Core Insights - The report indicates that in January 2026, China's domestic game market achieved actual sales revenue of 32.468 billion yuan, with a month-on-month growth of 2.99% and a year-on-year growth of 4.47%, signaling new trends in the gaming industry for the year [1] Client Game Market Performance - In January, the client game market in China generated actual sales revenue of 8.236 billion yuan, reflecting a month-on-month increase of 7.77% and a year-on-year surge of 23.46%, significantly outperforming the overall market growth of 4.47% [2] - The growth is attributed to new product launches, such as "Arknights: End of the World" and "Crossfire: Future," which contributed over 500 million yuan in revenue each within the month [2] - The data suggests a shift in the client market from being a supplementary channel to becoming a primary battleground, as high-configuration games provide experiences that mobile platforms cannot replicate [2] Mobile Game Market Trends - The mobile game market in January recorded actual sales revenue of 22.621 billion yuan, with a month-on-month increase of 1.8% but a year-on-year decline of 1.52% [3] - The month-on-month growth was driven by new and existing products, with "Honor of Kings" returning to the top of the global mobile revenue chart [3] - The year-on-year decline is attributed to the high base from January 2025, which coincided with the Spring Festival, while deeper structural issues in the mobile market are highlighted by the rise of social party games like "Duck Duck Goose" [3] Overseas Market Performance - In January, China's self-developed games achieved actual sales revenue of 2.077 billion USD in overseas markets, showing a slight month-on-month decrease of 2.50% but a year-on-year increase of 24.05% [4] - The growth is driven by mature products like "Genshin Impact" and new releases such as "Arknights: End of the World," which generated over 20 million USD in just three days [4] - The report emphasizes a shift from a "single product" approach to a "matrix strategy," allowing companies to leverage the same IP across multiple markets and platforms simultaneously [4] Industry Trends - The report reflects three emerging trends in the gaming industry: 1. Multi-platform integration is becoming the new norm, as evidenced by the significant PC revenue share of "Arknights: End of the World," indicating a blurring of lines between mobile and PC gaming [5] 2. In a competitive landscape, game companies are focusing on operational precision, as seen with the success of "Honor of Kings" and "Peacekeeper Elite," which rely on stable updates and engaging content to retain players [5] 3. The overseas market remains promising, with a 24% year-on-year growth indicating that there is still room for expansion, necessitating a global perspective in game design from the outset [6]

Group 1 - The core viewpoint of the report indicates that the Chinese gaming market is showing steady growth, with actual sales revenue reaching 32.468 billion yuan in January 2026, reflecting a month-on-month increase of 2.99% and a year-on-year increase of 4.47% [1][2] - The client game market generated actual sales revenue of 8.236 billion yuan, with a month-on-month growth of 7.77% and a year-on-year growth of 23.46%, driven primarily by the launch of new products [5][10] - The mobile game market achieved actual sales revenue of 22.621 billion yuan, with a month-on-month increase of 1.8% but a year-on-year decrease of 1.52%, indicating a mixed performance influenced by new releases and high competition [10][9] Group 2 - The overseas market for self-developed games saw actual sales revenue of 2.077 billion USD, with a month-on-month decrease of 2.5% but a year-on-year increase of 24.05%, highlighting the dual engine of mature products and new games driving growth [27][30] - The top-performing mobile games in January 2026 included "Peacekeeper Elite" and "Dungeon & Fighter: Origin," which saw significant revenue increases due to new content and updates [14][16] - The new game "Arknights: Endfield" achieved over 500 million yuan in its first month, showcasing the effectiveness of innovative gameplay and strong IP influence in attracting players [24][26]

