Core Viewpoint - The A-share market is experiencing a strong performance in the online gaming sector, with several stocks reaching significant gains [1] Group 1: Stock Performance - Dongfang Mingzhu has reached the daily limit increase [1] - Shenzhou Taiyue and G-bits have increased by over 7% [1] - Kying Network and Kunlun Wanwei have risen by over 5% [1] - Xunyou Technology and Giant Network have gained over 4% [1]

（文章来源：每日经济新闻） 每经AI快讯，9月24日，游戏板块持续走高，吉比特涨超8%再创新高，神州泰岳、恺英网络、巨人网络 涨超5%，昆仑万维、三七互娱、盛天网络跟涨。 ...

股价超百元个股中，收盘价最高的是贵州茅台，今日报收1447.42元，下跌0.41%，其次是寒武纪、吉比 特等，最新收盘价分别为1350.38元、578.99元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.16%，跑赢沪指0.34个百分点。今日上涨的有62 只，涨停的有德明利、波长光电等，下跌的有104只，跌幅居前的有开普云、德科立等。 以最新收盘价计算，A股平均股价为13.44元，其中股价超过100元的有167只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至9月23日 收盘，沪指报收3821.83点，下跌0.18%，A股平均股价为13.44元，个股股价分布看，股价超过100元的 有167只，股价在50元至100元的有444只，股价在30元至50元的有740只。 高价股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1447.42 | -0.41 | 0.31 | 食品饮料 | | 688256 | ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][9]. Core Insights - The media industry saw a weekly increase of 0.92%, ranking 8th among industries, while the Shanghai Composite Index fell by 1.30% [12][19]. - Notable performers in the media sector included Xinghui Entertainment, Perfect World, and Mango Super Media, with significant weekly gains [19]. - The report highlights the growth of AI applications, with native AI software users reaching 277 million in August 2025, and Byte's Doubao surpassing Deepseek in monthly active users [23][24]. - The gaming segment is thriving, with the game "Delta Force" achieving over 30 million daily active users and topping the iOS sales chart [27][28]. - The film industry reported a total box office of 831 million yuan for the week, with the film "731" leading the box office [32][33]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.92%, outperforming the Shanghai Composite Index, which fell by 1.30% [12][19]. - The gaming sector saw a 3.51% increase, while advertising and publishing sectors faced declines [15]. Key Industry Data - AI applications reported a user base of 277 million, with significant growth in Tencent's products [23][24]. - The iOS game sales chart was led by "Delta Force," followed by "Honor of Kings" and "Peacekeeper Elite" [27][28]. - The total box office for the week was 831 million yuan, with "731" accounting for 69.7% of the total [32][33]. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, focusing on sub-sectors like gaming, IP, short dramas, and publishing [37]. - Specific companies highlighted for investment include Giant Network, Perfect World, and Mango Super Media [37].

Group 1 - G-bits stock price increased by 4.1% on September 23, reaching 578.99 yuan per share, with a trading volume of 1.032 billion yuan and a turnover rate of 2.52%, resulting in a total market capitalization of 41.711 billion yuan [1] - The stock has risen for three consecutive days, with a cumulative increase of 6.15% during this period [1] - G-bits, established on March 26, 2004, specializes in the creative planning, development, and commercialization of online games [1] Group 2 - According to data, one fund from Caitong Fund holds G-bits as a top ten heavy stock, specifically the Caitong CSI 1000 Index Enhanced A (019270), which held 1,900 shares in the second quarter, accounting for 0.8% of the fund's net value, ranking as the sixth largest heavy stock [2] - The fund has generated a floating profit of approximately 43,300 yuan today and 63,800 yuan during the three-day increase [2] - The Caitong CSI 1000 Index Enhanced A fund was established on November 7, 2023, with a latest scale of 18.5268 million yuan, and has achieved a year-to-date return of 31.65% [2]

