点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25年6月20日，作为中国游戏产业研究院战略合作伙伴，伽马数据公布25M5中国游戏产业市场规模、中国 自研游戏出海市场规模等跟踪数据。 本土：中国游戏市场延续较高景气度，新品贡献有所增强 根据伽马数据，25M5中国游戏市场实际销售收入达280.51亿元，同比增长9.86%，环比增长2.56%。相比 25Q1（同比+17.99%）及25M4（同比+21.93%）有所放缓，但仍保持较快增长。25M5重点新品上线节奏 加快，市场驱动因素由依赖长线产品商业化逐步转向新品增量拉动，新老产品协同支撑行业增长。 25M5中国移动游戏市场实际销售收入达211.77亿元，同比增长11.96% 1）逐步开始有重点新品上线，多款月流水破千万元。据七 ...

合成类游戏市场再度升温，行业迎来了新的领军者。 2024年底，《Gossip Harbor》（中文名《浪漫餐厅》）超越了《Merge Mansion》和《Travel Town》等头部的合成游戏，成为该品类收入最高的一款产 品。 到了2025年上半年，《Gossip Harbor》继续通过指数级的业绩增长进一步巩固了领先地位。截至今年5月底，这款游戏全球营收突破1亿美元，下载量超过 530万次。 （在SensorTower的榜单上，《Gossip Harbor》收入仅次于《无尽冬日》） 那么，是什么推动了它的成功呢？海外知名媒体Naavik最近发表了一篇文章，通过深度解析《Gossip Harbor》，揭秘了当下合成类游戏的制胜法宝。 （2025年收入最高的合成游戏收入轨迹 | 来源：Sensor Tower） 合成游戏的竞争格局 在深入探讨《Gossip Harbor》的成功秘诀前，让我们先回顾一下合成类游戏的市场发展。 长期以来，《Merge Mansion》一直是该品类的头部产品。值得肯定的是，尽管面临市场压力和激烈竞争，它自2023年以来一直保持着稳定的变现水平。 但随着时间推移，新兴的合成游戏逐渐取 ...

每经记者｜李宇彤 每经实习编辑｜余婷婷 ｜2025年6月17日 星期二｜ NO.1 柠檬微趣《Gossip Harbor》夺得5月出海手游榜第二 6月16日，韩国Nexon公司旗下休闲类赛车竞速游戏《跑跑卡丁车》的续作《跑跑卡丁车：漂移》发布 停运公告。该游戏于2023年1月上线，运营不到两年半。游戏总监赵在允表示："Nexon和Nitro Studio长 期以来一直在为跑跑卡丁车IP（知识产权）的永续性和未来寻找新方向，长远来看我们认为很难提供能 让赛车手们满意的服务，因此决定结束《跑跑卡丁车：漂移》的游戏服务。" 点评：《跑跑卡丁车：漂移》运营不足两年半便停运，反映出游戏产品生命周期管理的重要性。此事件 或引发市场对同类竞速游戏项目运营策略的关注，投资者可能更谨慎评估休闲游戏公司新产品的长期运 营能力，对休闲游戏板块的估值逻辑带来一定影响。 NO.3 网易《逆水寒》上线休闲竞技玩法"逆水侠棋" 6月15日，网易《逆水寒》宣布将带来休闲竞技新玩法"逆水侠棋"。"逆水侠棋"是将经典自走棋规则与 逆水寒世界观深度融合的新玩法，从玩法上来看和腾讯自走棋游戏《金铲铲之战》相似。据官方介 绍，"逆水侠棋"将在6月27 ...

6月16日，移动应用数据分析公司Sensor Tower发布了2025年5月中国手游在海外市场的收入及下载 量排行榜。 记者注意到，与此前相比，5月出海手游收入榜方面，小游戏品类表现强劲，TOP5中独占三席。其 中，点点互动旗下《Whiteout Survival》继续占据榜首，柠檬微趣旗下《Gossip Harbor》首次攀升至榜 单第2名，点点互动新游《Kingshot》继4月首次亮相出海收入榜第14名后，当月跃居第5名。 5月出海手游收入榜 来源：Sensor Tower 互联网产业分析师张书乐在接受记者采访时指出，出海小游戏表现突出主要在于国外游戏"鄙视 链"里，小游戏长期被"鄙视"，以至于是空白，而国产小游戏填补了这个空白。 他进一步指出，就小游戏本身而言，其获取便捷、操作简洁还具备社交传播属性，能让一些低频游 戏玩家变为高频游戏玩家，一些非游戏玩家也加入到游戏娱乐之中，这些让小游戏具有了增量市场属 性。 具体来看，点点互动当月依旧表现强劲。除《Whiteout Survival》延续爆款势头，持续占据出海榜 榜首，旗下新游《Kingshot》也进入出海手游头部梯队，并不断刷新自身成绩。 据悉，《K ...

