6月27日，多益网络在官方WB发布重磅消息：计划在未来几年内将总部迁离广州，并裁减广州团队员 工超1000人。公告中，多益网络将矛头明确指向广州黄埔法院，指责其作出的四份判决"严重损害了公 司的自主经营管理权"。 这已是多益网络在一年内第二次上演"败诉就撤离"的戏码。2024年7月，由于成都法院判决其需支付前 员工刘某38.67万元赔偿金，多益网络随即宣布将在3年内关闭所有成都公司，致使438名员工面临失业 困境。 管理模式的专制化：从"帝王心术"到系统性压迫 多益网络的管理争议并非孤立事件，而是形成了一套以创始人徐波个人意志为核心的"高压统治体系"： 多益网络将司法败诉转化为对员工集体的惩罚，形成固定剧本： 1． "败诉即关城"模式 • 成都事件（2024年7月）：因拒付前员工38.67万元赔偿金败诉，宣布"三年内关闭成都公司"，438名员 工裁至89人。 • 广州事件（2025年6月）：餐费纠纷败诉后，指责黄埔法院"践踏企业权益"，宣布总部搬离广州、裁员 超1000人（占当地团队50%）。 1、惩罚性条款陷阱 • 餐费追讨：以"免费食堂"为名吸引员工，却在离职时按30元/餐追讨累计数万元餐费，合同条款被法 ...

Core Viewpoint - Shenzhen is accelerating its development of underground spaces to create a vibrant three-dimensional city, as outlined in the "Shenzhen Underground Space Resource Utilization Plan (2025-2035)" [1][10]. Group 1: Overview of the Plan - The plan includes 48 key development areas for underground space across various districts, with the most in Nanshan District (10 areas) and the least in Dapeng New District (1 area) [3][4][5][6][7]. - By the end of 2020, Shenzhen's total underground space was approximately 104 million square meters, with a per capita underground space of about 5.9 square meters [1]. Group 2: Development Requirements - The development of these 48 "underground cities" will focus on integrating above-ground and underground spaces, particularly around urban function centers and transit hubs [7][8]. - The plan emphasizes the importance of underground transportation facilities, municipal utilities, and commercial services, aiming to create a "10-minute walk" connectivity between underground transit stations and nearby facilities [8]. Group 3: Economic Justification - The direct costs of underground space development are estimated to be 2-3 times that of above-ground construction, making it essential for cities with high population density and land prices, like Shenzhen, to utilize underground space [10]. - Shenzhen's land area is about 1,997 square kilometers, supporting a population of approximately 21 million and generating a GDP of 3.68 trillion yuan in 2024, highlighting the necessity of "digging down" for space [10]. Group 4: Achievements and Future Goals - Shenzhen has achieved several national firsts in underground space development, including the first commercially operated underground space and the largest underground train station in Asia [10]. - The city plans to enhance its underground space utilization with more diverse functions, efficient integration of stations and cities, improved regulatory frameworks, and advanced research in underground space [11].

Group 1 - The gaming market has shown significant recovery over the past year, with a notable increase in the number of game approvals [1][6] - In June, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, marking a recent high in the number of approvals [1][6] - For the first half of 2025, the number of domestic game licenses reached 757, with a consistent monthly increase in approvals [5][6] Group 2 - In 2024, a total of 1,416 new game licenses were issued, including 1,306 domestic and 110 imported licenses, returning to the approval levels seen in 2020 [6] - The Chinese gaming market size reached 280.5 billion yuan in May, reflecting a year-on-year growth of approximately 9.9% [6] - Tencent's games, such as "Honor of Kings" and "Crossfire: Gunfight King," achieved record quarterly revenues, contributing to the overall market growth [6][7] Group 3 - The approval speed for game licenses has accelerated, providing strong support for manufacturers to launch new products [7] - Despite the increase in the number of licenses, competition in the gaming market has intensified, emphasizing the importance of quality in addition to quantity [7]

