“海外IP授权+本土联合开发”开辟差异化竞争新路径，聚焦游戏ETF（159869）低位布局窗口

Group 1 - The gaming sector experienced fluctuations on November 17, with the gaming ETF (159869) dropping nearly 1.5%. Notable gainers included Mingchen Health, Fuchun Co., Beiwai Technology, and others, while Shenzhou Taiyue and others faced declines. As of November 14, the gaming ETF's product scale reached 11.276 billion yuan, facilitating investor access to A-share gaming leaders [1] - The limited test of the pixel-style simulation game "Kairo Game World," developed by Thunder and Kairo Co., began on November 17, running until December 1. This game is based on the Kairo game series' IP and aims to attract nostalgic players and simulation game enthusiasts through a combination of classic gameplay and localized operations [1] - The collaboration between domestic developers and overseas IPs is maturing, providing new competitive paths for small and medium-sized firms in the gaming industry. This "overseas IP authorization + local joint development" model may lead to a reassessment of classic IP values in the market [1] Group 2 - According to Guosheng Securities, the gaming industry is expected to see significant recovery in the first three quarters of 2025, with A-share gaming sector revenue reaching 78.69 billion yuan, a year-on-year increase of 28.3%. Key growth drivers include stable licensing policies, rapid growth in overseas revenues, and the deep integration of AI technology in game development [2] - AI technology has permeated the entire game development process, significantly enhancing efficiency and giving rise to a new category of "dynamically generated games," injecting new momentum into the industry's sustained growth [2] - The gaming sector is catalyzed by transformations in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, highlighting investment opportunities [2]