风雨之后彩虹更美，游戏和中概互联继续坚定看好 20251013 摘要 多家游戏公司上半年收入表现亮眼，如凯英业绩增速快，ST 华通海外市 场表现优异，预计 2026 年利润将持续增长，游戏行业展现稳定性和长 期增长潜力。 中概互联板块及 AR 应用领域前景广阔，腾讯通过游戏业务支撑新业务， AI 应用成为新增长点。阅文集团利用 Sora two 生成视频或动漫，提升 IP 资产价值。美图在欧洲市场 AR 技术应用广泛。 中国游戏公司在全球范围内具备显著优势，吉比特、巨人网络等公司业 绩增速远超 Take-Two 和 Roblox 等国际同行，中国游戏公司应获得更 高溢价。 腾讯在 AI 应用方面潜力巨大，包括 Agent、腾讯会议 AR 功能，以及阅 文集团通过 Sora two 生成内容。这些创新提升用户体验，增加商业价 值，可能带来 IP 资产重估收益。 对汇量、美图、阅文等公司未来四季度持乐观态度，这些公司在 AR 应 用方面有显著进展，心动网络表现稳定，预计传媒板块数据良好，且不 受贸易战影响。 Q&A 如何看待当前游戏板块的表现及未来发展前景？ 当前游戏板块整体表现强劲，尽管经历了一些调整，但仍处于 ...

Core Insights - The Chinese mobile gaming market has experienced significant ranking shifts among publishers in September, with over half of the top 30 publishers showing fluctuations in their rankings [1][2][3] - Tencent remains the leader in the market, but its growth momentum has weakened, while Point Cloud Interactive has solidified its second position with strong performances from its titles [2][4] - The middle-tier publishers are seeking breakthroughs, with miHoYo's resurgence driven by the 5th anniversary of "Genshin Impact" and new updates [4][5] - Emerging companies like Muto Technology are rapidly rising, showcasing the dynamic nature of the market [5][6] Group 1: Head Publishers - Tencent continues to hold the top position, but its growth has slowed due to a lack of new major events, despite stable performance from older titles [2][3] - Point Cloud Interactive has strengthened its position with two blockbuster games, "Whiteout Survival" and "Kingshot," achieving significant revenue growth [2][3] - The competition among top publishers is intensifying, with slight changes in product strength impacting rankings [2][6] Group 2: Middle-Tier Publishers - miHoYo's revenue increased by 33% in September due to the 5th anniversary of "Genshin Impact," allowing it to rise to the fifth position in the rankings [4][5] - The performance of other middle-tier publishers like Giant Network has declined due to reliance on single products, highlighting the risks involved [4][5] - New products and updates are crucial for maintaining competitive positions among middle-tier publishers [4][6] Group 3: Emerging Publishers - Muto Technology has seen explosive growth with its new game "ACECRAFT," achieving a 439% increase in overseas downloads and a 527% rise in revenue [5][6] - The success of new titles is critical for emerging publishers to establish themselves in the competitive landscape [5][6] - The strategic focus on specific genres and markets has proven effective for companies like Muto Technology and Florere Game [6][7] Group 4: Market Trends - The overall revenue share of Chinese publishers in the global top 100 mobile game publishers increased to 36.1% in September, reflecting the industry's vitality [7][8] - Continuous content updates and strategic global market positioning are essential for maintaining and improving rankings [7][8] - The competitive landscape is characterized by a mix of established leaders, striving middle-tier players, and rapidly rising newcomers [7][8]

Group 1 - The Ministry of Industry and Information Technology and six other departments have jointly issued the "Implementation Plan for Promoting Innovative Development of Service-Oriented Manufacturing (2025-2028)", which emphasizes strengthening the construction of new information infrastructure and deepening the integration and large-scale application of "5G + Industrial Internet" [1] - The plan aims to enhance the supply of industrial data elements, promote the resourceization, assetization, and elementization of data, and build a number of high-quality industry data sets [1] Group 2 - As of October 13, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 0.92%, with component stocks showing mixed performance [1] - Kingsoft (03888) led the gains with an increase of 17.50%, while Yidian Tianxia (301171) experienced the largest decline at 3.88% [1] - The Online Consumption ETF (159793) has decreased by 0.62%, with a latest price of 1.12 yuan, but has seen a cumulative increase of 21.04% over the past three months as of October 10, 2025 [1] Group 3 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 55.76% of the total index weight, including Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024) [2]

