Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in November 2025, with a total of 184 game licenses issued, including 178 domestic and 6 imported games [1] - The number of domestic game licenses has shown a phase-wise increase, reaching a new high this month, indicating a stable trend in the issuance of game licenses throughout the year [1] - The frequency of imported game licenses has shifted from bi-monthly to monthly since the beginning of this year [1] Summary by Category Domestic Game Licenses - Among the 178 domestic game licenses, there are 98 mobile games, 69 mobile-casual puzzle games, 7 mobile and client games, 2 client games, 1 client and console game, and 1 mobile, client, and web game [1] - Notable companies such as Perfect World, Bilibili, Kingsoft's Xishanju, and G-bits' Thunder Game have received approvals for their games [1] - Specific games approved include Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Lume," Kingsoft's Xishanju's "Star Sand Island," G-bits' Thunder Game's "Rebirth of Immortals," and 4399's "Dream Journey to the West: The Catastrophe of Li You" [1] Overall Game License Trends - As of November, a total of 1,624 game licenses have been issued in 2025, with 1,532 being domestic and 92 imported [2] - The total number of game licenses issued in 2024 was 1,416, indicating that 2025 has already surpassed last year's total and is on track to be the year with the highest number of licenses in recent years [2] - The normalization of license issuance is seen as a boost for the gaming industry, especially with the increasing proportion of multi-platform products, prompting domestic game companies to accelerate their global distribution and cross-terminal experiences [2] - The upcoming traditional peak season for the gaming market may lead to further growth in industry performance in the fourth quarter due to the concentrated launch of new games [2] Market Dynamics - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations [2] - The gaming ETF (159869) tracks the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

2025.11. 27 本文字数：656，阅读时长大约1分钟 作者 | 第一财经 刘晓洁 | | | National Press and Publication Admi | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 首 市 | 信息发布 | | 办事服务 | | ○ 类别 ▼ 站内搜索输入 信息公开 | | | | 首页 > 办事服务 > 结果公示 > 游戏审批结果 > 国产网络游戏审批信息 | | | | | | | | | 2025年11月份国产网络游戏审批信息 | | | | | | | | 2025-11-27 字体 [大 中 小] | | | | | 序号 | 名称 | 申报类别 | 出版单位 运营单位 | 批复文号 | 出版物号 | 批准时间 | | 1 | 暗黑烈刃 | 移动 | 上海声像电子出版 上海跃玩网络科技有 社 限公司 | 国新出审 (2025) 2213 릉 | ISBN 978-7- 498-15877-2 | 2025年11月26日 | | 2 | 暗影奇迹 | 移动 | 北京百度多酷科技 北京依锐网络科技 ...

从近一年的每月版号下发数量来看，国产版号的过审数量在阶段性增长，并在这个月再创新高，延续了今年游戏行业版号发放的稳定态势。而进口游戏版号 的下发频率从过去的每两月一发转变为今年开始的每一月一发。 具体到这次发布的游戏版号，知名的厂商或产品有完美世界《梦幻新诛仙：轻享》、B站的《闪耀吧！噜咪》、完金山旗下西山居的《星砂岛》、吉比特旗 下雷霆游戏的《再世仙途》、四三九九《造梦西游之黎尤浩劫篇》等。 11月27日，国家新闻出版署发布了《2025年11月份国产网络游戏审批信息》。本批次版号共计184款，其中国产游戏版号178个，进口游戏版号6个。 | 序号 | 名称 | 申报类别 | 出版单位 | İ | | --- | --- | --- | --- | --- | | 1 | 暗黑烈刃 | 移动 | 上海声像电子出版 社 | 上海跃 | | 2 | 暗影奇迹 | 移动 | 北京百度多酷科技 有限公司 | 北京依 | | 3 | 傲视天下 | 移动 | 上海锦游网络技术 有限公司 | 上海晓 不 | | 4 | 霸者之光 | 移动 | 上海锦游网络技术 有限公司 | 上海藤 | 2025年已下发游戏版号1624个， ...

腾讯控股（00700.HK) | 投资评级： 增持 | 主要观点： | | --- | --- | | 2025-11-25 |  财务表现 | | 报告日期： | | 近52周股价走势 | 华通证券国际 | | --- | | 研究部 | | 宏观组 | | SFC: AAK004 | | Email: research@waton.co | 腾讯控股：业绩持续走强，AI投入占比上升 财务表现 业务发展 盈利预测 预计2025年营收为726,283百万元，营业利润220,183百万元，对 应2025-2027年PE为23.29、20.34、18.05倍。 风险提示 作者 | 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 660,257 | 726,283 | 791,648 | 854,980 | | （+/-)% | 8.41 | 10.00 | 9.00 | 8.00 | | 营业利润 | 200,097 | 220,183 | 239,979 | 259,131 | | （+/-)% ...

