Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the gaming sector with expectations of outperforming the benchmark index [4]. Core Insights - In June 2025, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, showing a significant increase compared to the same period in 2024, which is expected to boost market confidence in the gaming industry [4]. - Key games approved include titles from major companies such as Tencent, NetEase, and Giant Network, which are anticipated to contribute positively to their financial performance [4]. - The report highlights the strong performance of several companies, including Tencent's long-standing games, Giant Network's new releases, and the proactive measures taken by companies like Kaiying Network in AI gaming [4]. Company Summaries - **Kaiying Network**: Market cap of 37.5 billion, with a 2025 EPS forecast of 0.98 and a strong recommendation rating [2]. - **Giant Network**: Market cap of 41.4 billion, with a 2025 EPS forecast of 0.84 and a strong recommendation rating [2]. - **Yaoji Technology**: Market cap of 11.2 billion, with a 2025 EPS forecast of 1.79 and a strong recommendation rating [2]. - **Shenzhou Taiyue**: Market cap of 22.1 billion, with a 2025 EPS forecast of 0.65 and a strong recommendation rating [2]. - **G-bits**: Market cap of 19.8 billion, with a 2025 EPS forecast of 14.80 and a strong recommendation rating [2]. Industry Scale - The gaming industry consists of 161 listed companies, with a total market capitalization of 1,740.9 billion and a circulating market capitalization of 1,580.9 billion [2]. Industry Index Performance - The absolute performance of the industry over the last 12 months is 42.6%, indicating strong growth [3]. - Relative performance metrics show positive trends, with expectations of continued growth in the coming months [3]. Related Reports - The report references several related analyses that discuss ongoing trends and performance in the gaming sector, highlighting the continuous improvement in revenue and the emergence of new gaming titles [3].

| 25 | | 金蝶国际 | 70.04 | 3 4 | | --- | --- | --- | --- | --- | | 26 | | 金山软件 | 69.79 | 1 1 | | 27 | | 巨人网络 | 63.42 | 4 1 | | 28 | | 好未来 | 62.83 | 2 t | | 29 | | 用友网络 | 62.01 | | | 30 | | 万国数据 | 60.82 | 2 1 | | 31 | | 同程旅行 | 58.84 | 3 t | | 32 | | 恺英网络 | 58.75 | 14 | | 33 | | 奇富科技 | 57.81 | 3 t | | 34 | KUNLUN | 昆仑万维 | 57.52 | 14 | | 35 | Harri | 润和软件 | 55.52 | 11 2 1 | | 36 | | 三七互娱 | 54.48 | 2 t | | 37 | | 中国软件 | 54.14 | 2 1 | | 38 | | 深信服 | 53.84 | 2 1 | | 39 | | 拓维信息 | 53.17 | 2 ↑ | | 40 | | 柏楚电子 | 52.26 ...

Group 1: Market Performance - On June 30, the gaming sector saw significant gains, leading the A-share market, with Xunyou Technology rising over 13%, and Kyeing Network, Gigabit, and Giant Network hitting the daily limit with a 10% increase [1][2] - Other companies such as Ice Glacier Network, 37 Interactive Entertainment, Star Shine Entertainment, and Perfect World also experienced gains exceeding 5% [1] Group 2: Industry Data - According to Gamma Data's report, the Chinese gaming market reached a scale of 28.051 billion yuan in May, marking a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [4] - The client game market in China was valued at 5.819 billion yuan, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [4] - The actual sales revenue of domestically developed games in overseas markets was $1.577 billion, reflecting a year-on-year increase of 6.93% and a month-on-month increase of 1.50% [4] Group 3: Regulatory Environment - The National Press and Publication Administration approved 158 new games in June, including 147 domestic and 11 imported games, setting a record for the highest number of new approvals in a single month this year [4] - As of now, a total of 812 game licenses have been issued in 2025, with domestic online game licenses consistently exceeding 110 per month [4] Group 4: Policy Support - Various local policies continue to support the international expansion of gaming companies, with Zhejiang Province's recent measures aimed at fostering the overseas gaming market [4] - Beijing's support measures for the gaming and esports industry include 11 specific initiatives to promote high-quality development, offering up to 30 million yuan in rewards for companies enhancing R&D efficiency through technological upgrades [5] - Guangzhou's Nansha District has also introduced support measures for the gaming and micro-drama industries [5]

