板块观点与关注标的：1）游戏：重点关注 ST 华通、吉比特、恺英网络、巨人网 络、神州泰岳、心动公司等，关注完美世界、冰川网络、华立科技等；2）AI：豆 神教育、盛天网络、上海电影、荣信文化、中文在线、易点天下、视觉中国、盛 通股份、焦点科技、世纪天鸿、佳发教育等；3）资源整合预期：中视传媒、国新 文化、广西广电、华智数媒、吉视传媒、游族网络等；4）国企：慈文传媒、皖新 传媒、中文传媒、南方传媒、凯文教育、大晟文化等；5）教育：学大教育、粉笔 等；6）港股：关注【阿里巴巴】【腾讯控股】【泡泡玛特】【中旭未来】，产业爆发 在即的【阜博集团】，K12 教培龙头【新东方】及业绩弹性较大的区域龙头【思考 乐教育】【卓越教育】。 【7 月游戏国产与进口游戏版号发放，共 134 款游戏获批。】国家新闻出版署发 布了 2024 年 7 月份国产网络游戏审批信息以及进口网络游戏审批信息。其中，国 产网络游戏版号发放数量为 127 款，涵盖了巨人网络《名将杀》、恺英网络《荒野 守则》、冰川网络《奇迹建造师》等游戏在列。进口网络游戏版号发放数量为 7 款， 包括腾讯《终极角逐》、网易《漫威秘法狂潮》等。此次版号发放，为游戏行业注 ...

证券研究报告|传媒 [Table_Title] 7 月游戏版号发放量维持高位，点点互动 《奔奔王国（Kingshot）》获批 3213 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业事件： Table_Summary] 2025 年 7 月 22 日国家新闻出版署公告 7 月份国产游戏版号及进口游戏版 号，共有 127 款国产游戏和 7 款进口游戏过审。 投资要点： ⚫ 7 月游戏版号发放量维持高位态势，涵盖多类型产品与知名厂商，多款头 部大作获批。年初至今国产游戏合计通过审批 884 款，7 月份通过审批 127 款，虽较 6 月份减少 20 款，仍保持高位发放数量，包括点点互动《奔 奔王国》、雷霆游戏《大荒有妖兽》、恺英网络《荒野守则》、巨人网络 《名将杀》、冰川网络《奇迹建造师》、灵犀互娱《消消瓜果园》、三七 互娱《奇谋三国》、四三九九《阿尔法契约》、益世界《我独自漂流》、 英雄互娱《危机曙光》等；年初至今进口游戏合计通过审批 62 款，7 月 份通过审批 7 款，其中包括了腾讯的《终极角逐》、网易的《暗黑破坏神 4》《漫威秘法狂潮》等。7 月份游 ...

7月23日，港股恒指及A股沪指联袂上涨，前者站稳25500点，创2021年11月以来新高，后者一度触及3600点关键点位。 在交投情绪高涨市况之下，港股游戏板块获得资金流入较为明显，板块大涨4%。其中，"股王"腾讯（00700.HK）贡献最 大，资金流入最为显著，全天大涨4.94%，报552.0港元/股，创2021年6月以来新高。 紧随其后，金山软件（03888.HK）涨3.89%，网易-S（09999.HK）涨2.59%，哔哩哔哩-W（09626.HK）涨2.33%，心动公司 （02400.HK）涨1.56%。 | 代码 | 序号 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | --- | --- | | 01022 | 1 | 飞鱼科技 | (0) | 0.440 | +0.145 | 49.15% | | 00700 | 2 | 腾讯控股 | | 552.000 | +26.000 | 4.94% | | 01909 | 3 | 火岩控股 | | 2.020 | +0.080 | 4.12% | | 03888 | র্ব | 金 ...

淘宝直播商家运营方法论丨 白皮书 序言： 近年来，中国直播电商行业经历高速增长后迈入"效率驱动"新周期。用户行为的多线程跳跃、消费需求的分 层化演进、品质与信任价值的权重攀升以及全域流量生态的碎片化挑战等，共同推动商家的运营逻辑迎来全 面焕新的临界点。如何实现商品全生命周期的高效管理、如何在全域场景中精准触达用户、如何协同短期爆 发与长期品牌价值沉淀，成为商家突围的核心命题。 在此背景下，淘宝直播与艾瑞咨询联合发布2025年淘宝直播商家运营方法论白皮书，旨在为商家提供系统 性策略指引。基于对行业趋势的深度洞察，我们提出E-MAX商家运营框架，以全周期供给、全触点渗透、 全场域营销为核心举措，助力商家优化商品效能、打通流量壁垒、整合营销资源，最终实现平台全生态协 同。 本白皮书不仅剖析了直播电商市场的结构性变化，更结合淘宝直播平台的实战经验，通过头部商家的成功案 例验证策略的有效性。我们期待，通过这份报告为直播电商从业者提供前瞻性视角与可落地的解决方案，帮 助商家构建"稳存量、拓增量"的可持续路径。 2024年直播电商市场增速为17.7%，行业迈入"效率驱动"新周期 2024 年中国直播电商市场规模达 5.8 ...

