2026二游王战的启幕来了。1月22日，鹰角《明日方舟：终末地》（以下简称终末地）正式公测，和我 们预期的一样，游戏在前两天的预下载阶段就登顶了iOS免费榜，也也在上线这一天成了游戏圈子里讨 论最多的话题焦点。 坦白说我对此并不意外，尽管终末地不做开放世界等选择在新一批大产品中看着有些"特立独行"，但在 前不久的三测之后，其风靡就从"有苗头"逐渐走向了"确定性"。 来自极致细节表现的召唤 终末地汇聚了全行业的目光，关注度不止有"鹰角新旗舰"能带来的长青想象空间支撑，很大程度上还承 载着作为"市场发展走向"参照物的观察价值： "低谷"过后，一批做出更高品质、更突出差异化的顶尖产品接连露面，扭转了大家对二游前景的认知， 而在这批大产品中亦能称"顶格"的终末地作为首个落地者，会验证二游新想象空间的大小，影响后来者 的声势与打法，并初步预告大盘竞争格局的变化。 单说二游领域，即便同行为对手，大部分厂商也都希望终末地能打出漂亮的第一仗。结果是，终末地确 实撑起了这份期待，成了二游王战的"一杆旗"。 无独有偶，率先接触到了终末地的玩家中也诞生了"找爆杀细节"的热潮。它并不局限于我曾经专门写 过、谁来了都得"磕两个"的顶级 ...

鹰角网络旗下新旗舰作品《明日方舟：终末地》刚在海外上线，便在支付方面"翻车"。 1月22日，知名二次元游戏（下称"二游"）开发商鹰角网络旗下备受瞩目的新作《明日方舟：终末地》（下称"《终末地》"）开启全平台公测。 作为2026年开年的二次元大作，点点数据显示，《终末地》上线首日迅速登顶iOS游戏免费榜，在iOS游戏畅销榜上亦进入前五；与此同时，该游戏 首日跻身iOS总榜（免费）第二位与总榜（畅销）第八位。 数据来源：点点数据 然而在国服捷报频传之际，《终末地》海外服却遭遇严重运营事故——游戏内PayPal支付系统出现重大漏洞，部分玩家账户在未主动操作的情况下被 自动扣款。 具体来看，游戏上线后不久，Reddit、Discord、X等海外玩家社区中开始出现大量询问与投诉的贴文。多名玩家发文表示："《终末地》支付是不是出 bug（故障）了？""突然收到PayPal扣款通知，但自己根本没有进行任何消费。" 彼时，有网友分析指出，上述支付故障的机制可能是，当全球任意玩家发起充值时，支付系统可能随机调用其他已绑定PayPal账户的支付凭证完成扣 款。而这意味着玩家的账户可能在毫不知情的情况下，为世界另一端某个陌生人的消 ...

图片来源：《明日方舟：终末地》海外服用户协议 但这款鹰角于2022年3月发布先导预告，打磨时间超4年的核心产品，在上线首日即出现海外重大运营事 故。 在 Reddit、Discord 等海外社区平台，不少《终末地》玩家反馈称"即便自己没有进行任何操作，也会收 到扣费通知"，随后多名海外博主在直播中证实了这个情况。 经调查显示，该事故源于海外服的PayPal 支付端口的严重 bug。这并非简单的误扣费，而是"错位扣 费"：即全球其他玩家在商店进行消费时，系统随机调用了已绑定的其他玩家的支付凭证进行扣款。 目前，鹰角已经紧急下线 PayPal 支付通道，暂停相关支付功能，并在社交媒体平台发布公告，承诺排 查修复、处理退款与赔偿，但未公布具体方案与时间表。 值得注意的是，据海外平台用户梳理，《明日方舟：终末地》海外服已升级用户协议，要求用户"在个 人基础上"仲裁相关争议、争论和索赔，而不能作为集体诉讼、集体仲裁等其他代表程序解决。记者查 阅了《终末地》海外用户协议，其首章确有相关表述。 21世纪经济报道 吴立洋 1月22日，备受关注的鹰角公司新作、《明日方舟》IP续作《明日方舟：终末地》正式上线公测，作为 头部二次 ...

