Investment Rating - The report indicates a positive outlook for the gaming industry, estimating total game approvals in 2025 to reach between 1,500 and 1,700, with a significant increase in both domestic and imported titles [6][8]. Core Insights - The National Press and Publication Administration (NPPA) approved a total of 158 games in June 2025, marking the largest monthly batch in the past three years. This includes 147 domestic and 11 imported titles [1][6]. - In the first half of 2025, 812 games were approved, which is 18% and 12% higher than the approvals in the first and second halves of 2024, respectively. This growth is attributed to larger batch sizes for domestic games and more frequent approvals for imported games [6][8]. - Tencent and NetEase are expanding their portfolios with new first-person shooter (FPS) titles, reflecting a rising preference among gamers for this genre [1][6]. Summary by Sections Game Approval Highlights - The June 2025 approval batch included 137 mobile, 8 cross-platform, and 2 PC games domestically, along with 4 mobile, 3 cross-platform, and 4 PC games imported [2][3]. - Notable titles in the imported batch include "CrossFire: Rainbow" and "Squad," both FPS games published by Tencent, and "Wildgate," an FPS by NetEase [3][4]. - The domestic batch featured significant titles such as "Zhu Lu Ma Fa," "Rumble Adventure," and "Soul Land," showcasing a variety of RPGs and mobile games [4][9]. Market Trends - The report anticipates that game companies will accelerate new game launches and updates during the summer season to enhance user engagement and monetization [6][8]. - The increasing approval rates and the variety of genres being introduced suggest a robust growth trajectory for the gaming industry in China [1][6].

Core Viewpoint - The Chinese gaming market continues to show strong growth, driven by new product launches and a shift from long-term product commercialization to new product contributions [3][4]. Domestic Market - In May 2025, the actual sales revenue of the Chinese gaming market reached 28.051 billion yuan, a year-on-year increase of 9.86% and a quarter-on-quarter increase of 2.56%. This growth rate has slowed compared to previous months but remains robust [3]. - The mobile gaming market in May 2025 generated actual sales revenue of 21.177 billion yuan, with a year-on-year growth of 11.96%. Key new releases have started to emerge, with several games achieving monthly revenues exceeding 10 million yuan [4]. - The client game market saw actual sales revenue of 5.819 billion yuan in May 2025, reflecting a year-on-year increase of 1.58%. The growth was primarily driven by new and recently launched products [5]. - The upcoming summer season is expected to see a significant increase in new game launches, with over 30 titles planned, covering various genres [6]. Overseas Market - In May 2025, the actual sales revenue of China's self-developed games in overseas markets reached 1.577 billion USD, marking a year-on-year increase of 6.93% and a quarter-on-quarter increase of 1.50% [8]. - Strategy games (SLG) remain the core category driving overseas revenue, with product structures continuously optimizing. Notably, the game "Kingshot" saw its revenue double compared to the previous month [8]. - New genres, including female-oriented and synthesis games, are emerging in the overseas market, contributing to revenue growth and diversification [8].

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Core Viewpoint - The issuance of game licenses in the first half of 2025 shows significant growth, with a total of 757 domestic game licenses and 55 imported game licenses, indicating a positive trend for the gaming industry [2][6]. Group 1: License Issuance Data - In the first half of 2025, a total of 757 domestic game licenses were issued, representing an increase of over 20% compared to 628 licenses in the first half of 2024 [6]. - The number of domestic game licenses issued in June 2025 reached 147, marking a monthly high in recent years [3][4]. - The total number of imported game licenses issued in the first half of 2025 was 55, slightly down from 60 in the first half of 2024, but still showing a stable monthly issuance trend [6]. Group 2: Major Companies and Titles - Notable companies such as Kying Network, Tencent, and NetEase have successfully obtained multiple game licenses, with Kying Network securing over 10 titles recently [3][9]. - Tencent's and NetEase's imported games include titles like "Crossfire: Rainbow" and "Masterless Star Abyss," contributing to the overall growth in the number of imported licenses [3][9]. - The continuous issuance of licenses and the accelerated launch of new products are driving a recovery in the gaming industry, with domestic game market sales exceeding 140 billion yuan in the first five months of the year, a year-on-year increase of 16.99% [9]. Group 3: Market Trends and Stock Performance - The stock prices of A-share gaming companies have been rising, with 28 out of 35 companies seeing price increases this year, and 17 companies experiencing gains of over 20% [10]. - The stable issuance of game licenses is improving the supply side of the industry, benefiting high-quality content and driving a recovery in the sector [10]. - The domestic gaming industry's market demand remains solid, with high market sentiment and performance gradually being released as product cycles progress [11].

