最近，我的朋友圈被一只大脚丫子包围了。 在精心凹姿势的自拍和天南海北的美景九宫格中间，这只铁脚丫子总是横插一脚，定时在你的朋友圈刷出来，仿佛某种赛博牛皮癣小广告——配上那句极 具挑衅的文案： 广告的评论区好友团建。 抽象派跟评"你也过不了第二关"； "别笑，你试你也过不了第二关。" 傲娇的留言"菜就多练"； 没啥可说的复古派，也要凑个热闹"踩踩"； 而我伟大的同事杜都督，则干脆在评论区打起了广告： 或许你也发现了，小游戏已经"全面入侵"打工人生活了。 点奶茶的拼单群、小区的团购群、办公室的吹水群们，会定时有抓大鹅、精明的开局、折螺丝刷出。 〓 办公室咖啡搭子群最近多了一个很重要的功能：在每天凌晨复活大鹅。 如果你好奇地点进去，那你损失的就不仅仅是几兆流量了—— 说好的再过一关就去睡觉，一不小心就熬到了后半夜。 这些规则简单的小游戏，正以惊人的速度"占领"打工人的碎片时间。它们与短剧、直播一道，被不少人称为打工人"解压三件套"。 相比短剧和直播的"高调破圈"，小游戏显得低调许多。 却也在无声无息中，悄悄赚大钱。 打工人，集体熬夜"抓大鹅" 抓大鹅，是一个规则极其简单的消除游戏： 办公室的东北人凯斯称之为"铁锅炖 ...

Core Insights - The A-share market showed a significant increase, with the Shanghai Composite Index rising by 0.48% to 3683.46 points, and the Shenzhen Component Index increasing by 1.76% [2][8] - The total trading volume in the A-share market reached approximately 2.15 trillion RMB, with over 2600 stocks experiencing gains [2][8] - The communication sector led the industry gains, while the banking sector lagged behind [2][8] - The Hong Kong Hang Seng Index rose by 2.58%, and the U.S. stock indices also saw gains, with the Dow Jones up by 1.04% [2][8] Important News - As of the end of July 2025, the broad money supply (M2) stood at 329.94 trillion RMB, reflecting an 8.8% year-on-year increase [3][9] - The narrow money supply (M1) was recorded at 111.06 trillion RMB, with a year-on-year growth of 5.6% [3][9] - The total social financing stock reached 431.26 trillion RMB, marking a 9% year-on-year increase [4][10] Investment Highlights - The introduction of a personal consumption loan interest subsidy policy aims to reduce the cost of consumer credit for residents, effective from September 1, 2025, to August 31, 2026 [11][12] - The policy covers personal consumption loans under 50,000 RMB and provides a subsidy of up to 1% of the loan amount, with a maximum cap of 3000 RMB per borrower [12][14] - The policy targets key consumption areas such as home appliances, automotive, education, and healthcare, which are expected to stimulate consumer spending [14][15] - The gaming market in China saw a revenue increase of 14.08% year-on-year in the first half of 2025, with mobile games contributing significantly to this growth [16][17] - Tencent's "Honor of Kings" was the top-grossing mobile game, highlighting the dominance of major players in the gaming sector [17][18] - The overseas revenue from self-developed games reached 9.501 billion USD, showing an 11.07% year-on-year increase [19]

