Group 1 - The core viewpoint of the news highlights a significant increase in the issuance of game licenses in June, with 147 domestic and 11 imported games approved, marking a new high for the year [1] - The overall trend indicates that by the first half of 2025, a total of 757 domestic game licenses have been issued, continuing the normalized issuance pace observed this year [1] - Several key new games are set to launch, providing a positive outlook for the industry's performance in the second half of the year, including Tencent's "Under the Human" and Perfect World's "Otherworld" [1] Group 2 - According to the "May 2025 China Game Industry Monthly Report," the total market revenue reached 28.051 billion yuan in May, reflecting a year-on-year growth of 9.86% [2] - The esports game segment showed strong performance with sales revenue of 14.523 billion yuan, a year-on-year increase of 28.22% [2] - The continuous issuance of game licenses reinforces the sustainable growth logic of the gaming sector, supported by structural growth driven by the esports ecosystem and overseas product iterations [2]

Core Insights - The Chinese gaming market has shown steady growth, with record-high sales revenue and user scale in 2024, reaching 3257.83 billion yuan, a year-on-year increase of 7.53% [1][7] - Established games are maintaining strong performance, contributing significantly to revenue stability for gaming companies, with strategies focusing on extending the lifecycle of classic titles [2][3] Industry Trends - The trend of revitalizing classic games is evident, with companies like Century Huatong reporting over 70% revenue growth and a 290% increase in net profit, largely driven by the performance of legacy titles [2] - The gaming market is characterized by rapid iteration, especially in mobile gaming, where competition is fierce, yet classic games are increasingly dominating revenue charts [2][3] Company Strategies - Companies are adopting a dual strategy of maintaining long-term operations for established products while simultaneously developing new titles to drive growth [7][8] - Century Huatong has invested over 5 billion yuan in R&D over three years to enhance game content and meet user demands for new experiences [8] - Giant Network emphasizes the importance of version updates and user engagement to sustain the longevity of its flagship games like "Journey" and "Ball Battle" [4][5] Market Performance - The gaming market's revenue growth is supported by both established and new products, with notable performances from titles launched in the previous year [7] - The success of classic games like "Honor of Kings" and "Journey" demonstrates the potential for long-term profitability in the gaming sector [3][4]

Core Viewpoint - Tencent's shooting game "Delta Action," launched in 2025, has rapidly gained popularity, contributing significantly to the growth of domestic game revenue by 24% alongside other major titles like "Honor of Kings" and "Peacekeeper Elite" [4][10]. Group 1: Game Performance and Market Position - "Delta Action" has surpassed long-standing games like "CrossFire" and "Dungeon & Fighter" in popularity, closely competing with "League of Legends" and "Valorant" [5][9]. - The game achieved the highest average daily active user scale among new games in the domestic gaming industry over the past three years [9]. Group 2: Tencent's Strategic Shift - Tencent's success with "Delta Action" reflects a long-term commitment to the shooting game (STG) genre, marking a strategic shift in its gaming approach [10][12]. - The development of "Delta Action" is seen as a culmination of Tencent's efforts in the STG category, which began with the success of "CrossFire" and continued through various self-developed titles [12][14]. Group 3: Innovation in Game Design - "Delta Action" distinguishes itself by simplifying complex mechanics found in other games, making it more accessible for mobile users while maintaining engaging gameplay [39][47]. - The game is notable for being Tencent's first project developed simultaneously for both PC and mobile platforms, showcasing innovation in gameplay design [39][47]. Group 4: Market Trends and Future Implications - The success of "Delta Action" has prompted other companies like NetEase and miHoYo to explore similar "search and escape" gameplay models, indicating a potential new trend in the gaming industry [43][44]. - Tencent's strategic pivot away from merely replicating successful game models to creating unique gameplay experiences is seen as a necessary evolution in response to changing market dynamics [42][46].

6月30日涨停分析 今日共78股涨停，连板股总数14只，15股封板未遂，封板率为84%（不含ST股、退市股）。焦点股方面，军工股长城军工9天7板、中光防雷20CM3连板， 固态电池概念股兴业股份12天7板、大东南5连板，PCB板块中京电子9天6板，大金融板块弘业期货5连板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 长城军工 | 9天7板 | 10.00% | 09:58 | 车工 | | 601606 | | | | | | 湖南大雁 | 6天4板 | 10.04% | 10:36 | 军工央企 | | 600698 | | | | +汽配 | | 飞亚达 | 3天3板 | 10.01% | 09:30 | 军工央企 | | 000026 | | | | | | 中光防雷 | 3天3板 | 20.00% | 14:26 | 军工 | | 300414 | | | | | | 中光学 | 4天3板 | 10.00% | 10:07 | 车工+Al | | 002189 | | | | 眼镜 | | 北方导航 | 4天 ...