Core Insights - The article highlights the significant growth and competition in the shooting game genre, particularly in the mobile gaming sector, with major players like Tencent and NetEase actively expanding their portfolios [1][2][7]. Group 1: User Engagement and Market Dynamics - On June 5, the active user count for "Peace Elite" surpassed 37 million, indicating strong engagement in the shooting game segment [1]. - The National Press and Publication Administration approved 147 domestic and 11 imported games, including several shooting titles, reflecting a robust market for this genre [1]. - The shooting genre accounted for 13.89% of the top 100 mobile games by revenue last year, ranking third, showcasing its significant market share [2]. Group 2: Revenue and Profitability Insights - Despite a focus on user metrics like DAU (Daily Active Users) and MAU (Monthly Active Users), the revenue potential of shooting games, especially on PC, is substantial, as indicated by Tencent's comments on "Delta Force" [2][7]. - In 2024, the tactical multiplayer genre is projected to lead mobile game revenues at 17.99%, followed closely by role-playing games at 17.85% and shooting games at 13.89% [2]. Group 3: Competitive Landscape - The shooting game market is characterized by intense competition among Chinese developers, who are not only competing internally but also vying for market share against established Western companies [9]. - Emerging markets like Russia, Turkey, and Brazil are showing explosive growth in active users for shooting games, indicating a shift in global gaming dynamics [9]. Group 4: Innovation and Long-term Viability - The shooting genre continues to evolve with innovative gameplay, such as the integration of tactical elements and various modes, which keeps the genre fresh and engaging for players [10][12]. - The ability of shooting games to incorporate diverse gameplay elements without alienating core players suggests a strong potential for long-term engagement and revenue generation [13].

Core Viewpoint - NetEase's new game "Return to Tang" has sparked mixed reactions, with international players expressing excitement while domestic players voice skepticism regarding its authenticity as a single-player game and potential monetization strategies [1][3][4]. Group 1: Game Overview and Reception - "Return to Tang" is set during the An Lushan Rebellion in the Tang Dynasty, told from the perspective of an ordinary messenger, and has garnered over 14.4 million views on Bilibili [1]. - The game's trailer has received high praise from overseas players for its graphics, especially in the context of the success of "Black Myth: Wukong," leading to high expectations for another Chinese AAA title [3]. - Conversely, domestic players have raised concerns about the game's potential shift to a monetized model, fearing it may become a service-oriented game despite being marketed as a single-player experience [3][9]. Group 2: Player Concerns and Studio Response - Players have criticized the trailer for lacking sufficient gameplay footage, with many believing that the high proportion of CGI raises doubts about the game's actual quality [8]. - The studio, 24 Studio, has responded by asserting that the trailer consists entirely of real gameplay footage, with 70% being cutscenes and 30% actual gameplay [8]. - Concerns about the game's commercial model persist, as players recall similar past experiences with other titles that transitioned from single-player to multi-platform service games [9]. Group 3: Marketing and Trust Issues - NetEase's history of aggressive marketing tactics has led to a general distrust among players, particularly in the single-player game segment, where players prefer substantial content over marketing hype [4][12]. - The studio's previous titles, such as "Nirvana in Fire," have been associated with over-marketing, which has negatively impacted player trust in new releases [12][13]. - The company aims to rebuild trust by delivering a genuine single-player experience and reducing unnecessary marketing efforts [17]. Group 4: Development Insights and Future Directions - The development of "Return to Tang" has been ongoing since 2018, with a focus on creating a high-quality AAA game, reflecting the studio's commitment to the single-player genre [3][14]. - The studio has engaged with other domestic teams, including the developers of "Black Myth: Wukong," to enhance its development process [16]. - Moving forward, the company is encouraged to showcase more actual gameplay content to alleviate player skepticism and build anticipation for the game's release [19][21].

