Group 1 - The gaming sector is experiencing a significant rise, with the gaming ETF (159869) increasing nearly 3% in early trading, and notable stocks such as Glacier Network, Perfect World, and Star Shine Entertainment showing strong gains [1] - In September, a total of 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [1] - Open Source Securities suggests that the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and recommends increasing investments in the gaming sector [1] Group 2 - The gaming sector is undergoing multiple catalysts including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2] - Citic Construction Investment is optimistic about the gaming sector's performance for the year, highlighting that the overall gaming landscape is improving, with leading companies like Tencent and mid-sized firms performing well [1][2]

Core Viewpoint - The AI application landscape is dominated by large companies, with startups struggling to gain significant traction in the market despite the overall growth of AI applications [5][6][11]. Group 1: AI Application Growth - The number of mobile AI application users is projected to reach 645 million by August 2025, while PC users are expected to hit 204 million [5]. - The average month-on-month growth rate for native AI applications is 1.3% [5]. - The global AI application count is estimated to be in the tens of thousands, categorized into B2B and B2C segments [7]. Group 2: Market Dynamics - In the first half of 2025, the top 20 AI applications in China included 12 from large companies, 1 upgraded from an old application, and only 7 from startups, indicating a significant dominance of large firms [7][11]. - The leading applications are primarily chatbots, with major players like ByteDance and Tencent heavily investing in this area [15][16]. - The top three applications in both domestic and global rankings remain unchanged, highlighting the stronghold of large companies [11][13]. Group 3: Challenges for Startups - Startups face difficulties due to high operational costs, particularly in API usage, which is a major expense [22]. - The low willingness of consumers to pay for AI applications further complicates the monetization efforts for startups [23]. - Large companies can leverage existing user bases and marketing resources to enhance their AI applications, making it challenging for startups to compete [25][26]. Group 4: Opportunities for Startups - Despite the challenges, there are still opportunities for startups, especially in high-frequency demand scenarios like education and content creation [33]. - The lowering of technical barriers allows smaller teams to develop complete AI applications quickly [31]. - Startups can focus on niche markets and respond rapidly to user feedback, which can provide a competitive edge [32].

Group 1 - The National Press and Publication Administration approved 145 domestic online games as of September 24, 2025, indicating a positive trend in the gaming industry [1] - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) rose by 0.51% as of September 25, 2025, with notable increases in stocks such as Perfect World (up 4.72%) and Kying Network (up 3.77%) [1] - The Online Consumption ETF Fund (159793) increased by 1.21%, reaching a latest price of 1.17 yuan, and has seen a cumulative rise of 4.81% over the past two weeks [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 51.84% of the index, with Tencent Holdings and Alibaba-W being the top two [2] - The weightings of the top ten stocks include Tencent Holdings at 9.65%, Alibaba-W at 9.25%, and Meituan-W at 8.37%, reflecting their significant influence on the index [4]

Group 1 - The gaming sector is experiencing growth, with the approval of 145 domestic games and 11 imported games in September 2025, indicating a positive regulatory environment [4][5] - Major gaming companies like Tencent and NetEase received approvals for new games, which is expected to enhance their product lines in the ACG and social gaming sectors [5] - In the first half of 2025, 23 A-share gaming companies reported total revenue of 53.841 billion yuan, a year-on-year increase of 22.78%, with net profits reaching 8.027 billion yuan, significantly higher than previous years [5][6] Group 2 - The overseas revenue from self-developed games exceeded 9.5 billion USD in the first half of 2025, showing a growth of over 11%, highlighting the global expansion of Chinese gaming companies [6] - 32 Chinese companies ranked in the global top 100 mobile game publishers, collectively generating 2.04 billion USD, which accounted for 35.1% of the total revenue of the top 100 publishers [6] - The gaming industry is expected to maintain high prosperity due to three driving factors: AI empowerment, high growth from overseas markets, and favorable supply-side policies [6][7] Group 3 - The media sector is witnessing a rise in AI applications, which is expected to reshape the industry landscape and enhance cultural confidence through content output [7] - The gaming sector is anticipated to see continued high demand and supply resonance, with a focus on companies that show high growth potential in their upcoming quarterly reports [7]

证券时报•数据宝统计显示，9月24日有21家香港上市公司进行了股份回购，合计回购2062.91万股，回 购金额8.71亿港元。 腾讯控股回购数量85.80万股，回购金额5.51亿港元，回购最高价为650.500港元，最低价为628.500港 元，年内累计回购金额554.60亿港元；安踏体育回购数量200.30万股，回购金额1.88亿港元，回购最高 价为94.800港元，最低价为93.100港元，年内累计回购金额12.85亿港元；中集集团回购数量581.37万 股，回购金额4488.24万港元，回购最高价为7.830港元，最低价为7.600港元，年内累计回购金额1.59亿 港元。 以金额进行统计，9月24日回购金额最多的是腾讯控股，回购金额为5.51亿港元；其次是安踏体育，回 购金额为1.88亿港元；回购金额居前的还有中集集团、中国石油化工股份等。回购数量上看，9月24日 回购股数最多的是中集集团，当日回购量为581.37万股；其次是中国石油化工股份、联易融科技-W 等，回购数量分别为580.00万股、232.10万股。 值得关注的是，心玮医疗-B本次回购为年内首次进行回购。本次回购5.51亿港元的腾讯控股，年 ...

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，9月24日，共21只港股获公司回购，5只个股回购金额超千万港元。其 中，腾讯控股、安踏体育、中集集团回购金额最大，分别获公司回购5.51亿港元、1.88亿港元、4488.24 万港元。截至9月24日，今年已有231只港股获公司回购，50只个股年内累计回购金额超亿港元。其中， 腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购554.60亿港元、266.74亿港 元、176.93亿港元。 ...

