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]

文 | 贝果树 编辑 | 刘士武 新游速递 ARPG《楼兰：诅咒之沙》首支实机预告公布 10月28日，由上海凉屋游戏工作室开发的奇幻动作角色扮演游戏《楼兰：诅咒之沙》正式公布了首支实机预告片。预告展示了游戏以古楼兰文化为背景的 世界观、流畅的战斗系统以及充满异域风情的场景设计。 《楼兰：诅咒之沙》 科幻搜打撤射击游戏《ARC Raiders》上线 《长生：白夜无名》 中式民俗恐怖《女吊》Demo上线Steam 10月30日，由Embark Studios开发多人合作搜打撤游戏《ARC Raiders》已于本周正式上线。本作背景设定在饱受神秘机械敌人"ARC"摧残、充满致命威胁 的未来地球，玩家需要合作共同对抗来自太空的机械威胁。 上线首日，《ARC Raiders》在线人数峰值攀升至26万，截至11月1日，游戏共积累超过两万条用户测评，整体好评率达到90%。 《ARC Raiders》 国产动作冒险游戏《长生：白夜无名》实机预告公布 10月29日，由长生游戏工作室研发的国产单机买断制动作冒险游戏《长生：白夜无名》首次公开了实机预告片，并同步上线了游戏官网，游戏采用虚幻引 擎5开发。在游戏中，玩家将踏上一段融合 ...

玩家自制玩法，遭官方调整 近日，日活刚突破3000万的战术射击爆款《三角洲行动》，遭遇海量玩家"炮轰"。 在一则官方调整声明的评论区中，超过56万条评论直指官方，事因他们的自制玩法"共享监狱"遭遇官方 调整引发不满，同时愈演愈烈的外挂乱象，让游戏缺失了公平性。 尽管官方道歉，但信任裂痕已然出现，同时严重影响了《三角洲行动》的排行和收入——据统计，近一 个月其iOS端收入出现明显回落，单日流水跌幅一度超过六成；iOS免费榜的排名也出现相应下滑。 而多个对手则趁势营销，竞品纷纷打出"轻松撤离，才是赢家""合作撤离"等宣传口号，疑似"嘲讽"《三 角洲行动》，可谓火药味十足。 图片来自点点数据 尽管官方服软，但玩家的信任裂痕已然出现。根据点点数据平台统计，10月6日（即调整公告发布次 日）《三角洲行动》在iOS免费榜攀升至近30天最高的第6名，但此后排名持续下跌，到10月17日跌至 免费榜第26位，目前虽有回升，但仍在20名左右。 《三角洲行动》自上线以来，以其高难度、高风险的"搜打撤"玩法（搜索物资、战斗、撤离）吸引了大 批硬核玩家。 在收入方面，iOS端单日流水也从近一个月峰值的约459万美元降至最低时的151万 ...

近日，日活刚突破3000万的战术射击爆款《三角洲行动》，遭遇海量玩家"炮轰"。 在一则官方调整声明的评论区中，超过56万条评论直指官方，事因他们的自制玩法"共享监狱"遭遇官方调整引发不满，同时愈演愈烈的外挂乱象，让游戏 缺失了公平性。 尽管官方道歉，但信任裂痕已然出现，同时严重影响了《三角洲行动》的排行和收入——据统计，近一个月其iOS端收入出现明显回落，单日流水跌幅一 度超过六成；iOS免费榜的排名也出现相应下滑。 而多个对手则趁势营销，竞品纷纷打出"轻松撤离，才是赢家""合作撤离"等宣传口号，疑似"嘲讽"《三角洲行动》，可谓火药味十足。 玩家自制玩法，遭官方调整 《三角洲行动》自上线以来，以其高难度、高风险的"搜打撤"玩法（搜索物资、战斗、撤离）吸引了大批硬核玩家。 在游戏中，玩家需要投入高额"战备值"进入地图搜刮物资，稍有不慎就可能血本无归。为了应对这种高压环境，玩家们在最高难度地图"潮汐监狱"中自发 形成了一种非官方的合作策略"共享监狱"。 所谓"共享监狱"，就是指在进入游戏后，多位玩家均选择防御型干员"深蓝"（因其手持防爆盾被戏称为"盾狗"），见面时通过跳跃三下等动作表示友善， 彼此不交战，抱团搜集 ...

