Group 1 - The stock price of Sanqi Interactive Entertainment is 17.18 yuan, up 1.72% from the previous trading day, with a trading volume of 855,023 hands and a transaction amount of 1.474 billion yuan [1] - Sanqi Interactive Entertainment operates in the gaming industry, focusing on interactive entertainment, including mobile and web game development, publishing, and operations, while also expanding into film, animation, music, and VR/AR [1] - The company has disclosed that it has over 20 key game products in reserve, covering various genres such as MMORPG, SLG, card games, and simulation management, including titles like "Time Grocery Store," "Time Big Bang," and "Heroes Have No Flash" [1] Group 2 - The company has cumulatively distributed cash dividends of 5.778 billion yuan over the past three fiscal years and has repurchased shares totaling over 700 million yuan in the last three buybacks [1] - In January 2025, the company completed the cancellation of approximately 100 million yuan worth of repurchased shares [1] - The company's 2025 semi-annual report is expected to be disclosed on August 26 [1]

Core Viewpoint - The company is actively expanding its self-research capabilities and diversifying its product offerings with a global perspective, while also forming deep partnerships with quality developers to enhance its product supply chain [1] Group 1: Product Development - The company is continuously expanding its self-research capabilities and exploring various product categories [1] - It has developed multiple high-quality self-researched products, indicating a strong focus on quality [1] - The company aims to provide the best gaming quality and product experience for players [1] Group 2: Strategic Partnerships - The company is forming deep partnerships with several quality developers through investment and business support [1] - This strategy has led to a rich external research reserve, enhancing the company's product offerings [1] - The company has successfully launched several quality products such as "Time Grocery Store," "Time Explosion," and "Heroes Without Flash" through its agency [1] Group 3: Business Growth - The company is building a robust product supply chain that continuously enriches its quality product offerings [1] - This solid supply system is driving the company's steady business development [1]

（编辑 王雪儿） 证券日报网讯 三七互娱8月5日在互动平台回答投资者提问时表示，公司一直以来高度重视投资者的利 益，积极进行现金分红和回购公司股份。公司近年来股东回报持续提升，近三个会计年度累计现金分红 金额达57.78亿元，近三次回购总金额超过7亿元，并于2025年1月完成了约1亿元的回购股份注销手续。 未来公司将持续注重提升投资者回报，后续如有回购、分红相关计划，将严格按照相关法律法规规定及 时履行信息披露义务。 ...

（编辑 王雪儿） 证券日报网讯 三七互娱8月5日在互动平台回答投资者提问时表示，公司已在《2024年年度报告》披露 储备产品情况，公司聚焦MMORPG、SLG、卡牌、模拟经营等赛道已储备超过二十款重点产品，后续 会在半年度报告等定期报告中更新相关信息。公司目前已预约的2025年半年报披露日为2025年8月26 日，公司将依据深交所的相关规定披露定期报告相关公告。公司持续关注市场动态和玩家需求，在保证 产品质量的前提下，合理规划每款产品上线节奏，积极推进储备产品上线。关于产品信息可关注公司于 指定信息披露媒体刊登的公告及官方新闻进行了解。公司对未来充满信心，会继续提升竞争力，提升经 营质量，提高市场对企业内在价值的认可，提振投资者信心。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][45]. Core Viewpoints - In Q2 2025, the SW Media Industry Index rose by 8.56%, with significant improvement in fund activity and a fluctuating increase in valuation (PE-TTM), outperforming the average level of the past seven years [2][13][15]. - The fund's heavy allocation in the media industry remains low but has shown signs of recovery, with the gaming and advertising sectors receiving market attention and maintaining an overweight position [3][4]. Summary by Sections 1. Fund Activity and Valuation - The SW Media Industry Index closed at 726.87 points on June 30, 2025, up from 669.54 points at the beginning of the quarter, indicating an 8.56% increase [13]. - The average daily trading volume during Q2 2025 was 669.28 billion yuan, an increase of 88.44 billion yuan from the previous quarter and 413.17 billion yuan year-on-year [13]. - As of July 29, 2025, the PE-TTM for the SW Media Industry was 28.82 times, a 10.86% increase compared to the average over the past seven years [15]. 2. Fund Heavy Allocation Recovery - The allocation ratio for the SW Media Industry in Q2 2025 was 1.76%, with a fund heavy allocation ratio of 1.40%, indicating a low allocation but a recovery from the previous quarter [17]. - The low allocation ratio decreased to 0.36%, showing improvement compared to the previous quarter [20]. 3. Concentration of Fund Holdings - The top 10 heavy allocation stocks accounted for 85.34% of the total heavy allocation market value in the SW Media Industry, indicating a significant concentration of holdings [39]. - The gaming sector dominated the top ten heavy allocation stocks, with seven out of ten being gaming companies [23]. 4. Investment Recommendations - The report suggests focusing on leading companies in the gaming and advertising sectors, particularly those with rich game license reserves and AI application layouts [42].