Group 1 - During the National Day and Mid-Autumn Festival holiday, 28 institutions conducted a total of 90 "buy" ratings covering 80 stocks [1] - The 80 stocks are distributed across 20 industries, with the pharmaceutical, electronics, automotive, and textile sectors having the highest number of stocks, each with no less than 5 [1] - Among the stocks rated "buy" in October, 7 stocks received attention from 2 or more institutions, including BYD, Seres, and Xin'ao Co., which were each covered by 3 institutions [1] Group 2 - The 80 stocks rated "buy" include companies involved in popular technology fields such as computing power, artificial intelligence, embodied intelligence, semiconductors, and solid-state batteries, with 18 companies identified, including Chipone Technology, Huafeng Measurement & Control, and Cambricon Technologies [1] - Among these 18 companies, those with significant year-to-date gains exceeding 100% include Kaipu Cloud, Chipone Technology, Giant Network, and Xianlead Intelligent [2]

据数据宝，根据所属的万得热门概念，进一步分析来看，上述80只获机构给予"买入型"评级的个股中， 不少公司涉及算力、人工智能、具身智能、半导体、固态电池等热门科技领域，相关公司有芯原股份、 华峰测控、寒武纪-U等18家。 这18家公司中，年内涨幅居前的有开普云、芯原股份、巨人网络及先导智能，均超过100%。 从机构调研情况来看，上述18家公司中，有4家年内均获得百余家机构调研，分别是巨人网络、华峰测 控、易点天下及芯原股份。 ...

10月11日，Sensor Tower商店情报平台发布的最新数据显示，中国手游出海市场在短短一个月内上演了 激烈的排名洗牌。 《每日经济新闻》记者注意到，在9月中国手游发行商收入TOP30中，超过半数厂商出现排名波动，既 有头部阵营的微妙角力，也有中坚力量的排位互换，更有新贵势力的强势跃升。 具体来看，头部阵营中，腾讯稳坐榜首，但9月增长动能减弱，点点互动凭借《Whiteout Survival》 《Kingshot》双爆款巩固第二，前者累计收入35亿美元，后者单月破1亿美元，网易则凭借新品稳居第 三。中坚层中，米哈游借《原神》5周年庆收入增长33%跃升至第五，Florere Game稳步进阶。新贵中， 沐瞳科技靠《ACECRAFT》飙升7位至第十一名。 头部厂商巩固优势 在中国手游发行商收入榜头部，腾讯与点点互动的双雄格局虽未颠覆，但排名背后产品的实力对比已出 现细微变化。 8月，腾讯凭借《和平精英》与《哪吒之魔童闹海》重磅联动，以绝对优势稳坐中国厂商榜首，旗下 《王者荣耀》《和平精英》《三角洲行动》更包揽中国App Store手游收入榜TOP3。 8月，沐瞳科技虽有《Mobile Legends:Bang ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report emphasizes the continuous iteration and performance improvement of AI models, with significant policy support enhancing the deployment of AI applications in various sectors, particularly in government and industrial design [3][30][33] - The gaming sector shows strong performance, with leading titles like "Kingshot" and "Whiteout Survival" achieving substantial revenue growth, indicating a favorable investment environment in the gaming industry [3][30][32] Summary by Sections Industry Overview - The report highlights that "Delta Operation" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][25] - The film "Volunteer Army: Blood and Peace" achieved the highest box office for the week, grossing 1.93 billion [25] AI Applications - Recent advancements in AI include Tencent's release of the Tequila algorithm, which achieved state-of-the-art performance with a 1.58Bit quantization [33] - The report notes the release of a new AI model by Kuaishou, which set a record in the open-source model domain with a performance score of 74.6% [35] - The central government has issued guidelines for the deployment of AI models in government sectors, emphasizing the need for practical applications and data governance [30][32] Gaming Sector - The report cites that in September 2025, Chinese mobile game publishers collectively earned $1.95 billion, accounting for 36.1% of the global top 100 mobile game publishers' revenue [32] - Tencent's games, including "Delta Operation" and "Honor of Kings," dominated the revenue charts, showcasing the company's strong market position [32][33] Media and Entertainment - The report indicates that the publishing sector performed well, while the film sector showed weaker performance during the specified period [4][28] - The streaming series "I Promise You Shining" maintained its top position in viewership ratings [28][29]

