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 ...

Core Viewpoint - Epic Games CEO Tim Sweeney questions the necessity of labeling games that utilize AI during development, suggesting that AI will be an integral part of future game creation, making such labels irrelevant [1][3]. Group 1: AI Labeling in Gaming - Sweeney agrees with a user who argues that the "AI-generated" label is unnecessary for games, as AI will be widely used in game development [3]. - He emphasizes that while AI labels may be useful in art exhibitions and digital content licensing, they hold little significance for game stores [3]. - Sweeney humorously suggests that if transparency is required, developers should also disclose the brands of shampoo they use, highlighting the absurdity of focusing solely on AI usage [3]. Group 2: Steam's AI Disclosure Policy - Starting in early 2024, Steam mandates that developers disclose whether their games use generative AI and describe how it is utilized [5]. - This information will be displayed in a dedicated section on the game's store page, allowing players who may not support AI-generated content to make informed purchasing decisions [5]. - In contrast, Epic Games Store does not have such disclosure requirements, and Sweeney's recent comments indicate that it is unlikely to implement similar policies [5].

Investment Rating - The report maintains a positive outlook on cloud vendors and internet healthcare platforms, suggesting they are key areas for investment focus [3][5]. Core Insights - The report highlights ongoing discussions about the AI bubble, with short-term volatility expected. However, leading tech companies like Microsoft, Google, and Meta continue to show strong free cash flow, indicating no immediate pressure on static valuations and cash flows [3]. - The report emphasizes the growth potential in the internet healthcare sector due to low penetration rates and favorable market dynamics [3]. - The report remains bullish on trading platforms and cryptocurrency assets, noting that while short-term price increases may be challenging due to global liquidity pressures, there are significant long-term support factors [3]. Industry Situation Tracking Education - The education index fell by 2.90%, underperforming compared to major indices. Notable declines were observed in companies like Gaotu and NetEase Youdao, which dropped 8.49% and 11.12% respectively [11][21]. Luxury Goods & Gambling - The luxury goods index rose by 0.52%, with significant gains in companies like Galaxy Entertainment, which increased by 6.24%. The report notes a recovery in the Chinese market, contributing positively to luxury brand performance [23][29]. Coffee & Tea - The coffee sector remains robust, with over 250,000 related enterprises in China and a significant increase in registrations this year. The tea sector, however, is facing challenges due to reduced subsidies from delivery platforms [31][33]. E-commerce - The e-commerce sector showed slight pressure, with a 6.3% increase in online retail sales for the first ten months of the year. The report notes a subdued performance during the recent Double Eleven shopping festival [34][39]. Streaming Platforms - The streaming sector experienced a decline, with Tencent Music's stock dropping significantly despite a 20.6% year-on-year revenue increase [38][43]. Virtual Assets & Trading Platforms - The global cryptocurrency market capitalization decreased by 0.75%, with Bitcoin and Ethereum prices falling by 8.6% and 9.5% respectively. The report highlights ongoing challenges in the crypto market but notes potential long-term opportunities [44][48]. Automotive Services - The automotive service sector is expanding, with JD Auto surpassing 100 operational stores in Shenzhen. The report emphasizes the growth potential in the automotive aftermarket [51][55].

Core Insights - The launch of "ARC Raiders" by Embark Studios has sparked discussions on the impact of generative AI on game development, as highlighted by Nexon's CEO Junghun Lee [1][3]. Group 1: Game Development and AI - "ARC Raiders" has faced controversy regarding the use of AI technology during its development, with a disclaimer on its Steam page stating that while the visuals did not utilize generative AI, some voiceovers employed text-to-speech technology [3]. - Embark Studios aims to leverage AI and machine learning to manage team sizes and ensure sustainable growth in the gaming industry [3]. Group 2: Competitive Strategy - Junghun Lee emphasized that AI has improved the efficiency of game production and operational services, contributing to a steady increase in the overall quality of games [5]. - The challenge for game companies lies in differentiating themselves despite the widespread use of similar AI technologies, making strategic choices that enhance competitive advantage crucial [5]. - Lee identified "human creativity" as the key factor for standing out in a landscape where AI raises the average quality level of games [7].

