TENCENT(HK:00700) Mei Ri Jing Ji Xin Wen·2025-11-14 03:10Core Viewpoint - The gaming sector is experiencing a positive trend with significant revenue growth, driven by leading companies and a favorable policy environment that supports content development [1][2]. Group 1: Market Performance - On November 14, the gaming ETF (159869) showed a slight decline after opening lower, with mixed performance among its holdings [1]. - As of November 14, the gaming ETF (159869) reached a product scale of 11.441 billion yuan, facilitating investors' access to leading A-share gaming companies [1]. Group 2: Company Earnings - Tencent reported its Q3 2025 earnings on November 13, revealing total revenue from its online gaming business of 63.6 billion yuan, with domestic game revenue at 42.8 billion yuan (up 15% year-on-year) and international game revenue at 20.8 billion yuan (up 43% year-on-year) [1]. Group 3: Industry Outlook - CITIC Securities noted that the gaming industry continues to show high growth in revenue and profits, supported by leading companies and a normalized issuance rhythm of game licenses [1]. - The ongoing refined operations of released games are expected to extend their revenue contributions, while the rich pipeline of leading products provides high certainty for future earnings growth [1]. - The gaming sector is benefiting from multiple catalysts, including AI, content, and changes in commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2].