中信建投研报指出，24年下半年以来女性微恐游戏赛道逐步扩容，这类游戏融合微恐、追逐、搜宝、社 交休闲等元素，快速起量。《第五人格》与《超自然行动组》是该赛道的代表作，前者是网易2018年上 线的非对称对抗玩法游戏，近年再次实现流水新高。《超自然行动组》则是巨人网络2025年推出，采用 与第五人格不同的搜打撤玩法和中式盗墓题材，4月至今已与"故宫里的神兽世界"和"昆仑山"两大中国 地理文化IP联动。研报认为，女性微恐赛道正在持续扩大份额，原因包括填补女性"搜打撤"玩法的空 白、成为年轻群体进行情绪共鸣与压力释放的途径、高频的IP联动、活动运营等。 ...

Core Viewpoint - The gaming industry in China is experiencing a significant transformation, with a focus on international expansion and ecosystem development, driven by technological innovation and cultural integration [1][3]. Group 1: Market Trends - The online gaming concept index has increased by 9.60% since June 23, with four consecutive days of gains [1]. - In the first seven months of 2025, a total of 884 domestic games received approval, an increase of 151 games compared to the same period last year [2]. - The Chinese gaming market size reached 28.051 billion yuan in May 2025, showing a year-on-year growth of 9.86% and a month-on-month growth of 2.56% [4]. Group 2: International Expansion - In June 2025, 33 Chinese game companies ranked in the global top 100 mobile game publishers, collectively earning $1.76 billion, which accounts for 33% of the total revenue of the top 100 [3]. - ST华通's subsidiary, 点点互动, saw a 10% month-on-month revenue increase in June, maintaining its position as the second-highest Chinese mobile game publisher globally [3]. Group 3: Investment Opportunities - Four key investment themes are identified: high industry prosperity, focus on premium products by leading companies, a surge in new product releases, and innovative gameplay in niche markets [5]. - The gaming community is expected to benefit from the industry's high prosperity, with increased user activity and downloads anticipated [4].

Core Viewpoint - The Chinese gaming industry is accelerating its international expansion, transitioning from product output to ecosystem construction, with a focus on technological innovation, cultural integration, and industry chain collaboration [1][2]. Game License Approval Normalization - The National Press and Publication Administration approved 127 domestic online games in July 2025, with a total of 884 games approved from January to July 2025, an increase of 151 games compared to the same period last year [1][2]. - Analysts believe that the high volume of game license approvals will continue, indicating a normalization in the approval process and ongoing industry recovery [1]. Accelerated International Expansion - The trend of Chinese games going global has become a key development line, with 33 Chinese game companies entering the global mobile game publisher revenue TOP100 list in June 2025, collectively earning $1.76 billion, accounting for 33% of the total revenue of the top 100 [2]. - ST华通's subsidiary, 点点互动, saw a 10% month-on-month revenue increase in June, maintaining its position as the second-highest Chinese mobile game publisher globally [2]. Market Demand and Growth - The domestic gaming market remains robust, with high demand and supportive policies from various provinces and cities, leading to a new product cycle for A-share gaming companies [2][3]. - The Chinese gaming market size reached 28.05 billion yuan in May 2025, with a year-on-year growth of 9.86% and a month-on-month growth of 2.56% [3]. Investment Logic - Four main investment logic points are highlighted: high industry prosperity, focus on premium products by leading manufacturers, a surge in new product releases, and continuous innovation in niche segments like SLG and casual games [4].

Core Points - The stock price of Giant Network (002558) closed at 24.25 yuan on July 29, 2025, with an increase of 1.25% and a trading volume of 347,300 hands, amounting to 832 million yuan in transaction value [1] - The company's latest quarterly report shows total revenue of 724 million yuan, a year-on-year increase of 3.94%, while net profit attributable to shareholders decreased by 1.29% to 348 million yuan [1] - The company has a current ratio and quick ratio of 1.448, and a debt-to-asset ratio of 12.97% [1] Financial Data - Main capital flow indicates a net outflow of 13.91 million yuan, accounting for 1.67% of the transaction value, with significant outflows from large orders [1] - The company has a non-recurring net profit of 362 million yuan, which represents a year-on-year decrease of 10.45% [1] Company Overview - Giant Network Group Co., Ltd. was established in 1997 and is based in Chongqing, primarily engaged in internet and related services [2] - The company has invested in 19 enterprises and participated in 81 bidding projects, holding 5 trademark registrations and 1 administrative license [2]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 29, 2025 [1] - Alibaba leads the list with a market capitalization of 2,913.7 billion [3] - Xiaomi and Pinduoduo follow, with market capitalizations of 1,823.48 billion and 1,657.58 billion respectively [3] Group 2 - Meituan ranks sixth with a market capitalization of 990.12 billion [3] - Semiconductor Manufacturing International Corporation (SMIC) is in eighth place with a market cap of 530.08 billion [4] - JD.com and Kuaishou rank tenth and eleventh, with market capitalizations of 478.87 billion and 388.76 billion respectively [4] Group 3 - The list includes various companies from different sectors, such as Baidu at 307.33 billion and NIO at 109.38 billion [4][5] - The rankings reflect the competitive landscape of the Chinese tech industry, showcasing the significant market presence of these companies [1] - The data is calculated based on the market capitalization in USD, converted using the day's exchange rate [6]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - In July, the National Press and Publication Administration approved 127 domestic game titles, including key products from Huatuo and Giant Network. The summer gaming season has seen strong performance from multiple new games, indicating a sustained high level of activity in the gaming sector [2][4] - The new game cycle, favorable policy trends, and AI catalysis are expected to drive continued improvement in the gaming sector's fundamentals, suggesting that the valuation of the gaming sector still has upward elasticity. Investors are encouraged to continue monitoring investment opportunities in this sector [2][4] Summary by Sections Game License Issuance - In July, 127 domestic games received approval, including Huatuo's "Kingshot" and Giant Network's "Famous Generals Kill." Additionally, 7 imported game licenses were granted [9] - "Kingshot" has seen significant revenue growth, doubling in May and increasing by 56% in June, ranking third in China's mobile game overseas revenue growth [9] New Game Performance - Several new games from listed gaming companies have performed strongly during the summer season. For instance, Giant Network's "Supernatural Action Group" reached the top 4 in the free game rankings and top 20 in the revenue rankings on its launch day [9] - Other notable performances include Jiubite's "Staff Sword Legend," which entered the iOS revenue rankings top 13, and Tencent's "Dungeon and Fighter Mobile," which topped the iOS revenue rankings [9] Future Outlook - The pipeline for key gaming companies is robust, with several new titles set to launch, including "Tomb Raider: Journey" and "Douluo Continent: Evil Legend" [9] - The new game cycle is expected to enhance the sector's fundamentals, with ongoing policy stability and the integration of AI in gaming likely to boost valuations and performance [9]

