Core Viewpoint - MSCI announced the results of its quarterly index review, which includes the addition and removal of several stocks in the MSCI China Index and MSCI Global Standard Index, effective after market close on August 26 [1][7]. Group 1: New Additions to MSCI China Index - The MSCI China Index added 14 stocks, including Horizon Robotics-W, Lao Pu Gold, NetEase Cloud Music, Sangfor Technologies, and Citic Bank [1][3]. - Among the newly added stocks, Citic Bank is the largest by market capitalization in the MSCI Emerging Markets Index [1]. Group 2: Stocks Removed from MSCI China Index - A total of 17 stocks were removed from the MSCI China Index, including Yingjia Gongjiu, Oriental Yuhong, Supor, and Hisense Home Appliances [1][9][10]. Group 3: Implications of Index Changes - The inclusion of new stocks in the MSCI China Index is expected to attract significant passive investment flows on the effective date [7]. - The MSCI China A-Shares Onshore Index also saw adjustments, adding five stocks, including Citic Bank and Giant Network [10].

Summary of ChinaJoy 2025 Highlights Industry Overview - The report focuses on the **China online gaming industry**, particularly highlighting the activities and trends observed during **ChinaJoy 2025** held in Shanghai from **August 1-4, 2025**. [1] Key Companies and Their Highlights Century Huatong - Century Huatong's booth was strategically placed next to Tencent's, themed "Game for Gamers" - The booth prominently featured **Whiteout Survival**, which attracted significant audience engagement through gameplay demos and lucky draws [2] - The company is noted for its collaborative efforts with other major players like Tencent and NetEase to drive traffic [1] Giant Network - Giant Network experienced increased traffic due to the launch of **Supernatural Action**, a new party game that has gained popularity for its unique gameplay and frequent content updates [3] - Existing titles like **Battle of Balls** also drew considerable audience interest [3] Perfect World - Perfect World showcased a variety of eSports titles, including **CS: Go** and **Dota 2**, with a notable audience presence at the CS: Go tournaments [4] - The company announced the upcoming launch of **Zhuxian 2** on **August 7, 2025** [4] Kingnet - Kingnet did not have a dedicated booth but showcased new games like **Soul Land** at Tanwan Games' booth [7] - The company promoted its **996 Game Center**, which features various Chuanqi games [7] IGG - IGG's booth featured all existing titles under the theme "Gamers at Heart," successfully attracting higher traffic through gameplay demos and rewards [8] Huya - Huya promoted its upcoming **Huya AI Robot**, expected to launch by late 2025 or early 2026, indicating a focus on AI in gaming [9] Market Sentiment and Future Outlook - The overall sentiment towards the **China online gaming market** remains positive, with expectations for healthy and sustainable development driven by product innovation and creativity [1] - There is an increasing awareness and interest in **hardcore AAA titles** and AI-related gaming products, suggesting a shift in consumer preferences [1] Investment Recommendations - Within the A-share gaming sector, **Century Huatong** and **Kingnet** are identified as preferred picks, while **Giant Network** and **Perfect World** show increasing upside risks [10] - Greater downside risks are anticipated for **G-Bits** and **XD** [10] Conclusion - The report highlights a vibrant and evolving landscape in the China online gaming industry, with significant participation from major companies and a positive outlook for future growth driven by innovation and market expansion [1][10]

格隆汇8月8日｜MSCI公布指数成份股季度检讨结果，MSCI中国指数成份股，新增14只股份，剔出17只 股份。 新加入的股份包括老铺黄金(6181.HK)、药明合联(2268.HK)、美图(1357.HK)、网易云音乐(9899.HK)、 三生制药(1530.HK)、中信金融资产(2799.HK)、科伦博泰生物(6990.HK)、地平线机器人(9660.HK)等。 其余纳入指数A股包括指南针(300803.SZ)、中信银行A股(601998.SH)、巨人网络(002558.SZ)、艾力斯 (688578.SH)及景旺电子(603228.SH)。 剔出股份包括海信家电(0921.HK)、中升控股(0881.HK)、吉祥航空(603885.SH)、养元饮品(603156.SH) 等。 MSCI指，老铺黄金和中信银行是新兴市场指数的最大3只新增成分股的其中2只。 香港小型股指数加入耀才证券(1428.HK)和德林国际(1126.HK)2只股份，没有股份被剔除。 所有变动于8月26日收市后生效。 ...