Core Insights - The Chinese gaming market showed a steady performance in January 2026, with actual sales revenue reaching 32.468 billion yuan, reflecting a month-on-month growth of 2.99% and a year-on-year growth of 4.47%, indicating a continuous positive growth trend [1] - The overseas sales revenue of domestically developed games in January was 2.077 billion USD, marking a significant year-on-year increase of 24.05% [1][12] Market Overview - The overall gaming market in China is stabilizing, supported by both established games and new releases, with a focus on policy adaptation, product iteration, and enhanced user operations [1] - The client game segment emerged as the largest growth highlight, with actual sales revenue of 8.236 billion yuan, showing a month-on-month increase of 7.77% and a year-on-year increase of 23.46% [5] Mobile Gaming Insights - The mobile gaming market experienced a "steady month-on-month increase but year-on-year pressure," with actual sales revenue of 22.621 billion yuan, reflecting a month-on-month growth of 1.8% but a slight year-on-year decline of 1.52% [7] - Major titles like "Honor of Kings" and "Peacekeeper Elite" contributed to revenue growth through content updates and new features, while competition and changing user demands led to declines in some older games [7][8] New Game Performance - New games performed well in January, with "Arknights: Endfield" leading the new game revenue chart with over 500 million yuan, leveraging its classic IP and innovative gameplay [10][12] - "Counter-Strike: Future" also performed strongly, benefiting from its established IP and cross-platform design, topping the iOS free chart on its launch day [12] International Market Dynamics - The overseas market for self-developed games remains a significant growth engine, with January's revenue at 2.077 billion USD, despite a slight month-on-month decline of 2.5% [12] - Successful titles like "Genshin Impact" and "Victory Peak" highlight the global competitiveness and innovation of Chinese games [12][14] Industry Trends - The gaming industry in China is characterized by "internal stability and external growth," with a resurgence in PC games and strong overseas performance injecting new momentum into the sector [16] - Product innovation, IP management, and refined user services are becoming core competitive elements across various segments [16]

Group 1: Industry Insights - The two-dimensional game market is expected to see a revival, as evidenced by the successful launch of "Arknights: Endfield," which generated over 1.2 billion CNY in revenue within two weeks globally. In the domestic market, PC revenue accounted for nearly 60%, while in overseas markets, PC and PS platforms combined for 70%, indicating significant demand in the global two-dimensional market [3] - The building materials sector is projected to continue its downward trend from 2021 to 2024, with a potential bottoming out in 2024-2025, followed by a recovery in 2026. The construction materials industry has experienced a lesser decline in volume compared to real estate, with a cumulative drop of 70% in new construction, 51% in sales, and 40% in completed areas from 2021 to 2025. Cement and glass production saw declines of 28% and 4%, respectively [3] - Price declines in the building materials sector have accompanied volume drops, but a stabilization in prices is expected in 2024 as supply improves. Companies like Sanke Tree are anticipated to see performance turning points in 2025, with more leading companies expected to follow suit in 2026 as volume and price expectations improve [3] Group 2: Statistical Data - From 2021 to 2025, the cumulative decline in production for various building materials includes plastic pipes (4%), gypsum boards (15%), architectural coatings (19%), sanitary ceramics (19%), tiles (28%), and waterproof materials (38%) [3] - The report highlights that the building materials sector has already passed its most challenging phase and is awaiting the final wave of volume impact, suggesting a potential for recovery in the near future [3]

