行 业 研 究 2025 年 10 月 12 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-10 2025-02 2025-06 传媒 沪深300 相关研究报告 《Sora2 惊艳，模型竞赛加剧，继续布 局 AI 应 用 + 游 戏 — 行业周报》 -2025.10.7 《加码布局游戏及 AI 应用—行业周 报》-2025.9.28 《继续把握游戏、AI、内容创新投资 机会—行业周报》-2025.9.21 震荡调整中坚定布局"AI 应用+游戏" ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 模型迭代加快叠加政策助力，继续布局 AI 应用 10 月 10 日，腾讯宣布其近期发布了 1.58Bit 量化的新算法 Tequila，提出一种 QAT 阶段解决"死区陷阱"的新算法，性能效果达到新 SOTA，模型使用 1.58Bit 的 位宽达到的性能，能对标同参数量的全精度模型，潜力巨大；10 月 11 日，快手 宣布其 Kwaipilot 团队近期重磅发布了 KAT-Dev-72 ...

行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 2025 年 10 月 12 日 Sora2 验证 AI 视频机会，关税不 改变港股互联网和游戏投资逻辑 看好 ——互联网传媒周报 20251006-20251010 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件 ...

完整早报音频，请点击标题下方小耳机收听 【许家印家族信托 "防火墙"被击穿，法律穿透信托屏障】 2017 年 3 月 28 日，许家印在香港参加了中国恒大 2016 年的业绩说明会。到了 2025 年 9 月 16 日，香港高等法院对恒大创始人许家印的家族信托案作出了历史性 判决，不仅授权清盘人接管许家印名下资产，还将其通过离岸家族信托持有的财产一并纳入接管范围。这一裁决明 确宣示： 当信托被用来规避债务人责任、欺诈债权人时，"资产隔离"的防火墙将被法律彻底击穿。此举冻结了许家 印可能高达 50 亿美元的海 外资产 （包括23亿美元的单一家庭信托、许家印前妻丁玉梅在英国坐拥的33套伦敦豪 宅等等） ，打破了长期以来一些人对"海外信托绝对安全"的幻想。 （中国慈善家） 【 2025 年诺贝尔文学奖揭晓】 瑞典文学院宣布，将 2025 年诺贝尔文学奖授予匈牙利作家 László Krasznahorkai ，"以表彰他引人入胜且富有远见的作品，在世界末日的恐怖中，再次证明了艺术的力量"。 1954 年 1 月 5 日，拉斯洛·卡撒兹纳霍凯生于匈牙利久洛。 1985 年发表处女作《撒旦的探戈》，为他带来巨大的声 誉 ...

本文系观察者网独家稿件，未经授权，不得转载。 手游收入排行榜 Sensor Tower 据悉，在前五个赛季，《三角洲行动》的畅销榜成绩就表现出了明确的上升势态。在S5期间，《三角 洲行动》一度登上IOS畅销榜单的Top 2，并能持续停留在畅销榜Top 5。 目前，在国服iOS端游戏畅销榜Top 10中，腾讯旗下产品已能长期占据7-8个席位。 除了《三角洲行动》《王者荣耀》《和平精英》外，能够较为稳定留在Top 10内的腾讯系游戏还包括 《金铲铲之战》《穿越火线：枪战王者》《地下城与勇士：起源》《火影忍者》《英雄联盟手游》，以 及8月19日公测上线的《无畏契约：源能行动》，此外还有近期被腾讯集团高级副总裁马晓轶点名跨 越"长青游戏收入线"的《鸣潮》。 10月9日上午，Sensor Tower商店情报平台发布9月中国手游发行商全球收入排行榜，榜单显示《三角洲 行动》9月收入环比大涨76%，加之《王者荣耀》与《和平精英》等头部游戏的出色表现，腾讯稳居中 国手游发行商收入榜之首。 发行商收入排行榜 Sensor Tower 腾讯战术射击手游《三角洲行动》，2025年9月升至中国App Store手游收入榜的第二名。据 ...

