Core Viewpoint - The article highlights the approval of 145 domestic online games in September 2025, indicating a supportive regulatory environment for the gaming industry in China, with a total of 1,275 game licenses issued so far this year [3][4]. Game Approval Summary - In September, 145 domestic online games were approved, including 93 mobile games, 42 mobile-casual games, 7 mobile-client games, 2 client games, and 1 mobile-web game [3]. - Additionally, 11 imported online games were approved, with 6 being mobile games [3]. Financing and Investment Insights - The article lists game stocks with significant net purchases by financing clients in September, with three stocks exceeding 100 million yuan in net purchases: Kunlun Wanwei (760 million yuan), Sanqi Huayu (544 million yuan), and Giant Network (153 million yuan) [5]. Company Performance Overview - 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%, focusing on AI game product optimization [7]. - Sanqi Huayu achieved a revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, but its net profit increased by 10.72% to 1.4 billion yuan [7]. - Key games in the pipeline for Sanqi Huayu include several titles under development, indicating a strategy for diversified gaming experiences [7]. Profitability Rankings - The top companies by net profit in the first half of the year include ST Huatuo (2.656 billion yuan), Sanqi Huayu (1.4 billion yuan), and Kaiying Network (950 million yuan) [8][9]. - Notably, ST Huatuo experienced a significant year-on-year profit increase of 129.33% [10]. Profit Growth Analysis - Companies like Sheng Tian Network and Youzu Network showed remarkable profit growth, with increases of 1186.02% and 989.31% respectively, while others like Perfect World and Glacier Network turned losses into profits [10].

Core Viewpoint - The A-share gaming sector has experienced significant gains, with several companies seeing stock price increases of over 10% following the approval of new game titles by the National Press and Publication Administration, indicating a positive outlook for the industry [3][4]. Group 1: Market Performance - A-share gaming stocks opened strongly, with notable increases: Xinghui Entertainment up over 12%, Bingchuan Network nearly 10%, and Perfect World over 5%, reaching nearly two-year highs [3]. - The A-share gaming index (BK1046) rose over 3%, breaking historical highs at 1751 [3]. Group 2: Game Approvals - In September, 145 new domestic games were approved, including significant titles from Tencent, NetEase, and others, highlighting ongoing regulatory support for the gaming industry [3][4]. - A total of 11 new imported games received approval in September, including titles from Chuangmeng Tiandi and Xinghui Entertainment [4]. Group 3: Regulatory Environment - The cumulative number of game licenses issued in 2025 has reached 1275, maintaining a high issuance frequency, which reflects the regulatory support for the gaming sector [4]. - The normalization of game license issuance indicates a sustained commitment from regulators to support the industry's growth [5]. Group 4: Industry Trends - The gaming industry is transitioning from "one-off skin swap products" to "long-cycle projects," suggesting a shift in market dynamics that may extend the current cycle beyond market expectations [5]. - The valuation of gaming stocks remains attractive, with recommendations to continue investing in the sector, focusing on core new games and established titles [5]. Group 5: Company Performance - Several gaming companies have seen their stock prices and market capitalizations double this year, with Century Huatong's stock price increasing over threefold, leading the A-share gaming market with a market cap exceeding 160 billion [5]. - Other companies like Giant Network and JiBit have also experienced significant stock price increases, with JiBit and Perfect World doubling their valuations this year [5].

（文章来源：证券时报网） | 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 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301137 | 哈焊华 | 19.99 | 11.08 | 31.49 | 36.31 | 15.31 | | | 通 | | | | | | | 300818 | 耐普矿 机 | 19.99 | 11.23 | 25.45 | 29.29 | 15.09 | | 300792 | 壹网壹 创 | 18.36 | 14.41 | 32.25 | 36.17 | 12.15 | | 300946 | 恒而达 | 12.27 | 7.29 | 56.53 | 61.65 | 9.05 | | 601789 | 宁波建 工 | 9.96 | 10.91 | 5.60 | 6.07 | 8.35 | | 871396 | 常辅股 份 | 14.64 | 13.37 | 31.10 | 33.68 | 8.31 | | 601 ...

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]

9月24日，冰川网络盘中上涨2.04%，截至13:33，报38.43元/股，成交2.63亿元，换手率4.21%，总市值 90.10亿元。 资金流向方面，主力资金净流出148.04万元，特大单买入807.10万元，占比3.07%，卖出270.35万元，占 比1.03%；大单买入5068.35万元，占比19.25%，卖出5753.14万元，占比21.85%。 冰川网络今年以来股价涨94.48%，近5个交易日跌9.47%，近20日跌7.84%，近60日涨16.28%。 截至6月30日，冰川网络股东户数4.42万，较上期增加140.76%；人均流通股3735股，较上期减少 58.42%。2025年1月-6月，冰川网络实现营业收入12.57亿元，同比增长4.21%；归母净利润3.36亿元，同 比增长165.19%。 分红方面，冰川网络A股上市后累计派现8.41亿元。近三年，累计派现5.83亿元。 机构持仓方面，截止2025年6月30日，冰川网络十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股773.87万股，相比上期增加518.23万股。华夏中证动漫游戏ETF（159869）位居第三大流 通股东，持股38 ...

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].