月，国家连续提出三项举措支持游戏发展。 先是国家新闻出版署等印发的《网络出版科技创新引领计划》对网络出版公司，落实税费支持政策，支持网络出版公司（包含游戏公司）IPO、并购、再融 资等。 在A股游戏上市公司中，整个2025年，冰川网络、迅游科技、吉比特股价均在年内翻倍，世纪华通、巨人网络更是暴涨近300%。 在整体热度攀升之下，迎来政策和市场双重利好的游戏板块，或将迎来彻底的反转。 01 近一年来，游戏行业最大的利好莫过于版号的复苏。 25年 ...

Company Overview - Tencent Holdings (700.HK) current stock price is HKD 632, with a market capitalization of HKD 5.769 trillion[4] - The stock has a 52-week high of HKD 683 and a low of HKD 360.3[4] AI Initiatives - Tencent launched the "AI Application and Online Tools Mini Program Growth Plan," providing 100 million tokens and six months of free cloud development to lower entry barriers for developers[6] - The introduction of the "Generate PPT" feature in Tencent's AI assistant ima.copilot enhances productivity and aims to capture a significant market share in the B2B SaaS sector[8] Gaming Performance - Tencent remains the global leader in mobile game revenue, with "Honor of Kings" generating over USD 2 billion in 2025, while "Delta Action" saw a 2900% year-on-year revenue increase, surpassing USD 500 million[7] - The gaming segment demonstrates strong resilience, with a robust pipeline of new and existing titles supporting future earnings[7] Investment Strategy - MiniMax, a major investment by Tencent, recorded an oversubscription of HKD 253.3 billion, with a subscription rate of 1209 times, indicating strong market interest[9] - Tencent holds a 2.37% stake in MiniMax, reinforcing its dual strategy of self-development and investment in the AI sector[9] Valuation Metrics - Tencent's estimated target price is HKD 790, with a 24PE ratio for 2024 and a projected CAGR of 17.4%[11] - The company's net asset value per share is HKD 141.85, indicating a solid financial foundation[4]

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 ...

Group 1 - The core viewpoint of the report is that the "post-00s" generation in China, numbering 179 million, is characterized by strong social interaction, a preference for entertainment experiences, and rapid adoption of new technologies, particularly AI [1][6][19] - The "post-00s" users spend an average of 217.6 hours online monthly, with a usage frequency of 3296.7 times, which is significantly higher than the average for all internet users [1][4] - This generation shows a notable preference for mobile video content, accounting for 37.1% of their online activity, followed by social media and gaming at 25.2% and 9.7% respectively [7][11] Group 2 - The report highlights that "post-00s" users are not just gamers but have evolved into deep participants in the esports ecosystem, with significant engagement in events like the League of Legends S15 and KPL finals [13] - Popular games among this demographic include "Honor of Kings" with 42.5 million monthly active users and "Happy Elimination" with 25.2 million, indicating a strong preference for MOBA, strategy, and shooting games [11] - The report emphasizes the importance of emotional value in consumption behavior, where experiences and content serve to enhance their social identity and community engagement [19][21] Group 3 - The "post-00s" generation is increasingly engaging with AI-generated content (AIGC), with active user participation rising by 20.1% over the past year, indicating a strong trend towards innovative content and interactive experiences [6][9] - Platforms like Douyin and Kuaishou dominate their video entertainment preferences, while Bilibili, Tencent Video, Mango TV, and iQIYI each have over 50 million monthly active users among this demographic [15][17] - The report notes that the "post-00s" are driving trends in the "Guzi economy," particularly in collectible toys like blind boxes from Pop Mart, where they represent 43.7% of the user base, showcasing their interest in IP culture [21][24]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media industry (Shenwan) saw a weekly increase of 0.26%, ranking 8th among industries during the period from December 6 to December 12, 2025. Notable performers included Bona Film Group, Guangxi Radio and Television, Beijing Culture, Sanrenxing, and Huace Film & TV [11][18]. - The report highlights strong performance in AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, and publishing [5][37]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.26%, while the Shanghai Composite Index fell by 0.34%. The gaming sector saw a rise of 1.06%, and the film and television sector increased by 5.70% [11][12]. Key Industry Data AI Applications - In November, Deepseek led domestic AI web traffic with 346 million visits, despite a 2.95% month-over-month decline. Other notable AI products included Nano AI Search and Baidu AI Search, with respective monthly visits of 260 million and 52.63 million [22][23]. Gaming - The iOS gaming sales chart for December 13, 2025, was topped by "Honor of Kings," followed by "Gold Shovel Battle" and "Endless Winter." The report also noted that "Whiteout Survival" and "Kingshot" continued to perform strongly in overseas revenue [25][26]. Film - The total box office for the week of December 6-12 was 1.2 billion yuan, with "Zootopia 2" leading at 853 million yuan, accounting for 71% of the weekly total. Upcoming films include "Avatar: Fire and Ashes," set to release on December 19 [33][34]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kaiying Network, Yaoji Technology, and others [5][37].