Group 1 - The core viewpoint of the article is that Chinese gaming giant, Giant Network, has seen a significant stock increase of 5.8% and will be included in the MSCI China Index [1] Group 2 - The inclusion in the MSCI China Index is expected to enhance the company's visibility and attract more institutional investors [1] - The stock performance reflects positive market sentiment towards the gaming industry in China [1] - This development may indicate a broader trend of recovery and growth within the Chinese gaming sector [1]

Core Insights - The article highlights the rising popularity of "micro-horror games" in the Chinese gaming market, particularly focusing on Giant Network's game "Supernatural Action Group," which has shown impressive market performance in the first half of the year [1][6]. Group 1: Market Performance - "Supernatural Action Group" generated over 70 million yuan in revenue across all platforms in June, ranking among the top five in the iOS free game chart [1]. - As of August 6, Giant Network's stock price surpassed 28 yuan per share, with a total market capitalization of 54.23 billion yuan, making it the second-largest in the A-share gaming sector [1]. Group 2: Target Demographics - The appeal of micro-horror games is significantly driven by young players, with 56% of "Supernatural Action Group" users being under 29 years old [2]. - Historical data shows that 60% of users for "Identity V," another micro-horror game, were under 24 years old at its launch [2]. Group 3: Game Characteristics - Micro-horror games differentiate themselves from traditional games by incorporating dark styles and suspenseful elements, creating a mildly scary atmosphere that enhances player experience [3]. - These games often feature cooperative gameplay and social interaction, which helps in user retention and rapid dissemination through social networks [3]. Group 4: Monetization Strategies - The emphasis on aesthetic style has led to the emergence of a "skin" payment model, which is a significant monetization strategy for micro-horror games [4]. - Players, particularly from Generation Z, are willing to pay for enhanced visual experiences, indicating a strong potential for revenue generation [4]. Group 5: Market Comparisons - Micro-horror games share similarities with offline escape room activities, which have shown significant market growth, suggesting a solid foundation for the micro-horror game market [4]. - The offline escape room industry grew from 5 billion yuan in 2018 to 10.1 billion yuan in 2021, with projections of 15.55 billion yuan and 17.59 billion yuan for 2025 and 2026, respectively [4]. Group 6: Future Growth Potential - The influx of young players has resulted in high short-term traffic for micro-horror games, but long-term sustainability will depend on converting this traffic into a stable user base [6]. - Successful strategies for maintaining user engagement include encouraging user-generated content (UGC) and frequent IP collaborations, as demonstrated by "Identity V" [6][7]. Group 7: Development and Optimization - Giant Network is optimistic about the market prospects for "Supernatural Action Group" and plans to continuously optimize resource allocation based on project progress [8]. - The company emphasizes the importance of enhancing player experience and maintaining engagement through ongoing development and innovation [7][8].

从资金流向上来看，当日游戏板块主力资金净流出7.73亿元，游资资金净流入1.04亿元，散户资金净流入 6.69亿元。游戏板块个股资金流向见下表： 证券之星消息，8月7日游戏板块较上一交易日上涨0.4%，宝通科技领涨。当日上证指数报收于3639.67， 上涨0.16%。深证成指报收于11157.94，下跌0.18%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300031 | 宝通科技 | 29.00 | 6.74% | 75.37万 | 21.31亿 | | 603444 | 吉比特 | 394.80 | 2.60% | 1.39万 | 5.40 Z | | 300113 | 顺网科技 | 20.90 | 2.45% | 47.98万 | 9.97亿 | | 002602 | ST华通 | 14.33 | 2.36% | C 103.50万 | 14.65 亿 | | 002558 | 巨人网络 | 28.59 | 2.00% | 49.56万 | 14.00亿 | ...

Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [14]. Core Insights - The acceleration of large model iterations both domestically and internationally is expected to foster a prosperous AI application ecosystem, particularly in multi-modal applications and AI Agents [2][3]. - The report highlights that 2025 is anticipated to be a pivotal year for the commercialization of AI multi-modal applications and AI Agents, with significant advancements expected in these areas [3]. Summary by Sections Domestic Developments - On July 28, Zhiyu released its flagship model GLM-4.5, achieving state-of-the-art performance in 12 benchmark tests across reasoning, programming, and agent capabilities [1]. - Alibaba launched the video generation model Tongyi Wanshang Wan2.2, which is the first in the industry to utilize a Mixture of Experts (MoE) architecture, featuring a total parameter count of 27 billion and an activation parameter count of 14 billion, resulting in approximately 50% savings in computational resources [1]. International Developments - Google DeepMind introduced Genie 3, a third-generation universal world model capable of real-time interaction and enhanced memory, which is expected to accelerate the transition of models to application layers [2]. - Anthropic released Claude Opus 4.1, achieving a score of 74.5% on the SWE-Bench Verified, indicating significant improvements in programming capabilities and efficiency in handling complex multi-step problems [2]. - OpenAI reintroduced two open-weight language models, GPT-OSS-120B and GPT-OSS-20B, supporting various reasoning intensities and designed for personal devices [2]. Application Focus - The report suggests focusing on the commercialization progress of AI multi-modal applications and AI Agents, with notable advancements in areas such as image and video generation, where companies like Meitu and Kuaishou are leading [3][6]. - The AI Agent sector is also highlighted, with companies like Kingdee International and Maifushi making strides in developing enterprise-level AI solutions [6]. Related Companies - Key companies to watch include Alibaba, Baidu, Tencent, Meitu, Kuaishou, Kingdee International, and Maifushi, among others, which are positioned to benefit from advancements in AI technologies [6].