Core Viewpoint - The company has a strong pipeline of over twenty key products in various gaming genres and is focused on enhancing profit growth and valuation through strategic product launches [1] Group 1: Product Pipeline - The company has disclosed in its 2024 annual report that it has over twenty key products in development, focusing on MMORPG, SLG, card games, and simulation management genres [1] - The company plans to update information on product launches in its semi-annual reports, with the next report scheduled for August 26, 2025 [1] Group 2: Market Strategy - The company is committed to monitoring market trends and player demands while ensuring product quality [1] - The company aims to rationally plan the launch schedule for each product and actively promote the release of its reserve products [1] Group 3: Future Outlook - The company expresses confidence in its future, focusing on enhancing competitiveness and operational quality to improve market recognition of its intrinsic value [1] - The company aims to boost investor confidence through its strategic initiatives [1]

Core Viewpoint - The company is focusing on expanding its self-developed capabilities while also forming partnerships with quality developers to enhance its product offerings and maintain a stable supply chain for games [1] Group 1: Product Strategy - The company is actively expanding its self-developed product range with a global perspective, having multiple high-quality self-developed games in the pipeline [1] - The company is also engaging in investment and business support to deeply collaborate with several quality developers, creating a rich external development reserve [1] - The company aims to diversify its product layout to provide the best gaming quality and experience for players [1] Group 2: Product Supply Chain - The company has established a robust product supply chain that continuously enriches its quality product offerings, contributing to stable business growth [1] - Examples of quality products that the company is involved in include "Time Grocery Store," "Time Explosion," and "Heroes Have No Flash," which are all agency-distributed titles [1]

Core Insights - The mobile gaming market is experiencing intensified competition, particularly during the summer season, which is critical for assessing product strength. Despite a global month-on-month revenue growth of over 4%, there is a significant disparity in revenue growth between domestic and overseas markets. Many companies are increasingly focusing on overseas markets, investing more resources and efforts into new game launches abroad [1] Domestic Market Summary - In July, 10 new games were launched in the domestic market, with overall revenue surpassing $10 million. The top performer was "斗罗大陆:猎魂世界," which generated over $582,000 in its first month and topped the App Store free game chart on launch day [6][8] - "银与绯," a gothic fantasy RPG, achieved an estimated revenue of over $264,000 in its first month, marking it as one of the standout products in the recent two-dimensional game category [2][4] - Other notable games include "指间山海" and "飞长:重逢," which met revenue expectations, although they lacked significant innovation in gameplay [4][9] - The revenue data for July indicates a continued trend of revenue growth for new domestic games, with several titles achieving over $1 million in revenue [6][29] Overseas Market Summary - In July, 19 new games were launched in the overseas market, doubling the number from the previous month. The revenue from these games also showed significant growth, with several titles achieving impressive results [16][21] - "MARVEL Mystic Mayhem," developed by NetEase, capitalized on the popularity of the Marvel franchise, generating substantial revenue due to the release of new characters [18] - "Persona5: The Phantom X," published by SEGA, demonstrated the power of established IPs, earning over $19.5 million in its first month, primarily from T1 regions like the US and Japan [20] - "杖剑传说:坎斯丁之约" achieved over $12.16 million in revenue in its first month, showcasing strong performance in both domestic and overseas markets [23][25] - The trend of leveraging popular cultural symbols, such as the "American 山海经," continues to drive downloads and revenue for various products in the overseas market [21][33]

Core Viewpoint - The artificial intelligence (AI) sector is experiencing positive momentum, with significant growth in the AI ETF and its underlying index, reflecting strong performance among key companies in the industry [1][4]. Group 1: Market Performance - As of August 5, 2025, the CSI Artificial Intelligence Industry Index (931071) increased by 0.62%, with notable gains from companies such as Zhongke Xingtou (688568) up 4.70% and Ecovacs (603486) up 3.41% [1]. - The AI ETF (515980) saw a 0.43% increase, with a trading volume of 41.81 million yuan and a turnover rate of 1.26% [3]. Group 2: ETF Metrics - The AI ETF's latest scale reached 3.29 billion yuan, with a one-year net value increase of 59.57%, ranking 236 out of 2948 index equity funds, placing it in the top 8.01% [3]. - The ETF has a management fee of 0.50% and a custody fee of 0.10%, with a tracking error of 0.018% year-to-date [3]. Group 3: Index Composition - The CSI Artificial Intelligence Industry Index comprises 50 representative listed companies, with the top ten stocks accounting for 61.26% of the index [4][6]. - Key companies in the index include Xinyi Sheng (300502), Cambricon (688256), and iFlytek (002230), with respective weights of 7.36%, 3.97%, and 6.63% [6]. Group 4: Industry Outlook - Major North American cloud providers like Microsoft, Amazon, Google, and Meta have reported earnings exceeding market expectations, maintaining high capital expenditures to support AI infrastructure [4]. - The AI sector in the A-share market is expected to remain robust, potentially driving continued positive performance in the financial technology sector [4]. Group 5: Investment Opportunities - The AI ETF uniquely balances computing power and application sectors, with both accounting for 50% of the index, and includes segments with high growth potential such as autonomous driving and robotics [6][7]. - Investors can also consider the Huafu AI ETF linked funds (A class 008020, C class 008021) for exposure to high-purity AI business stocks while avoiding speculative trading [8].

Market Overview - The gaming sector increased by 3.1% on August 4, with Giant Network leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Giant Network (002558) closed at 26.53, up 9.99% with a trading volume of 874,400 shares and a turnover of 2.265 billion [1] - Other notable performers include: - Shenzhou Taiyue (300002) at 13.72, up 8.63% [1] - ST Huatuo (002602) at 13.53, up 4.97% [1] - Jibite (603444) at 363.58, up 4.48% [1] - Ice River Network (300533) at 35.98, up 3.15% [1] Fund Flow Analysis - The gaming sector saw a net inflow of 1.255 billion from institutional investors, while retail investors experienced a net outflow of 490 million [2][3] - Major stocks with significant net inflows include: - Shenzhou Taiyue with a net inflow of 441 million [3] - Giant Network with a net inflow of 313 million [3] - ST Huatuo with a net inflow of 301 million [3] ETF Performance - The Gaming ETF (product code: 159869) tracked the China Securities Animation and Gaming Index, with a recent five-day change of 0.00% and a net inflow of 99.276 million [5] - The Food and Beverage ETF (product code: 515170) saw a five-day decline of 2.24% with a net outflow of 911.5 thousand [5]