Market Overview - The Shanghai Composite Index is at 3854.14 points, slightly above the five-day moving average, with a change of 0.01% [1] - The total trading volume of A-shares is 1,140.591 billion yuan [1] Stocks Performance - A total of 796 A-shares have surpassed the five-day moving average today [1] - Stocks with significant deviation rates include: - HaHuanHuaTong (15.31% deviation) with a price increase of 19.99% and a turnover rate of 11.08% [1] - NaiPuMiner (15.09% deviation) with a price increase of 19.99% and a turnover rate of 11.23% [1] - YiWangYiChuang (12.15% deviation) with a price increase of 18.36% and a turnover rate of 14.41% [1] Additional Notable Stocks - HengErDa shows a 9.05% deviation with a price increase of 12.27% [1] - NingBoJianGong has a deviation of 8.35% with a price increase of 9.96% [1] - Other stocks with notable performance include JiaZeXinNeng (7.69% deviation) and GuangDianDianQi (7.67% deviation) [1]

Group 1 - A-share gaming stocks experienced significant gains on September 25, with notable increases in companies such as Xinghui Entertainment (up over 12%) and Bingchuan Network (up nearly 10%) [1] - The A-share gaming index (BK1046) rose over 3%, reaching a new historical high of 1751 [1] - The National Press and Publication Administration approved 145 new domestic games in September, including key titles from Tencent, NetEase, and MiHoYo [1] Group 2 - As of September, a total of 1275 game licenses have been issued in 2025, indicating a sustained high frequency of approvals [2] - The gaming industry is transitioning from "one-wave skin change products" to "long-cycle projects," suggesting a potentially longer economic cycle than market expectations [2] - Several gaming companies have seen their stock prices and market values double this year, with Century Huatong's stock price increasing over threefold [2]

Group 1 - The gaming sector is experiencing a significant rise, with the gaming ETF (159869) increasing nearly 3% in early trading, and notable stocks such as Glacier Network, Perfect World, and Star Shine Entertainment showing strong gains [1] - In September, a total of 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [1] - Open Source Securities suggests that the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and recommends increasing investments in the gaming sector [1] Group 2 - The gaming sector is undergoing multiple catalysts including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2] - Citic Construction Investment is optimistic about the gaming sector's performance for the year, highlighting that the overall gaming landscape is improving, with leading companies like Tencent and mid-sized firms performing well [1][2]

Group 1: Company Acquisition - Longfor Properties (600159) announced a preliminary intention to acquire 60% equity of Beijing Chengzhu Real Estate Development Co., Ltd. from Beijing Shunyi New Town Development Co., Ltd. to supplement its project reserves [1] - The target company was established in March 2025 with a registered capital of 600 million yuan, focusing on real estate development [1] - As of the announcement date, the target company has not generated any operating revenue [1] Group 2: Game Approval and Market Activity - On September 24, the National Press and Publication Administration approved 145 domestic online games, including 93 mobile games and 42 mobile-casual puzzle games [2] - By the end of September, a total of 1,275 game licenses have been issued in 2025, maintaining a high issuance frequency [2] - The regular issuance of game licenses reflects the regulatory support for the gaming industry [2] Group 3: Financing and Performance of Game Stocks - In September, three game stocks saw significant net purchases from financing clients, with Kunlun Wanwei, 37 Interactive Entertainment, and Giant Network receiving net purchases of 760 million yuan, 544 million yuan, and 153 million yuan respectively [3] - Kunlun Wanwei reported a revenue of 3.733 billion yuan in the first half of the year, a year-on-year increase of 49.23% [5] - 37 Interactive Entertainment achieved a revenue of 8.486 billion yuan in the first half, a year-on-year decrease of 8.08%, but its net profit increased by 10.72% to 1.4 billion yuan [5] Group 4: Profitability of Game Stocks - The top net profit earners in the gaming sector for the first half of the year include ST Huaman, 37 Interactive Entertainment, and Kaiying Network, with net profits of 2.656 billion yuan, 1.4 billion yuan, and 950 million yuan respectively [6] - Significant year-on-year profit growth was observed in companies like Sheng Tian Network and Youzu Network, with increases of 1186.02% and 989.31% respectively [6] - Several companies, including Perfect World and Glacier Network, reported a turnaround from losses to profits [6]

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]

Core Insights - Glacier Network's stock price increased by 2.04% on September 24, reaching 38.43 CNY per share, with a total market capitalization of 9.01 billion CNY [1] - The company has seen a year-to-date stock price increase of 94.48%, but has experienced a decline of 9.47% over the last five trading days [1] Financial Performance - For the first half of 2025, Glacier Network reported a revenue of 1.257 billion CNY, representing a year-on-year growth of 4.21%, and a net profit attributable to shareholders of 336 million CNY, which is a significant increase of 165.19% [2] - The company has distributed a total of 841 million CNY in dividends since its A-share listing, with 583 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 140.76% to 44,200, while the average number of tradable shares per person decreased by 58.42% to 3,735 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited and Huaxia CSI Animation Game ETF, with significant increases in their holdings [3]

