放在以前，暑期档向来是一年里新品战况最为惨烈的时段，但对比2024，今年大家那股针尖对麦芒的火药味反倒收敛了不少。 从今年49家厂商放出的59款产品来看，即便2025暑期档依旧大作扎堆，可相较于去年同期的《三角洲行动》《绝区零》《燕云十六声》《黑神话：悟空》 等一众爆款，今年暑期档的确少了一些能够"一锤定音"的产品。 究其原因，我认为这跟2024年游戏行业"研发收缩"的趋势离不开关系——据游戏那点事统计，2024年大概有7成（67.6%）的上市游戏公司降低研发费用。 如果把这批厂商合起来算，那平均每家的研发支出更是有着2成（20.79%）的同比减少。 好在，24年的"研发收缩"趋势对25年市场大盘的影响存在一定滞后性，如果现在我们把目光拉回到2025年这59名暑期档"选手"，就不难发现其中仍有不少 具备爆款相的潜力新游。 借此机会，我们也来好好唠一唠2025年的暑期档，看看都有哪些产品能够在这个"游戏小年"突出重围。 | | | 2025年暑期档新品 | | | | --- | --- | --- | --- | --- | | | | | | 整理及制图:游戏那点事 | | 厂商 | 产品 | 游戏类型 | ...

每经记者｜张梓桐 每经编辑｜董兴生 2025年的游戏暑期档，正以史无前例的攻势拉开序幕。 据《每日经济新闻》记者不完全统计，7月有超20款国产新游戏定档上线，10余款开启限量测试。 暑期档历来是游戏行业的黄金期。学生群体放假，用户在线时长显著增加，厂商通常会选择在这一时段推出重磅产品。但今年的竞争尤为激烈——尤其是腾 讯、网易等厂商将于7月中旬上线的产品几乎"撞档"，火药味十足。 暑期档同样是全球游戏市场的"旺季"，针对海外市场，中国游戏厂商近期也围绕重点产品发力。以网易游戏头部产品《荒野行动》为例，其海外发行负责人 在接受《每日经济新闻》记者采访时表示，在亚洲地区，尤其是日本，更注重游戏的社交互动和团队合作，以及强化游戏的视觉效果。 阿里巴巴旗下的灵犀互娱在7月发起的"双线进攻"颇具战略意味。将于7月24日公测的《神探诡事录》深耕暗黑武侠探案题材，玩家将在"雨水溶人"的长安谜 案中，穿梭于皇城密室、古墓秘境等场景破解诡案，其选择导向的剧情分支与多样职业设定，突破了传统冒险游戏的玩法边界。 艾媒咨询CEO张毅在接受《每日经济新闻》记者采访时表示，暑期档多款PC（电脑）端游高调入市，既体现了厂商对端游市场复苏的 ...

Core Viewpoint - The gaming industry is experiencing a surge in new game releases during the summer of 2025, driven by the availability of university students and major events like ChinaJoy, which encourages companies to showcase their new titles [3][5]. Game Releases - In June, 20 new games were launched in China, with July seeing over 20 additional titles set to release, including Tencent's "Star Resonance" and NetEase's "Unowned Star Abyss" [4][6]. - Notable games include "Limitless Machine" by Xishanju and "Carbon Island" by Tencent, both released on July 2, marking the start of the summer gaming season [4]. Market Dynamics - The gaming stock market has shown volatility, with significant gains on July 8, as companies like Iceberg Network and Giant Network saw increases of over 10% and 5% respectively [3][8]. - The approval of 757 game licenses in the first half of the year, including a record 158 in June, indicates a stable trend in the gaming industry [8]. Nostalgia and Updates - Established games are also seeing updates and new versions, such as the nostalgic version of "Fantasy Westward Journey," which has attracted significant player interest, leading to server congestion [6][7]. - The strategy of updating older games helps maintain player engagement and ensures stable revenue for gaming companies [7]. Policy Support - Various local governments have introduced supportive policies for the gaming industry, focusing on promoting game exports and integrating AI technology [8]. - The trend of regular game license approvals is expected to continue, fostering a more robust gaming environment [8]. Industry Trends - The gaming industry is witnessing a diversification of genres, with companies exploring new gameplay mechanics and AI integration [9]. - The emergence of party games like "Goose Duck" is expected to intensify competition among major players like NetEase and Tencent [9].

