Group 1 - The computing power sector leads the market with a rise of 3.2% [1] - Companies such as Cambricon Technologies increased by 19.8%, BoHui Co. by 11.59%, and Zhongdian Xindong by 10.03% [1] - Other notable performers include Shenzhou Taiyue, Pinggao Group, and Daming City, each rising over 7% [1]

Group 1 - The A-share market has seen a continuous rise, with the Shanghai Composite Index reaching new highs, particularly in sectors such as medical devices, diversified finance, gas, and insurance [1] - According to the "China Game Industry Report," the domestic game market's actual sales revenue is expected to reach 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% and setting a historical record. The user base is projected to be nearly 679 million, with a year-on-year increase of 0.72% [1] - Tianfeng Securities expresses a strong outlook on the AI industry as a key investment theme for the year, anticipating that 2025 may become a pivotal year for domestic AI infrastructure competition and application development, with ongoing advancements in both China and the U.S. [1] Group 2 - The创业板软件ETF华夏 (159256) tracks the创业软件指数 (399264), focusing on 50 high-quality AI software stocks in the ChiNext market, with a significant emphasis on AI applications in fintech, AI agents, and AI gaming. Software development and IT services account for 70% of the industry [2] - Major weighted stocks in the index include well-known software companies such as Tonghuashun, Runhe Software, Softcom Power, Guiding Compass, Kunlun Wanwei, and Deepin Technology [2] - Related products include创业板软件ETF华夏 (159256), 创业板200ETF华夏 (159573), and 人工智能AIETF (515070) [2]

Group 1 - The main focus of the article is on the top 20 stocks that have seen significant inflows of capital as of August 12, with specific amounts listed for each stock [1] - The stock with the highest inflow is Hanwha U, attracting 1.378 billion yuan, followed by Xinyi Sheng with 704 million yuan [1] - Other notable stocks include Furi Electronics with 562 million yuan, Zhongji Xuchuang with 463 million yuan, and China Great Wall with 415 million yuan [1] Group 2 - The total inflow amounts for the top 20 stocks indicate strong investor interest, with the cumulative inflow reaching several billion yuan [1] - The data reflects a diverse range of sectors represented among the top stocks, suggesting varied investment opportunities [1] - The presence of technology and electronics companies, such as Industrial Fulian and Fenghuo Electronics, highlights the ongoing interest in these industries [1]

| 600360 | *ST华微 | 4.90 | 2.94 | 8.65 | 8.99 | 3.91 | | --- | --- | --- | --- | --- | --- | --- | | 301004 | 嘉益股 份 | 5.05 | 1.18 | 70.29 | 73.01 | 3.87 | | 300002 | 神州泰 岳 | 4.91 | 9.99 | 13.39 | 13.88 | 3.69 | 证券时报·数据宝统计，截至今日上午收盘，上证综指3666.33点，收于五日均线之上，涨跌幅0.51%，A 股总成交额为12101.40亿元。到目前为止，今日有285只A股价格突破了五日均线，其中乖离率较大的个 股有盛科通信、毓恬冠佳、世纪鼎利等，乖离率分别为10.15%、9.73%、8.34%；星宇股份、显盈科 技、初灵信息等个股乖离率较小，刚刚站上五日均线。 （文章来源：证券时报网） 8月12日突破五日均线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | - ...