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the market index in the next six months [5][30]. Core Insights - The Chinese gaming market saw a revenue increase of 14.08% year-on-year in the first half of 2025, reaching 168 billion yuan, despite a quarter-on-quarter decline of 5.89% [1][11]. - The mobile gaming sector specifically achieved a revenue of 125.31 billion yuan, with a year-on-year growth of 16.55% and a quarter-on-quarter decline of 4.12% [1][14]. - Strong performance from evergreen products and stable issuance of game licenses contributed to the market growth [1][28]. Summary by Sections Chinese Gaming Market - The overall gaming market in China generated a revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% and a quarter-on-quarter decline of 5.89% [1][11]. - The mobile gaming market's revenue reached 125.31 billion yuan, with a year-on-year increase of 16.55% driven by strong performances from popular titles and new product launches [1][14]. Global Gaming Market - Tencent's "Honor of Kings" was the only mobile game to surpass $1 billion in revenue in the first half of 2025, leading the global revenue rankings [2][17]. - The top three games in revenue growth included "PUBG MOBILE," "Endless Winter," and "Pokémon TCG pocket," each achieving over $170 million in growth [2][17]. Revenue Rankings - In June 2025, Tencent's games occupied five spots in the top ten revenue rankings on the Chinese App Store, maintaining a dominant market position [3][19]. - The top five games included "Honor of Kings," "Peace Elite," and "Endless Winter," with Tencent holding four of the top five positions [3][19]. Overseas Market - Chinese self-developed games generated $9.501 billion in overseas revenue in the first half of 2025, reflecting an 11.07% year-on-year increase [4][23]. - "Endless Winter" led the overseas revenue rankings, with total global revenue exceeding $2.8 billion [4][26]. Investment Recommendations - The report suggests focusing on companies with abundant game license reserves, strong R&D capabilities, frequent high-quality IP collaborations, and stable content output [4][28].

Core Insights - The summer gaming season is a critical period for game developers to capture traffic and increase revenue, with a notable rise in player engagement and game duration [1] - Compared to the upcoming summer releases in 2024, this year's summer lineup appears relatively subdued, with new titles failing to disrupt the dominance of established games [1][2] - The "Evergreen Games List" and "Potential Evergreen Games List" have been compiled to highlight games that have shown sustained revenue performance [1] Evergreen Games - In July, 29 games made it to the "Evergreen Games List," a decrease of 4 from the first half of the year [2] - The top three games on the list are "Honor of Kings," "Peacekeeper Elite," and "Fantasy Westward Journey," with estimated revenues of approximately $147 million, $76.83 million, and $34.27 million respectively [8][9] - Tencent and NetEase dominate the list, with 12 and 5 games respectively, accounting for nearly 60% of the total entries [8] Potential Evergreen Games - The "Potential Evergreen Games List" expanded to 11 titles, with a cumulative estimated revenue of $152 million in July [13] - The top three games on this list are "Endless Winter," "Dungeon & Fighter Mobile," and "Honkai: Star Rail," with revenues of approximately $32.25 million, $29.30 million, and $24.13 million respectively [13][14] - Notable updates and events in July for these games contributed to their performance, such as new content and gameplay enhancements [14][15] Market Trends - The summer gaming market has seen a variety of new game types, but few have emerged as blockbuster hits, indicating a market still led by established titles [15] - The potential for new games to gain traction may increase in the upcoming fall and winter seasons as developers refine their offerings [15]

Core Viewpoint - The year 2025 is anticipated to be a pivotal year for the explosion of AI applications in the domestic market, particularly in the gaming industry, with numerous AI applications expected to emerge [1] Group 1: AI Integration in Gaming - AI tools have deeply penetrated the entire game development process, from concept art generation to 3D model creation, leading to reduced costs and shorter development cycles while also innovating creative supply methods [2][3] - The transition from cost reduction to quality enhancement is evident, as AI can generate more 3D models at a faster pace, improving experimental efficiency and enriching creative options, ultimately enhancing user experience [4] - AI's impact on the gaming industry is seen in two clear paths: current tool innovation and future gameplay reconstruction, with AI-generated content becoming a norm in production [4][6] Group 2: Investment and Evaluation Logic - The evaluation of "AI + gaming" projects emphasizes returning to the essence of gaming, focusing on whether the team understands target users and gameplay mechanics, with quality and user acceptance as prerequisites [10] - The understanding of AI models and their application in specific domains is crucial for project success, as it determines the project's potential ceiling [10] - The entrepreneurial landscape in the "AI + gaming" sector is characterized by teams combining game developers and AI experts, fostering innovative ideas and frameworks that benefit the entire industry [11] Group 3: Technical Advancements - A significant breakthrough for the company in the past year was establishing a connection between large models and game engines, creating a "PaaS layer" that translates language commands into game actions [12] - The rapid evolution of AI's multi-modal capabilities has improved the precision of AI-generated 3D models, meeting game development standards [12] - The demand for computational power is surging due to AI's deep integration, necessitating a shift in team structures to include talents proficient in large models and engine integration [13] Group 4: Industry Trends - The domestic gaming market is entering a phase of stock competition, while overseas markets present growth opportunities, with trends indicating a rise in high-quality AAA games and continuous micro-innovations in gameplay [13]