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 传媒 5 月中国游戏市场规模达 280.51 亿元，Kimi-Dev-72B 登顶全 球开源编程模型 行情概览：本周（6.16-6.20）中信一级传媒板块下跌 1.78%。本周传媒板 块受整体市场影响下跌。2025 年传媒弹性方向看好 AI 应用、IP 变现及并购 重组，AI 应用聚焦新应用的映射投资及部分较成熟应用的数据跟踪，重点关 注多模态产业方向。IP 变现聚焦有 IP 优势及全产业链潜力的公司，潮流玩具、 影视内容等方向有机会。并购重组重点关注国企方向，在国资委明确国企市值 考核的背景下，传媒国企诉求明显提升，部分国企资金优势明显。 板块观点与关注标的：1）资源整合预期：中视传媒、国新文化、广西广电、 唐德影视、吉视传媒、游族网络等；2）AI：荣信文化、奥飞娱乐、汤姆猫、 盛天网络、中文在线、易点天下、视觉中国、盛通股份、焦点科技、豆神教育、 世纪天鸿、佳发教育等；3）游戏：建议关注确定性强的神州泰岳、恺英网络、 巨人网络、吉比特，关注完美世界、ST 华通、冰川网络、华立科技；4）国企： 慈文传媒、皖新传媒、中文传 ...

Core Viewpoint - The article discusses Tencent's potential acquisition of Nexon, a significant player in the gaming industry, for approximately $15 billion, which could mark a historic deal in China's internet sector [2][3][4]. Group 1: Tencent's Acquisition Interest - Tencent is reportedly considering acquiring Nexon, the parent company of Neople, for $15 billion (approximately 107.7 billion RMB) [2][3]. - This acquisition could surpass Tencent's previous record of acquiring 84.3% of Finnish game company Supercell for $8.6 billion, making it the largest acquisition in the history of Chinese internet companies [3][4]. Group 2: Historical Context - Tencent's relationship with Nexon dates back to 2008 when it secured the rights to operate DNF (Dungeon & Fighter) in China after a lengthy negotiation process [5][6]. - DNF became a massive success in China, generating over $500 million in revenue for Neople in 2015, which accounted for 87.6% of its total revenue [5][6]. Group 3: Nexon's Market Position - Nexon, known for classic IPs like DNF and Bubble Fighter, has a significant market presence and was valued at approximately $15.8 billion (about 114 billion RMB) as of recent reports [9][10]. - The company has a history of successful acquisitions and growth, having gone public in 2011 and becoming a major player in the gaming industry [7][9]. Group 4: Challenges and Considerations - The potential acquisition faces challenges due to the recent passing of Nexon's founder, Kim Jung-ju, and the subsequent management transition to his family, which complicates negotiations [9][10]. - The current valuation of Nexon appears reasonable given its historical performance and market position, making the acquisition an attractive opportunity for Tencent [12].

将投中网设为"星标⭐"，第一时间收获最新推送 腾讯还在等一个爆款。 作者丨 蒲凡 来源丨 投中网 如果说在很长一段时间里，搞定了 " 日本动漫 " 就意味着搞定了二次元。那么在曾经的游戏行业里，搞定 " 韩国游戏 " 就 意味着拿下了 " 半壁江山 " 。 一笔不完美的交易 从表面上看，腾讯收购 Nexon 并不算太让人感到意外。腾讯是全球首屈一指的游戏大厂，一直有买买买的传统，拳头游戏（ Riot Games ）、 Supercell 、育碧，都拿到过鹅厂的真金白银。而 Nexon 作为拥有《泡泡堂》《泡泡卡丁车》《 DNF 》 《冒险岛》等经典 IP 的世界知名游戏开发商，成为 " 并购标的 " 再正常不过了。 在我国并不算漫长的游戏发展史上， " 韩国产 " 游戏一度扮演着 " 启蒙者 " 的角色。千禧年代成长起来的玩家们不是在玩 韩国游戏的路上，就是在玩国产开发商们套壳魔改的韩国游戏，数得上名字的就包括《传奇》《奇迹 MU 》《冒险岛》《泡 泡堂》《泡泡卡丁车》《劲舞团》《龙之谷》《街头篮球》《地下城与勇士（ DNF ）》。 这些游戏教会了一代玩家什么叫 " 付费制网游 " 、什么叫 " 点卡 " 、 ...

