2026年游戏行业或呈现“强者恒强”与“特色突围”并存格局，聚焦游戏ETF（159869）布局窗口

Group 1 - The A-share market opened lower on December 10, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index down 0.20%, and the ChiNext Index down 0.26% [1] - The gaming sector experienced fluctuations, with the gaming ETF (159869) dropping nearly 1.5%, while it attracted 211 million yuan in the last five trading days, reaching a total product scale of 11.383 billion yuan as of December 9 [1] - Tencent's Magic Cube Studio Group celebrated its 15th anniversary, announcing significant updates across various game genres, including expansions for "Under the Human" and updates for "Dark Zone Breakthrough," with a new RPG titled "Rock Kingdom: World" set to launch on March 26, 2026 [1] Group 2 - According to Huatai Securities, the Chinese gaming market showed resilience in the first three quarters of 2025, with total revenue reaching 256 billion yuan, a year-on-year increase of 7.11% [2] - A-share gaming companies displayed significant performance differentiation, with leading firms achieving high growth in revenue and net profit through blockbuster new games [2] - The gaming sector is expected to see a combination of "stronger becoming stronger" and "unique breakthroughs," with major players like Tencent, NetEase, and miHoYo focusing on high-value segments such as open-world, shooting, and simulation games [2]