Core Insights - ChinaJoy, known as the "Eastern E3," is a significant annual event for young people globally, celebrating its 22nd edition this year [1] - The event showcases the rapid growth of the Chinese gaming industry, evolving from a single gaming exhibition to a comprehensive digital interactive entertainment fair covering various sectors [3] Industry Overview - ChinaJoy features multiple thematic areas, attracting over 37 countries and regions, with foreign companies accounting for more than 30% of exhibitors [3] - The BTOB (business-to-business) section includes over 460 companies, occupying 25,000 square meters, while the BTOC (business-to-consumer) interactive entertainment area spans 110,000 square meters with over 280 exhibitors [3] Major Participants - Major domestic gaming companies such as Tencent, NetEase, and Century Huatong are prominently featured, showcasing multiple high-profile games [4] - Tencent presents 17 products occupying nearly half of its exhibition area, while Century Huatong has reduced its booth size to enhance player interaction [6][4] Interactive Experience - The event emphasizes immersive experiences, with various booths designed to facilitate deep player engagement rather than passive observation [6] - AI elements are prevalent, with companies like Baidu and Orange篇 showcasing AI-driven features that enhance user interaction and content creation [11][12] AI Integration - The integration of AI in gaming is a focal point, with companies exploring AI's potential to reshape the gaming landscape, enhancing both development efficiency and player experience [14] - AI technologies are being applied across the gaming industry, from automated translation to personalized player interactions, significantly improving operational efficiency [15][16]

每经记者｜丛森 每经编辑｜陈俊杰 2025年8月1日，第二十二届中国国际数码互动娱乐展览会（以下简称ChinaJoy）在上海新国际博览中心正式开幕。 今年展会共吸引参展企业743家，其中外资企业237家，来自美国、加拿大、英国、德国、日本和韩国等37个国家和地区，占比达31.9%。BTOB（面向企 业）商务洽谈馆共有超460家企业参展，展区面积2.5万平方米，其中外资企业近208家，占比45.2%。BTOC（面向公众）互动娱乐馆展区总面积11万平方 米，共有280余家企业参展。腾讯、网易、华为、世纪华通、完美世界、高通、索尼等国内外知名企业带来最新产品并提供现场试玩。此外，展会还首次设 立"智慧娱乐机器人"展位，打造AI（人工智能）科技体验场景。 此前，上海宣布于7月4日至8月10日举办首届上海国际动漫月，以CCG、Bilibili World与ChinaJoy三大动漫展会为核心，要将上海打造成"全球次元文化新地 标"。全球动漫游戏爱好者相聚上海，体验动漫游戏行业与城市文化的多元融合，推动文旅商体展深度融合发展。 由上海新国际博览中心2号入口进入，首先便是"骁龙主题馆"。而在 ChinaJoy开幕前一天，高通 ...

