游戏在暑期、国庆期间保持高景气度，聚焦游戏ETF（159869）布局窗口

Group 1 - The gaming sector experienced a strong opening on October 21, with the gaming ETF (159869) rising nearly 1% after a period of volatility. The ETF saw a net inflow of 1.69 billion yuan over the last 10 trading days, indicating strong investor interest, and its total scale reached 10.547 billion yuan [1] - Tencent's first-person shooter game, "The Finals," has been officially named "Ultimate Showdown" for the Chinese market and is currently in a new round of closed beta testing, with recruitment ending on November 3. This marks a significant step in Tencent's product pipeline for the shooting game segment, which is crucial for its revenue [1] - The introduction of "Ultimate Showdown" is expected to positively impact Tencent's stock price in the short term, especially as the gaming sector shows signs of recovery, potentially serving as a catalyst for market sentiment [1] Group 2 - Citic Securities released a report indicating that despite recent pullbacks in the gaming sector, demand remains stable and is not affected by tariffs. The gaming industry has maintained high levels of activity during peak seasons such as summer and National Day [2] - The average forward PE ratio for the gaming sector is below 20x, and the recent adjustments in stock prices are primarily due to funding factors, suggesting that some companies now offer better valuation opportunities [2] - The gaming sector is poised for multiple catalysts, including strong Q3 earnings and a wave of new product launches in Q4, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]