Core Insights - The top short-selling stocks include New World Development (80016), China Resources Beer (80291), and AIA Group (81299), all with a short-selling ratio of 100% [1] - Alibaba (09988), Tencent (00700), and Baidu (09888) lead in short-selling amounts, with 10.659 billion, 2.234 billion, and 1.516 billion respectively [1] - Bank of China Hong Kong (82388), COSCO Shipping International (00517), and Ping An Insurance (82318) have the highest deviation values at 57.86%, 51.89%, and 47.58% respectively [1] Short-Selling Ratio Rankings - New World Development (80016): Short-selling amount of 126,800, with a ratio of 100% and a deviation of 19.43% [2] - China Resources Beer (80291): Short-selling amount of 157,600, with a ratio of 100% and a deviation of 39.01% [2] - AIA Group (81299): Short-selling amount of 322,100, with a ratio of 100% and a deviation of 25.67% [2] - Bank of China Hong Kong (82388): Short-selling amount of 119,100, with a ratio of 100% and a deviation of 57.86% [2] Short-Selling Amount Rankings - Alibaba (09988): 10.659 billion in short-selling amount, with a ratio of 24.18% and a deviation of 6.41% [2] - Tencent (00700): 2.234 billion in short-selling amount, with a ratio of 18.85% and a deviation of 2.67% [2] - Baidu (09888): 1.516 billion in short-selling amount, with a ratio of 38.72% and a deviation of 6.78% [2] Deviation Value Rankings - Bank of China Hong Kong (82388): Short-selling amount of 119,100, with a ratio of 100% and a deviation of 57.86% [2] - COSCO Shipping International (00517): Short-selling amount of 16,091,000, with a ratio of 61.20% and a deviation of 51.89% [2] - Ping An Insurance (82318): Short-selling amount of 379,230, with a ratio of 73.80% and a deviation of 47.58% [2]

Market Overview - The Hang Seng Index (HSI) closed at 26,412.89, down by 105.76 points or 0.40% on September 24 [1] - The index reached a high of 26,518.90 and a low of 26,346.35 during the trading session [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.728, up by 1.14% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 643.360, down by 0.79% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 648.500, with an increase of HKD 13.000 or 2.05% [3] - Alibaba Group (09988) latest price is HKD 174.000, with an increase of HKD 14.600 or 9.16% [3] - HSBC Holdings (00005) latest price is HKD 107.500, down by HKD 1.100 or 1.01% [3] - China Construction Bank (00939) latest price is HKD 7.470, down by HKD 0.030 or 0.40% [3] - Xiaomi Group (01810) latest price is HKD 56.900, up by HKD 1.450 or 2.61% [3] - AIA Group (01299) latest price is HKD 70.400, down by HKD 0.500 or 0.71% [3] - Meituan (03690) latest price is HKD 102.200, up by HKD 1.200 or 1.19% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 438.200, up by HKD 0.800 or 0.18% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 5.810, up by HKD 0.030 or 0.52% [3] - JD.com (09618) latest price is HKD 133.000, up by HKD 4.700 or 3.66% [3]

Core Points - In September, 145 domestic online games and 11 imported online games received approval from the National Press and Publication Administration [1] - A total of 1,275 games have been approved in 2025, including 1,195 domestic and 80 imported games [1] - Major companies like NetEase and miHoYo have multiple key games approved, including "Starry Friends" and "Honkai: Origin Spirits" [1][2] Industry Summary - The new batch of approved domestic games includes 135 mobile and mobile-casual games, 2 client games, and 1 mobile + web game [1] - The continuous issuance of game approvals has positively impacted the gaming industry, with the Shenwan gaming industry index rising 85% this year, ranking third among all Shenwan secondary industries [2] - On September 24, the Shenwan gaming industry index surged by 3.63%, with several A-share gaming companies, including ST Huayuan and Giant Network, seeing over 100% increase in stock prices [2] Company Summary - A-share companies like Giant Network and 37 Interactive Entertainment have games approved, including "Hot Blood Dynasty: Basketball" and "Endless Night" [1] - Hong Kong-listed companies Tencent and NetEase have also seen significant stock price increases this year, with gains of 56.87% and 76.42% respectively [3]

©️深响原创 · 作者｜吕玥 达人营销早已成为品牌的必选项，但我发现，现在各方参与者似乎都不那么满意。 不少用户会在种草视频的评论中吐槽："又是广告"、"全都是一模一样的套路"…… 品牌也很纠结当种草效果递减，究竟还要不要继续投钱。就比如我了解到的一个美妆品牌持续在做达人种草和达播，但仔细算账后发现达播今年是亏的， 流量和效率都在下滑，对明年要怎么做完全没有头绪。 品牌觉得创作者价值成了"玄学"，不砸钱投流，数据就难看。那有价值的到底是内容，还是投流团队？你的独特影响力到底还剩下多少？用户觉得达人今 天夸这个，明天吹那个，跟电视广告也没什么区别。QuestMoblie报告也提到了这点——频繁更换合作品牌，使得KOL的受众对品牌的感知逐渐模糊。 那么要怎么重建信任？首先这和选对"场"有关。 当下很多创作者都是多平台运营，相同内容在不同平台发布，效果却可能天差地别，这显然和平台生态有关。而且直观看每个平台的"气质"也不同，我大 致分为了三类：一类是算法驱动型，优势在于能借助精准推荐快速触达海量用户，爆发力强；一类是兴趣社区型，擅长聚集垂直圈层用户，互动深度和用 户黏性较好；还有一类是社交关系型，其核心价值在于构建 ...