2026年1月22日，鹰角网络旗下备受期待的二次元新作《明日方舟：终末地》正式开启全球公测。然 而，上线不足数小时，游戏国际服即爆发严重支付安全事故：大量玩家通过PayPal渠道充值时遭遇异常 扣款，部分用户甚至需为他人消费"买单"，损失金额高达数千美元。此次事件不仅暴露游戏支付系统存 在重大技术漏洞，更对鹰角网络的海外运营能力提出严峻考验。 据玩家社群反馈，漏洞核心在于PayPal支付接口的账户隔离机制失效。当玩家A绑定PayPal账户后，其 他玩家B通过PayPal充值时，系统可能错误地从A的账户扣款，而非实际操作者B的账户。 异常扣款呈现三大特征：一是金额与商品不匹配，例如10美元月卡服务被扣1200美元；二是币种混乱， 涉及美元、日元、欧元等多币种交易；三是扣款对象随机，有玩家在未进行任何操作的情况下，账户连 续产生多笔不明消费。 技术分析指出，漏洞根源可能源于两方面：一是API接口未严格遵循PayPal官方规范，导致所有绑定用 户的支付凭证被存入同一公共存储池，系统扣款时随机抽取池内账户；二是免密支付授权机制误用，未 对用户账户信息进行有效隔离。用通俗比喻解释，如同十名顾客排队结账，收银员却用第一人 ...

Core Viewpoint - The article discusses the anticipated success of the game "Arknights: End of the World," predicting it could achieve over 15 billion in revenue by 2026, although some insiders consider this estimate overly optimistic [5]. Group 1: Game Launch and Initial Reception - "Arknights: End of the World" successfully launched on January 22, 2026, after a long wait of over four years since the project was first demonstrated in 2022 [2][3]. - Early player engagement was strong, with many players sharing "graduation screenshots," indicating significant spending on core characters [3]. Group 2: Revenue Potential and Market Position - An experienced investor in the gaming sector believes that the game's quality could lead to a revenue exceeding 15 billion, while some insiders express skepticism about this optimistic forecast [5]. - The game is expected to capture a large market share in the second-tier gaming market in 2026, especially as other major developers lack strong new releases [5]. Group 3: Game Mechanics and Monetization - The game follows a traditional gacha model but is considered more player-friendly compared to competitors, as it does not mix character and equipment pools, allowing for higher control over spending [6]. - The main gameplay draws inspiration from Japanese RPGs, while the secondary gameplay involves factory-building mechanics, which may appeal to a niche audience [7]. Group 4: Operational Challenges - Initial operational issues were noted, including slow download speeds and payment processing problems, which affected player experience on launch day [8][10]. - A specific incident involved a Twitch streamer experiencing unauthorized charges due to payment system errors, highlighting the need for operational adjustments [12][14]. Group 5: Future Expectations - Despite the initial operational flaws, industry expectations for "Arknights: End of the World" remain high, with ample time for the project team to make necessary adjustments [16].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% increase, while other segments like publishing and advertising also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-on-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Other notable films included "Zootopia 2" and "Avatar 3" [26][27]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kying Network, Perfect World, and others [4][34].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The new game cycle in January continues with several products like "Duck Duck Goose" and "Heart Town" launching successfully. The trend of Chinese games going overseas remains strong, with leading companies like Dd and others showing impressive performance. The industry is expected to see a series of new game launches, leading to continuous catalysts [2][4] - The gaming sector's product cycle in 2026 shows strong sustainability and performance certainty, indicating room for valuation improvement. It is recommended to continue focusing on investment opportunities in the gaming sector, with relevant companies including Giant Network, Kaiying Network, Perfect World, 37 Interactive, G-bits, Yaoji Technology, Shengtian Network, Tencent Holdings, and Xindong Company [2][4] Summary by Sections New Game Launches - The January new game cycle has seen successful launches, including "Duck Duck Goose," which has gained significant popularity, and "Heart Town," which topped the global free charts in over 50 regions during its pre-download phase [2][4] - The performance of these new games validates the importance of global expansion and social interaction as growth engines in the gaming industry, with a strategy of "evergreen games + globalization" becoming key for leading companies [10] Overseas Market Performance - The overseas gaming market continues to thrive, with Dd's "Whiteout Survival" achieving over $4 billion in global revenue by December 2025. Other games like "Tasty Travels: Merge Game" and "Truck Star" have also shown strong performance in the overseas market [10] Future Game Releases - Upcoming game releases include Tencent's "Counter-Strike: Future" on January 13, "Rock Kingdom: World" on March 26, and several others from various companies, indicating a busy launch schedule that may catalyze further industry growth [10]

