Core Viewpoint - In 2025, the Chinese stock market showed remarkable performance, with the Shanghai Composite Index increasing by 18.4% year-on-year, reaching 3968.84 points by December 31, 2025 [1] Group 1: Performance of Xiamen Listed Companies - In 2025, 70 listed companies in Xiamen performed well, with 42 companies outperforming the market [1] - 15 listed companies in Xiamen reached historical highs in stock prices, reflecting strong operational fundamentals and growth potential [2] - The total market capitalization of the 70 listed companies in Xiamen was 9030.35 billion, a 44.1% increase compared to the previous year [2] - 30 companies had a market capitalization exceeding 100 billion, accounting for over 40% of the total, with Xiamen Tungsten leading at 651.86 billion [2] - 56 companies saw an increase in market capitalization, with 13 companies experiencing growth exceeding 100% [2] Group 2: New Listings and Recognition - In 2025, Xiamen added 6 new listed companies, the highest in nearly four years, including 2 A-share companies [5] - Among the 70 listed companies, 26 were recognized as national "specialized and innovative" small giant enterprises, and over 80% were high-tech enterprises [6] - Several Xiamen listed companies received honors, including Xiamen Tungsten and Jibite, recognized for best practices in corporate governance [7][9] - The number of listed companies in Xiamen has surpassed 100, with 70 being domestic listed companies, representing about 40% of the provincial total [10]

Core Viewpoint - G-bits has shown a significant increase in stock price and financial performance, indicating strong growth potential in the gaming industry [1][2]. Group 1: Stock Performance - On January 12, G-bits' stock rose by 2.04%, reaching 476.75 CNY per share, with a trading volume of 479 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 34.346 billion CNY [1]. - Year-to-date, G-bits' stock price has increased by 12.48%, with a 9.12% rise over the last five trading days, 5.90% over the last 20 days, and 2.62% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, G-bits reported a revenue of 4.486 billion CNY, representing a year-on-year growth of 59.17%, and a net profit attributable to shareholders of 1.214 billion CNY, which is an increase of 84.66% compared to the previous year [2]. - Since its A-share listing, G-bits has distributed a total of 6.92 billion CNY in dividends, with 2.342 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, G-bits had 16,500 shareholders, a decrease of 8.04% from the previous period, with an average of 4,368 circulating shares per shareholder, which is an increase of 8.74% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 6.9038 million shares, a decrease of 70,000 shares from the previous period [3].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The new game cycle in January continues with several products like "Duck Duck Goose" and "Heart Town" launching successfully. The trend of Chinese games going overseas remains strong, with leading companies like Dd and others showing impressive performance. The industry is expected to see a series of new game launches, leading to continuous catalysts [2][4] - The gaming sector's product cycle in 2026 shows strong sustainability and performance certainty, indicating room for valuation improvement. It is recommended to continue focusing on investment opportunities in the gaming sector, with relevant companies including Giant Network, Kaiying Network, Perfect World, 37 Interactive, G-bits, Yaoji Technology, Shengtian Network, Tencent Holdings, and Xindong Company [2][4] Summary by Sections New Game Launches - The January new game cycle has seen successful launches, including "Duck Duck Goose," which has gained significant popularity, and "Heart Town," which topped the global free charts in over 50 regions during its pre-download phase [2][4] - The performance of these new games validates the importance of global expansion and social interaction as growth engines in the gaming industry, with a strategy of "evergreen games + globalization" becoming key for leading companies [10] Overseas Market Performance - The overseas gaming market continues to thrive, with Dd's "Whiteout Survival" achieving over $4 billion in global revenue by December 2025. Other games like "Tasty Travels: Merge Game" and "Truck Star" have also shown strong performance in the overseas market [10] Future Game Releases - Upcoming game releases include Tencent's "Counter-Strike: Future" on January 13, "Rock Kingdom: World" on March 26, and several others from various companies, indicating a busy launch schedule that may catalyze further industry growth [10]

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]