近日，日活刚突破3000万的战术射击爆款《三角洲行动》，遭遇海量玩家"炮轰"。 在一则官方调整声明的评论区中，超过56万条评论直指官方，事因他们的自制玩法"共享监狱"遭遇官方调整引发不满，同时愈演愈烈的外挂乱象，让游戏 缺失了公平性。 尽管官方道歉，但信任裂痕已然出现，同时严重影响了《三角洲行动》的排行和收入——据统计，近一个月其iOS端收入出现明显回落，单日流水跌幅一 度超过六成；iOS免费榜的排名也出现相应下滑。 在游戏中，玩家需要投入高额"战备值"进入地图搜刮物资，稍有不慎就可能血本无归。为了应对这种高压环境，玩家们在最高难度地图"潮汐监狱"中自发 形成了一种非官方的合作策略"共享监狱"。 所谓"共享监狱"，就是指在进入游戏后，多位玩家均选择防御型干员"深蓝"（因其手持防爆盾被戏称为"盾狗"），见面时通过跳跃三下等动作表示友善， 彼此不交战，抱团搜集物资后一起撤离。这种玩家自治的默契玩法大大降低了冲突和伤亡率，让参与者都能满载而归。 然而，这一现象引起了官方的注意。不久前，《三角洲行动》项目组突然发布公告，以"部分对局中出现不公平对战现象"为由，对潮汐监狱等地图的撤离 点机制和"深蓝"干员进行了重大调整 ...

近日，日活刚突破3000万的战术射击爆款《三角洲行动》，遭遇海量玩家"炮轰"。 在一则官方调整声明的评论区中，超过56万条评论直指官方，事因他们的自制玩法"共享监狱"遭遇官方 调整引发不满，同时愈演愈烈的外挂乱象，让游戏缺失了公平性。 尽管官方道歉，但信任裂痕已然出现，同时严重影响了《三角洲行动》的排行和收入——据统计，近一 个月其iOS端收入出现明显回落，单日流水跌幅一度超过六成；iOS免费榜的排名也出现相应下滑。 而多个对手则趁势营销，竞品纷纷打出"轻松撤离，才是赢家""合作撤离"等宣传口号，疑似"嘲讽"《三 角洲行动》，可谓火药味十足。 玩家自制玩法，遭官方调整 《三角洲行动》自上线以来，以其高难度、高风险的"搜打撤"玩法（搜索物资、战斗、撤离）吸引了大 批硬核玩家。 在游戏中，玩家需要投入高额"战备值"进入地图搜刮物资，稍有不慎就可能血本无归。为了应对这种高 压环境，玩家们在最高难度地图"潮汐监狱"中自发形成了一种非官方的合作策略"共享监狱"。 所谓"共享监狱"，就是指在进入游戏后，多位玩家均选择防御型干员"深蓝"（因其手持防爆盾被戏称 为"盾狗"），见面时通过跳跃三下等动作表示友善，彼此不交战，抱团 ...

Core Insights - The domestic shooting game market is experiencing significant growth from late 2024 to 2025, with Tencent's products like "Delta Action" achieving 20 million DAU within a year, and "Peace Elite" seeing over 30% year-on-year growth in Q2 2025 [1][11][12] - The emergence of the "search, fight, and retreat" gameplay has contributed to this boom, alongside the rapid iteration of "hero shooter" products and the IP development of battle royale games [4][10][19] Industry Trends - The shooting game genre has historically been popular due to its broad audience and rapid adoption of new technologies and gameplay innovations [3][19] - The "search, fight, and retreat" gameplay, which has matured over the past year, is a key factor in the current market prosperity, with many companies launching projects in this category [4][10] Gameplay Evolution - The "search, fight, and retreat" gameplay originated from the 2016 game "Escape from Tarkov," which, despite its complexity, laid the groundwork for this genre [5][7] - The success of "PUBG" in 2017 helped popularize elements of this gameplay, making it more accessible to a wider audience [9][10] Market Dynamics - Major companies like Tencent and NetEase are leading the charge in the "search, fight, and retreat" segment, with Tencent's "Delta Action" achieving significant milestones in DAU and revenue [11][12] - The high entry barriers in the shooting game market mean that only large and mid-sized companies can afford to invest in this genre, limiting competition [12][19] Future Directions - The FPS genre is expected to evolve, with potential shifts towards PvE experiences and narrative-driven gameplay, as the current "search, fight, and retreat" trend may reach its peak [20][22] - The industry is exploring the integration of "search, fight, and retreat" mechanics into various game types, indicating a broader influence on game design [17][19] Financial Insights - In the first half of 2025, shooting games accounted for 6% of the top 100 mobile games by revenue, but contributed 17.03% of total revenue, highlighting the significant financial impact of a few successful titles [27]