超配游戏板块！公募发掘游戏股增量机会

Core Viewpoint - The article highlights the significant gains that fund managers have achieved in the gaming sector, driven by international expansion and artificial intelligence, which have become key factors for companies to enhance efficiency and achieve high profit margins [1][4]. Group 1: Fund Investment in Gaming Stocks - Public funds have increasingly concentrated their investments in the gaming sector, with notable companies like Giant Network, G-bits, ST Huatuo, and Xindong Company showing impressive performance, contributing to rapid increases in fund net values [3][4]. - As of September 11, 2023, stocks such as Giant Network and G-bits have seen price increases of approximately 2.5 times and 1.3 times, respectively, while ST Huatuo and Xindong Company have risen by about 2.6 times and 2.3 times [3][4]. Group 2: Industry Recovery and Performance - The gaming industry's recovery is characterized by collective performance improvements, with companies like ST Huatuo and Xindong Company reporting substantial profit growth, indicating a favorable environment for fund investments [4][6]. - By the end of Q2 2025, public funds held a total market value of 363.41 billion yuan in media stocks, with 215.03 billion yuan (59.17%) specifically allocated to the gaming sector, reflecting a significant increase in heavy positions [4][6]. Group 3: International Expansion and AI Integration - The key driver for the performance of gaming stocks is their ability to expand internationally, with companies like ST Huatuo achieving significant revenue from overseas markets, contributing to their stock price surges [6][7]. - The Chinese gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, with a year-on-year growth of 14.08%, while overseas sales of domestically developed games amounted to 9.5 billion USD, growing by 11.07% [7][8]. Group 4: Future Growth Potential - Fund managers are optimistic about the gaming sector's potential for cost reduction and efficiency improvements, particularly with the rise of artificial intelligence, which is expected to enhance the industry's growth prospects [9][10]. - The integration of AI technology is anticipated to lower research and development costs for gaming companies, while new devices like VR/AR are expected to create additional growth opportunities [10].