Core Viewpoint - The Chinese gaming industry, while a global leader, faces three critical contradictions that need to be balanced for higher quality development [1]. Group 1: Balancing Performance and Value - The gaming industry has regained growth momentum after adjustments, but its value is not fully recognized by society, leading to lower valuations compared to the "new consumption" sector [3]. - Bridging the value gap requires high-quality innovative products, including the release of premium titles and a proactive approach to market exploration [3]. - The industry must actively demonstrate its technological contributions and build communication bridges to convey its positive value, exemplified by the "Dragon Cup" competition initiated by Century Huatong [3]. Group 2: Balancing Emotional Value and Brand Value - The current trend favors "emotional value," with gaming serving as an excellent medium for entertainment and stress relief, but it must evolve into sustainable "brand value" with cultural depth and social recognition [4]. - Successful gaming brands in Japan, like Doraemon and Mario, symbolize cultural strength, while China still has a long way to go in establishing culturally impactful gaming brands globally [4]. - To empower emotional and brand value, the industry must protect intellectual property and integrate national values into product culture [4]. Group 3: Balancing Simple Answers and Complex Questions - The emergence of AI, such as ChatGPT, has made complex problems easier to solve, but the ability to pose high-level questions and possess scientific thinking is becoming a rare asset [5]. - Historical productivity revolutions lead to "human-machine collaboration," focusing on how humans can work with AI, with Century Huatong enhancing development efficiency through AI tools [5]. - Maintaining content originality is crucial, as AI's tendency to average content may reshape human thinking; thus, supporting incremental content creation is essential [5].

Group 1 - The core observation is that 72% of the top 50 heavy game material placements are mini-games, indicating a significant shift in the market towards mini-games [1][2][11] - In the last 90 days, the proportion of mini-games in the top 50 placements increased to 72%, while traditional heavy games are declining [2][5] - The number of newly launched games in the first half of 2025 dropped by over 22% year-on-year, reflecting a cautious approach from game developers, especially smaller firms [5][11] Group 2 - The top 10 products in the material placement rankings have a significantly higher investment compared to the products ranked 11-50, indicating a strong market share concentration among leading products [13][18] - Traditional heavy MMO games are becoming increasingly rare, with only a few remaining in the top rankings, while mini-games are gaining traction [18][23] - The rise of legendary mini-games on platforms like WeChat indicates a resurgence in this genre, with several titles making it to the top of the mini-game placement charts [20][25] Group 3 - Major companies are increasingly focusing on mini-games, with significant investments in marketing and user acquisition, as evidenced by the high buy-in costs for successful titles [28][31] - The competitive landscape for mini-games is intensifying, with user acquisition costs rising, making it challenging for smaller developers to compete [31][32] - The integration of mini-games and traditional apps allows for a seamless transition between platforms, providing opportunities for developers to target both markets effectively [30][33]

Market Overview - The current market trend shows that focusing on EPS (Earnings Per Share) is crucial, as stock prices tend to respond positively when EPS is correctly predicted, leading to potential valuation increases [2][3] - The relationship between fundamentals and narratives is emphasized, where strong EPS combined with a compelling narrative can lead to significant stock price appreciation [2][3] - Certain sectors, such as innovative pharmaceuticals and new consumption, are exhibiting signs of a "crazy bull market," with companies showing price increases despite poor fundamentals [2][3] Gaming Industry Characteristics - The gaming industry has a large market size, with domestic companies capturing nearly 40% of the overseas mobile game market and a growing share in PC and console gaming [4][5] - The global gaming market is estimated to be between 15,000 to 18,000 billion, with high gross margins and net profit rates, indicating a lucrative industry [4][5] - The gaming sector is considered a sunrise industry, with increasing gaming populations and spending potential, particularly in East Asia [4][5] Industry Trends - The gaming industry is expected to experience significant growth over the next few years, driven by innovations in gameplay and the rise of cross-platform gaming [9][11] - Major gameplay innovations include the rise of open-world games, which have seen substantial success, particularly with titles like Genshin Impact [9][10] - The trend of single-player games is also resurging, with potential for significant market share in the domestic market [10][11] Investment Methodology - Long-term investment targets should focus on companies with strong EPS growth and shareholder returns, with a preference for those capable of expanding their product categories [12][13] - Mid-term investment opportunities arise from new product launches, with the potential for significant returns based on market conditions and product performance [12][13] - Companies like Tencent and NetEase are highlighted as successful long-term investments due to their consistent performance and growth potential [12][13] Listed Gaming Companies - Tencent remains a dominant player, although it faces challenges from high baseline revenues in certain games [15][16] - NetEase's project approval process is scrutinized, as it may hinder the development of potentially successful games [15][16] - Other companies like Kingsoft and Huya are discussed, with varying degrees of market performance and potential for growth [15][16][17]