Game Releases - The action RPG "Shadow Blade Zero" is set to be released globally on September 9, 2026, as announced during the TGA 2025 awards ceremony [1] - "Arknights: End of the World," a highly anticipated 3D real-time strategy RPG, will have its full platform public beta on January 22, 2026 [5] Industry News - 37 Interactive Entertainment announced an investment of up to $2 million in the Lighthouse Founders' Fund L.P., aiming to deepen its strategic layout in the AI and technology sectors [14] - Ubisoft's market value has fallen below $1 billion, currently estimated at approximately $989 million, marking a 13-year low since September 2012 [15] Awards and Collaborations - "Light and Shadow: Expedition No. 33" won nine awards at the TGA 2025, including Game of the Year and Best Narrative, making it the game with the most awards in TGA history [9] - "Genshin Impact" has launched a collaboration event with Duolingo, allowing players to complete special tasks for in-game rewards from December 8 to December 27 [7] Game Issues - "Teamfight Tactics" faced backlash due to a rules loophole in its paid event, allowing 471 players to acquire mythic items at a significantly reduced price, leading to protests from some players [11]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Insights - In November 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively generating $1.95 billion, accounting for 35.8% of the total revenue of the top 100 publishers [1] - Tencent maintained its position as the top global mobile game publisher, driven by strong performance from its flagship titles [1] - The mobile game market is witnessing significant revenue growth, with several companies reporting substantial increases in income due to new game releases and innovative gameplay [4][5] Group 1: Tencent's Performance - Tencent's "Delta Force" new season "Asala" launched on November 13, achieving a record high daily revenue, with a month-over-month increase of 12%, nearing $80 million in global mobile revenue [1] - "Delta Force" has become one of Tencent's highest-grossing mobile games, second only to "Honor of Kings" [1] Group 2: Point Point Interactive's Growth - Point Point Interactive ranked second among global mobile game publishers, with its flagship SLG "Whiteout Survival" contributing 54% of its revenue in November, totaling over $3.8 billion [2] - The new title "Kingshot" also performed well, accounting for 36% of revenue, while the casual merge game "Tasty Travels: Merge Game" saw a 10% revenue increase, ranking fourth in the global merge game revenue chart [2] Group 3: Lemon Microfun's Success - Lemon Microfun ranked third in publisher revenue, with three titles in the top ten of the global merge game revenue chart [3] - "Gossip Harbor" saw a 211% year-over-year revenue increase, while "Seaside Escape" maintained a strong position in the market [3] - The new title "Flambé: Merge & Cook" achieved a 20% revenue increase in November, further solidifying Lemon Microfun's dominance in the merge game sector [3] Group 4: Ice Age Network's Breakthrough - Ice Age Network's new game "X-Clash" experienced a 200% month-over-month revenue surge, contributing 45% to the publisher's total revenue [4] - The company returned to the revenue ranking at 26th place, showcasing its strength in gameplay innovation and overseas expansion [4] Group 5: Other Notable Performers - BeHeFun Games debuted at 30th place in the revenue ranking with "Top Tycoon: Coin Theme Empire," which saw a 30% revenue increase in November, nearing $30 million in total revenue [4] - Other Chinese mobile game publishers in the global TOP 100 include Xindong Network and Chaoxi Guangnian, among 32 companies [4] Group 6: Chinese App Store Rankings - Tencent's "Honor of Kings" and "Delta Force" topped the Chinese App Store revenue chart [5] - "Delta Force" experienced a 38% revenue increase following the launch of a new limited-time gameplay feature [5] - miHoYo's "Honkai: Star Rail" saw a 460% revenue surge in November, returning to the top 8 in the iOS market [5][6]

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

Core Insights - Huawei officially launched the new HarmonyOS 6 on October 22, targeting over 90 device models for large-scale public testing, marking a new phase of "deep co-construction and joint innovation" with ecosystem partners [1] Group 1: New Features and Applications - HarmonyOS 6 has seen over 23 million devices running HarmonyOS 5, with many ecosystem partners launching new applications and features, enhancing the overall user experience [3] - Tencent has introduced new features in multiple applications, including a live streaming function in Tencent News and a "real-time traffic light countdown" in Tencent Maps [3] - JD.com launched a high-precision AR feature allowing users to virtually place large items in their real home environment, enhancing the shopping experience [3] - The "Weather Dynamic Effect" feature in the airline travel app enriches user experience by providing real-time weather updates [3] Group 2: System Innovations - HarmonyOS 6 introduces innovations in connectivity, security, fluidity, refinement, and intelligence, enabling familiar applications to evolve [4] - The "Tap to Share" feature has expanded, with over 60 applications now supporting it, allowing seamless content sharing between devices [4] - The upgraded security architecture, Star Shield, provides intelligent proactive protection for user privacy, with applications integrating AI privacy features [5] Group 3: Gaming and Performance Enhancements - Over 15 popular games have improved performance on HarmonyOS 6, with game launch speeds increased by five times for titles like "Crossfire Mobile" [6] - The system optimizes resource allocation, allowing for extended gaming sessions without performance drops [6] Group 4: AI Integration - HarmonyOS 6 is advancing towards AI integration, with over 80 smart applications launched, enhancing user interaction across various sectors [8] - Notable smart applications include the "Mai Bao" intelligent assistant for event recommendations and the "JD Shopping Assistant" for personalized shopping experiences [8] Group 5: Continuous Development and Ecosystem Growth - Many applications have completed full development and are continuously updated, ensuring a robust ecosystem [11] - Major applications like WeChat and Alipay have rolled out significant updates, enhancing user experience across various functionalities [11] - The collaboration with ecosystem partners aims to evolve the HarmonyOS ecosystem, focusing on user feedback to drive improvements [12]