Investment Rating - The report assigns a "Buy" rating for the company [5][72]. Core Views - The company's gaming business, led by its wholly-owned subsidiary Kemu Games, has a strong track record in overseas game publishing, with past titles like "Age of Origins" and "War and Order" generating revenues exceeding 30 billion and 10 billion respectively. Future titles such as "Stellar Sanctuary" and "Next Agers" are expected to exceed revenue expectations [1][4]. - The company is positioned in the low-performing segment of the gaming sector for 2025, with its current stock price reflecting only the expected performance of existing games and not accounting for new product lines [3][4]. - The company is projected to achieve revenues of 69.3 billion, 89.4 billion, and 99.3 billion for 2025, 2026, and 2027 respectively, with net profits of 12.9 billion, 19.6 billion, and 21.5 billion [5][72]. Summary by Sections Company Overview - The company, established in 1998 and listed in 2009, aims to be a leader in the digital economy with a focus on game development and AI technology [18][19]. - Its gaming business is a top-tier player in the domestic mobile game market, with over 250 million registered users across more than 150 countries [19]. Industry Analysis - SLG games are characterized by high entry barriers and sustained revenue generation, with a typical lifecycle of 6 to 8 years [26]. - The "SLG+X" model, which integrates various gameplay elements, has gained popularity and is expected to enhance user acquisition and retention [35]. Financial Performance - The company has shown significant revenue growth, with a peak revenue of 19.4 billion in Q4 2024 and a record net profit of 4.63 billion in Q3 2024 [23][25]. - The overall expense ratio has improved, with a notable decrease in sales expense ratio from 54.5% in Q1 2021 to 43.5% in Q1 2025 [25]. New Product Development - The upcoming titles "Stellar Sanctuary" and "Next Agers" are set to initiate a new product cycle, with "Stellar Sanctuary" expected to contribute significantly to revenue [53][66]. - The company has multiple SLG games in development, with plans for commercial testing in the near future [60]. Valuation and Market Potential - The estimated target market capitalization for 2026 is around 400 billion, based on a P/E ratio of 20 times projected earnings [4][72]. - The global SLG game market is anticipated to exceed 20 billion USD by 2027, indicating strong growth potential for the company [30].

金融界消息 截至2025年8月11日收盘，神州泰岳（300002）报收于13.23元，上涨1.46%，换手率 4.63%，成交量84.36万手，成交金额11.09亿元。 通过天眼查大数据分析，北京神州泰岳软件股份有限公司共对外投资了43家企业，参与招投标项目2890 次，知识产权方面有商标信息134条，专利信息587条，此外企业还拥有行政许可5个。 来源：金融界 神州泰岳最新一期业绩显示，截至2025一季报，公司营业总收入13.23亿元、同比减少11.07%，归属净 利润2.39亿元，同比减少19.09%，扣非净利润2.26亿元，同比减少21.10%，流动比率5.856、速动比率 5.605、资产负债率10.99%。 天眼查商业履历信息显示，北京神州泰岳软件股份有限公司，成立于2001年，位于北京市，是一家以从 事互联网和相关服务为主的企业。企业注册资本196256.4954万人民币，实缴资本196256.4954万人民 币。公司法定代表人为冒大卫。 资金流向方面，今日主力资金净流入8370.99万元，占比成交额7.55%。其中，超大单净流入6836.54万 元、占成交额6.16%，大单净流入1534.45万 ...

Summary of Key Points from the Equity Research Report on the Gaming Sector Industry Overview - The gaming sector in China is expected to perform strongly in the second half of 2025, with the Wind Internet Games Index rising 17% since June 2025, compared to a 7% increase in the CSI 300 index [2][10] - The sector is currently trading at a 2026 estimated average price-to-earnings (PE) ratio of 16x, slightly below the historical average of 17x [2][28] Core Insights 1. **Gaming Consumption Growth**: Domestic mobile gaming revenue reached RMB125.3 billion in the first half of 2025, marking a year-on-year increase of 16.6% [2][10] 2. **Product Releases**: A-share gaming companies are planning to increase product releases in the second half of 2025, which is expected to drive sustained earnings growth [2][10] 3. **Profit Margin Optimization**: Game developers are optimizing channel costs, which may lead to wider profit margins [2][10] Company-Specific Highlights Perfect World (002624 CH) - Current Price: RMB15.91, Target Price: RMB20.90, Rating: Buy - The game 'NTE' is anticipated to be a major success in the ACG category, with expected gross billing of approximately RMB5 billion in the first year post-launch, contributing to 73% of the company's net profit in 2026 [4][10] - Projected net profit growth of 143% year-on-year in 2026 [4][10] Ultrapower (300002 CH) - Current Price: RMB13.49, Target Price: RMB15.60, Rating: Buy - Key products 'Staller Sanctuary' and 'Next Agers' are expected to see large-scale commercialization starting in Q3 2025, contributing to a projected CAGR of 17% in net profit from 2025 to 2027 [5][10] Kingnet Network (002517 CH) - Current Price: RMB19.76, Target Price: RMB25.20, Rating: Buy - Expected net profit CAGR of 18% from 2025 to 2027, with a target PE multiple of 21x [9][10] Sanqi Entertainment (002555 CH) - Current Price: RMB17.40, Target Price: RMB23.80, Rating: Buy - Projected net profit CAGR of 10% from 2025 to 2027 [9][10] Key Product Tracking 1. **Game Exports**: Overseas revenue of Chinese games grew 11% year-on-year to USD9.5 billion in 1H25 [3][10] - Diandian Interactive's 'Whiteout Survival' ranked No. 1 in overseas revenue for the first half of 2025 [3][10] 2. **Commercial Promotions**: Giant Network's 'Chao Zi Ran Xíng Dong Zu' launched in July, achieving a peak iOS ranking of No. 11 [3][10] 3. **Beta Tests**: Perfect World's 'NTE' completed its second beta test in June, showing significant performance improvements [3][10] Market Trends and Risks - The gaming sector is experiencing rapid growth, particularly in overseas markets, with leading games performing well [8][10] - Risks include delayed game launches, regulatory changes, and potential operational challenges in overseas markets [9][10] Conclusion - The gaming sector in China is poised for strong growth in the latter half of 2025, driven by robust consumption trends, new product launches, and improved profit margins. Key companies like Perfect World and Ultrapower are well-positioned to capitalize on these trends, with favorable ratings and target prices indicating potential upside for investors [2][10]