Group 1 - The core viewpoint of the news is that Jibite's stock has shown a positive trend in early January 2025, with a price increase of 2.06% to 456.00 CNY per share, and a total market capitalization of 32.851 billion CNY [1] - Jibite's stock price has increased by 7.59% since the beginning of the year, with a 7.50% rise in the last five trading days and a 3.05% increase over the last 20 days, although it has decreased by 9.06% over the past 60 days [2] - The company reported a significant revenue of 4.486 billion CNY for the period from January to September 2025, representing a year-on-year growth of 59.17%, and a net profit of 1.214 billion CNY, which is an increase of 84.66% year-on-year [2] Group 2 - Jibite has distributed a total of 6.920 billion CNY in dividends since its A-share listing, with 2.342 billion CNY distributed in the last three years [3] - As of September 30, 2025, Jibite's top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 6.9038 million shares, a decrease of 70,000 shares from the previous period [3] - The company is categorized under the media and gaming industry, specifically in the gaming sector, and is associated with concepts such as blind box, high dividend, and online education [2]

Core Viewpoint - The gaming sector in the A-share market has seen a significant rise, with an overall increase of over 60% in 2025, driven by favorable policies and market conditions [1] Group 1: Market Recovery and Growth - The number of approved domestic online games reached a historical high of 1,771 in 2025, a 25.07% increase from 1,416 in 2024 [2] - The recovery in game approvals is attributed to a combination of factors, including improved policies and social attitudes towards the gaming industry [4][5] - In April 2025, the government introduced three measures to support the gaming industry, including tax incentives and support for IPOs and mergers [6] - The approval process for game licenses has been optimized, reducing the time to under a year, with some approvals taking as little as three months [8] - Negative impacts from past regulations, such as restrictions on minors and license suspensions, are gradually dissipating [9] Group 2: Industry Investment and Revenue - Leading gaming companies have significantly increased their R&D expenditures, with Century Huatong, Giant Network, and G-bits spending 760 million, 340 million, and 280 million yuan respectively, all showing over 45% growth year-on-year [11] - The actual sales revenue of the domestic gaming market reached 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68% [13] - The user base grew by 1.35% to 683 million, marking a historical peak [16] - The gaming industry is experiencing a surge in user engagement and spending, with the overall revenue growth for the industry’s stocks showing increases of 22%, 22%, and 29% in the first three quarters of the year [23] Group 3: Evolving Game Genres and Trends - The gaming industry is witnessing a rapid evolution in game genres, with a notable rise in party games and FPS titles since 2022 [30][32] - The success of games like "Genshin Impact" has set a precedent for future game releases, indicating a trend towards innovative and hybrid game types [35] - WeChat mini-games have emerged as a significant growth area, with market revenue reaching 53.54 billion yuan in 2025, a 34.39% increase [39] - The monthly active users of WeChat mini-games reached 500 million, with daily online time increasing by 10% [40] Group 4: Future Outlook and Competitive Landscape - The gaming market is expected to continue expanding, driven by the rise of high-quality mobile games and the integration of AI in game development and operations [46][47] - Despite the positive outlook, competition within the gaming industry is intensifying, prompting companies to pursue mergers and global market expansion [50][51] - The most promising companies are those that can innovate gameplay and develop platform-based gaming experiences, which may lead to growth and valuation increases [55] - The darkest times for the gaming industry appear to be over, signaling a potential turning point for sustained growth [56]

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are entering a stage of mass production, with gaming as a significant application area expected to benefit continuously [1][2] - BCIs can enable individuals with motor disabilities to experience gaming through "brain-controlled" interfaces and assist in rehabilitation for neurological conditions [1][2] - The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, positioning China among the top international players [2] Group 2 - Game companies are actively investing in the BCI field, with 37 Interactive Entertainment investing in Strong Brain Technology, the first unicorn in China's BCI sector, and developing a game for autism assistance that integrates BCI technology [2] - Century Huatong has established a research center with Zhejiang University focusing on brain-computer integration and other emerging fields [2] - Tom Cat plans to collaborate with various research institutions in 2024 to advance BCI, brain function data analysis, and digital game therapy [2] Group 3 - AI is significantly empowering the gaming industry, enhancing multi-modal capabilities and innovative integration forms, which may open new industry spaces [3] - The integration of AI in gaming has led to a 40% reduction in character animation production cycles and a significant decrease in prototype validation time [3] - The exploration of AI and gaming integration is expected to provide players with novel experiences and further expand industry development opportunities [3] Group 4 - The upcoming gaming season is anticipated to drive revenue growth through the launch of new games and updates to existing titles [4] - Notable upcoming events include anniversary celebrations and collaborations with popular IPs, which are expected to attract player engagement [4] - Investment opportunities in the gaming sector are highlighted, with a focus on companies like Giant Network, Xindong Company, and others benefiting from the seasonal demand [4]

