Core Viewpoint - Guangzhou Qingyou Network Technology Co., Ltd. has been established, focusing on digital cultural creative software development, animation and game development, and professional design services, with full ownership by 37 Interactive Entertainment [1] Company Summary - The legal representative of Guangzhou Qingyou Network Technology Co., Ltd. is Li He [1] - The company is indirectly wholly owned by 37 Interactive Entertainment (stock code: 002555) [1]

Core Viewpoint - The gaming sector experienced a significant decline, with a drop of 3.79% on October 10, 2023, led by Kaiying Network, while the Shanghai Composite Index fell by 0.94% and the Shenzhen Component Index decreased by 2.7% [1]. Group 1: Market Performance - The gaming sector's stocks showed mixed performance, with notable gainers such as Mingchen Health, which rose by 9.98%, and ST Dazheng, which increased by 4.93% [1]. - The overall trading volume in the gaming sector was substantial, with Mingchen Health achieving a transaction amount of 280 million yuan and ST Dazheng reaching 157 million yuan [1]. - The main funds in the gaming sector saw a net outflow of 2.347 billion yuan, while retail investors contributed a net inflow of 1.712 billion yuan [2][3]. Group 2: Individual Stock Analysis - Mingchen Health had a net inflow of 73.32 million yuan from main funds, representing 26.23% of its trading volume, while it faced a net outflow from retail investors [3]. - ST Dazheng experienced a net outflow of 2.41 million yuan from main funds but had a net inflow of 3.34 million yuan from speculative funds [3]. - Other stocks like ST Huadao and Perfect World also faced declines, with ST Huadao dropping by 3.83% and Perfect World decreasing by 3.62% [2]. Group 3: ETF Performance - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index saw a net outflow of 410 million yuan, with a recent increase in shares by 110 million [5]. - The food and beverage ETF (product code: 515170) reported a slight decrease of 0.34% over the past five days, with a net outflow of 20.12 million yuan [5]. - The semiconductor ETF (product code: 588170) showed a positive trend with a 5.26% increase and a net inflow of 38.46 million yuan [6].

Core Insights - The company Sanqi Interactive Entertainment experienced a slight decline of 0.14% in stock price on September 30, with a trading volume of 1.2 billion yuan [1] - As of June 30, the company reported a revenue of 8.486 billion yuan for the first half of 2025, representing a year-on-year decrease of 8.08%, while net profit attributable to shareholders increased by 10.72% to 1.4 billion yuan [2] Financing and Trading Activity - On September 30, Sanqi Interactive had a net financing outflow of approximately 53.75 million yuan, with a total financing balance of 21.29 billion yuan, accounting for 4.43% of its market capitalization [1] - The company’s financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The short selling activity on the same day was minimal, with only 100 shares sold and a short selling balance of 59.27 million yuan, which is below the 30th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, the number of shareholders decreased by 16.31% to 150,500, while the average number of circulating shares per shareholder increased by 19.50% to 10,622 shares [2] - Since its A-share listing, the company has distributed a total of 11.038 billion yuan in dividends, with 5.926 billion yuan distributed over the past three years [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 133 million shares, an increase of 6.2129 million shares from the previous period [2]

Core Insights - The 2025 Guangzhou Animation and Game Festival (AGF×CICF) successfully attracted over 450,000 attendees and featured more than 1,000 top brands and 7,000 IP-related products from October 2 to 5 [1] - Guangdong's six major "policy packages" aimed at promoting high-quality development in the cultural industry have received positive feedback from industry leaders, indicating a strong potential for the two-dimensional economy, particularly in gaming and animation, to become a new growth engine for the Guangdong-Hong Kong-Macao Greater Bay Area [3][17] Policy Support - The "policy packages" include 87 specific measures across six sectors, including film, performing arts, animation, online games, e-sports, and online audio-visual content, providing substantial support for the cultural industry [3][19] - Local governments are also introducing complementary policies to support high-quality development in the cultural industry, such as Guangzhou's Huangpu District offering up to 20 million yuan in subsidies for qualifying units [28][30] Industry Events - Multiple animation and gaming exhibitions were held during the National Day holiday, serving as platforms for companies to showcase their latest products and stimulate the holiday economy [6][12] - The AGF and CICF featured over 100 unique events, including the 22nd Golden Dragon Awards and various gaming competitions, with an exhibition area of 82,000 square meters [8][52] Economic Impact - The events not only provide immersive experiences for the Z generation but also effectively stimulate the holiday economy and cultural tourism resources [6][10] - The integration of various cultural elements, such as traditional culture and modern gaming, is seen as a way to enhance consumer engagement and drive economic growth [25][42] Industry Collaboration - Experts emphasize the importance of establishing a unified talent qualification recognition system and a collaborative development fund for the animation and gaming industries across the Greater Bay Area [38][40] - The need for cross-industry collaboration is highlighted, with suggestions to integrate high-quality IP into local theme parks and cultural sites to enhance the cultural tourism experience [40][42] International Expansion - The "policy packages" and local measures are designed to encourage cultural products and enterprises to expand internationally, with a focus on leveraging the Greater Bay Area's advantages for global outreach [46][50] - Successful examples of international expansion include the game "Ningchao," which topped the App Store charts in multiple countries and regions shortly after its release [48]

