游戏行业专家交流 20250409 2025-04-11 摘要 • 腾讯游戏 2025 年 Q1 整体表现良好，《王者荣耀》同比增长约 5%，流水 达 169 亿元；《和平精英》同比增长 9%，但受内部竞争影响，全年涨幅 或将放缓。《无畏契约》流水超越《英雄联盟》，成最大端游产品，同比 增长 18%。 • 新游方面，《DNF 手游》Q1 流水接近 40.5 亿人民币，预计 Q2 将下降； 《三角洲行动》Q1 流水达 11 亿人民币，预计全年可达 45 亿人民币。 《暗区突围》预计月底上线，年收入预期为 32 亿元，但流水或将下滑。 • 腾讯计划推出名为 3D One 的移动主机，对标 Steam Deck，主打裸眼 3D 技术，预计 2025 年下半年预售，2026 年出货。所有头部产品都在进 行适配。 • 腾讯尚未正式立项开发原生 AI 驱动的游戏，但已将 AI 玩法融入现有研发 中的游戏，如《王者世界》和《怪物猎人》手游，将体现 AI 对话推动、AI 宠物、AI 陪伴等功能。 • 金铲铲通过引入 AIGC 技术优化皮肤等商业化产品的生产流程，T2 级皮肤 生产周期优化超过 20%。王者荣耀也已引入 AI ...

搜打撤玩法曾一度被视作冷门硬核的小众玩法，近年却逐渐成为了最火爆的玩法之一。以至于各路游戏厂商都在陆续下场，生怕错过这难得的品类机会。 《三角洲行动》《暗区突围》这样的头部爆款自不必多说，除了腾讯网易之外，沐瞳B站凉屋等大小厂商也都还有搜打撤的新品自研。许多原本并非搜打 撤，甚至都不是射击玩法的游戏也相继制作了类似的玩法模式，包括《永劫无间》《解限机》《爆裂小队》等。 腾网争锋，把搜打撤盘子做大了 搜打撤玩法的概念最先由海外游戏《逃离塔科夫》带起。在2016年面世之后，《逃离塔科夫》虽然也收获了一批核心受众，硬核的玩法、有限的下载渠道 等原因还是导致了这款游戏没有引起广泛破圈。 现在看来这一玩法的确具有前瞻性，逐渐也被更多游戏厂商所留意。在国内市场，腾讯毫无疑问是最主要的获胜者。无论是《暗区突围》还是《三角洲行 动》，在国内市场上线后都收获了出人意料的运营成绩。 2022年7月《暗区突围》自上线之后长期稳定在国内iOS畅销榜TOP80名，并且还出现了持续两年的收入上涨，直到去年《三角洲行动》的上线。《三角洲 行动》在上线之后同样出现了收入持续上涨的趋势，如今稳定在国内iOS畅销榜TOP10，相比《暗区突围》有 ...

2025 年 07 月 08 日 开源晨会 0708 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.572 | | 公用事业 | 1.867 | | 房地产 | 1.678 | | 轻工制造 | 1.523 | | 环保 | 1.101 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | -2.04 | | 医药生物 | -0.969 | | 通信 | -0.775 | | 家用电器 | -0.696 | | 电子 | -0.665 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 （1）MEMS 惯导：随着下游低空经济、自动驾驶、机器人等应用领域起量，高 性能 MEMS 市场持续高景气。芯动联科作为国 ...

