Core Insights - The 22nd ChinaJoy was held from August 1 to 4 in Shanghai, showcasing the debut of the game "Supernatural Action Team," which attracted significant attention from attendees [2] - The game has performed well in the market, with simultaneous online users exceeding 1 million and ranking high on multiple platform charts [2] - Giant Network's stock price has surged by 100% over the past three months, with a year-to-date increase of over 90% as of July 31 [2] Company Developments - Giant Network continues to leverage its two major evergreen IPs, with "Zhengtu" collaborating with the film IP "Empresses in the Palace" to introduce a "Palace Storm" gameplay, exploring the integration of national warfare games with traditional culture [2] - The tenth anniversary of "Ball Battle" has been marked by the launch of a nostalgic server and a series of welfare activities [2] Industry Trends - Other games such as "Space Kill," "Night of the Full Moon," "Light of El," and "Pocket Fighting" also presented new highlights at the exhibition [2] - "Space Kill" featured an AI-native gameplay demo called "Endgame Duel," becoming a highlight in the AI direction at the event [2] - "Night of the Full Moon" is set to release a collaborative DLC with "Wang Wang Mountain Little Monsters," showcasing a new 1v1 card battle gameplay demo at the exhibition [2] - Giant Network is focusing on a premium development strategy to expand user reach and brand influence [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of August 1, 2025, highlighting significant shifts in rankings and valuations [1]. Group 1: Market Capitalization Rankings - TSMC leads the list with a market capitalization of $125.32 billion [3]. - Tencent Holdings ranks second with a market capitalization of $64.22 billion [3]. - Alibaba has moved up to the third position with a market capitalization of $28.77 billion, showing a notable increase from its previous rank of 12 [3]. Group 2: Notable Companies and Changes - Xiaomi Group is ranked fourth with a market capitalization of $17.57 billion [3]. - Pinduoduo follows closely in fifth place with a market capitalization of $16.11 billion [3]. - Meituan and NetEase are ranked sixth and seventh, with market capitalizations of $9.46 billion and $8.25 billion, respectively [3][4]. Group 3: Additional Rankings - Semiconductor Manufacturing International Corporation (SMIC) is in eighth place with a market capitalization of $5.23 billion [4]. - JD.com is ranked tenth with a market capitalization of $4.54 billion [4]. - Kuaishou and Tencent Music are ranked 11th and 12th, with market capitalizations of $4.17 billion and $3.25 billion, respectively [4]. Group 4: Lower Rankings - Companies ranked from 25 to 50 include Kingdee International at $0.83 billion and Yuyuan at $0.40 billion, indicating a diverse range of valuations among the lower-ranked firms [5][6].

Group 1 - The report indicates that the "bull market atmosphere" is continuously strengthening, with the main logic of "anti-involution" significantly improving the supply-demand structure for midstream manufacturing in 2026 [6][14] - The report suggests that the conditions for residents to fully allocate equity are still lacking, but the profit effect is accelerating, potentially leading to an earlier time for comprehensive incremental speculation in A-shares [6][14] - The report recommends actively seeking new structural opportunities in the current market phase, which is seen as a transitional stage for the market to find the main structure of the bull market [6][14] Group 2 - The report highlights the "iron triangle" stocks: Ruike Laser, Giant Network, and Heng Rui Medicine, which are expected to perform well due to their strong market positions and growth potential [6][17] - Other recommended stocks include: Pengding Holdings, Yangnong Chemical, Sun Paper, Zhongmin Resources, China Shipbuilding, Maifusi (Hong Kong), and Jianfa International Group (Hong Kong) [6][17] - The report emphasizes the importance of technology with industrial trend catalysts and midstream manufacturing with improved supply-demand dynamics as key investment themes [6][14] Group 3 - The previous stock combination from July 1 to July 31, 2025, achieved a return of 5.11%, with A-shares averaging a 3.53% increase, while the Hang Seng Index saw an increase of 2.91% [6][2] - Since the first release of the stock combination on March 28, 2017, the cumulative increase has reached 322.85%, with A-shares up 251.34% and Hong Kong stocks up 809.47% [6][2] - The report provides detailed performance metrics for the recommended stocks, including market capitalization and price changes, indicating a strong performance relative to benchmarks [6][15]