Summary of China Online Gaming Industry Journal (Dec 2025 Edition) Industry Overview - The report focuses on the **China Online Gaming Industry**, highlighting key insights from various companies and market trends in the sector [1][2]. Key Companies Mentioned - **Century Huatong** - **37 Interactive Entertainment** - **Perfect World** - **Kingnet** - **G-Bits** - **Giant Network** Core Insights and Arguments 1. **Market Performance**: The A-share gaming sector experienced a rally in early January, indicating a positive sentiment towards the industry. The focus is on the monetization potential of the upcoming game cycle and performance during the Chinese New Year promotion [1]. 2. **Earnings Visibility**: There is an emphasis on strengthening shareholder returns to boost market confidence in earnings visibility as the sector approaches 2026 [1]. 3. **Constructive Outlook**: The report maintains a positive outlook on the China online gaming sector, citing quality earnings growth, accelerating overseas expansion, and increased exposure to AI gaming [1]. 4. **Company Rankings**: The new A-share gaming pecking order is established as follows: Century Huatong > Kingnet > Giant Network > 37 > G-Bits > Perfect World [1]. Financial Highlights - **Global Mobile Game Revenues**: According to AppMagic, global mobile game grossing remained stable with a **0.5% year-over-year increase**, while downloads rose by **4.6% year-over-year**. Notably, 12 of the top 30 most profitable mobile games globally were developed by Chinese studios [2]. - **Top Performers**: Among the top 30 mobile games, **Whiteout Survival** from Century Games was highlighted as the fastest-growing mobile game globally, achieving **50% year-over-year grossing growth** [2]. Company-Specific Updates 1. **Century Huatong**: Released the domestic version of **High Seas Hero** on WeChat mini game and is testing multiple new strategy games in domestic and overseas markets [3]. 2. **37 Interactive Entertainment**: The mini game **Survival in 33 Days** achieved significant traction, reaching the 2 position in WeChat mini game grossing in December 2025 [4]. 3. **Perfect World**: Announced the third round of closed beta testing for **Neverness to Everness**, available on multiple platforms [5]. 4. **Kingnet**: Launched a new MMORPG titled **Divine** in South Korea, featuring unique gameplay mechanics [6]. Additional Insights - The report suggests that the recent performance of 37 Interactive Entertainment supports its potential for re-rating as a sector laggard following the removal of regulatory overhang [4]. - The focus on AI gaming exposure indicates a trend towards integrating advanced technologies in game development, which could enhance user engagement and monetization strategies [1]. Conclusion The China Online Gaming Industry is poised for growth, driven by strong earnings potential, innovative game releases, and a favorable market environment as it heads into 2026. The emphasis on shareholder returns and AI integration reflects a strategic approach to enhance competitiveness in the global gaming landscape [1][2].

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened with a slight decline of 0.15%, priced at 1.376 yuan, while its constituent stocks showed mixed performance on January 7 [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) has a performance benchmark based on the China Securities Intelligent Selection 1000 Growth Innovation Strategy Index [1] - Since its inception on March 8, 2022, the fund has achieved a return of 37.50%, with a one-month return of 8.71% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Jucheng Co. saw a significant increase of 13.14%, while other stocks like Gylon Electronics and SourceJet Technology also experienced slight gains of 0.22% and 2.94% respectively [1] - Conversely, stocks such as Gigabit and Lexin Technology faced declines of 0.60% and 0.49% respectively, indicating a mixed performance across the ETF's holdings [1]