Core Insights - Sensor Tower's report indicates that "Honor of Kings" regained the top position in global mobile game revenue in January 2026, driven by strategic updates and seasonal content [1][3] Revenue Insights - Global mobile game spending reached $7.1 billion in January 2026, reflecting a month-over-month increase of 1.4% [4] - The U.S. market accounted for 31% of total revenue, followed by China (iOS only) at 16% and Japan at 13% [4] - "Game for Peace" saw a significant revenue increase, climbing 19 positions to re-enter the global top ten, attributed to new content and seasonal updates [3][4] Game Performance Highlights - "Arknights: Endfield" launched on January 22, quickly rising to the third position in revenue growth, leveraging its strong IP and innovative gameplay [4] - "Genshin Impact" returned to the revenue growth leaderboard following a major update and new character releases, enhancing player engagement and spending [4] - "Dragon Ball Z Dokkan Battle" experienced a rebound due to its 11th-anniversary celebration, driving fan engagement and spending [5] Download Insights - "Block Blast!" maintained its position as the top downloaded mobile game in January 2026, supported by engaging events [6][8] - Global mobile game downloads reached 4.2 billion in January, marking a 5.4% increase from the previous month [8] - India led in downloads with 607 million, followed by the U.S. and Brazil [8] Growth Trends - "Heartopia" topped the global download growth chart, appealing to players with its avatar-driven simulation gameplay [9] - "Goose Goose Duck" ranked second in download growth, highlighting the enduring appeal of social party games [9] - The market is increasingly driven by diverse content rather than a single dominant genre, as seen in the rise of various game types [8][9]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - Claude Work has launched 13 plugins covering core business areas such as law, sales, and finance, significantly enhancing the efficiency of non-software developers by automating workflows like research, drafting, and review [2][22] - The competition in AI has shifted from providing foundational model capabilities to controlling specific industry workflows, indicating that AI applications can now offer "out-of-the-box" vertical solutions across multiple sectors [2][22] - During the Spring Festival, major AI applications invested over 1.5 billion yuan in marketing, with notable activities like Alibaba's "milk tea free order" campaign achieving over 10 million orders in just 9 hours, highlighting the potential for AI applications to connect online intelligence with offline consumption [3][23] - Current investment opportunities include: 1) Hong Kong internet leaders, 2) gaming industry benefiting from policy incentives and technological empowerment, and 3) film and cultural tourism sectors recovering due to consumer policies [3][6][23] Industry Data Film Industry - The top three films by box office for the week are: "Zootopia 2" with 30.02 million yuan (19.90% market share), "Water Pipe" with 19.28 million yuan (12.80%), and "Killing" with 17.48 million yuan (11.60%) [24][25] Gaming Industry - The top three iOS games are: "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle," while the top three Android games are: "Heartfelt Town," "Arknights: End of the World," and "Duck Duck Goose" [26][27] TV Series Industry - The top three TV series by broadcast index are: "Tang Palace Mystery" (77.3), "Young and Promising" (70.9), and "The Peaceful Year" (69.4) [28][29] Variety and Animation - The top three variety shows are: "Weibo Night 2025" (75.5), "Voice of the Flow Season" (63.4), and "Wonderful Night Season 2" (63.1) [30][31] - The top three animated shows are: "Happy Hammer" (230.9), "Immortal Reverse" (213.4), and "Time Beyond" (179.9) [32]

Core Insights - Eagle Horn Network's game "Arknights: End of the World" has achieved over 30 million downloads globally within a day of its launch, ranking in the top five of the App Store in China [3][5] - Despite high-quality production and strong IP recognition, the game has received mixed reviews, with a TapTap score of only 4.5 as of January 29 [5][6] - The game is positioned between high popularity and difficulty in expanding its player base, reflecting a disconnect between its single-player design and typical gacha game mechanics [3][10] Game Performance - "Arknights: End of the World" is the first globally synchronized release from Eagle Horn Network, showcasing a blend of single-player and traditional gacha game elements [4][5] - The game features a box garden design and incorporates various gameplay elements, but its monetization strategy aligns closely with typical gacha games, focusing on character collection and resource management [4][6] - The game has faced challenges in player retention and satisfaction due to resource acquisition difficulties and a slow-paced gameplay experience [6][7] Market Context - The overall performance of the two-dimensional game market is declining, with projected revenue decreases of 7.44% and 3.64% in 2024 and 2025, respectively [8][9] - The release of "Arknights: End of the World" comes at a time when few new titles in the genre have captured significant player interest, indicating a challenging environment for new releases [9][10] - The game's reliance on existing IP recognition and emotional connection may limit its ability to attract new players outside the traditional audience [10]

Core Insights - The new game market has shown increased activity in January, particularly in the domestic market with several major releases leading to significant growth compared to previous months [1] - While the number of new games in the overseas market has decreased, top products continue to perform well, indicating a positive start for the new year [1] Domestic Market Summary - In January, seven new games met the statistical standards, showing an increase in quantity and significant growth in individual performance compared to previous months [3] - Notable releases include: - "Tomorrow's Ark: End of the World" by Eagle Horn Network, which achieved over $1.07 million (approximately RMB 7.43 million) in estimated revenue within two weeks of launch [5] - "Counter-Strike: Future" by Tencent, which had over 40 million pre-registrations, indicating strong player anticipation [7] - "Survival for 33 Days" by 37 Interactive Entertainment, which incorporates popular gameplay mechanics to enhance user engagement [11] - "Goose Goose Duck" by Gaggle Studios, which capitalizes on the party game trend during the festive season [13] Overseas Market Summary - In January, 13 new games were released, with a notable increase in revenue performance despite a decrease in the number of new titles [15] - Key overseas releases include: - "Arknights: Endfield" by Eagle Horn Network, which generated over $23.81 million (approximately RMB 165 million) in estimated revenue, topping global new game charts [19] - "RO: World Journey" by Gravity Game Vision, which continues to perform well due to its established IP [19][22] - "Heartopia" by Xindong Network, which successfully leveraged social media for marketing, resulting in strong initial performance [24] - "SEGA Football Club Champions," which aims to attract a broader audience with its simplified gameplay [28] Market Trends - The domestic market is experiencing a revitalization with new releases, while the overseas market shows resilience in revenue despite fewer new entries [1][15] - The competitive landscape remains intense, with established IPs and innovative gameplay mechanics driving player engagement and revenue growth [3][19]