Market Overview - On September 22, the gaming sector rose by 0.16% compared to the previous trading day, with ST Huatuo leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - ST Huatuo (002602) closed at 19.81, with a gain of 4.98% and a trading volume of 1.495 million shares, amounting to a transaction value of 2.924 billion [1] - Other notable gainers included *ST Dazheng (600892) with a 4.08% increase and ST Kaiwen (002425) with a 3.33% increase [1] - Conversely, 37 Interactive Entertainment (002555) saw a decline of 5.52%, closing at 22.24, with a trading volume of 1.5908 million shares and a transaction value of 3.588 billion [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.484 billion from institutional investors, while retail investors saw a net inflow of 1.582 billion [2][3] - ST Huatuo had a net inflow of 2.26 billion from institutional investors, while retail investors had a net outflow of 960.133 million [3] ETF Performance - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index increased by 3.64% over the past five days, with a net inflow of 17.632 million [5] - The food and beverage ETF (product code: 515170) decreased by 2.31%, with a net outflow of 24.043 million [5]

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is experiencing continuous innovation in game genres and breakthroughs in evergreen games, with significant growth potential despite a slowdown in user acquisition competition and gameplay innovation [2][9] - The market for female-oriented games in China is projected to reach 8 billion yuan in 2024, reflecting a year-on-year growth of 124%, driven by an increasing female user base [6] Key Companies and Performance - Notable companies in the gaming sector include Giant Network, G-bits, Perfect World, Kain Technology, Shenzhou Taiyue, and 37 Interactive Entertainment, all showing strong performance [3] - Giant Network's "Supernatural Action Group" has achieved significant daily active users (DAU) and is expected to release strong performance in Q3 [21] - G-bits has seen its profit forecasts revised upwards due to the success of its games, including "Wanjian Changsheng" [26] - Perfect World is entering a new game release cycle, with promising results from its recent titles [28] - Kain Technology is leading in AI layout and is expected to see significant profits from its collaboration on legendary games [3] Game Trends and Innovations - The "search and escape" gameplay has gained popularity due to its high-risk, high-reward mechanics, appealing to players' psychological tendencies [5] - "Supernatural Action Group" fills a market gap with its low entry barrier and strong social attributes, attracting a large female user base, with 62% of its players being female [7] - The introduction of innovative gameplay elements in "Supernatural Action Group" has improved user retention and community engagement [10] Market Dynamics - The overseas SLG (strategy) mobile game market is expected to grow, with revenues projected to reach $12.5 billion in 2024 and $7.3 billion in the first half of 2025, reflecting year-on-year growth of 17% and 25% respectively [13][14] - Chinese companies are expected to generate $18.6 billion in overseas revenue in 2024, with strategy games accounting for approximately 41% of this figure [14] Challenges and Opportunities - The SLG mobile game segment faces challenges such as high user acquisition costs and low success rates, but successful titles can yield long lifecycles and stable profit releases [15][20] - The importance of evergreen games for small and medium-sized developers is highlighted, as they offer higher profit margins and more stable revenue streams compared to short-term products [12] Future Outlook - The gaming industry is expected to maintain strong growth momentum, with companies like ST Huadong, G-bits, and 37 Interactive Entertainment showing promising Q2 results [9] - The upcoming third quarter is anticipated to be crucial for performance, with several companies poised for growth based on their product pipelines and strategic positioning [9][23] Conclusion - The gaming industry is evolving with innovative gameplay and a focus on long-term engagement, particularly among female players. Companies that adapt to these trends and leverage their strengths in product development are likely to see continued success and growth in the coming years [2][9][12]