Group 1 - Glacier Network's stock price fell by 5.04% on September 23, reaching 37.32 CNY per share, with a trading volume of 242 million CNY and a turnover rate of 3.80%, resulting in a total market capitalization of 8.75 billion CNY [1] - The company's stock has experienced a continuous decline for three days, with a cumulative drop of 7.42% during this period [1] - Glacier Network, established on January 21, 2008, and listed on August 18, 2016, primarily develops large-scale multiplayer online games based on its proprietary engine technology, with 99.32% of its revenue coming from online game recharge [1] Group 2 - Huabao Fund holds Glacier Network as one of its top ten heavy positions, with the Huabao Wanwu Internet Mixed A Fund (001534) reducing its holdings by 130,000 shares in the second quarter, now holding 98,900 shares, which accounts for 3.56% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 195,800 CNY, with a total floating loss of 311,500 CNY during the three-day decline [2] - The Huabao Wanwu Internet Mixed A Fund, established on June 30, 2015, has a latest scale of 83.93 million CNY, with a year-to-date return of 72.92% and a one-year return of 150.19% [2]

Company Overview - Glacier Network, established on January 21, 2008, is located in Nanshan District, Shenzhen, Guangdong Province. The company went public on August 18, 2016. Its main business involves developing large-scale multiplayer online games based on self-developed engine technology, primarily through self-operation, authorized operation, and joint operation methods. The revenue composition is 99.32% from online game recharge and 0.68% from other sources [1]. Stock Performance - On September 22, Glacier Network's stock price fell by 0.58%, closing at 39.30 CNY per share, with a trading volume of 386 million CNY and a turnover rate of 6.00%. The total market capitalization is 9.214 billion CNY. The stock has experienced a continuous decline over the past three days, with a cumulative drop of 7.42% [1]. Fund Holdings - According to data, one fund under China Post Fund holds Glacier Network as a significant position. The China Post Core Technology Innovation Flexible Allocation Mixed Fund (000966) held 50,000 shares in the second quarter, accounting for 2.07% of the fund's net value, ranking as the fifth-largest holding. The estimated floating loss today is approximately 11,500 CNY, with a total floating loss of 157,500 CNY during the three-day decline [2]. Fund Performance - The China Post Core Technology Innovation Flexible Allocation Mixed Fund (000966) was established on February 11, 2015, with a latest scale of 80.8047 million CNY. Year-to-date, it has achieved a return of 32.75%, ranking 2495 out of 8244 in its category. Over the past year, the return is 87.72%, ranking 870 out of 8066. Since inception, the return is 68.2% [2]. Fund Manager - The fund manager of the China Post Core Technology Innovation Flexible Allocation Mixed Fund (000966) is Cao Si, who has been in the position for 11 years and 122 days. The total asset scale under management is 471 million CNY, with the best fund return during his tenure being 107.3% and the worst being 8.27% [2].

Core Viewpoint - The performance of the Zhongzheng 2000 Enhanced ETF (159552) shows a slight increase of 0.15% as of the midday close on September 22, with a trading volume of 28.4 million yuan [1] Group 1: ETF Performance - The Zhongzheng 2000 Enhanced ETF (159552) closed at 1.978 yuan, with a year-to-date return of 97.44% since its establishment on June 19, 2024 [1] - The ETF has experienced a decline of 1.47% over the past month [1] Group 2: Top Holdings Performance - Among the top holdings, Ice Glacier Network decreased by 1.72%, while New Asia Electronics increased by 2.39% [1] - Other notable movements include Huazheng New Materials down by 0.89%, Junya Technology up by 0.07%, and Shenchi Electromechanical up by 2.59% [1] - Brother Technology fell by 1.64%, Haitai Technology down by 2.10%, Changrong Co. down by 1.71%, and Focus Technology down by 0.79% [1] - Jingquan Hua saw an increase of 2.04% [1]

证券代码：300533 证券简称：冰川网络 公告编号：2025-061 深圳冰川网络股份有限公司 关于非独立董事辞职暨选举职工董事的公告 袁卫奇先生在担任公司董事期间，恪尽职守、勤勉尽责，在公司治理、规范 运作等方面发挥了重要作用，公司及董事会对袁卫奇先生在任职期间所作的辛勤 工作和贡献表示衷心感谢！ 二、职工董事选举情况 经公司第五届董事会提名委员会对职工董事候选人任职资格的审查，公司于 2025 年 9 月 19 日召开职工代表大会并作出决议，经与会职工代表认真讨论，一 致同意选举蒲怀解先生为公司第五届董事会职工董事，任期与第五届董事会一致。 本次职工董事选举后，公司第五届董事会中兼任公司高级管理人员以及由职工代 表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法规的要 求。职工董事蒲怀解先生的简历详见附件。 特此公告。 深圳冰川网络股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、非独立董事辞职情况 深圳冰川网络股份有限公司（以下简称"公司"）董事会于近日收到公司非 独立董事袁卫奇先生提交的书面辞职报告。袁卫奇先生因公司内部 ...