巨人网络选择回归游戏本质，用差异化玩法与深度社交重构体验维度。对于行业而言，这不仅是一次产品层面的突破，更是对"精品战略"的重新定义：真正 的爆款，永远诞生于对玩家需求的深度洞察，而非对流量公式的机械复制。 【环球网互娱综合报道】在国产游戏寻求差异化突破的今天，一款融合中国传统文化元素的恐怖合作游戏《超自然行动组》引发业界关注。《超自然行动 组》是由NIGHT STUDIOS工作室开发、巨人网络运营的恐怖冒险手游，于2025年1月23日正式上线。7月，游戏首次进入iOS免费榜TOP3，7月25日，游戏 正式官宣"同时在线人数突破100万"。 据点点数据的统计，2025年1—6月上线新游国内iOS端流水TOP20的榜单排名中，《超自然行动组》是仅有的低开高走的逆袭之作，月流水从首月的54万一 路增长至6月的1700万，助力巨人网络股价创6年来新高。 《超自然行动组》的出现，打破了近两年恐怖题材游戏的同质化困局，将恐怖哥特风格与 "搜打撤"（搜索、战斗、撤离）玩法拧成了全新的品类基因。当 下流行的"搜打撤"，融合"PVE合作生存"模式，即四名玩家组队进入神秘古迹探险寻找高价值道具（如圣杯、雪莲、龙珠），同时需要对 ...

Core Insights - The mobile game "Supernatural Action Team," developed by NIGHT STUDIOS and operated by Giant Network Group, has gained significant popularity among players, reflecting changes in the domestic "game + social" sector and shifting player preferences [1][2]. Group 1: Game Overview - "Supernatural Action Team" is set to officially launch on January 23, 2025, featuring a popular gameplay style known as "search, fight, and retreat" in a "PVE cooperative survival" mode where four players team up to explore mysterious ruins for high-value items while combating AI-controlled "monsters" [1]. - Unlike other popular "search, fight, and retreat" games, this title focuses on treasure hunting within a narrative that incorporates elements of traditional Chinese culture, positioning players as team members rather than isolated survivors [1]. Group 2: Market Performance - From January to May, the Chinese gaming market reached a scale of 141.1 billion yuan, showing a year-on-year growth of 17% [2]. - "Supernatural Action Team" is one of the few games that has shown a significant upward trend in revenue, increasing from 540,000 yuan in its first month to 17 million yuan by June [2]. - As of July 31, Giant Network's stock price has surged over 90% this year, influenced by the game's performance [2]. Group 3: Strategic Insights - Dongwu Securities has noted that "Supernatural Action Team" continues to achieve record user growth, indicating strong performance potential and validating the company's innovation in game categories [2]. - The founder of Giant Network, Shi Yuzhu, emphasized the importance of gameplay over revenue, indicating a strategic shift from "value-driven" to "gameplay-driven" approaches in response to market saturation and player fatigue [2].

Group 1: Market Performance - The CSI Hong Kong-Shenzhen Game and Cultural Media Index (931580) rose by 1.18% as of July 31, 2025, with notable gains from Kuaishou-W (01024) up 8.63%, BlueFocus (300058) up 7.35%, and Liou Co. (002131) up 7.03% [1] - The Game Media ETF (517770) increased by 0.99%, with the latest price at 1.13 yuan [1] Group 2: Company Listings and Valuations - AI application design collaboration platform Figma is set to go public on July 31, raising its IPO price range to $30-32 per share, aiming for a valuation of approximately $18.8 billion [1] - Figma's projected revenues for 2024 and Q1 2025 are $74.9 million and $22.8 million, respectively, reflecting year-on-year growth of 48% and 46% [1] Group 3: AI Industry Insights - The WAIC conference in 2025 highlighted the broader application of AI, showing significant improvements in implementation and commercialization [2] - The domestic AI industry is expected to experience a spiral upward trend, with specific sectors like imaging and cross-border e-commerce likely to benefit directly from AI advancements [2] Group 4: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Game and Cultural Media Index accounted for 51.85% of the index, including Kuaishou-W (01024), Tencent Holdings (00700), and Bilibili-W (09626) [3] - The top ten stocks by weight are as follows: Kuaishou-W (9.53%), Tencent Holdings (9.28%), and others with varying weights [4]

| 36 | | 阿里巴巴 | 2799.92 | | | --- | --- | --- | --- | --- | | 4 | | 小米集团-W | 1763.96 | | | 5 | | 拼多多 | 1603.06 | | | | 網易 | 网易 | 825.18 | 11 | | 7 | | 东方财富 | 520.85 | II | | 8 | | 中芯国际 | 516.85 | | | --- | --- | --- | --- | --- | | 9 | | 京东 | 457.68 | | | 10 | | 快手-W | 409.34 | | | II | | 腾讯音乐 | 326.82 | | | 12 | Bal Car | 目度 | 295.44 | | | 13 | | 理想汽车 | 283.13 | | | 14 | | 贝壳 | 221.36 | | | 15 | | 同花顺 | 218.78 | | | 16 | | 小鹏汽车 | 171.87 | | | 17 | | 中通快递 | 159.79 | | | 18 | | 科大讯飞 | 157.13 | | | 19 | | 蔚来 ...

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].