以最新收盘价计算，A股平均股价为13.45元，其中股价超过100元的有160只，相比上一个交易日减少5 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至9月19日 收盘，沪指报收3820.09点，下跌0.30%，A股平均股价为13.45元，个股股价分布看，股价超过100元的 有160只，股价在50元至100元的有459只，股价在30元至50元的有765只。 今日有1只股收盘价首次突破百元大关，波长光电最新收盘价108.30元，上涨14.60%，全天换手率 53.62%，成交额26.09亿元，全天主力资金净流入2.09亿元。 最新百元股中，以申万一级行业分类，较为集中的行业有电子、医药生物、计算机等，其中，电子行业 有54只股上榜，占百元股总数的比例为33.75%；有19只股来自医药生物行业，占比11.88%；18只股来 自计算机行业，占比11.25%。 所属板块来看，百元股中，主板有40只、创业板有49只、北交所有3只，另有68只来自科创板，占百元 股的比例为42.50%。 机构评级方面，上述股价超百元个股共有泽璟制药、源杰科技、天孚通信等3只个股今日获机构买入评 级 ...

Group 1 - The game "Wen Jian Chang Sheng" is planned to be launched in the fourth quarter of 2025 in regions such as Hong Kong, Macau, and South Korea [2] - The game "Jiu Mu Zhi Ye" has obtained its license and is currently in the testing and adjustment phase, with the specific launch date yet to be determined [2] - Investors are encouraged to follow official information from Thunder Game for updates on the launch of "Jiu Mu Zhi Ye" [2]

Summary of Key Takeaways from Citi's 2025 China Online Gaming Tour Industry Overview - The report focuses on the **China Online Gaming** industry, highlighting key players such as **Century Huatong**, **Giant Network**, **G-Bits**, and **Kingnet**. Key Company Insights Century Huatong - **Century Games** has emerged as a leading player in the casual strategy gaming sector, with monthly grossing between **US$350-400 million** driven by innovative content and effective traffic acquisition strategies [2][14]. - The company has a high product hit rate, with successful titles like **Whiteout Survival** and **Kingshot**, contributing to an extended profit growth cycle expected until **2028-29** [1][20]. - Management expects **incremental IP licensing revenues** to begin in **3Q25**, further enhancing profitability [23]. Giant Network - **Supernatural Action** is positioned as a potential large DAU title, with over **2 hours** of average daily time spent per user, driven by frequent content updates and a strong female gamer demographic [3][30]. - The game has achieved a grossing of over **RMB 500 million** in August, indicating strong user engagement [30]. - Management emphasizes the importance of social attributes and game quality over heavy traffic acquisition costs, achieving a **20%** traffic acquisition cost relative to grossing [31]. G-Bits - G-Bits is focusing on expanding its market presence in **Hong Kong, Macau, Taiwan, Japan**, and exploring Western and Korean markets [4]. - The company plans to launch **Wen Jian Chang Sheng** in **2H25**, with a focus on cultural adaptation for different markets [46]. - G-Bits maintains a shareholder return policy with a **70%+** earnings payout, supported by a strong cash position of over **RMB 4 billion** [54]. Kingnet - Kingnet has established three core business pillars: distribution, development of innovative games, and investment in IP [58]. - The upcoming renewal of the **Chuanqi IP** on **September 19** is expected to boost information services revenues significantly [60][65]. - Kingnet is also investing in AI initiatives, including the launch of an AI companion application, **EVE**, which has shown promising retention rates during testing [66][67]. Industry Trends and Outlook - The gaming industry is experiencing **structural tailwinds** such as favorable policy support and improved execution capabilities, with increasing interest in how AI is reshaping the sector [6]. - Despite rising traffic acquisition costs, companies are focusing on enhancing game quality and leveraging AI to improve operational efficiency [53][68]. - The overall sentiment among investors is positive, with expectations of continued growth and profitability across the sector, particularly for companies like Century Huatong and Giant Network [25][38]. Additional Insights - The report indicates a competitive landscape where companies are increasingly focusing on **user engagement** and **content innovation** to maintain market share [17][32]. - Management teams across these companies emphasize the importance of adapting to market demands and leveraging data analytics for better decision-making [52][70]. This summary encapsulates the key points from the Citi's 2025 China Online Gaming Tour, providing insights into the performance and strategies of leading companies in the industry.