Group 1 - The core viewpoint emphasizes the importance of creating a fertility-friendly society, with increasing participation from companies in encouraging childbirth [1][2] - Jilin Province has implemented a cost subsidy system for maternity leave, providing 2,000 yuan per female employee who takes 180 days of maternity leave, effective from January 1, 2025 [1] - Other regions, such as Sichuan, are also developing mechanisms to share the costs of maternity leave, indicating a broader trend across China [1] Group 2 - Companies like Sanqi Interactive Entertainment have launched initiatives such as the "New Generation Plan," allocating over 10 million yuan to provide maternity benefits to eligible employees [2] - Jinpai Company has revised its employee welfare policy to offer one-time bonuses for families having a second or third child, reflecting a growing trend among companies to support employee fertility [2] - More than ten well-known companies have introduced measures to encourage employee childbirth since 2021, focusing on cash subsidies and extended maternity leave [3]

Group 1 - The China Securities Media Index (399971) has seen a strong increase of 2.34%, with notable gains from stocks such as Kyeing Network (002517) up 10.03%, Giant Network (002558) up 9.39%, and G-bits (603444) up 6.19% [1] - The Media ETF (159805) rose by 2.48%, with the latest price reported at 1.2 yuan [1] - In May, the total revenue of the Chinese gaming market reached 28.051 billion yuan, indicating a clear positive trend in the industry fundamentals [1] Group 2 - The China Securities Media Index tracks 50 large-cap listed companies from sectors including marketing and advertising, cultural entertainment, and digital media [2] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 48.11% of the total index, with companies like Focus Media (002027) and Giant Network (002558) among the leaders [2]

A股游戏股盘中震荡走高，恺英网络封涨停，巨人网络、迅游科技、冰川网络、三七互娱、吉比特均涨 逾4%。 ...

Core Insights - The report emphasizes a focus on the technology sector for investment opportunities, particularly in growth stocks, as the market index has shown upward momentum [2][6]. - The report outlines a selection of ten key stocks, highlighting their respective industries, market capitalizations, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2026 and 2027 [2][68]. Group 1: Key Stock Recommendations - **Neway Valve (603699.SH)**: A leading global industrial valve manufacturer, benefiting from a surge in LNG and marine engineering sectors, with expected overseas order growth of over 50% year-on-year in the first half of 2025 [11][12]. - **Yongxing Environmental (601033.SH)**: The sole operator of waste incineration in Guangzhou, with a projected capacity utilization rate of 79% and a commitment to high dividends, expecting a 174% increase in free cash flow in 2024 [17][18]. - **Aerospace Electronics (600879.SH)**: Focused on aerospace electronics and unmanned systems, with anticipated high growth driven by the commercial space industry and demand for satellite communication technologies [26][27]. - **Miaokelando (600882.SH)**: Positioned for long-term growth in the dairy sector, with a focus on product innovation and cost management, expecting significant revenue growth in the upcoming quarters [31][32]. - **Laopu Gold (6181.HK)**: A high-end gold jewelry brand with strong revenue growth, projected to achieve 8.51 billion yuan in revenue in 2024, benefiting from the expanding market for traditional gold products [36][38]. - **Jingzhida (688627.SH)**: Engaged in the semiconductor testing equipment sector, with significant market potential and expected strong performance due to key customer orders [42][43]. - **Shensanda A (000032.SZ)**: Positioned to benefit from the increasing demand for AI infrastructure and applications, with a strong foothold in public data services [47][48]. - **Sanqi Interactive (002555.SZ)**: Anticipating strong performance from new game releases, particularly the upcoming "Douluo Dalu: Hunting Soul World," with high player interest [53][56]. - **CATL (300750.SZ)**: Expected to maintain strong profit growth, with projected net profits of 66.1 billion yuan in 2025, driven by increasing demand for electric vehicle batteries [59][60]. - **Borui Pharmaceutical (688166.SH)**: Forecasted to achieve net profits of 2.6 billion yuan in 2025, with significant potential in the Amylin pipeline, which has attracted substantial investment interest [63][64]. Group 2: Financial Data Overview - The report provides detailed financial forecasts for the ten key stocks, including projected revenues and net profits for 2025 to 2027, highlighting the growth potential across various sectors [68]. - For instance, Neway Valve is expected to generate 74.53 billion yuan in revenue in 2025, with a net profit of 14.49 billion yuan, reflecting strong operational performance [68]. - CATL's projected revenue for 2025 is 472.43 billion yuan, with a net profit forecast of 66.13 billion yuan, indicating robust growth in the electric vehicle battery market [68].

