Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The performance of A-share game companies in H1 2025 is strong, driven by two innovative game categories: "Micro Horror Search and Fight" and "Overseas SLG" [2]. - "Micro Horror Search and Fight" is expected to become a long-lasting game with a high profit margin, enhancing the performance of companies like Giant Network [2]. - The overseas SLG market is entering a new expansion cycle, with leading companies showing significant advantages [2]. Summary by Sections 1. Micro Horror Search and Fight: Long-lasting Games with High DAU - The "Search and Fight" category creates a loop of investment, risk, and return, making players addicted through high failure penalties and strong victory rewards [10]. - The game "Supernatural Action Group" targets the casual social and female-oriented segment, with no current competitors in the market, indicating potential for sustained growth [2][20]. - The female gaming market is projected to reach 8 billion yuan in 2024, growing by 124.1% year-on-year, highlighting the increasing importance of female players [11]. 2. Overseas SLG: New Expansion Cycle in the Industry - The overseas SLG mobile game market is expected to reach $124.64 billion in 2024 and $73.08 billion in H1 2025, with year-on-year growth of 17% and 25% respectively [43]. - Chinese companies are projected to generate $185.57 billion in overseas revenue in 2024, with strategy games accounting for 41.38% of the top 100 games [43]. - SLG games have high user value, with the average revenue per download (RPD) for 4X SLG being 8-9 times higher than the overall mobile game level [44]. 3. Major Companies - Giant Network is expected to benefit significantly from "Supernatural Action Group," which could lead to a "Davis Double" effect, enhancing both revenue and valuation [71].

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司到底有没有Esim业务？ 神州泰岳（300002.SZ）9月16日在投资者互动平台表示，如前期回复，公司未与三大运营商合作开发 ESIM支付系统。公司旗下泰岳小漫推出的新品FiRoam eSIM为跨境人群、海外用户提供跨境数据流量 服务，支持eSIM手机及其他eSIM硬件。作为面向海外市场新品之一，我们期望新品FiRoam eSIM能为 公司带来增量业务。 ...

Core Viewpoint - The gaming sector continues to show strong performance, with significant gains in stock prices and a robust increase in game approvals, indicating a positive outlook for the industry. Group 1: Stock Performance - The gaming sector saw notable stock price increases, with companies like Xinghui Entertainment and Perfect World hitting the daily limit up, while others like 37 Interactive Entertainment and Giant Network also experienced gains [1] - The gaming ETF rose over 4%, with the Huatai-PB gaming ETF increasing by 3.5%, and both ETFs showing over 58% growth year-to-date [2][4] Group 2: Game Approvals and Market Growth - From January to August, the National Press and Publication Administration reported a 23.53% year-on-year increase in the issuance of domestic online game licenses, reflecting ongoing regulatory support for the gaming industry [6] - In August, a record number of 166 domestic games and 7 imported games were approved, contributing to a total of 1,119 game licenses issued from January to August, marking a 20.8% year-on-year increase [9][10] Group 3: Game Releases and Performance - Domestic mobile games are thriving, with the upcoming launch of "Iser" by Xindong Company generating significant anticipation, ranking 4th on Taptap's reservation list [7] - Giant Network's "Supernatural Action Group" has seen a rise in rankings and revenue following the introduction of new gameplay features, indicating strong ongoing performance [7] - Several mobile games from Century Huatong's subsidiary, including "Whiteout Survival," achieved record revenues in August, contributing to a 11% month-on-month increase in global revenue for the subsidiary [8] Group 4: Industry Outlook - Open Source Securities suggests that the gaming industry will continue to experience high demand and a favorable supply-demand dynamic, with the current valuation offering attractive investment opportunities [9] - Guoxin Securities highlights that the gaming market's revenue grew steadily in the first seven months, with a positive outlook driven by policy support, market conditions, and AI applications [9][10]

截至发稿，李庆阳累计任职时间1年227天，现任基金资产总规模59.97亿元，任职期间最佳基金回报 125.66%， 任职期间最差基金回报25.12%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，博时基金旗下1只基金重仓神州泰岳。博时中证传媒指数发起式A（020183）二季度减持 1200股，持有股数4.93万股，占基金净值比例为3.32%，位居第十大重仓股。根据测算，今日浮盈赚取 约3.7万元。 博时中证传媒指数发起式A（020183）成立日期2024年3月5日，最新规模1318.48万。今年以来收益 30.76%，同类排名1460/4222；近一年收益69.75%，同类排名1219/3802；成立以来收益34.15%。 博时中证传媒指数发起式A（020183）基金经理为李庆阳。 9月15日，神州泰岳涨5.43%，截至发稿，报14.56元/股，成交10.94亿元，换手率4.16%，总市值286.42 亿元。 资料显示，北京神州泰岳软件股 ...

