今天（6日），AppMagic发布了2025年4月全球手游收入排行榜，多款游戏迎来了收入高峰，同时也有新游强势登榜。（注：统计范围不包括第三方安卓 渠道、网页商店及广告收入，且已扣除平台分成） | 1 | 王者荣耀 | $188M | 16 | 恋与深空 | | --- | --- | --- | --- | --- | | | 腾讯游戏 | | | 叠纸游戏 | | 2 | Last War:Survival | $157M | 17 | 地下城与勇士 | | | FUNFLY | | | 腾讯游戏 | | 3 | Whiteout Survival | $141M | 18 | Clash of Clar | | | 点点互动 | | | Supercell | | 4 | Royal Match | $135M | 19 | Toon Blast | | | Dream Games | | | Peak Games | | 5 | MONOPOLY GO! | $121M | | Brawl Stars | | | Scopely | | | Supercell | | 6 | Candy Crush ...

Summary of Shenzhou Taiyue's Conference Call Company Overview - **Company**: Shenzhou Taiyue - **Industry**: Mobile Gaming Key Financials - **2024 Total Revenue**: 64.52 billion CNY, up 8.22% YoY - **2024 Net Profit**: 14.28 billion CNY, up over 60% YoY - **2024 Game Revenue**: 46.62 billion CNY, with overseas revenue exceeding 50% - **Key Titles**: "Sunrise City" contributed 34 billion CNY, "War Fire and Order" contributed 10 billion CNY - **Q1 2025 Revenue**: 13.23 billion CNY, with a net profit of 3.29 billion CNY, slightly down YoY due to peak performance in the previous year [2][3] Game Development and Strategy - **New Game Releases**: Plans to launch two new SLG mobile games (code-named DL and LVA) in H2 2025, with three additional SLG games expected by Q2 2026, accelerating release cadence to five games per year [2][5] - **Long-term Strategy**: Commitment to long-term operation of SLG games, anticipating stable revenue and profit from new titles [2][5] - **Market Focus**: 50% of game revenue comes from North America, primarily the U.S. [4][11] Business Segments - **Server Cluster Business**: Achieved breakeven last year, expected to improve further this year [6] - **Cloud and AI Services**: Integration of cloud and AI services aimed at supporting Chinese companies going global, serving over 300 clients [6][17] - **SaaS Revenue**: Accounts for approximately 40%-50% of cloud business revenue, with double-digit growth in recent years [17] Regulatory and Market Environment - **Government Policies**: Encouragement of game exports positively impacts business development and improves market sentiment, increasing industry valuation confidence [7] - **U.S. Court Ruling**: Monitoring the ruling allowing bypassing Apple's iOS store for payments, which could reduce costs and enhance profitability [8] Game Performance Insights - **"Sunrise City"**: Revenue fluctuated significantly in 2024 due to competition, with a focus on ROI leading to reduced marketing spend [9] - **"War Fire and Order"**: Maintained stable revenue performance [9] Future Outlook - **2025 Revenue and Profit Projections**: Dependent on the performance of key products and new releases, with a focus on maintaining revenue stability and effective marketing strategies [18] - **Governance Structure**: Highlighted as a strong foundation for future growth [19] Additional Notes - **Art Production Costs**: Art production accounts for about 40% of game development costs, with improved third-party tools enhancing efficiency [16] - **Non-SLG Game Development**: Exploring non-SLG products while maintaining focus on core SLG offerings [13] This summary encapsulates the key points from the conference call, providing insights into Shenzhou Taiyue's financial performance, strategic direction, and market environment.

Core Insights - Guangzhou is actively promoting its gaming and esports industry through various events and policies, aiming to create a new consumption scene that integrates esports with cultural tourism [1][3][20] - The city has established itself as a hub for game development, with numerous well-known companies setting up operations there, supported by government initiatives and a rich cultural backdrop [6][12][14] Group 1: Events and Activities - The "2025 Decision Peak: International Peak Cup" event showcased international teams and integrated local cultural elements, enhancing the visibility of Guangzhou's esports industry [3][4] - Multiple gaming events during the May Day holiday, including the collaboration between League of Legends and the Guangzhou Firefly Animation Game Carnival, provided immersive experiences for attendees [3][4] - The collaboration between Tencent's game and the Guangzhou Tower aimed to create a unique tourism experience, highlighting the potential of digital IP in traditional tourism [4] Group 2: Government Support and Policies - The Guangzhou government has implemented various policies to support the gaming and esports industry, including financial incentives and action plans to establish the city as a national esports center [6][8] - Specific measures in districts like Huangpu and Huadu provide substantial financial support for major esports events and encourage the establishment of gaming companies [7][8] - Economic experts have noted the effectiveness of these policies in reducing operational costs for gaming companies, thereby fostering industry growth [8][10] Group 3: Industry Competitiveness - The gaming industry in Guangzhou benefits from a complete industrial chain and a concentration of talent, making it a competitive environment for game development [9][10] - The presence of numerous educational institutions in the Greater Bay Area contributes to a skilled workforce, essential for the industry's growth [10][11] - The unique cultural heritage of Guangzhou enriches the gaming products developed in the region, allowing for a diverse range of game types and themes [11][14] Group 4: Cultural Integration and IP Development - Local gaming companies are increasingly incorporating elements of Lingnan culture into their products, creating games that resonate with regional identity [14][16] - There is a call for more impactful games that reflect local culture and can compete on a global scale, emphasizing the need for high-quality original IP [16][19] - The integration of AR and VR technologies is suggested to enhance cultural experiences through gaming, potentially attracting more players and tourists [16][20] Group 5: Global Expansion and Market Strategy - Guangzhou's gaming companies are focusing on international markets, with significant revenue generated from overseas sales, particularly in mobile gaming [18][19] - Strategies for global expansion include leveraging cultural themes that resonate universally and engaging with international gaming communities through various platforms [19][20] - The city aims to deepen the connection between gaming, cultural tourism, and local economic development, creating a vibrant ecosystem that benefits all sectors involved [20]