金十图示：2025年07月28日（周一）中国科技互联网公司市值排名TOP 50一览 | 8 | | 中芯国际 | 541.27 | | | --- | --- | --- | --- | --- | | 9 | | 东方财富 | 535.73 | | | 10 | | 京东 | 478.29 | | | II | 86 | 快手-W | 398.09 | | | 12 | | 腾讯音乐 | 329.92 | -1 + | | 13 | | 理想汽车 | 316.64 | -1 | | 14 | Baics Bar | 百度 | 312.14 | -1 + | | 15 | | 贝壳 | 232.31 | -1 4 | | 16 | 8 | 同花顺 | 221.39 | 11-1 | | 17 | | 小鹏汽车 | 180.83 | -1 | | 18 | | 中通快递 | 162.27 | -1 4 | | 19 | | 科大讯飞 | 158.89 | -1 | | 20 | | 蔚来 | 111.42 | -1 + | | 21 | | 一六零 0 | 105.26 | -1 | | 22 | | 宝信软件 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights the rapid growth of AI applications, particularly in programming, recommendation, and creative generation, with Chinese companies focusing on emotional consumption and overseas expansion to drive revenue [5]. - Tencent is identified as a strong player in AI applications, leveraging its large daily active users (DAU) and rich content ecosystem, with expectations for significant future growth in its advertising and cloud computing segments [5]. - The gaming sector is noted for its potential, with Tencent's game "Delta Action" exceeding expectations in DAU, and the value of game IP, especially female-oriented games, remains underappreciated by the market [5]. - The report emphasizes the importance of AI in enhancing advertising efficiency and revenue generation, particularly for companies with untapped traffic potential [5]. Summary by Sections AI Applications - AI applications are driving growth in various sectors, with significant contributions from programming and creative tools [5]. - Tencent's AI capabilities are expected to enhance its advertising revenue, with a projected growth rate of 20% in Q1 2025 [5]. Gaming Sector - Tencent's "Delta Action" has maintained a strong position in the iOS game sales rankings, indicating robust growth potential [5]. - The report notes that the gaming IP value, particularly for female-targeted games, is not fully recognized by the market, suggesting potential investment opportunities [5]. Key Company Valuations - Tencent's market capitalization is reported at 45,907 million RMB, with projected revenue growth of 11% for 2025 [7]. - Other companies like NetEase and Giant Network are also highlighted, with respective market caps of 6,139 million RMB and 463 million RMB, showing varied growth rates [7].

Core Points - The China Securities Media Index (CSI Media Index) reported a value of 2551.87 points, showing a low opening and a high closing on July 24 [1] - The CSI Media Index has increased by 5.60% over the past month, 9.27% over the past three months, and 10.86% year-to-date [2] Index Composition - The CSI Media Index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] - The top ten weighted stocks in the CSI Media Index include: - Focus Media (8.9%) - Giant Network (3.81%) - Kaiying Network (3.68%) - Yanshan Technology (3.66%) - Kunlun Wanwei (3.47%) - Light Media (3.26%) - 37 Interactive Entertainment (3.06%) - Leo Group (2.92%) - Shenzhou Taiyue (2.82%) - BlueFocus Communication Group (2.65%) [2] Market Distribution - The market distribution of the CSI Media Index shows that the Shenzhen Stock Exchange accounts for 76.67%, while the Shanghai Stock Exchange accounts for 23.33% [2] Sector Breakdown - The sector composition of the CSI Media Index is as follows: - Gaming: 27.64% - Digital Marketing: 17.77% - Film and Animation: 12.15% - Other Advertising Marketing: 11.07% - Publishing: 10.75% - Broadcasting and Television: 7.52% - Interactive Media: 3.86% - Graphic Media: 3.67% - Other Digital Media: 3.66% - Video Media: 1.91% [3] Index Adjustment - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 24, 2025 [1] - The highest-ranked company is Alibaba, with a market capitalization of 1,000 billion [3] - Other notable companies in the top 10 include Tencent with 600 billion and Baidu with 320 billion [3][4] Group 2 - The rankings show significant market values, with companies like JD.com at 489.1 billion and Kuaishou at 431.56 billion [3] - The list includes various sectors such as e-commerce, automotive, and software, indicating a diverse technology landscape [4][5] - Companies like Xpeng Motors and NIO are also featured, with market caps of 179.5 billion and 111.42 billion respectively [3][4]