截至2025年8月6日收盘，神州泰岳股价报13.49元，较前一交易日下跌1.24%。当日成交量为933412手， 成交金额达12.63亿元。 神州泰岳是一家专注于信息技术服务的企业，业务涵盖游戏开发运营、5G通信技术等领域。公司旗下 拥有多款知名游戏产品，并持续在5G应用领域进行技术研发。 公司最新披露信息显示，其两款新游戏产品目前正处于商业化测试阶段，正在进行内容和数值调优工 作。公司表示后续将加快投放和开服节奏。 从资金流向来看，8月6日神州泰岳主力资金净流出7749.13万元，占流通市值的0.32%。但近五个交易日 整体呈现资金净流入态势，累计净流入1.71亿元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 ...

Summary of Shenzhou Taiyue Conference Call Company Overview - **Company**: Shenzhou Taiyue - **Industry**: Gaming and Information Technology Services Key Financial Metrics - **2024 Net Profit**: 1.428 billion CNY, a 61% year-on-year increase, primarily driven by gaming business contributions, especially from Shellwood Games' overseas SLG titles "War and Order" and "City of the Rising Sun" [2][3] - **2025 Q1 Revenue**: 1.323 billion CNY, an 11% year-on-year decline, with net profit at 239 million CNY, down 19% year-on-year, indicating volatility as core gaming products mature [2][6] Gaming Business Insights - **Core Revenue Source**: Gaming business accounts for approximately 80% of total revenue, contributing around 4.8 billion CNY in 2024 [3][4] - **Product Performance**: "City of the Rising Sun" has shown consistent revenue growth from 2022 to mid-2024, but is expected to decline as it enters maturity in late 2024 [4] - **New Product Launches**: Shellwood Games plans to launch "Stella" and "Next Ages" in late 2024, aiming to attract a broader user base, including more female players and users from lower-tier markets in Europe and America [2][7][10] Market Trends - **SLG Market Growth**: The SLG market has seen significant revenue increases, with titles like "Whiteout," "Survival," and "Last War" achieving monthly revenues exceeding 100 million USD [8][9] - **User Engagement**: Despite some declines in user activity for certain products, overall revenue levels in the SLG category have risen, indicating a robust market environment [8] Future Growth Potential - **Investment in New Products**: Increased marketing investments for "Stella" and "Next Ages" are planned for Q3 and Q4 of 2025, with expectations that these titles could surpass previous product revenue levels [2][10] - **AI and IT Services Development**: The company is enhancing its IT services with the launch of the "Taiyue Lighthouse" AI model application system, which is expected to improve financial performance in this segment [11] - **Long-term Outlook**: Analysts predict a turning point in performance starting in 2026, with accelerated growth anticipated by 2027, supported by a favorable valuation of less than 20 times earnings for 2026 [12] Conclusion - **Investment Opportunity**: Current market conditions and company developments suggest a strong potential for growth, making it an opportune time for investment in Shenzhou Taiyue [12]

（文章来源：证券日报） 证券日报网讯神州泰岳8月6日在互动平台回答投资者提问时表示，公司的两款新游戏目前处于商业化测 试，以及对内容和数值调优阶段，后续有望加快投放和开服节奏。 ...