Group 1 - Sony's PS5 series has achieved global shipments of 84.2 million units, with 3.9 million units sold in the latest quarter, reflecting a 5% year-on-year revenue growth and a 10% increase in operating profit [1] - The company is shifting its focus from promoting PS5 hardware to enhancing profitability through software and services, indicating a strategic pivot as the console market matures [1] - This transition suggests that hardware manufacturers will increasingly rely on content ecosystems and subscription services for revenue generation in the gaming industry [1] Group 2 - Shengqu Games and NCsoft announced the development of a mobile version of the classic IP "Lineage," expected to launch in 2026, which aims to attract both returning and new players [2] - The upcoming mobile game is part of a trend where major companies collaborate with overseas copyright holders to revitalize classic IPs and expand into global markets [2] Group 3 - NEXON's "ARC Raiders" has surpassed 4 million units in cumulative sales and achieved over 700,000 concurrent players, demonstrating strong market appeal for the "looter shooter" genre [3] - The game has topped the Steam global sales chart for two consecutive weeks, indicating the competitive strength of Embark Studios and the popularity of the gameplay model [3] - The success of "ARC Raiders" may encourage more developers to explore the "looter shooter" segment, intensifying competition within this niche [3]

Group 1 - The gaming sector opened lower on November 5 but showed slight fluctuations, with the gaming ETF (159869) down nearly 1%, indicating weak overall sentiment in the sector [1] - As of November 4, the gaming ETF (159869) saw a net inflow of funds amounting to 1.842 billion, reflecting strong investor interest, with a total product scale of 11.291 billion [1] - Nexon's Embark Studios developed the third-person shooter game "ARC Raiders," which launched globally on October 30, achieving a peak concurrent user count of over 354,000 on Steam by November 3, ranking among the top 5 in 24-hour peak players [1] Group 2 - In Q3 2025, the media industry reported revenues of 135.28 billion, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 10.4 billion, up 43.7%, indicating rapid growth [2] - The gaming segment stood out with revenues of 33.02 billion, a year-on-year increase of 27.1%, and a net profit of 5.88 billion, up 111%, making it the core driver of growth in the media sector [2] - Active funds significantly increased their holdings in the high-growth gaming sector, with 7 out of the top 10 media stocks being gaming companies, highlighting gaming as a primary focus for fund allocation [2]

Group 1 - Tencent's agency game "ARC Raiders" has achieved a peak of 354,000 concurrent users on Steam, ranking among the top 5 in 24-hour peak concurrent users, indicating its potential as a significant game release in the second half of 2025 [1] - The "search and rescue" genre is becoming a golden path in the gaming industry due to its long lifecycle and high profit margins, with "ARC Raiders" validating Tencent's judgment in game categories [1] - Tencent's dual strategy of self-developed and agency games, with "ARC Raiders" and its own game "Project: Eclipse" both in the market, is expected to boost investor confidence in its shooting game segment, potentially catalyzing stock price growth [1] Group 2 - Tencent has launched a new round of testing for its game "Project: Eclipse," which combines supernatural themes with "search and rescue" gameplay, focusing on resource collection, enemy confrontation, and strategic evacuation [2] - The combination of supernatural themes and "search and rescue" gameplay aligns with players' desires for immersive and high-risk experiences, potentially avoiding competition through differentiation [2] - If "Project: Eclipse" can establish a differentiated advantage post-testing, it may replicate the success of "Delta Force," becoming a new growth driver for Tencent's performance and stock price [2] Group 3 - Chuangmeng Tiandi announced that its agency game "Chong Chong Qi Bing" will begin a limited-time paid testing phase on November 12, lasting until November 21, offering a blend of strategy and card development gameplay [3] - This testing phase is a preliminary step before the official launch, with limited immediate impact on stock prices; however, key metrics such as user retention, payment conversion rates, and player feedback will be critical for future performance [3] - Positive performance during the testing phase could lay the groundwork for "Chong Chong Qi Bing" to drive revenue post-launch, serving as a potential catalyst for the company's stock [3]

Game Releases - The action RPG "Luo Lan: Curse of the Sand" developed by Shanghai Liangwu Game Studio has released its first gameplay trailer, showcasing its world view based on ancient Loulan culture, a smooth combat system, and exotic scene design [1] - The cooperative looter-shooter game "ARC Raiders" developed by Embark Studios has officially launched, with a peak online player count reaching 260,000 on its first day and an overall positive review rate of 90% from over 20,000 user reviews by November 1 [3] - The action-adventure game "Changsheng: White Night Nameless" developed by Changsheng Game Studio has unveiled its first gameplay trailer, featuring a fantasy adventure journey that incorporates elements of Chinese mythology [5] - The cooperative Chinese folklore horror puzzle game "Nü Diao" developed by Shanyu Studio has released a free demo on Steam, inspired by Lu Xun's essay and deeply integrating Jiangsu and Zhejiang folk culture [7] - The game "Hollow Knight: Silksong" has introduced a community translation patch for Simplified Chinese, created by the Chinese player team Team Cart Fix [9] Industry News - Amazon has announced a new round of layoffs affecting approximately 14,000 employees, leading to the cessation of development on several AAA games, including the MMORPG "New World," which confirmed it will stop further development on October 29 [13] - The company Paper Games has undergone a business change, with founder and CEO Yao Runhao stepping down as the legal representative, succeeded by co-founder and COO Yao Fei [15] - Supercell has announced the termination of development for its team shooter game "Brawl Stars," with the final content update scheduled for December 2025, and the mobile game's Chinese server will cease operations on April 21, 2026 [11]

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].