Group 1 - The core viewpoint is that the media and internet industry is experiencing growth driven by both policy support and technological advancements, particularly in the gaming sector [1] - The State Council recently emphasized the importance of developing overseas gaming businesses, indicating a supportive policy environment for the cultural industry [1] - The issuance of game licenses by the National Press and Publication Administration remains at a high level, reinforcing the trend of encouraging cultural industry development [1] Group 2 - The rapid development of the AI industry, along with accelerated application deployment, is expected to enhance content production innovation in the gaming sector [1] - OpenAI has launched a lightweight version of Deep Research, while Baidu has released a mobile general-purpose super-intelligent app called "Xinxiang," showcasing advancements in AI technology [1] - The gaming ETF (516010) tracks the animation and gaming index (930901), which includes A-share listed companies involved in animation production, game development, and operations, reflecting the overall performance of China's animation and gaming industry [1]

Core Insights - Century Huatong and 37 Interactive Entertainment are the top two revenue earners in the A-share gaming industry for 2024, both exceeding 10 billion yuan in revenue [1][2] - Century Huatong reported a revenue increase of 70.3% to 22.62 billion yuan and a net profit increase of 131.5% to 1.21 billion yuan for 2024 [1][2] - 37 Interactive Entertainment achieved a revenue of 17.44 billion yuan, a growth of 5.4%, with a net profit of 2.67 billion yuan, up 0.5% [2][3] Company Performance - Century Huatong's internet gaming business generated 20.97 billion yuan in revenue, an 85.9% increase, with its subsidiary, Point Interactive, contributing approximately 15 billion yuan, a 155% increase [2][4] - The game "Whiteout Survival" from Point Interactive has been a significant revenue driver, ranking first in China's mobile game overseas revenue for 10 consecutive months [1][2] - 37 Interactive Entertainment's growth is attributed to its overseas and mini-game businesses, with notable titles contributing to its revenue [3][4] Market Position - Shenzhou Taiyue ranks third in A-share gaming revenue with 6.45 billion yuan, an 8.22% increase, and a net profit of 1.43 billion yuan, up 60.92% [3][4] - Perfect World faced a decline in revenue to 5.57 billion yuan, a decrease of 28.5%, and reported a net loss of 1.288 billion yuan [4][5] - Humming Network achieved a revenue of 5.12 billion yuan, a growth of 19.2%, with a net profit of 1.63 billion yuan, up 11.4% [5][6] Industry Trends - The gaming industry's overseas expansion has been a key growth factor for major companies, with government support for developing overseas gaming businesses [6] - Recent government initiatives aim to enhance the gaming industry's global competitiveness, indicating potential for a new product cycle [6]

Core Insights - Century Huatong has established itself as the leading A-share gaming company with a revenue of 22.62 billion yuan in 2024, marking a 70.27% year-on-year growth [1] - The company's overseas business revenue reached 11.367 billion yuan, accounting for 50.26% of total revenue, highlighting its significant role in driving growth [1] - The success of the game "Whiteout Survival" has contributed to Century Huatong's strong overseas performance, maintaining the top position in global mobile game revenue for ten consecutive months [2] Financial Performance - In 2024, Century Huatong achieved a total revenue of 22.62 billion yuan, with a year-on-year increase of 70.27% [1] - For Q1 2025, the company reported a revenue of 8.145 billion yuan, reflecting a 91.12% year-on-year growth [1] - The overseas business has become a core growth engine, with revenue surpassing 11.367 billion yuan [1] Product Performance - "Whiteout Survival" has surpassed 100 million downloads globally and has consistently ranked first in mobile game revenue for ten months [2] - The game has shown a 13% increase in overseas revenue during the 2024 Christmas period due to new content updates [2] - Other titles like "Dragonscapes Adventure" and "Family Farm Adventure" have also contributed to steady revenue growth [3] Market Strategy - Century Huatong is leveraging a dual-brand strategy with its subsidiary, Point Interactive, to enhance overseas market penetration [3] - The company is focusing on a comprehensive approach to game development, from IP creation to overseas operations, aligning with national policies promoting cultural exports [5][6] - The shift from "going out" to "going in" reflects a deeper understanding of local cultures and user needs, aiming for long-term brand establishment in overseas markets [6]