人民财讯10月9日电，Sensor Tower商店情报平台显示，2025年9月共32个中国厂商入围全球手游发行商 收入榜TOP100，合计吸金19.5亿美元，占本期全球TOP100手游发行商收入36.1%。得益于赛季热度带 动，《三角洲行动》9月收入环比大涨76%，加之《王者荣耀》与《和平精英》等头部游戏的出色表 现，腾讯稳居中国手游发行商收入榜之首。 ...

消费行业受技术和消费理念双重驱动，经历传统商业、PC 和移动互联网 时代，供应链从盲目配货转向以销定产，大幅提升效率。电商崛起冲击 传统零售，物流成本降低和购物习惯改变是关键因素。 新零售和直播电商兴起对传统电商平台形成冲击，拼多多和抖音等平台 通过模式创新和流量裂变，为消费品公司带来新的发展机遇。渠道迭代 伴随商业机会，新兴平台成为新消费品公司孵化基地。 中国消费市场呈现分级现象，不同地区收入水平、出生年代和消费习惯 差异显著。企业需根据不同人群制定 STP 策略，精准把握市场，实现有 效营销，如珀莱雅通过准确定位目标人群成功打入市场。 中国消费市场经历电商下沉和品质消费时代，三四线城市成为新的增长 点。目前品质消费人群约 3.9 亿，消费能力接近海外中等发达国家水平， 是引领消费行业的重要力量。 评估新兴行业或单品市场空间至关重要，准确预判有助于在一二级市场 做出正确投资决策。消费行业空间大，高 ROE 的食品饮料、家电等行业 更易产生牛股，拥有壁垒的行业如白酒具有长期优势。 消费专场-2025 研究框架线上培训 摘要 Q&A 消费行业的投资框架是什么？ 消费行业具有显著的人文属性，区别于科技周期的硬科学 ...

Core Insights - The domestic gaming market in China has not produced new breakout hits this year, despite a total revenue of 1970.84 billion yuan from January to July 2025, reflecting a year-on-year growth of 12.58% [1] - The growth is primarily driven by the sustained performance of leading titles like "Honor of Kings" and "Peacekeeper Elite," as well as the strong performance of new IPs like "DNF Mobile" [1] - Tencent and NetEase are both focusing on different strategic paths, with Tencent emphasizing the deep development of high-value IPs while NetEase pursues a diversified product strategy [10][16] Group 1: Market Performance - The Chinese gaming market saw a month-on-month revenue increase of 4.70% in June and 6.87% in July, indicating a continuous recovery momentum [1] - The client game market is also recovering, with new titles like "Delta Action" and "Yanyun Sixteen Sounds" reactivating a significant number of old users and core players [1] - The proportion of older games in the ecosystem is increasing, suggesting a more solidified market where major companies struggle to produce innovative new titles [1] Group 2: NetEase's Strategy - NetEase is focusing on a diversified strategy, with a net income from games and related services of 228 billion yuan in Q2 2025, accounting for 81.7% of total revenue [3] - The company has invested over 10 billion yuan in the "Shooting Eagle" project, which has faced challenges due to outdated gameplay and poor optimization [6] - NetEase's overseas revenue share has increased to nearly 20%, with a 1:1 ratio of users between China and overseas markets [9] Group 3: Tencent's Strategy - Tencent's strategy is characterized by a "guarding small cities" approach, focusing on its strengths and high-value IPs, which helps in building competitive barriers [11][12] - The company has seen historical highs in revenue from long-standing products like "Honor of Kings" and "Peacekeeper Elite" in Q1 2025 [10] - Tencent is exploring new growth points in game channels and distribution, including launching mini-games based on popular titles to attract a broader audience [14][15] Group 4: Industry Challenges - Both companies face challenges in their respective strategies, with NetEase's diversification potentially leading to resource dispersion and strategic focus issues [16] - Tencent's reliance on established IPs may hinder its ability to innovate and respond to emerging trends and user shifts [17] - The gaming industry is entering an ecological competition phase, with different strategic approaches from Tencent and NetEase shaping the future landscape [16]