Core Insights - The Chinese mobile gaming market has experienced significant ranking shifts among publishers in September, with over half of the top 30 publishers showing fluctuations in their rankings [1][11] - Tencent remains the top publisher, but its growth momentum has weakened, while Point Interactive has solidified its second position with two blockbuster games [1][4] - MiHoYo has made a strong comeback, rising to fifth place due to a 33% revenue increase driven by the anniversary of "Genshin Impact" [5][11] - Newcomer Mu Tong Technology has surged in rankings, propelled by the success of its new game "ACECRAFT" [6][11] Publisher Rankings - Tencent continues to lead the revenue rankings, but its flagship products have shown signs of slowing growth [3][4] - Point Interactive's "Whiteout Survival" and "Kingshot" have dominated the revenue charts, with "Kingshot" surpassing $100 million in monthly revenue and "Whiteout Survival" reaching a cumulative revenue of $3.5 billion [4][5] - MiHoYo's revenue surged by 33% in September, allowing it to reclaim a top position in the rankings [5][11] - Mu Tong Technology climbed seven spots to 11th place, marking it as one of the fastest-growing publishers this year [6][11] Market Dynamics - The competition among publishers reflects a threefold strategy involving game genre focus, operational tactics, and IP utilization [7][11] - Point Interactive has established a stronghold in the strategy and survival genres, while Mu Tong Technology has differentiated itself in the shooting genre [7][8] - The operational strategies, such as version updates and creative marketing campaigns, have proven crucial for maintaining user engagement and revenue [7][9] - The global market presence varies, with Mu Tong Technology focusing on Japan and Florere Game targeting the US and South Korea [8][10] Industry Trends - The revenue share of Chinese publishers in the global top 100 mobile game publishers increased to 36.1% in September, reflecting a 1 percentage point rise from August [11] - The ongoing competition indicates a vibrant industry landscape, with established players reinforcing their positions while mid-tier and new entrants seek breakthroughs [11]

Core Insights - Giant Network's stock price surged from 11.43 CNY per share at the beginning of the year to a peak of 47.51 CNY on September 19, marking an eight-year high, before retreating to 41.30 CNY by October 10 [2] - The company reported a revenue of 1.662 billion CNY for the first half of the year, reflecting a year-on-year growth of 16.47%, and a net profit of 777 million CNY, up 8.27% [3][4] - Founder Shi Yuzhu emphasized the importance of artificial intelligence (AI) as a future trend and announced the expansion of the company's business into AI alongside its traditional gaming operations [2][7] Financial Performance - In the first half of the year, Giant Network achieved a revenue of 1.662 billion CNY, a 16.47% increase year-on-year, and a net profit of 777 million CNY, which is an 8.27% increase [3][4] - The company's net profit excluding non-recurring items was 807 million CNY, showing a decrease of 8.79% [3] New Game Launches - The game "Supernatural Action Group," launched in January 2025, has become a significant contributor to the company's gaming revenue, with over 1 million concurrent users in July and ranking in the top 5 of iOS free games [3][4] - The game features a unique blend of team collaboration and adventure, designed to enhance social interaction and lower entry barriers for users [4] User Growth and Engagement - The mini-game "King's Journey," launched in February 2024, attracted over 25 million new users and generated 600 million CNY in revenue [5] - The company reported over 11 million new users in the first half of 2025, with a monthly growth trend and daily active users exceeding 1 million for mini-games [5] International Market Performance - Giant Network's overseas revenue was 6.046 million CNY, accounting for only 0.36% of total revenue, indicating challenges in international markets [6] - The company aims to enhance its overseas presence and revenue through localized development and the introduction of more suitable products for international markets [6] AI Strategy - The company is actively investing in AI, including a recent investment of over 60 million USD in AI video generation company Aishi Technology, marking a significant step in expanding its AI strategy [7][8] - Giant Network is integrating AI into its core gaming operations, enhancing user engagement and gameplay through AI-driven features [8]

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].