Group 1 - The gaming sector experienced a decline at the beginning of trading, with companies such as Gigabit, Xinghui Entertainment falling over 5% [1] - Other companies like Xunyou Technology, 37 Interactive Entertainment, and Shenzhou Taiyue saw declines of over 3% [1] - Additional companies including Dihun Network, Kaiying Network, and Tom Cat also faced downward movement in their stock prices [1]

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].

Investment Rating - The report assigns an "Increase" rating for the gaming industry, indicating a positive outlook compared to the CSI 300 index, with expected growth exceeding 15% [13]. Core Insights - In September, a total of 145 domestic games received approval, contributing to a total of 1,195 domestic game licenses issued this year, significantly higher than the 959 licenses issued in the same period last year [6][8]. - The gaming market in August showed stability, with a total revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% [6][8]. - The report highlights the strong performance of leading products, such as Tencent's "Delta Action," which reached 30 million daily active users in September, and the anticipated revenue of over 300 million yuan for the new game "Valorant: Energy Action" in its first month [6][8]. Summary by Sections Game License Approvals - In September, 145 domestic games and 11 imported games received approval, with notable titles from Tencent, NetEase, and others included in the list [6][8]. - The approval rate for domestic game licenses has increased, with an average monthly issuance of 132.8 licenses in 2023, up from 88.8 in 2021 and 108.8 in 2022 [6][8]. Market Performance - The gaming market's revenue for August was 29.263 billion yuan, with mobile games generating 21.521 billion yuan and client games 6.563 billion yuan [6][8]. - The report notes that client games are experiencing growth due to cross-platform products, which enhances their profitability compared to mobile games [6][8]. Investment Recommendations - The report recommends companies with strong content reserves and solid fundamentals, including Kain Network, 37 Interactive Entertainment, Giant Network, Perfect World, and others [6][8]. - Specific stock recommendations include Kain Network (28.94 yuan), 37 Interactive Entertainment (22.49 yuan), and Giant Network (44.87 yuan), all rated for "Increase" [7][8].

Core Viewpoint - The company, Shenzhou Taiyue, is one of the earliest entrants in the information security business in China, focusing on providing security software and services to various industries such as telecommunications, energy, finance, and transportation [1] Group 1: Business Focus - The company specializes in three main areas of information security: identity security, asset security, and security management [1] - It has developed an integrated security operation center, identity security platform, asset security platform, and security management platform, along with over ten standardized security products [1] Group 2: Technical Expertise - The company has solid technical accumulation and practical experience in data security, covering areas such as data access control, data operation behavior auditing, fine-grained database management, database traffic auditing, API traffic auditing, data asset management, and data security operations [1]

Group 1 - Alibaba is actively promoting the construction of AI infrastructure with an investment of 380 billion and plans for additional funding [1] - The IPO of Moore Threads on the Sci-Tech Innovation Board is scheduled for September 26, with several GPU companies expected to initiate listings within the year [1] - Huawei's rotating chairman shared plans for the Ascend chip series, with the Ascend 950PR chip expected to launch in Q1 2026 and the Ascend 960 chip in Q4 2027 [1] Group 2 - The domestic AI industry chain is accelerating, with expectations for a spiral growth in large models, computing power, and applications [2] - The CSI Artificial Intelligence Theme Index (930713) has seen a strong increase of 1.79%, with notable gains in constituent stocks such as Lianqi Technology (up 7.53%) and iFlytek (up 6.47%) [2] - The AI Artificial Intelligence ETF (512930) has risen by 1.73%, with a recent price of 2.18 yuan, and has a management fee of 0.15%, the lowest among comparable funds [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index account for 60.82% of the index, including companies like Xinyi Technology and Cambricon [3] - The top ten stocks by weight include Zhongji Xuchuang, Xinyi Technology, and iFlytek, with varying performance and weight percentages [4]