文 | 《 BUG 》栏目 徐苑蕾 近日，"潘婷 3 分钟奇迹"护发素因商标问题登上热搜，引发公众对品牌"商标擦边"现象的 广泛关注。 《 BUG 》栏目在走访时发现，类似"商标耍心机"的营销手段在日化、食品等行业屡见不 鲜。 例如"汰渍全效 360° "，" 360 °"其实是一个概念…… " 佳洁士 CREST 3D 炫白 " ，" 3D "只是系列名称，非工艺或技术…… "苏菲裸感 S 贵族棉卫生巾"，包装上印有"棉中贵族"的字样，价格也几乎是普通款的两 倍，但"贵族棉"也只是个产品商标…… 律师指出，商标擦边与合理借鉴并没有很明确的界限，需以个案认定。而当商标文字与广告 宣传结合使用时，法律责任的认定更为复杂，消费者维权也面临较大困难。 不过，被问及整片卫生巾用到的棉花是否都是进口原棉，客服的回答则显得模棱两可，客服 仅表示，"表层是 100% 美国进口原棉。"针对该产品，还有消费者在社交平台上吐槽，所 谓 " 贵族棉 " 只是噱头和概念，亲肤感和吸收性能还不如普通系列，质疑产品夸大了实际 效果。 很多品牌，都有"小心机" 近日，有消费者在使用潘婷 3 分钟奇迹护发素时无意中发现，产品包装背面用极小的 ...

每经记者｜宋美璐 每经编辑｜魏文艺 ｜2025年7月16日 星期三｜ 点评：虽然潘婷方面回应称该表述为注册商标，并非直接功效描述，并有第三方试验支持其"3分钟修 护"功效，但"奇迹""三分钟"等字眼带有功效暗示。此次事件暴露了品牌在营销语言与消费者认知之间 存在的信息落差，也提醒行业在宣传中应明确区分商标与实际功能，避免以"文字游戏"误导消费者，从 而影响信任与口碑。 NO.3 泰国2025年迄今外国游客到访量下降5.09% 近日，泰国旅游与体育部公布的泰国最新旅游情况及相关数据显示，泰国2025年迄今外国游客到访人数 为1718万，同比下降5.09%。为挽回旅游业颓势，泰国政府及旅游部门推出了一系列针对性措施，涵盖 政策调整、安全保障、区域合作等多维度。 点评：外国游客下降对高度依赖旅游业的泰国而言是一个警讯。尽管泰国政府已在安全、签证、区域合 作等方面采取行动，但要真正吸引游客回流，还需解决游客对治安、性价比及整体服务体验的担忧。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.1 抖音称官方从未有过"抖音会议"App 7月15日，@抖音黑板报发文称："抖音官 ...

Core Insights - The newly opened indoor ski resort, Zhengding Hot Snow Miracle, is the largest professional indoor ski facility in North China, covering over 30,000 square meters and accommodating 1,600 skiers simultaneously [2][4]. Group 1: Facility Features - The resort features a beginner ski slope, an intermediate ski slope with a maximum vertical drop of 46 meters and a maximum gradient of 13 degrees, catering to various activities including professional competitions and family entertainment [4]. - The snow quality is reported to be excellent, providing a comfortable skiing experience, particularly noted for its grip when carving [5]. Group 2: Visitor Experience - Visitors have expressed positive feedback regarding the service and overall experience, highlighting the suitability of the facility for summer activities [2][4]. - The resort also offers over ten snow-related entertainment options, such as snowmobiles and bumper cars, appealing to non-skiers [7]. Group 3: Economic Impact and Future Plans - The opening of Zhengding Hot Snow Miracle aims to fill the summer sports gap in Hebei and stimulate youth interest in winter sports, with plans for various ice and snow activities, including camps and film exhibitions [7]. - The integration of the ski resort with Zhengding's cultural tourism is expected to create new consumption scenarios and drive economic growth in the region [7][9]. Group 4: Broader Industry Trends - The region is witnessing a shift from seasonal tourism to year-round attractions, as exemplified by Zhangjiakou's transformation into a four-season tourist destination, with summer visitor numbers projected to exceed winter visitors for the first time in 2024 [9]. - Hebei has hosted 5,552 sports events in the first half of the year, attracting over 13.43 million participants and spectators, generating direct consumption exceeding 26.9 billion yuan, marking a 197% increase compared to the previous year [13].