Core Viewpoint - NetEase has announced its first AAA single-player game titled "Gui Tang," which is expected to enhance its brand image in the gaming industry despite the high investment and uncertain returns associated with AAA games [4][6][8]. Group 1: Game Announcement and Reception - NetEase's subsidiary, Lihuo Studio, released the first teaser for "Gui Tang," which quickly garnered over 8 million views on Bilibili, indicating significant interest within the gaming community [4]. - The game is set in the late Tang Dynasty and focuses on historical narratives rather than individual heroism, aiming to present a broader historical context [5][12]. - The production team is led by Hu Zhipeng, who emphasizes their dedication to creating high-quality domestic single-player games [4][17]. Group 2: Market Context and Financial Implications - Following the success of "Black Myth: Wukong," which sold 28 million copies and generated 9 billion yuan in revenue, there are questions about whether "Gui Tang" can replicate this success [7][13]. - AAA games require substantial investment with limited revenue potential compared to mobile games, which often have ongoing monetization strategies [6][8]. - Despite the financial risks, the move into AAA gaming is seen as a way for NetEase to strengthen its brand and compete globally [8][19]. Group 3: Industry Dynamics and Future Prospects - The gaming industry is witnessing a shift where major companies like NetEase and Tencent are exploring AAA titles to elevate their market position and brand reputation [8][12]. - The success of "Gui Tang" could potentially lead to the development of mobile adaptations in the future, similar to trends seen with other successful game IPs [12]. - The cultural significance of the game, focusing on lesser-known historical narratives, is viewed positively as a means of cultural transmission [14][19].

Group 1 - The "Charming Chongqing" drone light show, featuring 11,618 drones, set a Guinness World Record for the most drones forming aerial patterns [1] - DNF collaborated with Chongqing to integrate local landmarks into the game, allowing players to experience the city's attractions virtually [1][2] - The partnership aims to enhance cultural tourism in Chongqing by leveraging DNF's popularity among young audiences [2] Group 2 - DNF's collaboration with local tourism and businesses created the "DNF Snowman" themed park, attracting significant foot traffic and boosting local business revenues by over 80% [3] - The initiative has successfully engaged millions of players online, with a virtual "Chongqing activity map" and real-world events drawing large crowds [3] - This partnership exemplifies how digital gaming can serve as an effective medium for promoting urban tourism and cultural engagement [3]

核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指上涨 0.35%，深证成指上涨 0.41%，创业板指上涨 0.66%。全市场成交额 12,435 亿元，较上日减少 2,604 亿元。全市场超 3,500 只个股上涨。 板块题材上，蚂蚁金服概念、游戏、影视院线、跨境支付等板块涨幅 居前；贵金属板块跌幅居前。 【重要新闻】 【国家统计局：5 月份国民经济运行总体平稳、稳中有进】国务院新 闻办召开新闻发布会，国家统计局介绍了 5 月份国民经济运行情况。 相关负责人表示，随着我国加紧实施更加积极有为的宏观政策，5 月 份，国民经济顶住压力平稳运行，生产需求稳定增长，就业形势总体 稳定，新动能成长壮大，高质量发展向优向新。数据显示，工业生产 平稳增长，装备制造业和高技术制造业增长较快。5 月份，全国规模 以上工业增加值同比增长 5.8%，环比增长 0.61%。服务业增长加快， 现代服务业增势良好。5 月份，全国服务业生产指数同比增长 6.2%， 比上月加快 0.2 个百分点。市场销售明显回升，以旧换新相关商品快 速增长。5 月份，社会消费品零售总额 41326 亿元，同比增长 6.4%， 比上月加 ...

证券研究报告|传媒 [Table_Title] 移动端长线产品、次新品表现优异，游戏市 场 4 月同比增长 21.93% [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [投资要点： Table_Summary] 中国游戏市场：2025 年 4 月游戏市场收入同比增长 21.93%，环比增长 2.47%。1）中国整体游戏市场：实际销售收入 273.51 亿元，环比增长 2.47%，同比增长 21.93%。2）移动游戏市场：实际销售收入为 204.24 亿元，环比增长 3.07%，同比增长 28.41%。由于长线产品、次新品表现 强劲，部分热门手游通过新赛季、IP 联动等活动吸引玩家，同时游戏 版号稳定发放推动新品上线，市场实现双位数同比增长、环比稳定增长。 全球游戏市场：市场收入同比、环比下降，《王者荣耀》重返双榜榜首。 2025 年 4 月，全球手游玩家在 App Store 和 Google Play 付费 65 亿美 元，同比下降 0.31%，环比下降 4.57%，收入占比前三分别为美国、中 国及日本；4 月共有 33 家中国厂商跻身全球手游发行商收入榜 ...