国产端游有望迎来爆发期 20250702 摘要 2024 年全球游戏市场规模达 1,877 亿美元，PC 游戏和主机游戏分别占 373 亿美元和 428 亿美元，合计占比 43%，表明海外用户更倾向于重 度 PC 和主机游戏。 2024 年国内游戏市场总规模为 3,258 亿元，客户端游戏和主机游戏合 计 725 亿元，同比增长 5%，但占比仅为 23%，远低于海外 43%的比 例，提升空间巨大。 国内客户端游戏平台自 2021 年起呈现恢复增长趋势，2024 年达 680 亿元，同比增长 2.6%，创历史新高；主机游戏增速高达 55%，达 45 亿元；PC 客户端版号和主机版号分别同比增长 19.5%和 35%。 多平台互通策略显著提振国产端游发展，如《原神》首年流水超 100 亿 元，推动完美世界、网易、腾讯等厂商推出类似高品质跨平台产品，为 国产 PC 端提供丰富内容。 自 2017 年以来，国产端游供给爆发性增长，如《永劫无间》首年销量 破 700 万份，《黑神话：悟空》销量破 2,800 万份，销售额达 90 亿元， 表明国产端游市场潜力巨大。 Q&A 国产端游市场在近年来的发展趋势如何？ 国产端游 ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 多主线布局，攻守兼备 证券研究报告-行业半年度策 略 《传媒行业月报：一季度板块业绩增长优异， IP 衍生品市场高景气》 2025-05-26 《传媒行业专题研究：2025Q1 业绩增长显 著，内容板块表现亮眼》 2025-05-22 《传媒行业月报：政策指引提振消费，关注游 戏、广告、国有出版主线》 2025-04-14 联系人：李智 投资要点： 风险提示：宏观经济变化影响文化消费需求；政策效果不及预期；内 容质量不及预期；AI 技术进展及应用效果不及预期；海外业务受国际 关系变化影响；知识产权侵权风险；二级市场主题轮动 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共36页 ——传媒行业半年度策略 传媒相对沪深 300 指数表现 -11% -2% 7% 16% 25% 34% 43% 52% 2024.06 2024.10 2025.02 2025.06 传媒 沪深300 资料来源：中原证券研究所，聚源 相关报告 同步大市(维持) 发 ...

Group 1 - The core strategy for the development of Guangdong's esports industry is to establish Guangzhou and Shenzhen as the "esports dual cores," focusing on hosting top-tier esports events and promoting a diverse development model through "esports+" initiatives [1] - In 2024, multiple esports events held in Guangzhou demonstrated strong professionalism and extensive coverage, with significant participation and viewership, including over 5,500 participants in the WEC2024 national finals and more than 10 million live viewers [2] - The "esports+" model in Guangzhou is expanding the boundaries of the esports industry by integrating with other sectors such as tourism and cultural exhibitions, enhancing consumer engagement and driving new consumption patterns [3] Group 2 - New policies aimed at promoting the esports industry in Guangzhou provide clear direction for development, particularly addressing the talent shortage issue, which is crucial for high-quality growth [4] - The new measures encompass various aspects of the esports ecosystem, including event organization, venue construction, and club operations, positively impacting companies across the esports industry chain [4]

Group 1 - The core focus of the mobile phone market is on gaming performance, appealing particularly to the younger generation due to its emphasis on screen quality, performance, and battery life [1] - Mobile manufacturers are continuously advancing in the gaming performance flagship segment, enhancing the gaming ecosystem with better ultra-high-definition and high-frame-rate gaming experiences [1] - The integration of gaming peripherals such as power banks and smartwatches is creating a robust esports ecosystem, significantly improving the mobile gaming experience for users [1] Group 2 - Gaming phones are evolving beyond being mere devices, collaborating with other industry players to build a larger ecosystem [2] - Partnerships with top games like "Honor of Kings" and "Dark Zone Breakthrough" are being established, while also addressing challenges in the live streaming industry through innovative features [2] - The internal ecosystem among devices like phones, smartwatches, and power banks is being strengthened, with smartwatches offering features that track gaming metrics and enhance user engagement [2]