Core Viewpoint - Tencent's Q3 financial report demonstrates the importance of focusing on core business operations, achieving significant revenue and profit growth driven by AI integration [3][6][7]. Financial Performance - Tencent reported Q3 revenue of 192.87 billion RMB, a 15% increase from 167.19 billion RMB in the same period last year [5][6]. - Operating profit reached 63.55 billion RMB, up 19% year-on-year, while adjusted net profit was 70.55 billion RMB, reflecting an 18% increase [5][6]. - For the first three quarters of 2025, total revenue amounted to 557.39 billion RMB, a 14% increase compared to 487.81 billion RMB in 2024 [5]. AI Contribution - AI was mentioned 11 times in the financial report, highlighting its significant role in revenue and gross profit growth [7][8]. - AI-driven advertising technology contributed to a substantial increase in advertising revenue, with click-through rates rising from historical averages of 0.1% for banner ads to as high as 3.0% for AI-enhanced ads [19][24]. - The gaming sector also benefited from AI, with user engagement and internal process efficiency improving due to AI investments [22]. Business Segments - Tencent's gaming revenue was 63.6 billion RMB, with domestic game revenue at 42.8 billion RMB (up 15%) and international game revenue at 20.8 billion RMB (up 43.4%) [13][14]. - Financial technology and enterprise services generated 58.2 billion RMB, a 10% increase year-on-year, while advertising revenue reached 36.2 billion RMB, growing by 21% [14][21]. - Social network revenue was 32.3 billion RMB, with a modest growth of 5%, indicating a stable but slowing user base [15]. Strategic Positioning - Tencent's approach contrasts with other tech giants, as it reduced capital expenditures by over 32% to 12.98 billion RMB, focusing on integrating AI into existing ecosystems rather than aggressive infrastructure investments [24][25]. - The company emphasizes enhancing user experience and operational efficiency through AI, rather than competing in AI infrastructure spending [25][29]. - The competitive landscape is evolving, with companies like Alibaba and ByteDance pursuing aggressive AI strategies, while Tencent adopts a more cautious and integrated approach [29][30].

在这颠覆性数据背后，是厂商正扎堆布局游戏UGC。近日，《每日经济新闻》记者从BOSS直聘平台最 新招聘动态信息中发现，"游戏UGC策划"相关岗位招聘热度居高不下，米哈游、鹰角网络等头部企业开 出高薪抢人。 "" 图片来源：手机截图 "呆小凡工作室"就是一家专注于UGC游戏内容制作的工作室。公司创始人呆小凡近日在接受《每日经济 新闻》记者等媒体采访时表示，从商业化公司的视角来看，UGC赛道当前的市场规模显著小于App（应 用程序）赛道，甚至不及PC（个人电脑）游戏与独立游戏赛道，因此众多以纯粹商业收益为导向的企 业未给予足够重视。 但当前赛道市场规模有限，并不意味着未来增长空间受限。UGC赛道不仅具备无需投入买量成本、规 避发行环节压力的核心优势，更精准契合了行业发展红利——目前国内高DAU（日活跃用户数）游戏 的整体市场规模已突破3亿元量级，这类头部产品陆续开放UGC生态，将构成潜力广阔的发展赛道。 一个"草根"团队的5年 见证UGC赛道冷与热 以腾讯为代表的大厂，开始涉足曾经小众的游戏UGC（用户生产内容）领域。 《和平精英》的UGC平台——绿洲启元于近日公布，其日活跃用户数突破3300万大关，平台头部创作 ...

Core Insights - The Chinese film and gaming market experienced a decline in revenue year-on-year due to high base effects, while the advertising market showed stable growth with significant investment in telecommunications and other sectors. The AI field is rapidly advancing, shifting from technical competition to ecosystem building and scenario penetration [1]. Film Industry - The film supply remains stable, but the overall box office revenue saw a year-on-year decline. In October 2025, the national box office reached 2.612 billion yuan (including service fees), a decrease of 27.94% year-on-year and 1.88% month-on-month. The film "The Volunteers: Blood and Peace" led the monthly box office with 525 million yuan, accounting for 22.4% of the total [2]. Gaming Industry - The gaming market experienced a slight year-on-year decline due to high base effects. In September 2025, the actual sales revenue of the domestic gaming market was 29.679 billion yuan, down 2.13% year-on-year. Self-developed games generated 1.621 billion USD in overseas revenue, a decrease of 4.82%. Mobile game revenue was 21.488 billion yuan, down 2.31%, while client games performed well with a revenue of 7.009 billion yuan, up 25.49%. Tencent's games dominated the iOS revenue chart in China [3]. Advertising Market - The overall advertising market showed stable growth, with a year-on-year increase of 3.5% in spending from January to September 2025. In September alone, advertising spending rose by 12.7% year-on-year and 0.7% month-on-month. Notable increases in advertising spending were observed in telecommunications, personal care, entertainment, and IT sectors, with year-on-year increases of 78.9%, 42.1%, 38.9%, and 22.2% respectively. Conversely, the pharmaceutical, alcoholic beverages, and cosmetics sectors saw declines of -17.4%, -12.7%, and -4.8% respectively [4]. AI Industry - The iteration of large models is accelerating, promoting the practical application of technology and ecosystem building. Companies like OpenAI and Google are advancing multimodal and secure applications. OpenAI released Sora2 and ChatGPT Atlas, while Google launched Veo3.1 integrated into the Gemini ecosystem, showcasing systematic development in generative AI. In China, DeepSeek introduced DeepSeek-OCR, reflecting trends in model lightweighting and multimodal integration. The AI industry is transitioning from competition in model capabilities to ecosystem building and scenario penetration, with applications expected to accelerate in education, creativity, development, and security [5]. Investment Recommendations - With the continuous iteration of foundational large model capabilities, AI applications are beginning to show a solid technological foundation for development. The ongoing exploration of AI across various industries is expected to bring transformative impacts. Companies to watch include Tencent Holdings, Alibaba, Kuaishou-W, Zhiwei Buy, and Kunlun Wanwei. The gaming market is expected to maintain high levels of prosperity, with several companies launching new products, making companies like Bilibili-W, Giant Network, G-bits, Perfect World, and 37 Interactive Entertainment worth monitoring [6].