2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

Fund News Overview - 50 actively managed equity funds have reached new net asset value highs since April 8, primarily in the pharmaceutical sector, Beijing Stock Exchange funds, and emerging consumer sectors [1] - Publicly offered ETFs have significantly increased their dividend payouts, totaling 10.081 billion yuan year-to-date, representing a year-on-year growth of over 182% [1] - Insurance capital is increasingly investing in public REITs, with a notable example being the establishment of a 10 billion yuan infrastructure equity investment fund involving multiple insurance companies [1] Notable Fund Manager Activities - Liu Gesong has increased his stake in Jiangbolong, with the fund now holding 879,000 shares as of the latest quarterly report, a new addition compared to the previous year-end [2] - Zhu Shaoxing has reduced his holdings in Weiteng Electric from 6.0067 million shares at the end of last year to 1.5 million shares as of the latest quarterly report, a decrease of 4.5067 million shares [2] ETF Market Commentary - The market experienced a slight decline with the Shanghai Composite Index down by 0.2%, and the Shenzhen Component Index down by 0.62%. The total trading volume in the two markets was 1.06 trillion yuan, a decrease of 57.2 billion yuan from the previous trading day [3] - The gaming sector ETFs showed positive performance, with the leading gaming ETF rising by 1.52% [3] ETF Thematic Opportunities - The State Council has approved a plan to accelerate the opening of the service industry, highlighting 155 pilot tasks, including a focus on the international expansion of the gaming industry. This presents potential investment opportunities in gaming ETFs [6] Upcoming Fund Launches - The Huatai-PineBridge Hang Seng Consumer ETF is set to launch, managed by Li Muyang, with a performance benchmark based on the Hang Seng Consumer Index [7]

随着4月游戏版号发放节奏平稳，游戏行业修复节奏也持续推进。今日，整个游戏板块涨幅靠前，三只游戏相关ETF半日涨幅近2%。其中，游戏ETF （159869）半日成交金额高达4.3亿元，交投活跃。 商务部副部长谈到推动重点行业领域的开放时表示，发展游戏出海业务，布局从IP打造到游戏制作、发行、海外运营的整个产业链布局。这是继2024年8月 国务院发布《关于促进服务消费高质量发展的意见》后，再度提及游戏，也是首次在新闻发布会上提及游戏。游戏利好政策信号不断释放，不仅彰显国家对 游戏产业的战略重视，也预示着中国游戏全球化征途的加速升级。 点评：游戏ETF华泰柏瑞（516770）、游戏ETF（516010）以及游戏ETF（159869）今日上午分别上涨1.91%、1.9%和1.79%。其中，游戏ETF（159869）规 模较大，达到62.65亿份，其半日成交金额为4.3亿元。上述三只ETF均追踪的是中证动漫游戏指数。 具体来看，华夏中证动漫游戏ETF（159869，场内简称：游戏ETF）紧密跟踪中证动漫游戏指数，助力投资者一键布局中国动漫游戏产业，且成立以来跟踪 误差显著低于市场平均水平。作为国内被动投资领域的领头羊， ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 板块观点与关注标的：1）资源整合预期：中视传媒、国新文化、广西广电、 唐德影视、吉视传媒、游族网络等；2）AI：荣信文化、奥飞娱乐、汤姆猫、 盛天网络、中文在线、易点天下、视觉中国、盛通股份、焦点科技、豆神教育、 世纪天鸿、佳发教育等；3）游戏：建议关注确定性强的神州泰岳、恺英网络、 巨人网络、吉比特，关注完美世界、ST 华通、冰川网络、华立科技；4）国企： 慈文传媒、皖新传媒、中文传媒、南方传媒、凯文教育、大晟文化等；5）教 育：学大教育等；6）港股：关注【阿里巴巴】【腾讯控股】【泡泡玛特】， 产业爆发在即的【阜博集团】，K12 教培龙头【新东方】及业绩弹性较大的区 域龙头【思考乐教育】【卓越教育】。 【国务院批复《加快推进服务业扩大开放综合试点工作方案》，文件提及国家 将全力推动游戏出海战略升级】近日，国务院批复《加快推进服务业扩大开放 综合试点工作方案》，明确了 155 项试点任务，其中游戏"出海"业务被重点 提及。文件提及国家将全力推动游戏出海战略升级，重点培育游戏国际化全产 业链涵盖 IP 孵化、内容研发、全球发 ...