Core Insights - The 2025 ChinaJoy event features multiple industry activities, including the "Shulong Cup" global AI game and application innovation competition, highlighting a focus on technology-driven industry upgrades and creative value enhancement [1] - The National Press and Publication Administration issued 127 domestic game licenses and 7 imported game licenses, indicating a positive regulatory environment for the gaming industry [1] - The gaming sector shows signs of recovery, with companies like Giant Network achieving over 1 million concurrent users for their new map launch, reflecting increased product activity during the summer season [1] Industry Trends - The media and gaming industries are experiencing a fundamental bottoming out, with a need for a bottom-up approach to capture product cycles and performance in the gaming sector [1] - The advertising spending is expected to grow due to economic recovery, while the film and television content sector should focus on potential supply-side improvements [1] - The recent ChinaJoy exhibition saw high attendance with 743 participating companies, of which 31.8% were foreign, indicating strong industry interest and engagement [1] Product Performance - In the gaming field, products like "Whiteout Survival" are leading in revenue, showcasing robust industry demand [1] - Significant advancements in AI technology are noted, with Grok launching video generation features and Kimi K2 increasing output speed to 40 tokens per second, alongside the release of the GLM 4.5 model by Zhipu AI, driving innovation in the sector [1]

Core Viewpoint - The gaming sector is showing strong performance, with a notable increase in revenue and a positive outlook driven by new game releases and AI integration [1][7][8]. Market Performance - The domestic gaming market achieved actual sales revenue of 168 billion yuan in the first half of the year, marking a 14% year-on-year growth [1]. - Self-developed games generated 140.5 billion yuan, reflecting a 19% increase, while overseas sales reached 9.5 billion yuan, up 11% [1]. Product Pipeline - Major companies showcased key products at ChinaJoy, including Tencent with titles like "DNF" and "Just Dance," and NetEase with "Forgotten Sea" and "Destiny: Stars" [7]. - In July, 134 games were approved, with 127 being domestic and 7 imported, indicating a robust supply of new content [7]. Global Expansion - Policies supporting overseas expansion have led to a growing share of global products, transitioning "going global" from a temporary measure to a long-term strategy [7]. - This expansion is expected to enhance profit margins and optimize the industry's revenue structure and valuation [7]. Cost Efficiency - The integration of AI technology is accelerating the generation of marketing materials and updating older game versions, which may extend the lifecycle of existing games [7]. - The cost of large model inference has decreased significantly, allowing game companies to achieve cost reduction and efficiency improvements [7]. Investment Opportunities - With the gaming industry entering a new game cycle and the ongoing impact of AI, there is potential for valuation uplift and continued improvement in fundamentals [8]. - Investors can consider the gaming ETF (516010) to capture structural opportunities within the cultural media sector [8].

Summary of Giant Network Conference Call Company Overview - **Company**: Giant Network - **Industry**: Gaming and Entertainment Key Points and Arguments 1. Strong Foundation and User Base - Giant Network has established a solid foundation through its IP "Journey" and products like "Ball Battle," accumulating a large user base that supports revenue growth [2][4][5] 2. Successful Product Launches - In 2024, the company successfully expanded into mini-games, with "King's Journey" generating a total revenue of 600 million yuan and adding over 25 million new users, validating the feasibility of heavy MMO games in the mini-program sector [2][4][5] - "Supernatural Action Group" performed exceptionally in 2025, targeting young female users and the micro-horror segment, with June revenue nearing 200 million yuan and July expected to exceed 300 million yuan, becoming a new growth driver [2][4][9] 3. Revenue Growth from Existing Titles - "Ball Battle" achieved record-high core user retention and significantly improved payment penetration, with monthly revenue reaching a five-year high [2][4][8] - "Space Kill" utilized AI technology to gain a leading position in Southeast Asia and South America, attracting new players and enhancing user experience [2][4][8] 4. AI Integration - The company actively employs AI technology, such as in "Space Kill," where AI-assisted gameplay enhances user engagement and reduces costs, driving innovation [2][4][10] 5. Financial Projections - Projected net profits for Giant Network from 2025 to 2027 are 1.919 billion, 2.307 billion, and 2.56 billion yuan, respectively, with potential upward adjustments due to the strong performance of products like "Supernatural Action Group" [3][12] 6. Importance of "Journey" IP - The "Journey" IP is crucial for the company, serving as a foundation for stability and a driver for innovation and expansion, with significant contributions expected from new iterations and mini-games [5][12] 7. Market Position and Competitive Edge - The company has successfully diversified its product matrix, covering various demographics and game types, which enhances its market position and growth potential [4][5][12] 8. Future Development Plans - Giant Network has a rich product pipeline, including "5,000 Years," a strategy game expected to leverage social interactions to enhance player retention and revenue [10][11] - The company is optimistic about the future performance of its products, particularly in the SLG market, which is projected to grow significantly [11] 9. Valuation and Investment Recommendation - The current valuation is considered safe, with estimates for 2026 returning to below 20 times earnings, indicating potential for upward adjustment [13][14] - The company is recommended as a key investment target due to optimistic profit forecasts and the potential for valuation recovery driven by new product cycles and AI integration [12][14] 10. Long-term Growth Outlook - The long-term growth outlook for Giant Network is very positive, supported by new product launches and AI capabilities that could enhance profitability and market share [14]