重点大作集中过审，头部厂商深耕优势赛道，聚焦游戏ETF（159869）布局机会

Group 1 - The A-share gaming sector experienced a sharp decline, with companies like Gigabit, Xinghui Entertainment dropping over 5%, and Xunyou Technology, 37 Interactive Entertainment, and Shenzhou Taiyue falling over 3% [1] - The gaming ETF (159869) opened lower and continued to fluctuate, currently down over 2.5%. However, it has seen a net inflow of 498 million yuan over the past five trading days, indicating strong investor interest [1] - CITIC Securities reported that as of September 2025, the National Press and Publication Administration issued 145 domestic game licenses and 11 import licenses, maintaining a high level of domestic licenses and a regular monthly issuance of import licenses, which stabilizes the supply side [1] Group 2 - The gaming sector is expected to benefit from multiple catalysts, including AI, content, and commercialization model transformations. The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] - The continued easing of licensing conditions is anticipated to enhance the short-term prosperity of the gaming industry and lay a foundation for product reserves and long-term R&D innovation [1]