9月21日，2025和平精英职业联赛（PEL）夏季赛总决赛在武汉体育中心体育馆落下帷 幕，16支顶尖战队历经3天18场激烈对抗，最终广州TT战队脱颖而出，以160分的总积分勇 夺冠军，捧起PEL历史上第16座冠军奖杯。 总决赛首日，16支决赛战队在热烈欢呼中依次登场。广州TT战队表现尤为出色，连续 拿下第三、第四局胜利，首日即以81分高居积分榜首，建立起超过20分的领先优势。苏州 KSG战队同样发挥不俗，以60分暂列第二。 赛事第二日，广州TT战队稳扎稳打，再获53分继续领跑。北京WBG战队与上海RW战 队状态回升，单日积分均超50，总排名显著提升。 同日举行的常规赛荣誉颁奖典礼上，苏州Tianba战队选手青稚凭借单赛季15次MVP的卓 越表现，斩获"常规赛MVP"及"最佳自由位"奖项。杭州LGD战队选手天、北京WBG战队选 手Suk、广州TT战队选手派大兴则共同入选常规赛最佳阵容。 冠军之夜悬念迭起。广州TT战队上半场得分不多，但队伍沉着调整，于第五局重回胜 轨，第六局选手阿杰以一敌多，锁定胜局。苏州KSG战队持续稳健拿分，北京WBG战队亦 凭借出色团队配合紧追不舍。最终，广州TT战队以160分登顶，成为P ...

Core Viewpoint - The gaming industry is experiencing a significant recovery, with many companies reporting strong financial performance in the first half of 2025, indicating a broader market rebound [5][9]. Group 1: Overall Market Performance - Over 80% of the 64 listed gaming companies achieved profitability in H1 2025, with nearly half reporting revenue growth in their gaming segments [7][10]. - The total gaming revenue and profit for these companies reached the highest levels in five years, with a total revenue of 235.6 billion RMB, representing a year-on-year growth of 20.1% [10][11]. - Eight companies saw their stock prices increase by over 100% in the first half of the year, reflecting a generally positive market sentiment [7][8]. Group 2: Company-Specific Performance - Bilibili achieved profitability for the first time since its IPO, while Century Huatong's gaming revenue surpassed 10 billion RMB for the first time, leading to a nearly threefold increase in market capitalization [5][10]. - Tencent and NetEase, among the top ten gaming companies, reported significant revenue and profit growth, with Tencent's gaming revenue reaching 1,186.5 billion RMB, up 22.8% year-on-year [11][19]. - Companies like Flying Fish Technology and Extreme Interaction reported revenue growth rates exceeding 100%, indicating strong product performance [13][14]. Group 3: Profitability Trends - 84% of the companies reported profits, with 65% experiencing profit growth, significantly higher than the previous year's figures [15][18]. - The number of companies turning losses into profits increased to 25%, while only 2% reported losses after previously being profitable [15][19]. - The top three companies in profit growth saw increases exceeding 700%, showcasing exceptional recovery and performance [18][19]. Group 4: Cost Management and Efficiency - Many companies have implemented cost-cutting measures, with over two-thirds of firms maintaining or reducing R&D costs, contributing to improved profitability [29][30]. - Marketing costs have increased for several companies, but those that managed to control these expenses while maintaining revenue growth include NetEase and 37 Interactive Entertainment [33][30]. - The overall trend indicates that companies are focusing on efficiency and product performance to drive growth, with many preparing for long-term development through new product launches [37][26].

Group 1 - The 2025 PEL Peace Elite Professional League Summer Finals is taking place in Wuhan, featuring 16 top teams competing over three days for the championship title [1] - The finals consist of teams that qualified through both the regular season and playoffs, with Guangzhou TT leading the regular season with 991 points [1] - The playoffs saw teams like Suzhou KSG and Beijing DRG making significant advancements, showcasing the competitive nature of the event [1] Group 2 - The finals will also award various honors from the regular season, including Best Lineup, MVP, and Best Rookie, enhancing the event's prestige [1] - A PEL Summer Festival will be held on-site, allowing fans to engage in interactive activities and receive official merchandise [1] - The results of the finals will directly impact qualifications for the 2025 Peace Elite Global Finals, with the champion team securing a top seed position [1] Group 3 - The event's organizer has launched a limited edition "Hunting Star Team Uniform" for sale, available both in-game and through various online platforms [2] - The matches will be streamed live across multiple platforms, including Douyu, Huya, Kuaishou, and Douyin, broadening the audience reach [2]