Core Viewpoint - The A-share market is experiencing a strong performance in the online gaming sector, with several stocks reaching significant gains [1] Group 1: Stock Performance - Dongfang Mingzhu has reached the daily limit increase [1] - Shenzhou Taiyue and G-bits have increased by over 7% [1] - Kying Network and Kunlun Wanwei have risen by over 5% [1] - Xunyou Technology and Giant Network have gained over 4% [1]

Group 1 - The stock of Beijing Shenzhou Taiyue Software Co., Ltd. increased by 5.09% on September 24, reaching a price of 15.07 CNY per share, with a trading volume of 9.71 billion CNY and a turnover rate of 3.57%, resulting in a total market capitalization of 29.645 billion CNY [1] - The company was established on May 18, 2001, and went public on October 30, 2009. Its main business areas include operator services, IoT and communications, artificial intelligence and big data, mobile gaming, and innovative services [1] - The revenue composition of the company is as follows: gaming accounts for 75.53%, AI/ICT operation management 19.89%, IoT/communications 2.04%, innovative services 1.99%, and other supplementary services 0.55% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Galaxy Fund holds a significant position in Shenzhou Taiyue. The Galaxy Xinli Mixed A Fund (519652) held 174,900 shares in the second quarter, accounting for 0.88% of the fund's net value, ranking as the sixth-largest heavy stock [2] - The Galaxy Xinli Mixed A Fund was established on April 22, 2015, with a current scale of 232 million CNY. Year-to-date returns are 1.8%, ranking 7514 out of 8173 in its category; the one-year return is 9.06%, ranking 6965 out of 7996; and since inception, the return is 61.69% [2] Group 3 - The fund managers of Galaxy Xinli Mixed A are Liu Ming and Bao Wubin. Liu Ming has a cumulative tenure of 8 years and 292 days, with a total fund asset size of 5.545 billion CNY, achieving a best fund return of 140.79% and a worst return of -4.69% during his tenure [3] - Bao Wubin has a cumulative tenure of 3 years and 192 days, managing a total fund asset size of 1.09 billion CNY, with a best fund return of 39.56% and a worst return of -29.11% during his tenure [3]

Core Viewpoint - The company has successfully launched two new games aimed at the overseas market, which are currently in the final stages of commercialization testing and are expected to enter formal promotion soon [1] Group 1: Game Development and Launch - The company has released two new games, "Stellar Sanctuary" and "Next Agers," which are designed for the overseas market and are currently undergoing commercialization testing [1] - Both games have been listed on the Google Play and App Store in the US, indicating progress towards their official launch [1] - The company has also obtained domestic licenses for these games and is developing mini-program versions specifically for the domestic market, with plans to launch them at an appropriate time [1]

Core Insights - The article highlights a trend of decreasing shareholder accounts among 498 companies, indicating a concentration of shares, with 93 companies experiencing a decline for three consecutive periods or more [1][2] Group 1: Shareholder Account Trends - 93 companies have seen a continuous decrease in shareholder accounts for over three periods, with some like ST Huawen and Guotou Fengle experiencing declines for 13 and 10 periods respectively, with reductions of 15.38% and 15.73% [1] - The latest data shows significant declines in shareholder accounts for companies such as Hongming Co., ST Qingyan, and Shenzhou Taiyue, with decreases of 13.30%, 11.03%, and 10.27% respectively [1][2] Group 2: Market Performance - Among the companies with declining shareholder accounts, 15 have seen their stock prices rise, while 78 have experienced declines, with notable increases for ST Qingyan (45.91%), Hongming Co. (13.56%), and Jerey Co. (12.21%) [2] - 10.75% of the companies with decreasing shareholder accounts outperformed the Shanghai Composite Index, with ST Qingyan, Honghe Technology, and Dongfang Tantalum achieving excess returns of 37.02%, 10.51%, and 7.65% respectively [2] Group 3: Industry and Institutional Interest - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, basic chemicals, and pharmaceuticals, with 14, 10, and 8 companies respectively [2] - In terms of institutional interest, 14 companies with declining shareholder accounts were surveyed by institutions in the past month, with Donggang Co., Dongfang Tantalum, and Dalian Heavy Industry receiving the most attention [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].