三七互娱网络科技集团股份有限公司 独立董事制度 第一章 总则 第一条 为进一步完善三七互娱网络科技集团股份有限公司（以下简称"公司"）治理结构， 促进公司规范运作，更好地保障全体股东特别是中小股东权益不受损害，维护公司整体利益，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董事管理办法》（以下 简称"《管理办法》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》（以下简称"《规范运作》"）等法律、法规及《三七互娱网络科技集团股份有限公司章程》 （以下简称"《公司章程》"）的规定，制定本制度。 1 第四条 公司独立董事占董事会成员的比例不得低于三分之一，且至少包括一名会计专业人士。 以会计专业人士身份被提名为独立董事候选人的，应具备丰富的会计专业知识和经验，并至少 符合下列条件之一： （一）具备注册会计师资格； （二）具有会计、审计或者财务管理专业的高级职称、副教授或以上职称或者博士学位； （三）具有经济管理方面高级职称，且在会计、审计或者财务管理等专业岗位有 5 年以上全职 工作经验。 第五条 公司董事会下设审计委员会、薪酬与考核委员会、提名委员会、战略 ...

（2025年6月修订） 三七互娱网络科技集团股份有限公司 章 程 | 第一章 | 总则 | | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | | 第三章 | 股份 | | | 第一节 | | 股份发行 | | 第二节 | | 股份增减和回购 | | 第三节 | | 股份转让 | | 第四章 | | 股东和股东会 | | 第一节 | | 股东的一般规定 | | 第二节 | | 控股股东和实际控制人 | | 第三节 | | 股东会的一般规定 | | 第四节 | | 股东会的召集 | | 第五节 | | 股东会的提案与通知 | | 第六节 | | 股东会的召开 | | 第七节 | | 股东会的表决和决议 | | 第五章 | | 董事和董事会 | | 第一节 | | 董事的一般规定 | | 第二节 | | 董事会 | | 第三节 | | 独立董事 | | 第四节 | | 董事会专门委员会 | | 第六章 | | 高级管理人员 | | 第七章 | | 财务会计制度、利润分配和审计 | | 第一节 | | 财务会计制度 | | 第二节 | | 内部审计 | | 第三节 | | 会计师事务 ...

总经理工作细则 三七互娱网络科技集团股份有限公司 第一条 为进一步完善三七互娱网络科技集团股份有限公司（以下简称 "公司"）的法人治理结构，规范公司总经理的工作权限和程序，现根据《中 华人民共和国公司法》和《三七互娱网络科技集团股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，制定本工作细则。 第二章 总经理的任职资格和任免程序 第二条 总经理任职应当具备下列条件： （一）具有丰富的管理知识及实践经验，具有较强的经营管理能力； （二）具有调动员工积极性、建立合理的组织机构、协调各种内外关系和 统揽全局的能力； （三）具有一定年限的企业管理或经济工作经历，精通本行，熟悉多种行 业的生产经营业务和掌握国家政策、法律、法规； 第一章 总则 （四）诚信勤勉、廉洁奉公、民主公道； （五）有较强的使命感和积极开拓的进取精神。 第三条 有下列情形之一的，不得担任公司总经理： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩 序，被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾五年，被宣告缓 刑的，自缓刑考验期满之日起未逾二年； （三）担任破产清算的公司 ...