近日，鹰角网络备受瞩目的新作《明日方舟：终末地》（简称"终末地"）开启了第三次大规模测试。 作为鹰角首次挑战持续运营的大型3D游戏，它并未选择当下拥挤的开放世界赛道，而是将小众硬核的"自动化工厂"玩法与二次元角色养成、箱庭探索深度 结合，试图开辟一条前所未有的道路。 在众多关于其"自动化工厂"玩法和战斗系统的讨论之外，还有一个更直观的冲击来自其视觉呈现。 游戏截图 三测版本，尤其是全新地图"武陵城"的亮相，不仅展现了其顶级的制作水准，更揭示了鹰角在文化表达与玩法系统一体化上的思考。 怎样把战斗和基建融合出"策略感" 就笔者游玩体验来看，终末地试图的主要玩法主要分为三种： 游戏截图 然而，它并非一个独立的模拟经营小游戏。其产出的资源直接用于制造角色装备、战斗消耗品；通过"地区建设"玩法，生产货物可以换取地区专属货币调度 券，用于解锁新功能；不同角色在基建中拥有不同的增益效果。这就形成了一个紧密的"生产-建设-养成-探索"驱动闭环：推进主线需要更好的装备，制造装 备需要升级基建，升级基建需要探索地图获取新资源与蓝图，而探索又受角色能力影响。 游戏截图 1. 战斗：终末地采用了四人同屏即时战斗，但核心并非动作游戏的 ...

Core Insights - The gaming industry is preparing for a significant year in 2026, with multiple game releases scheduled, including notable titles like "Arknights: End of the World" and "Stupid Never Dies" [2][3][4]. Group 1: Upcoming Game Releases - At least 25 games are expected to be released in 2026, featuring unique gameplay experiences and targeting both heavy and light gamers [3]. - Major titles include "Arknights: End of the World" set for January 22, 2026, and "Stupid Never Dies" planned for 2026 [4][19][17]. - Tencent's "Lock Kingdom: World" is scheduled for March 26, 2026, and aims to contribute positively to Q2 performance [5]. Group 2: Game Features and Innovations - "Lock Kingdom: World" will incorporate open-world elements and promises a non-paywall approach to character acquisition [5]. - "Arknights: End of the World" features a sandbox-style map and innovative gameplay mechanics, including automated factory construction [19]. - "Destiny Trigger" is a tactical shooter with a focus on seasonal gameplay and unique modes, aiming to fill a niche in the PVE shooting market [7]. Group 3: Market Trends and Strategies - Cross-platform play is becoming a key strategy for expanding audience reach in the gaming industry [3]. - The trend towards unique gameplay experiences is evident, with many upcoming titles offering differentiated mechanics and themes [3][30]. - Companies are leveraging established IPs and innovative gameplay to attract players, as seen with Tencent's "King of Glory: World" and its open-world mechanics [9][10]. Group 4: Industry Outlook - The gaming market is anticipated to become vibrant in 2026, with a mix of anticipated titles and established franchises [43]. - The release of major titles like "GTA6" alongside new entries could lead to a competitive and engaging gaming landscape [43].

Group 1 - The article discusses a recent controversy in the gaming industry involving miHoYo's new game "Varsapura" and the backlash against a character named "Dahlia" from "Honkai: Star Rail," which some players believe exploits a historical murder case [5][8][22] - The controversy escalated when a prominent Bilibili content creator, known as "Xiaoyao Sanren," faced criticism for his video on the game, leading to accusations of indirectly supporting miHoYo during a sensitive time [8][15] - Players expressed their dissatisfaction with miHoYo's silence on the issue, which intensified the backlash, resulting in some content creators severing ties with the company [11][13][21] Group 2 - The backlash against miHoYo and Xiaoyao Sanren reflects a broader trend in the gaming community where issues of political correctness and gender representation are increasingly scrutinized [22][36] - The article highlights that this controversy is not isolated, as miHoYo has faced similar issues in the past, but the current situation is marked by a more severe focus on political correctness [22][31] - The gaming community is becoming more polarized, with players prioritizing identity politics over the enjoyment of the games themselves, leading to a fragmented environment [39][41]