Group 1: U.S. Tariff Threat on Russia - U.S. President Trump expressed strong dissatisfaction with Russia, threatening to impose a 100% tariff if no agreement is reached within 50 days [2][4] - The White House clarified that the 100% tariff would apply to Russia, with additional secondary tariffs on countries purchasing Russian oil, although details on the secondary tariffs were not provided [4] Group 2: Vanke's Performance Forecast - Vanke A announced a projected net loss of 10 billion to 12 billion yuan for the first half of 2025, compared to a loss of 9.852 billion yuan in the same period last year [6] - The company attributed the losses to a significant decrease in the scale of real estate project settlements, low gross margins, increased asset impairment provisions, and lower transaction prices for certain major assets [6] - Vanke expressed regret over the losses and outlined plans for operational improvement through strategic focus, management enhancement, and adapting to new real estate models [6] Group 3: Yonex Price Increase - Yonex announced a price increase for its badminton products, effective August 1, with price hikes ranging from 30 to 40 yuan [12] - Specific products, such as AS-05 and AS-9, saw price increases from 275 yuan to 350 yuan and from 225 yuan to 295 yuan, respectively [13][15] - The price adjustments were attributed to soaring production material costs [13]

Macro News - The Central Committee of the Communist Party of China issued an opinion on strengthening financial trial work, emphasizing the need to punish financial crimes such as market manipulation and insider trading, and to improve rules for handling disputes in emerging financial fields like digital currency and internet finance [5][6] - The People's Bank of China announced a 14,000 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system, with 8,000 billion yuan for 3-month and 6,000 billion yuan for 6-month terms [2][5] - China's foreign trade report for the first half of 2025 showed a total import and export value of 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports reaching 13 trillion yuan, marking a 7.2% growth [6] Market Trends - The broad money supply (M2) in China reached 330.29 trillion yuan at the end of June, growing by 8.3% year-on-year, while the narrow money supply (M1) increased by 4.6% [9] - In the first half of the year, new loans in renminbi increased by 12.92 trillion yuan, with household loans rising by 1.17 trillion yuan and corporate loans increasing by 11.57 trillion yuan [9] Company Dynamics - NIO's sub-brand, Lido, launched the Lido L90 SUV with a starting price of 279,900 yuan, which is expected to lead in the high-end SUV market [15] - Huahong Technology anticipates a net profit of 70 to 85 million yuan for the first half of 2025, representing a year-on-year growth of over 3,000% [11] - State Grid Corporation of China reported that Chongqing's power grid consumed 3.179 billion kWh of renewable energy in the first half of the year, a year-on-year increase of 34.25% [7] - CATL and BYD signed memorandums of understanding with BHP to collaborate on electric mining equipment and battery systems [17]

Group 1 - A mobile phone number with the ending 77777777 was auctioned for 3.2 million yuan, attracting 11 bidders and 46 rounds of bidding [1] - The starting price for the auction was 1.3 million yuan, and the number had no outstanding fees as of June 7, 2025 [1] - The auction was conducted by the Tianjin Binhai New Area People's Court, and the winning bidder was required to pay the remaining balance within a specified timeframe [1] Group 2 - A controversy arose regarding a claim that 1,750 cups of milk tea were sold for only 76 yuan, which was denied by staff at the store [2] - The cheapest drink at the store is 4 yuan, making the claimed price for such a large order highly improbable [2] Group 3 - Canada Goose's controlling shareholder, Bain Capital, is considering selling its stake, with discussions in early stages [3] - Bain Capital holds 60.5% of the multiple voting shares, which account for approximately 55.5% of total voting power [4] Group 4 - The CEO of Ideal Auto addressed concerns regarding the use of Huawei motors in the L7 model, stating that the decision was based on price and quality considerations [8] - The L7 model's rear motor is a conventional 200kW motor, with three suppliers to ensure supply security [8] Group 5 - The stock market saw the three major U.S. indices rise, with the Dow Jones up 0.2%, Nasdaq up 0.27%, and S&P 500 up 0.14% [12] - Major tech stocks showed mixed results, with Tesla and Netflix rising over 1%, while Apple fell over 1% [12] Group 6 - Good Products announced an expected net loss of 75 million to 105 million yuan for the first half of 2025 [15] - Wanda Film projected a net profit increase of 340.96% to 393.87% for the same period, estimating profits between 500 million and 560 million yuan [15]