Group 1 - The National Press and Publication Administration approved 145 domestic online games as of September 24, 2025, indicating a positive trend in the gaming industry [1] - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) rose by 0.51% as of September 25, 2025, with notable increases in stocks such as Perfect World (up 4.72%) and Kying Network (up 3.77%) [1] - The Online Consumption ETF Fund (159793) increased by 1.21%, reaching a latest price of 1.17 yuan, and has seen a cumulative rise of 4.81% over the past two weeks [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 51.84% of the index, with Tencent Holdings and Alibaba-W being the top two [2] - The weightings of the top ten stocks include Tencent Holdings at 9.65%, Alibaba-W at 9.25%, and Meituan-W at 8.37%, reflecting their significant influence on the index [4]

Group 1: Game Approval and Market Trends - In September 2025, a total of 145 domestic online games were approved, including 93 mobile games, 42 mobile-casual puzzle games, 7 mobile-client games, 2 client games, and 1 mobile-web game [2] - The cumulative number of game licenses issued by the National Press and Publication Administration in 2025 has reached 1275, maintaining a high issuance frequency [2] - The regular issuance of game licenses reflects the regulatory support for the development of the gaming industry [2] Group 2: Company Performance and Financing - Kunlun Wanwei achieved a revenue of 3.733 billion yuan in the first half of 2025, a year-on-year increase of 49.23%, with ongoing optimization of AI game products [6] - Sanqi Interactive Entertainment reported a revenue of 8.486 billion yuan in the first half of 2025, a year-on-year decrease of 8.08%, but a net profit of 1.4 billion yuan, up 10.72% [6] - Financing net purchases for game stocks in September exceeded 1 billion yuan for three companies: Kunlun Wanwei (760 million yuan), Sanqi Interactive Entertainment (544 million yuan), and Giant Network (153 million yuan) [3] Group 3: Profitability and Growth - The net profit rankings for the first half of 2025 show ST Huatuo, Sanqi Interactive Entertainment, Kaiying Network, Giant Network, and G-bits leading with net profits of 2.656 billion yuan, 1.4 billion yuan, 950 million yuan, 777 million yuan, and 645 million yuan respectively [6] - Significant year-on-year net profit growth was observed in companies such as Shengtian Network (1186.02%), Youzu Network (989.31%), and Zhejiang Shuju Culture (156.26%) [7] - Kaiying Network's game "Black Cat Detective: Guardian" received approval in September, contributing to its overseas revenue of approximately 202 million yuan, a year-on-year increase of 59.57% [6]

技术创新AI全方位塑造短剧创作路径 在于轲看来，目前短剧基本上进入到"下半场"阶段，在精品化和降本增效的双重压力下该如何破局？答 案就是技术创新。AI正在全方位地塑造整个短剧的创作路径，有了AIGC的工具，能够看到创作者可以 实现超现实的想象力，AIGC在技术革命中对于有想法的创作者带来了内容的平权。 新京报讯（记者刘玮）9月24日，由北京市广电局承办，百度APP协办的2025北京文化（000802）论 坛"热AI无限，剧力生长：微短剧内容与技术创新沙龙"在北京朗园举办。本次北京文化论坛秉持着"传 承·创新·互鉴"的精神，奏响"文化与科技融合"的年度之音，而"微短剧内容与技术创新沙龙"作为北京文 化论坛的20余个专业沙龙之一，与业内众多微短剧公司、高校学者、行业专家共话AI时代微短剧的破 圈和突围之道。到场嘉宾通过交流，凝聚行业共识，共同推进AI技术和微短剧的高质量融合创新和发 展。AI技术为创作带来了新的方向和希望，技术正在做的不仅仅是简单的普惠，更重要的是一场深刻 的赋能，把内容的创作权、话语权真正交到更广大的创作者手里。 内容的需求与技术赋能的双重胜利 本次沙龙在百度副总裁、百度信息分发平台总经理李小婉 ...