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Group 1 - In May 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $2.02 billion, which accounts for 36.6% of the total revenue of the TOP 100 publishers [1] - Point Interactive's flagship product "Whiteout Survival" showed strong growth despite a high revenue base, contributing to a 13% month-over-month revenue increase for the company, securing the second position in the global revenue ranking for Chinese mobile game publishers [2] - Lemon Micro's multiple synthesis games, including "Gossip Harbor," achieved a 10% month-over-month revenue growth, setting a new historical high and reinforcing its leading position in the synthesis game segment [2] Group 2 - Florere Game's two survival strategy games, "Dark War Survival" and "Last Z: Survival Shooter," saw revenue growth of 4% and 33% respectively, leading to a 12% increase in overall revenue and advancing to the 8th position in the revenue ranking [4] - Lilith Games' "AFK Journey," in collaboration with the popular IP "Fairy Tail," experienced a 55% revenue surge, contributing to a 12% month-over-month revenue increase and moving up to the 10th position in the ranking [4] - Joy Net Games' RPG "갓깨비 키우기" (Korean version of "Idle Journey: Illustrated World") saw a remarkable 208% revenue increase, propelling the company to the 20th position in the global revenue ranking [6] Group 3 - Tencent's "Peacekeeper Elite" experienced a 21% revenue increase due to the SS33 season update and collaboration with DC, maintaining its second position in the Chinese App Store mobile game revenue ranking [8] - The mobile game "Arknights" saw a 250% revenue surge following the launch of a new side event, successfully returning to the revenue ranking at the 13th position [8]

Core Insights - In March 2025, Chinese mobile game publishers generated a total revenue of $2 billion, accounting for 36.9% of the global top 100 mobile game publishers' revenue, with 36 Chinese companies making the list [1][4]. Group 1: Market Performance - Tencent maintained its dominance with four games, including "Honor of Kings" and "Peacekeeper Elite," occupying the top four positions in the Chinese App Store revenue rankings for March [4]. - Point Interactive surpassed NetEase to claim the second position in the Chinese mobile game publisher revenue rankings, with its game "Whiteout Survival" achieving a historical monthly revenue high [8]. - The new game "Heroes Never Flash" and "Dragon Valley World" entered the top 20 revenue list, significantly boosting their respective publishers' rankings [5]. Group 2: Game-Specific Achievements - "Whiteout Survival" reached a cumulative global revenue of $2.25 billion, becoming one of the fastest mobile games to surpass $2 billion in revenue within five years of its launch [8]. - "Mobile Legends: Bang Bang" from ByteDance's subsidiary, Moonton, saw a 53% revenue increase in March after launching a new version and new heroes, elevating its ranking from 8th to 5th in the overseas mobile game revenue list [9]. - "Gossip Harbor" from Lemon Microfun also achieved a historical monthly revenue high, driven by seasonal events and new content [8]. Group 3: Industry Trends - The mobile gaming market is entering a stable cycle, with publishers focusing on high-quality operational strategies to enhance user retention and engagement amid intense competition [5]. - The overseas market for Chinese mobile games is characterized by significant fluctuations in rankings, providing opportunities for new entrants while posing challenges for established titles [10].

② 歌华有线，发布 2024 年业绩快报 / 经初步核算 /2024 年度 / 公司实现 营业收入 23.14 亿元 / 比 2023 年同期减少 1.2 亿元 / 降幅 4.92%/2024 年实现归属于上市公司股东的净利润 -7,255 万元 / 较 2023 年同期增加 9,987 万元 / 行情速递 ①主板领涨，广西广电(+10.08%)/天威视讯(+10.05%)/湖北广电(+10.03%)/奥瑞德(+10.03%)/ 江苏有线(+10.03%)/ ②创业板领涨，朗科科技(+20.01%)/汉邦高科(+20.00%)/慧翰股份(+15.11%)/ ③科创板领涨，鸿泉物联 (+14.26%)/天岳先进(+11.42%)/瑞可达(+8.84%)/ ④ 活跃子行业，SW其他通信设备(+2.39%)/SW通信工程及服务(+2.14%) 国内新闻 ①国际电力网，作为集研发、制造、销售于一体的现代化企业/中电电气以科 技创新为引擎/以智能化升级为突破口/正式接入DeepSeek大模型/迈出了破 圈的关键一步/开启了智能化、科技化发展的新篇章/ ②电子信息产业网，禾赛科技宣布/与一家欧洲顶级主机厂达成了多年独家定 ...