Core Viewpoint - The gaming sector continues to strengthen, with notable stock performances from various companies [1] Group 1: Company Performance - Xinghui Entertainment reached a 20% limit-up [1] - Perfect World previously hit a limit-up [1] - Other companies such as 37 Interactive Entertainment, Giant Network, Iceberg Network, Shenzhou Taiyue, and Kaiying Network also experienced gains [1] Group 2: ETF Performance - The gaming ETF Huatai Bairui (516770) increased by 3.83% [1] - The trading volume for the ETF was 30.11 million yuan [1]

Core Viewpoint - The gaming sector continues to strengthen, with notable stock performances from various companies and related ETFs showing positive trends [1] Group 1: Company Performance - Xinghui Entertainment reached a daily limit increase of 20% [1] - Perfect World previously hit a daily limit increase [1] - Other companies such as 37 Interactive Entertainment, Giant Network, Iceberg Network, Shenzhou Taiyue, and Kaiying Network also experienced upward movement [1] Group 2: ETF Performance - The Huatai-PB Gaming ETF (516770) rose by 3.83% [1] - The trading volume for the ETF was 30.11 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" with an expectation of returns exceeding 10% relative to the CSI 300 index over the next six months [2][13]. Core Viewpoints - The company's revenue for the first half of 2025 was CNY 26.85 billion, a decrease of 12.05% year-on-year, while the net profit attributable to shareholders was CNY 5.09 billion, down 19.26% year-on-year [1][7]. - The mobile gaming business generated revenue of CNY 20.28 billion, a decline of 16.41% year-on-year, attributed to the maturation of two major products [7]. - The company is focusing on AI, cloud services, and ICT sectors, with a new model application system launched in 2025H1, enhancing operational efficiency and user experience [9]. - The company is positioned to benefit from the growth of its overseas mobile gaming business and the expansion of its AI and cloud services [9]. Financial Performance Summary - In 2025H1, the overall gross margin was 59.83%, down 2.48 percentage points year-on-year, while the net profit margin was 18.78%, down 1.63 percentage points year-on-year [1][7]. - The company’s total assets were CNY 6,802.77 million in 2023, projected to grow to CNY 12,839.62 million by 2027 [12]. - The projected net profit for 2025 is CNY 1.36 billion, with an expected EPS of CNY 0.69, corresponding to a PE ratio of 19.24 [10].

证券日报网讯神州泰岳（300002）9月11日在互动平台回答投资者提问时表示，截至2025年9月10日，公 司股东人数为98，828户。 ...

Group 1 - The company is focusing on the domestic market development and has obtained domestic licenses for new products "Stellar Sanctuary" and "Next Agers," which are nearing the end of commercial testing [2] - The company has developed mini-program versions specifically for the domestic market, which is expected to enhance market share upon launch [2] - The Indian market leads globally in download volume but has a low payment rate; if payment capabilities improve in the future, it will become a key area of focus for the company [2]

Core Viewpoint - Shenzhou Taiyue's stock price has shown fluctuations with a year-to-date increase of 20.54%, while recent financial performance indicates a decline in revenue and net profit for the first half of 2025 [1][2]. Company Overview - Shenzhou Taiyue Software Co., Ltd. was established on May 18, 2001, and listed on October 30, 2009. The company is based in Beijing and operates in various sectors including telecommunications, IoT, AI, big data, and mobile gaming [1]. - The company's revenue composition is as follows: gaming (75.53%), AI/ICT operations management (19.89%), IoT/communications (2.04%), innovative services (1.99%), and others (0.55%) [1]. Financial Performance - For the first half of 2025, Shenzhou Taiyue reported a revenue of 2.685 billion yuan, a year-on-year decrease of 12.05%, and a net profit attributable to shareholders of 509 million yuan, down 19.26% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.297 billion yuan, with 372 million yuan distributed over the last three years [3]. Shareholder Information - As of August 29, 2025, the number of shareholders decreased to 100,000, a reduction of 2.38%, while the average circulating shares per person increased by 2.44% to 18,471 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 56.3593 million shares, a decrease of 5.95812 million shares from the previous period [3].