Key Insights - The report highlights the rapid development of the AI industry and its positive impact on the media sector, particularly in gaming and film, driven by favorable policies and technological advancements [1][2][6] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai Composite Index's increase of 18.07% [15][16] - The gaming sector has shown significant growth, with a year-on-year revenue increase of 24.4% and a net profit growth of 88.61% in the first three quarters of 2025 [28][34] - The film industry has benefited from blockbuster films, with total box office revenue reaching 450.97 billion yuan, a 15.44% increase compared to the previous year [76][78] - The advertising sector is experiencing moderate growth, with a revenue increase of 5.97% in the first three quarters of 2025 [37] Group 1: Media Industry Overview - The media industry is experiencing a positive trend, with the gaming sector leading the growth, followed by television broadcasting and film [15][16] - The gaming sub-sector has seen a remarkable increase of 59.84%, while the film sector has grown by 19.07% [16][19] - The overall revenue for the media industry reached 3,875.61 billion yuan, reflecting a 5.58% year-on-year growth [23][24] Group 2: Gaming Sector Insights - The gaming industry has achieved a revenue of 848.14 billion yuan in the first three quarters of 2025, with a significant net profit margin of 16.31% [28][34] - The introduction of new games and the revival of existing titles have contributed to the positive growth trajectory in the gaming market [63][66] - The trend of cross-platform gaming is emerging, enhancing user engagement and revenue generation [69][71] Group 3: Film Industry Insights - The film industry is witnessing a resurgence, with a strong pipeline of upcoming films expected to drive further box office growth [76][78] - The dominance of blockbuster films is evident, with the top five films accounting for 57.06% of total box office revenue [78][79] - The average ticket price has slightly decreased to 42.1 yuan, indicating a competitive market environment [77] Group 4: Advertising Sector Insights - The advertising sector has shown stable revenue growth, with a total revenue of 1,292.33 billion yuan in the first three quarters of 2025 [37] - The sector is adapting to new marketing strategies, including programmatic advertising and innovative consumer engagement methods [37][41] - Despite the growth, the profit margins in advertising are under pressure, reflecting the competitive landscape [37][41]

Group 1: Macro Insights - The economic situation in October showed a significant downturn, with external demand affected by base disturbances and a drop in export prices, leading to a substantial decline in export growth [4] - Domestic demand weakened due to a slowdown in real estate and infrastructure investment, alongside a decrease in consumer spending, indicating a dual weakness in production and demand [15] - The overall economic environment suggests a need for policy intervention to stabilize growth, with expectations for a GDP target of around 5% for 2026 [4][15] Group 2: Fixed Income Market - The "Southbound Bond Connect" is expanding, allowing more non-bank institutions to participate in the bond market, which is expected to enhance investment opportunities in Hong Kong's bond market [16] - The bond market remains volatile, with limited changes in interest rates across various maturities, reflecting a cautious approach from institutional investors amid a weak economic backdrop [9][13] - The overall credit demand is weak, with new loans decreasing, indicating a continued trend of reduced financing activity [17] Group 3: Company-Specific Insights - Tencent Holdings reported a revenue of 192.9 billion yuan for Q3 2025, a year-on-year increase of 15.4%, driven by strong growth in its gaming and advertising segments [20] - Electric Power Investment's acquisition of 100% equity in Baiyin Hua Coal Power is expected to enhance its profitability, with projected annual net profit increasing significantly post-acquisition [23][24] - Wangfujing's Q3 2025 revenue was 2.35 billion yuan, a decline of 4.73% year-on-year, reflecting ongoing challenges in the retail sector [27] Group 4: Industry Trends - The coal industry is experiencing a consolidation phase, with Electric Power Investment expanding its integrated coal-electricity-aluminum business model through strategic acquisitions [23] - The advertising revenue for Tencent is expected to benefit from AI-driven enhancements, contributing significantly to its overall revenue growth [21] - The pharmaceutical sector shows promising growth in emerging business areas, with expectations for continued revenue increases in the coming years [28]