Core Insights - The launch of "Tomorrow's Ark: End of the World" by Eagle Horn on January 22 has generated significant attention, topping the iOS free charts during its pre-download phase and becoming a hot topic in the gaming community [1][3]. Industry Trends - "End of the World" serves as a benchmark for the future of the mobile gaming market, showcasing high-quality and differentiated products that can reshape perceptions of the mobile gaming landscape [3][29]. - The game is seen as a pivotal player in the "second mobile game war," with expectations from various industry players for it to perform well and set a precedent for future releases [3][29]. Player Engagement - Pre-launch buzz was amplified by social media, with players sharing high-quality content that showcased the game's graphics and mechanics, leading to widespread excitement and anticipation [6][8]. - The game's attention to detail has sparked a trend among players to seek out and share intricate gameplay moments, indicating a strong community engagement and interest in the game's features [10][12]. Technical Excellence - "End of the World" utilizes a modified Unity engine, achieving top-tier modeling and rendering quality that rivals industry standards, despite the common trend of using Unreal Engine 5 [25][27]. - The game features impressive visual effects, such as realistic rain interactions with different materials, which have been well-received by players and critics alike [25][28]. Future Outlook - The success of "End of the World" is attributed to Eagle Horn's commitment to continuous improvement and innovation, suggesting a promising future for the game and the company in the evolving mobile gaming market [29][30]. - The game's launch marks a significant moment in the new era of mobile gaming, with expectations for it to grow and adapt to future challenges while maintaining its artistic integrity [30][31].

Core Viewpoint - Eagle Horn Network's new flagship game "Arknights: End of the World" faced significant operational issues shortly after its overseas launch, particularly with its PayPal payment system, leading to unauthorized charges on players' accounts [1][4][5]. Group 1: Game Launch and Performance - "Arknights: End of the World" was launched on January 22, 2026, and quickly topped the iOS free game chart and entered the top five in the iOS revenue chart on its first day [2]. - The game achieved second place in the iOS overall free chart and eighth place in the overall revenue chart on its launch day [2]. Group 2: Payment System Issues - Following the launch, players reported significant issues with the PayPal payment system, where unauthorized charges occurred without players' consent, leading to widespread complaints on platforms like Reddit and Discord [4][5]. - The payment system's failure was attributed to a potential lack of proper linkage between user IDs and payment orders, which could have allowed random charges to occur across different accounts [6]. Group 3: Company Response and Market Context - In response to the payment issues, Eagle Horn Network issued a statement halting the PayPal payment option and promised full refunds for unauthorized charges [5]. - The company did not provide specific details regarding the root cause of the payment issues or the impact on overseas operations, raising concerns about the effectiveness of their pre-launch testing [6]. - The domestic two-dimensional game market has seen a decline, with a reported revenue drop of 3.64% in 2025, highlighting the competitive and challenging environment in which Eagle Horn Network operates [6]. Group 4: Game Features and Player Feedback - "Arknights: End of the World" features a narrative set on a mysterious planet and incorporates a shift from 2D tower defense to 3D real-time strategy gameplay, showcasing significant technical advancements [8]. - Despite the high expectations and substantial marketing investment, initial market performance did not fully align with the pre-launch hype, indicating potential challenges in player retention and engagement [8][9]. - Player feedback highlighted areas for improvement, particularly in new player guidance and reward systems, suggesting that the game needs to enhance its initial user experience to retain players effectively [9].