Core Insights - The 2025 AGF Asia Game Expo and China International Comic Festival successfully attracted over 450,000 participants, showcasing the latest achievements in the gaming industry and providing an engaging experience for attendees [1] Group 1: Event Overview - The event featured over 1,000 quality IPs and more than 7,000 cultural and creative products, creating a unique scene that covers gaming experiences, cultural displays, and peripheral consumption [2] - Major gaming companies such as Tencent, NetEase, and 37 Interactive Entertainment showcased their diverse content, enriching the exhibition and highlighting the collaborative development of the Guangdong gaming industry [2] Group 2: Gaming Experience and Interaction - Guangdong's mini-game industry is thriving, with over 77,000 games registered in 2024, accounting for 65% of the national total, and an expected revenue growth of 40%-50% this year [3] - Tencent presented several popular mini-games, allowing players to experience instant play, demonstrating Guangdong's innovative capabilities in mini-game development [3] - The event included a game pod area that attracted over 30 small and independent game developers, showcasing more than 40 high-quality original games, emphasizing deep interaction as a key feature of the expo [3] Group 3: Cultural Integration - The expo explored the "game + culture" crossover, with companies using IP empowerment and cultural elements to transform games into new cultural communication vehicles [4] - The display by Yishijie incorporated traditional aesthetics, creating an immersive environment that resonated with players and highlighted the fusion of cultural craftsmanship and gaming IP [4] Group 4: International Collaboration - International gaming companies like Ubisoft and Supercell made their debut at the expo, facilitating communication between domestic and foreign industries [5] - The event showcased successful international games, providing insights into operational experiences and establishing a platform for understanding the Chinese gaming market [6] Group 5: Regional Development - The Hong Kong Animation and Game Pavilion made its debut, featuring 28 companies and promoting cross-city collaboration and resource sharing within the Greater Bay Area [7] - The AGF is evolving from a single offline exhibition to a dual-track model that integrates online and offline experiences, reflecting the effectiveness of Guangdong's gaming policies and the industry's global expansion [7] - The "Golden Diamond Ceremony" highlighted innovative works with market potential, enhancing the image and reputation of Guangdong's gaming brands [7]

Core Viewpoint - The article discusses the unprecedented "systemic opportunities" for overseas elites returning to China for entrepreneurship, driven by changes in global talent mobility and advancements in hard technology, AI, and computing chips [2] Group 1: Trends in Overseas Talent Returning to China - There is a notable shift from overseas talent seeking employment to entrepreneurship, particularly accelerated by the trade war and the introduction of the Sci-Tech Innovation Board [6] - The willingness of talent with experience in major overseas companies to return to China has significantly increased due to a mature entrepreneurial environment and government support [7] - The return of top-tier hard technology talent is being driven by dual factors of policy guidance and domestic demand for local alternatives [7] Group 2: Characteristics of New Entrepreneurs - Recent entrepreneurs are more diverse, appearing across various fields such as consumption, AI, and media, compared to earlier trends focused primarily on hard technology [8] - The age demographic of returning talent has shifted towards younger individuals, with many aged 35 to 45 choosing to develop their careers in China [8] - The entrepreneurial landscape is characterized by a blend of "returning" and "going out" talent, indicating a more complex talent flow [8] Group 3: Investment Insights - Investors emphasize the importance of the entrepreneur's spirit over technology, indicating that many tech-driven projects fail due to a lack of entrepreneurial mindset [9] - Key evaluation criteria for projects include the authenticity of market demand, team capabilities, and the establishment of competitive barriers [10] - The entrepreneurial threshold has evolved from single-factor requirements to multidimensional capabilities, necessitating a combination of local and global perspectives [10] Group 4: Support Mechanisms for Entrepreneurs - Investment institutions are focusing on providing "nanny-like" services to help overseas talent integrate quickly and focus on their core business [12] - Support includes connecting entrepreneurs with resources, assisting in team building, and navigating local policies [13] - Continuous capital support and ecosystem integration are crucial for long-term success, with an emphasis on matching talent to key roles within startups [13][14]