此外，在市场配置方面，高盛维持对A股和港股的超配建议，预计沪深300目标点位为4600点，MSCI中 国指数的目标点位为84点，对应约10%的上行空间。行业方面，付思表示，高盛持续看好消费、银行、 房地产等对政策宽松敏感的行业。其中包括，消费相关的互联网消费服务，以及受益于政府消费的医疗 器械领域等。 她还观察到，本轮港股IPO热潮的基石投资者中，海外主权基金、养老金等长线投资者的参与度有所提 高。"它们的参与比例比之前要高，因为这轮赴港上市企业质地不错，吸引了一些长线资金参与。"付思 说。 整体而言，高盛认为，全球主流资金对中国资产的关注度显著升温。"我们明显感觉到，海外投资者对 中国市场的兴趣有所回暖，这从过去两个月我们的电话会、客户需求反馈等可以看出。"付思说。 在此背景下，高盛在近期提出了中国上市民企"十强新贵"概念，组成包括腾讯、阿里巴巴、小米、比亚 迪、美团、网易、美的、恒瑞医药、携程和安踏。 整体来看，这10家企业均为港股上市企业，多家是科技、消费、医药龙头。数据显示，目前，这10家公 司总市值达1.6万亿美元，在MSCI中国指数中的权重占42%。高盛预计，未来两年，这些企业盈利年均 复合增速将 ...

Core Insights - 2025 is anticipated to be a pivotal year for the deployment and explosion of intelligent agents across personal and enterprise applications, including smart assistants and digital employees [1][3] - Content safety remains a significant challenge for both consumer and enterprise-level intelligent agents, raising concerns about compliance and user experience [1][3] Industry Overview - The Chinese market for intelligent agents is projected to exceed $30 billion, with predictions that by 2028, at least 15% of daily work decisions will be made autonomously by AI agents [3] - Regulatory scrutiny on AIGC content safety is intensifying, with over 3,500 AI products disposed of since April 2025 due to violations, highlighting the need for compliance in sensitive sectors like education, finance, and healthcare [3][4] Company Initiatives - NetEase Yidun has launched a content safety plugin for intelligent agents, enabling developers to easily integrate content safety detection capabilities into their applications [1][4] - The plugin offers multi-dimensional detection features, including text and image detection for illegal content, sensitive words, and inappropriate imagery [4][5] - The integration process for developers is simplified, allowing both novice and professional developers to access content safety capabilities without extensive coding [8] Technical Capabilities - NetEase Yidun boasts a robust technical foundation in AIGC content safety, with a knowledge base supporting millions of queries and a dual-layer defense system for content safety [9][11] - The company is actively involved in the development of national standards for AI service safety, which will be implemented in November 2025, providing guidelines for the management of generative AI services [11]

Group 1 - The 22nd China International Digital Interactive Entertainment Expo (ChinaJoy) will be held from August 1 to August 4, 2025, at the Shanghai New International Expo Center [1] - A total of 743 companies have registered for the event, with 237 foreign companies from 37 countries and regions, accounting for 31.8% of the total [3] - The BTOC Interactive Entertainment Pavilion will feature over 283 companies with a total exhibition area of 110,000 square meters, focusing on consumer interactive entertainment experiences [3] Group 2 - The BTOB Business Negotiation Pavilion will have over 460 companies participating, covering an area of 25,000 square meters, with nearly 208 foreign companies, making up 45.2% of the exhibitors [3] - Notable game products from companies like NetEase, Century Huatong, and Perfect World will be showcased, including popular titles and new games available for on-site testing [3] - In 2025, ChinaJoy will explore new online and offline interactive experiences in collaboration with Alipay's Blue Flower Fire community, utilizing "Alipay Touch" technology for enhanced engagement [4]

Industry Overview - The National Press and Publication Administration announced the approval of 147 domestic game licenses and 11 imported game licenses in June, marking a recent high in license issuance [1] - The gaming industry is experiencing a recovery, with the market size reaching 28.05 billion yuan in May, a year-on-year increase of approximately 9.9% [1] - The overseas sales revenue of domestically developed games was 1.58 billion USD, reflecting a year-on-year growth of 6.9% [1] Policy Support - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the internationalization of the gaming industry, proposing 20 specific initiatives to enhance global competitiveness [2] - Beijing's support measures for the gaming and esports industry emphasize the promotion of high-quality game creation and the integration of technology innovation, particularly in AI and AIGC [2] Company Developments - Tencent launched the "Hunyuan Game Visual Generation Platform," significantly optimizing game asset generation and production processes, enhancing design efficiency by several times [3] - Tencent's Q1 gaming revenue reached 59.5 billion yuan, with international market revenue of 16.6 billion yuan, a year-on-year increase of 23% [4] - NetEase reported Q1 revenue of approximately 28.8 billion yuan, with a net profit of about 10.3 billion yuan, marking a year-on-year increase of over 30% [4] Market Outlook - Analysts are optimistic about the gaming sector, anticipating a performance turning point due to stable game license issuance and supportive policies for AI integration [3] - The gaming sector is expected to benefit from the release of new products and the ongoing integration of AI technology, which is accelerating commercialization [3]