Core Viewpoint - Tencent's Q1 2025 earnings report highlights strong revenue growth driven by AI integration across various business lines, with total revenue reaching 180 billion RMB, a 13% year-on-year increase [1][5][7]. Financial Performance - Total revenue for Q1 2025 was 180 billion RMB, up 13% year-on-year, with gross profit at 100 billion RMB, reflecting a 20% increase [1][7][14]. - Non-IFRS operating profit was 69 billion RMB, a growth of 18%, while net profit attributable to shareholders was 61 billion RMB, up 22% [1][14]. - The overall gross margin improved to 56%, a 3 percentage point increase year-on-year [14]. Business Segmentation - Revenue breakdown for Q1 2025: Value-added services accounted for 51% (social networks 18%, domestic games 24%, international games 9%), network advertising 18%, and fintech and enterprise services 30% [7][12]. - In terms of gross profit by segment: Value-added services contributed 55% (55 billion RMB, up 22%), network advertising 18% (18 billion RMB, up 22%), and fintech and enterprise services 27% (28 billion RMB, up 16%) [7][14]. AI Integration and Strategy - AI capabilities have significantly contributed to core business areas, particularly in effect advertising and long-standing games, with ongoing investments in AI applications like "Yuanbao" [5][10]. - The company is focusing on integrating AI into the WeChat ecosystem, enhancing user interaction and content discovery through features like intelligent responses and AI tools for creators [10][15]. Gaming and Advertising Performance - The gaming segment saw record revenues from long-standing games, with "Delta Operation" achieving the highest daily active users for a new mobile game in three years [11][12]. - Marketing services revenue grew by 20% to 32 billion RMB, driven by increased user engagement and AI enhancements in advertising platforms [12][19]. Financial Technology and Cloud Services - Fintech and enterprise services revenue reached 55 billion RMB, a 5% year-on-year increase, with AI capabilities being integrated into financial services [12][13]. - Cloud services revenue continues to grow, supported by strong demand for audio and video solutions, despite GPU supply constraints [13][14]. Future Outlook and Strategic Initiatives - The company is optimistic about the long-term value creation from AI investments, expecting operational leverage to absorb incremental costs associated with AI [5][11]. - Tencent is exploring innovative training methods for AI models to optimize resource usage amid GPU supply challenges, focusing on software efficiency over hardware expansion [18][25]. E-commerce Strategy - Tencent's e-commerce strategy emphasizes long-term growth without preset KPIs, focusing on enhancing user experience and integrating social elements into shopping [20][22]. Industry Trends - The rise of first-person shooter games in China reflects a shift in player preferences, aligning with global trends, and Tencent is well-positioned to capitalize on this growth [22]. Conclusion - Tencent's comprehensive AI strategy and integration across its diverse business lines position it for sustained growth and competitive advantage in the evolving digital landscape [25][26].

用户对汽车需求发生变化 餐饮选址密码：流量、匹配与共赢 不少餐厅开业后因优惠消失而关店。餐厅选址很关键，要根据目标客群选商圈，实地考察商圈供需关系 和配套设施，评估店铺流量，注意基础设施，还可尝试店中店模式。 饮料市场降价潮中的危与机 消费分级背景下，中国饮料行业价格带大幅下沉，大品牌降价、小品牌加量不加价。零售终端观望，品 牌商需构建全价格带矩阵，创新价值以应对新竞争周期。 新能源汽车安全红线拉紧！ 针对新能源汽车发展中的乱象，工信部出手整治。从规范智能驾驶宣传到对隐藏式门把手征集安全标准 意见，直击安全漏洞。国家频出政策保障安全，车企也开始反思。 品牌创意营销也要看性价比 当前品牌营销热衷"创意视频""品牌联名"等形式，但传播效果存疑，多数创意仅在营销网站可见，与品 牌主题关联性弱，实际价值低于投入成本。 当下，中国用户对汽车的需求发生了明显变化。有业内人士表示，过去买车主要是为了解决出行问题， 而现在，很多人真正把汽车当作第三生活空间。 即时零售市场战火重燃 2025年，即时零售市场战火重燃，已然呈现出行业三巨头"血拼"之势。有行业人士表示，与传统零售相 比，即时零售的模式更容易形成壁垒，竞争者难以复制 ...

Core Viewpoint - Tencent's Q1 2025 financial report shows strong growth in both domestic and international gaming revenues, driven by successful game launches and the application of AI technology in enhancing user engagement [1][2][3][4] Group 1: Financial Performance - Tencent's gaming revenue for Q1 2025 reached 595 billion yuan, with international market revenue growing 23% year-on-year to 166 billion yuan, marking a record high for three consecutive quarters [1] - Domestic gaming revenue amounted to 429 billion yuan, continuing the growth momentum seen since the second half of 2024, aided by a low base from the previous year [2] Group 2: Game Performance - Popular titles such as "PUBG MOBILE," "Brawl Stars," and "Clash Royale" contributed significantly to the international revenue growth, with "Delta Force" achieving over 10 million registered users within four days of its global launch [1][2] - Long-standing games like "Honor of Kings" and "Crossfire: Gunfight King" reached historical revenue highs, with "Honor of Kings" seeing a 94% year-on-year revenue increase in January [2] Group 3: New Game Launches and AI Integration - New games like "Dark Zone Breakout: Infinite" and the NBA mobile game have performed well, with the former surpassing one million players within 24 hours of launch [3] - The integration of AI technology in games like "Peacekeeper Elite" has led to a 16% year-on-year increase in user engagement, showcasing the effectiveness of AI in enhancing player experience [3][4] Group 4: Strategic Outlook - Tencent's CEO, Ma Huateng, emphasized the solid growth of high-quality revenue and the positive impact of AI on advertising and gaming, indicating a commitment to investing in AI opportunities for long-term value creation [4]