Company Overview - Perfect World Co., Ltd. is located in Beijing and was established on August 27, 1999. It was listed on October 28, 2011. The company primarily engages in the development, publishing, and operation of online games, as well as the production and distribution of films and TV series, artist management, and related services [1][2]. Financial Performance - For the first half of 2025, Perfect World achieved a revenue of 3.691 billion yuan, representing a year-on-year growth of 33.74%. The net profit attributable to shareholders was 503 million yuan, showing a significant increase of 384.52% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 5.543 billion yuan in dividends, with 1.976 billion yuan distributed over the past three years [3]. Stock Performance - As of September 24, the stock price of Perfect World increased by 2.05%, reaching 18.95 yuan per share, with a trading volume of 577 million yuan and a turnover rate of 1.69%. The total market capitalization stands at 36.762 billion yuan [1]. - Year-to-date, the stock price has risen by 87.53%, with a slight decline of 1.71% over the last five trading days, an increase of 18.88% over the last 20 days, and a rise of 28.47% over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Perfect World was 102,100, a decrease of 11.69% from the previous period. The average number of circulating shares per person increased by 13.24% to 17,893 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 116 million shares, an increase of 52.636 million shares from the previous period. Other notable shareholders include Xingquan He Run Mixed A and Huaxia CSI Animation Game ETF, with varying changes in their holdings [3]. Industry Classification - Perfect World is classified under the media sector, specifically in the gaming industry, and is associated with concepts such as cloud gaming, online gaming, mobile games, IP concepts, and film and animation [2].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][9]. Core Insights - The media industry saw a weekly increase of 0.92%, ranking 8th among industries, while the Shanghai Composite Index fell by 1.30% [12][19]. - Notable performers in the media sector included Xinghui Entertainment, Perfect World, and Mango Super Media, with significant weekly gains [19]. - The report highlights the growth of AI applications, with native AI software users reaching 277 million in August 2025, and Byte's Doubao surpassing Deepseek in monthly active users [23][24]. - The gaming segment is thriving, with the game "Delta Force" achieving over 30 million daily active users and topping the iOS sales chart [27][28]. - The film industry reported a total box office of 831 million yuan for the week, with the film "731" leading the box office [32][33]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.92%, outperforming the Shanghai Composite Index, which fell by 1.30% [12][19]. - The gaming sector saw a 3.51% increase, while advertising and publishing sectors faced declines [15]. Key Industry Data - AI applications reported a user base of 277 million, with significant growth in Tencent's products [23][24]. - The iOS game sales chart was led by "Delta Force," followed by "Honor of Kings" and "Peacekeeper Elite" [27][28]. - The total box office for the week was 831 million yuan, with "731" accounting for 69.7% of the total [32][33]. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, focusing on sub-sectors like gaming, IP, short dramas, and publishing [37]. - Specific companies highlighted for investment include Giant Network, Perfect World, and Mango Super Media [37].

Market Overview - On September 22, the gaming sector rose by 0.16% compared to the previous trading day, with ST Huatuo leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - ST Huatuo (002602) closed at 19.81, with a gain of 4.98% and a trading volume of 1.495 million shares, amounting to a transaction value of 2.924 billion [1] - Other notable gainers included *ST Dazheng (600892) with a 4.08% increase and ST Kaiwen (002425) with a 3.33% increase [1] - Conversely, 37 Interactive Entertainment (002555) saw a decline of 5.52%, closing at 22.24, with a trading volume of 1.5908 million shares and a transaction value of 3.588 billion [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.484 billion from institutional investors, while retail investors saw a net inflow of 1.582 billion [2][3] - ST Huatuo had a net inflow of 2.26 billion from institutional investors, while retail investors had a net outflow of 960.133 million [3] ETF Performance - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index increased by 3.64% over the past five days, with a net inflow of 17.632 million [5] - The food and beverage ETF (product code: 515170) decreased by 2.31%, with a net outflow of 24.043 million [5]

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is experiencing continuous innovation in game genres and breakthroughs in evergreen games, with significant growth potential despite a slowdown in user acquisition competition and gameplay innovation [2][9] - The market for female-oriented games in China is projected to reach 8 billion yuan in 2024, reflecting a year-on-year growth of 124%, driven by an increasing female user base [6] Key Companies and Performance - Notable companies in the gaming sector include Giant Network, G-bits, Perfect World, Kain Technology, Shenzhou Taiyue, and 37 Interactive Entertainment, all showing strong performance [3] - Giant Network's "Supernatural Action Group" has achieved significant daily active users (DAU) and is expected to release strong performance in Q3 [21] - G-bits has seen its profit forecasts revised upwards due to the success of its games, including "Wanjian Changsheng" [26] - Perfect World is entering a new game release cycle, with promising results from its recent titles [28] - Kain Technology is leading in AI layout and is expected to see significant profits from its collaboration on legendary games [3] Game Trends and Innovations - The "search and escape" gameplay has gained popularity due to its high-risk, high-reward mechanics, appealing to players' psychological tendencies [5] - "Supernatural Action Group" fills a market gap with its low entry barrier and strong social attributes, attracting a large female user base, with 62% of its players being female [7] - The introduction of innovative gameplay elements in "Supernatural Action Group" has improved user retention and community engagement [10] Market Dynamics - The overseas SLG (strategy) mobile game market is expected to grow, with revenues projected to reach $12.5 billion in 2024 and $7.3 billion in the first half of 2025, reflecting year-on-year growth of 17% and 25% respectively [13][14] - Chinese companies are expected to generate $18.6 billion in overseas revenue in 2024, with strategy games accounting for approximately 41% of this figure [14] Challenges and Opportunities - The SLG mobile game segment faces challenges such as high user acquisition costs and low success rates, but successful titles can yield long lifecycles and stable profit releases [15][20] - The importance of evergreen games for small and medium-sized developers is highlighted, as they offer higher profit margins and more stable revenue streams compared to short-term products [12] Future Outlook - The gaming industry is expected to maintain strong growth momentum, with companies like ST Huadong, G-bits, and 37 Interactive Entertainment showing promising Q2 results [9] - The upcoming third quarter is anticipated to be crucial for performance, with several companies poised for growth based on their product pipelines and strategic positioning [9][23] Conclusion - The gaming industry is evolving with innovative gameplay and a focus on long-term engagement, particularly among female players. Companies that adapt to these trends and leverage their strengths in product development are likely to see continued success and growth in the coming years [2][9][12]