（原标题：三七互娱：广东游戏产业生态优势显著，领跑全国市场） 10月2日至5日，AGF亚洲游戏博览会在广州保利世贸博览馆盛大启幕，同期举办CICF中国国际漫画节动漫游戏展。 腾讯游戏xSupercell、网易游戏、盛趣游戏、三七互娱、西山居等游戏企业集体参展，带来众多现象级游戏IP。三七互娱集团董事、高级副总裁程 琳在接受采访时表示，广东地区有非常好的游戏生态，有大量的游戏厂商，例如腾讯游戏、网易游戏、三七互娱等龙头企业。"广东有很多明星的 游戏品牌，可以说是中国游戏市场的代表。" ...

Core Insights - The AGF Asia Game Expo took place from October 2 to 5 at the Poly World Trade Center in Guangzhou, alongside the CICF China International Comic Festival [2] - Major gaming companies such as Tencent Games, NetEase Games, Shengqu Games, 37 Interactive Entertainment, and Xishanju participated, showcasing numerous popular game IPs [2] - Cheng Lin, Vice President of 37 Interactive Entertainment, highlighted Guangdong's strong gaming ecosystem, noting the presence of many leading game companies [2] - Guangdong is recognized as a representative of the Chinese gaming market due to its numerous star game brands [2]

Group 1: Cultural and Tourism Activities - The cultural and tourism market in the province is operating smoothly and safely during the National Day and Mid-Autumn Festival holiday, with a total of 4.615 million visitors to 4A-level and above scenic spots on October 2, representing a year-on-year increase of 4.2% [1] - Key monitored areas, including ancient post roads, red tourism sites, rural tourism points, and public cultural institutions, received a total of 61.6 million, 35.9 million, 40.7 million, and 34.1 million visitors respectively, with year-on-year growth rates of 3.2%, 2.4%, 3.1%, and 1.4% [1] Group 2: Events and Exhibitions - The AGF Asia Game Fair and China International Comic Festival (CICF) opened in Guangzhou, attracting over 100,000 visitors on the first day, with an exhibition area of 82,000 square meters and participation from over 1,000 companies [2] - The event is expected to draw more than 400,000 visitors by its conclusion on October 5, showcasing over 7,000 IP-related products and featuring numerous industry leaders [2] Group 3: Thematic Activities and Community Engagement - The upcoming 15th National Games has inspired various cultural tourism activities across Guangdong, including themed exhibitions and sports events, enhancing public engagement with the games [4] - Events such as the "Marine Animal National Games" at the Guangzhou Oceanarium creatively combine sports elements with marine performances to promote the National Games theme [4][6] Group 4: Cultural Performances and Local Festivals - Various cultural performances and festivals are being held, such as the Guangdong-Liannan 11th Yao Rice Terrace Fish Culture Season, which attracted over 10,000 participants [7] - The "Hua Xia Folk Culture Week" and "Chao Shan Folk Culture Expo" in Shantou have also seen significant attendance, showcasing local cultural heritage and boosting tourism [6][7]

Core Insights - The AGF Asia Game Fair in Guangzhou is a significant cultural event, featuring over 80,000 square meters of exhibition space, hundreds of activities, and nearly a thousand top brands, with an expected participation of over 800,000 players [1] - The event showcases the vitality and attractiveness of the Guangdong gaming industry, supported by local government policies aimed at promoting the development of quality games [1][8] - Major gaming companies, including Tencent, NetEase, and 37 Interactive Entertainment, participated, presenting numerous popular IPs and engaging players with innovative experiences [1][3] Industry Trends - The event reflects a growing trend of integrating traditional culture with digital gaming, as seen in the interactive experiences that educate players about cultural heritage [4][5] - The "谷子经济" (Guziko Economy) is emerging as a strong segment within the secondary economy, with projections indicating a market size of 168.9 billion yuan in 2024, representing a 41% year-on-year growth [7] - Cross-industry collaborations are on the rise, with brands like Luckin Coffee and Merinda launching themed pop-up stores and co-branded products, enhancing the fusion of gaming, anime, and consumer experiences [7] Company Strategies - Companies are leveraging government policies to enhance game development, focusing on AI and digital innovation to improve content quality and operational efficiency [8] - 37 Interactive Entertainment is emphasizing the creation of immersive experiences that blend entertainment with cultural education, as demonstrated by their interactive exhibits [4][8] - Kuro Game is committed to developing high-quality games and expanding its IP through online and offline channels, aiming to create a positive cycle of consumption that drives both gaming and cultural tourism [9]