腾讯预计上线2款新产品，分别是低碳环保题材休闲益智游戏《碳碳岛》（在7月2日上线）和异世界多人角色扮演游戏《星痕共鸣》（定档于7月17日）。 网易则派出了重磅PC游戏《无主星渊》（预计在7月17日上线），这是一款星际飞船射击夺宝游戏，主打"搜打撤"玩法，在前不久的Steam新品节中，该 游戏试玩版上线后迅速拿下了全球试玩榜TO1，妥妥的"爆款潜力股" 。 游戏《无主星渊》获得版号后的宣传图 上述头部大厂及一众新作的轮番登场，无疑预示着今年暑期档将上演一场前所未有的"神仙打架"。然而，这场堪称史上"最卷"局面的形成，并非单纯的市 场巧合，其背后实则隐藏着一系列行业变革与市场力量的博弈。 可以说，2025年暑期档的"最卷"，既是玩家的一次游戏盛宴，也是对中国游戏厂商研发和运营能力的终极考验。 01 版号开闸放水 游戏版号作为游戏产品进入市场的"通行证"，其发放情况多少左右行业发展动向，曾几何时，版号的稀缺让无数游戏厂商夜不能寐。 2018年，全国注销、吊销的游戏公司数量仅为9705家。到了2019年，这一数字达到18710家，较2018年增长了92.79%。一度，行业内还流传着"广州科韵 路上的几千家游戏公司，已 ...

证券研究报告 | 行业点评报告 2025 年 07 月 02 日 新发国产版号 147 款、进口版号 11 款 游戏行业 6 月版号点评 TMT 及中小盘/传媒 6 月 24 日，国家新闻出版署公布了 147 款国产版号、11 款进口版号。147 款国 产版号中，其中"移动"类 76 款；"移动-休闲益智"61 款，"移动、客户端" 7 款，"移动、网页"1 款，纯"客户端"2 款；11 款进口版号中，"移动"4 款，"客户端"4 款，"移动、客户端"3 款。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 恺英网络 | 002517.SZ | 37.5 | 0.76 | 0.98 | 17.8 | 5.2 | 强烈推荐 | | 巨人网络 | 002558.SZ | 41.4 | 0.74 | 0.84 | 25.6 | 3.2 | 强烈推荐 | | 姚记科技 | 002605.SZ | 11.2 | 1.29 | 1.7 ...

证券研究报告|传媒 [Table_Title] 6 月游戏版号发放创新高，腾讯加码 FPS 赛 道，《鹅鸭杀》通过审批 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业事件： Table_Summary] 2025 年 6 月 24 日国家新闻出版署公告 6 月份国产游戏版号及进口游戏版 号，共有 147 款国产游戏和 11 款进口游戏过审。 投资要点： ⚫ 6 月游戏版号发放量创新高，涵盖多类型产品与知名厂商。年初至今国产 游戏合计通过审批 757 款，6 月份通过审批 147 款，较 5 月份增加 17 款， 达到今年来版号数量发放峰值，包括恺英网络《斗罗大陆：魂师大作战》、 电魂网络《爆爆军团》、巨人网络《无尽修仙》、百田信息《乱涂彩世界》、 银汉科技《时空猎人·觉醒》、莉莉丝《帕萌战斗日记》、犁浦网络《墨 境》、广州乐牛《万劫封仙》、易娱网络《缥缈历险记》、四三九九《神 都奇缘》《指尖石器》等；年初至今进口游戏合计通过审批 55 款，6 月 份通过审批 11 款，其中包括了腾讯的《穿越火线：虹》和《战术小队： 破晓攻势》、金山世游的《鹅鸭杀》、网易 ...

Gaming Industry - The issuance of gaming licenses in China remains high, with 757 domestic game licenses issued in the first half of the year, a year-on-year increase of over 20% [1] - Key projects such as "Douluo Dalu: Soul Master Battle" by Kaiying Network and "Endless Cultivation" by Giant Network have received new licenses, indicating a recovery in the gaming sector [1] - The application of AI technology in gaming is becoming clearer, with expectations for more AI-native games to emerge, driving a revaluation of the gaming industry [1] Stablecoins - Hong Kong is accelerating the application of stablecoin policies to address long-standing issues in cross-border payments, aiming to enhance service to the real economy [2] - Stablecoins are seen as a cost-effective alternative in the traditional financial system, with potential to transform payment and capital market activities [2] - The stablecoin industry is expected to enter a period of compliant development as global regulatory policies are implemented [2] Foldable Phones - Honor is set to launch the Honor Magic V5, touted as the world's lightest and thinnest foldable phone, featuring advanced AI capabilities [3] - The Chinese foldable phone market is projected to maintain a 40% global market share, with shipments expected to exceed 17 million units by 2028, reflecting a compound annual growth rate of 19.8% over the next five years [3] - Apple's entry into the foldable phone market is anticipated to boost global sales and drive innovation in the foldable supply chain [3] Regenerative Medicine - Chinese scientists have made a significant breakthrough in regenerative medicine by discovering a key "molecular switch" that regulates mammalian regeneration, marking a major original innovation [4] - The aging population in China is driving clinical demand for regenerative medicine, with technologies like stem cell therapy and 3D bioprinting entering a phase of clinical transformation [4] - The "14th Five-Year Plan" has identified regenerative medicine as a strategic emerging industry, indicating strong government support [4] Innovative Pharmaceuticals - The National Healthcare Security Administration is set to announce measures to support the high-quality development of innovative drugs, which is expected to benefit domestic innovative pharmaceutical companies significantly [5] - The Chinese innovative drug market is projected to exceed 1.22 trillion yuan by 2025, with an annual growth rate of 8.53% [5] - The implementation of policies to support innovative drug development is expected to accelerate the commercialization of new drugs, with 2025 potentially marking a turning point for profitability in the sector [5] Solid Waste Management - A nationwide campaign has been launched to address illegal dumping of solid waste, focusing on hazardous waste and construction debris [6] - The solid waste management industry is experiencing a dual boost from policy support and technological upgrades, with significant market expansion expected [6] - The "14th Five-Year Plan" emphasizes the importance of solid waste management as a pillar of the environmental protection industry [6] AI in Healthcare - Shanghai Ruijin Hospital has open-sourced its RuiPath pathology model, covering seven common cancer types, and initiated a global multi-center plan [7] - The integration of AI technology in healthcare is rapidly transforming the industry, with major tech companies accelerating their investments in AI healthcare solutions [7] - The development of large models in AI is expected to bring revolutionary changes to various medical applications, driving the intelligent upgrade of the healthcare industry [7] Photovoltaic Glass - Major domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July to alleviate supply-demand imbalances [8][10] - The average net profit of the photovoltaic glass industry has dropped to a historical low, indicating severe profitability challenges [8] - The production reduction is expected to improve market conditions and help companies find a new equilibrium in supply and demand [8][10]