Group 1: Market Performance - The domestic semiconductor industry chain showed strong performance last week, with companies like Zhongwei and SMIC rising over 20% and 10% respectively, and several ETFs tracking semiconductor materials and equipment gaining over 7% [2] - The automotive and gaming sectors also performed well, with companies such as Sanhua Intelligent Control and CATL increasing over 20% and 13%, respectively, while related ETFs rose over 5% [2] - Conversely, sectors like precious metals, rare earths, and large financials saw declines, with some ETFs dropping over 4% [2] Group 2: ETF Trading Activity - Following the Federal Reserve's interest rate cut, trading activity in Hong Kong-themed ETFs significantly increased, with the E Fund CSI Hong Kong Securities Investment ETF surpassing 66 billion yuan in trading volume [3] - There was a notable net inflow of over 10 billion yuan into ETFs tracking securities companies and over 5 billion yuan into those tracking Hong Kong internet stocks [3] - Additionally, ETFs related to robotics and batteries also attracted substantial investments, with the E Fund National Index Robotics Industry ETF seeing a net inflow of over 2.7 billion yuan [3] Group 3: Market Style and Trends - The technology sector is entering a consolidation phase, with expectations of a structural shift in market style in the fourth quarter, potentially favoring cyclical stocks and previously lagging sectors [5] - The technology style may experience a "high cut low" trend, shifting focus from upstream computing hardware to a broader range of artificial intelligence applications [6] - The recent 25 basis point rate cut by the Federal Reserve is seen as a preventive measure, with implications for equity assets and industrial metals, while the impact on A-shares and Hong Kong stocks is expected to be limited [6]

Index Performance - The CSI A500 Index experienced a slight increase of 0.02%, closing at 5433.29 points on September 19 [5] - The average daily trading volume for the week was 9126.33 billion yuan, reflecting a week-on-week increase of 2.7% [5] Component Stocks Performance - The top ten gainers for the week included: - Junsheng Electronics (600699.SH) with a rise of 44.25% - Shanghai Construction (600170.SH) up by 31.70% - Sanhua Intelligent Control (002050.SZ) increasing by 20.72% [3] - The top ten losers for the week included: - Northern Rare Earth (600111.SH) down by 12.20% - Junshi Biosciences (688180.SH) decreasing by 9.84% - Xiamen Tungsten (000960.SZ) falling by 9.45% [3] Fund Performance - A total of 39 CSI A500 funds mostly saw increases, with the top performer being Guolian An with a rise of 0.424% [5] - The total scale of CSI A500 funds reached 1865.27 billion yuan, with the largest funds being Huatai Baichuan (221.82 billion yuan), Guotai Fund (204.94 billion yuan), and E Fund (204.55 billion yuan) [5] Economic Context - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00%-4.25% on September 17, restarting the rate cut cycle [6] - Short-term market expectations for rate cuts have been largely priced in, potentially leading to volatility as actual policy effects and economic data unfold [6] - In the medium to long term, the Fed's rate cuts are expected to positively impact the A-share market, with a stronger yuan improving foreign investment sentiment [6]

Market Overview - On September 19, the gaming sector declined by 0.55%, with WenTou Holdings leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Individual Stock Performance - Key gainers included: - Kunlun Wanwei (300418) with a closing price of 43.45, up 4.40% [1] - Perfect World (002624) at 19.45, up 1.62% [1] - Sanqi Interactive Entertainment (002555) at 23.54, up 1.25% [1] - Notable decliners included: - WenTou Holdings (600715) at 2.76, down 2.82% [2] - Mingchen Health (002919) at 15.28, down 2.55% [2] - Lianghui Entertainment (300043) at 6.99, down 2.51% [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.09 billion yuan from institutional investors, with retail investors contributing a net inflow of 4.08 billion yuan [2][3] - Major stocks with significant capital flow included: - Sanqi Interactive Entertainment (002555) with a net inflow of 126 million yuan from institutional investors [3] - Kunlun Wanwei (300418) saw a net outflow of 2.54 billion yuan from retail investors [3] ETF Performance - Gaming ETF (product code: 159869) tracked the China Animation and Gaming Index, with a recent five-day change of +6.33% and a net outflow of 528.7 million yuan [5] - Food and Beverage ETF (product code: 515170) showed a five-day change of -3.91% with a net outflow of 54.45 million yuan [5]