注：如提及个股仅供参考，不代表投资建议。市场观点随市场环境变化而变动，不构成任何投资建议或 承诺。提及基金仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基 金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 相关机构表示，据《2025年5月中国游戏产业月度报告》，当月市场总收入达280.51亿元，同比增长 9.86%。细分领域表现亮眼：电竞游戏销售收入 145.23 亿元，同比增幅达28.22%；自研游戏海外收入 15.77 亿元，连续三个月环比增长。电竞生态完善与出海产品迭代(如《Kingshot》等新游表现)共同推动 结构性增长，行业长期发展动能充足。此外从版号角度看，随版号持续发放，游戏板块永续增长逻辑得 到夯实。 感兴趣的投资者建议关注游戏ETF（516010），一键把握游戏板块布局机会。 消息面，6月游戏版号发布147个国产和11个进口游戏，数量创今年新高。本次版号发放覆盖多家重点游 戏厂商，在数量与品质上均呈现回时态势，涵盖腾讯《穿越火线:虹》、网易《无主星渊》、金山世游 《鸭杀》等进口产品。从整体趋势来看，2025年上半年国产游 ...

2025年6月30日，Wind数据显示，A股三大指数今日集体收涨，沪指涨0.59%，深证成指涨0.83%，创业板指涨1.35%。沪深两市成交额接近1.5万亿。 国家新闻出版署于6月24日公布新一批国产网络游戏和进口网络游戏版号，国产游戏共147款获批（移动端145款，客户端9款，网页端1款，其中8款游戏获得 多端版号），包括恺英网络《斗罗大陆：魂师大作战》、电魂网络《爆爆军团》、巨人网络《无尽修仙》、冰川网络《最后小队》、莉莉丝《帕萌战斗日 记》等产品；进口游戏共11款获批（移动端7款，客户端7款，其中3款游戏获得多端版号），包括腾讯《穿越火线：虹》、网易《无主星渊》、金山世游 《鹅鸭杀》等产品。 关于军工行业，中航证券指出，新时代军工行业具有更优的资产质量、更新的景气赛道、更大的业务规模、更高的市场天花板,军工行业的估值体系也将进 行重塑,享受更新更高的溢价。 跌幅方面，高股息板块回调居前 万联证券指出，预计年内证监会、沪深京交易所将陆续出台配套政策，进一步加力支持资本市场高质量发展，对优化上市标准、服务实体经济、促进科技创 新、提高投资者获得感等方面落实政策部署，有助于提振市场的长期信心，吸引长线资金布局 ...

6月版号数量创近年新高，共158款游戏获批。国产版号来看，巨人网络《无尽修仙》、电魂网络《爆爆军团》、恺英网络《斗罗大陆：魂师大 作战》、三七互娱《骑士与大龙》、莉莉丝游戏《帕萌战斗日记》、ST华通《逐鹿玛法》、冰川网络《最后小队》、汤姆猫《汤姆猫小 镇》、ST中青宝《宠物精灵王》等在列；进口版号方面，腾讯《穿越火线：虹》及《战术小队：破晓攻势》、网易《无主星渊》、金山《鹅 鸭杀》等在列。 巨人网络旗下游戏《太空杀》6月27日上线AI原生玩法"残局对决"，《太空杀》作为拥有2 亿用户的社交推理游戏，已推出多个AI原生玩法， 累计数百万玩家参与，对局总量达到数千万，此次升级不仅推动玩法维度升级，也进一步巩固其在"AI原生游戏玩法"领域的标杆地位。 华西证券认为，版号常态化发放印证监管对行业健康发展的持续支持，供给端改善为市场注入新动能。政策稳定性显著提升国内厂商研发与发 行规划的可预期性，推动资源向精品化、长线化方向倾斜；进口版号同步扩容，彰显包容创新态度。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司股票的整体 表现，可以关注游戏 ...