A股三大指数今日集体上涨，截至收盘，沪指涨0.59%，深成指涨0.83%，创业板指涨1.35%，北证50指数涨0.52%。全市场成交额 15172亿元，较上日缩量584亿元。全市场超4000只个股上涨。 板块题材上，军工、游戏、脑机接口、光刻机、光伏板块涨幅居前；银行、证券、汽车整车、乳业板块表现落后。 【5连板】 弘业期货（001236）、大东南（002263）。 【4连板】 好上好（001298）。 【3连板】 飞亚达（000026）、中光防雷（300414）、时代万恒（600241）、诚邦股份（603316）。 【2连板】 中京电子（002579）、恒宇信通、霍普股份（301024）、维科技术（600152）、内蒙一机（600967）、际华集团、澳弘电 子（605058）。 最强风口榜： NO.1 【军工】 板块内24家涨停，11只连板股，最高连板数为9天7板，涨停股代表：大东南、中光防雷。 NO.2 【新能源汽车】 板块内21家涨停，9只连板股，最高连板数为9天7板，涨停股代表：大东南、中光防雷。 NO.3 【专精特新】 板块内18家涨停，2只连板股，最高连板数为3天3板，涨停股代表：中光防雷、际华集 ...

Core Viewpoint - The Chinese gaming industry, which experienced rapid growth before 2020, is now at a crossroads as it faces a slowdown in growth. However, there are signs of potential new growth driven by increased game approvals and supportive government policies [1][4]. Group 1: Game Approval Trends - The National Press and Publication Administration reported a record high of 147 new domestic online games approved in June 2025, indicating a sustained high level of game approvals in recent years [1]. - In 2024, the monthly issuance of domestic game licenses consistently exceeded 100, except for April and May, reflecting a robust approval process [1]. Group 2: Market Growth and Financial Data - In May 2025, the Chinese gaming market reached a scale of 280.51 billion yuan, marking a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [3]. - The client game market size was 58.19 billion yuan, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [3]. - The mobile game market size was 211.77 billion yuan, showing a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [3]. Group 3: Government Support and Policies - Various regions, including Beijing, Shanghai, Guangdong, and Zhejiang, have introduced subsidies and measures to support high-quality game projects and original creations [3]. - Beijing's policy includes rewards of up to 5 million yuan for game development and operation companies [3]. - Zhejiang's measures aim to optimize game export processes and enhance international compliance, indicating a focus on expanding the global reach of Chinese games [3]. Group 4: Industry Trends and Future Outlook - The sustained high number of game approvals reflects a trend towards the production of high-quality games, with an increased likelihood of passing the approval process [5]. - The rise of casual and puzzle games, particularly after the success of titles like "Party of Eggs," indicates a shift in industry focus towards more engaging and innovative game types [9][10]. - The gaming industry is expected to enter a new phase of rapid growth over the next decade, driven by both domestic and international market opportunities [4][17].

Core Viewpoint - The gaming sector is experiencing a strong performance, with multiple stocks showing significant gains and the gaming ETF (516010) rising over 6%, indicating a potential golden development period for the industry [1]. Industry Performance - The gaming ETF (516010) has seen a year-to-date increase of over 27% as of June 30, with its latest scale reaching 2.053 billion, an increase of 555 million this year [5]. - The top ten holdings in the gaming ETF include stocks like Kaiying Network and Giant Network, which have hit the daily limit, while others like 37 Interactive Entertainment and Perfect World have risen over 6% [3]. Regulatory Environment - In June, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, marking the highest number of approvals in recent years [3]. - As of now, a total of 812 game licenses have been issued for 2025, with domestic games dominating at 757 licenses compared to 55 for imported games [4]. - A new policy from the Zhejiang Provincial Government, effective July 10, 2025, aims to support the international expansion of the gaming industry, reflecting strong governmental support for the sector [4]. Market Outlook - Analysts from CITIC Securities express optimism about the performance of new games during the summer, supported by high-frequency data exceeding expectations and ongoing policies promoting international expansion [5]. - The domestic gaming market is projected to reach a size of 857.04 billion in Q1 2025, with a year-on-year growth of 17.99% [5]. - The application of AI technology in the gaming industry is becoming clearer, with expectations for more AI-native games to emerge, potentially leading to a revaluation of the gaming sector [6].

【导读】游戏板块持续活跃，港股老铺黄金股价破1000港元，再创新高 中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯 ～ 6 月最后一个交易日， A 股震荡走高。截至午间收盘，上证指数涨 0.2% ，深证成指涨 0.54% ，创业板指涨 0.93% 。 | 港股 美股 全球 富金 商品三 Ａ股 | | | --- | --- | | 内地股票 | | | 行情 资金净流入 涨跌分布 | | | 上证指数 深证成指 | 北证50 | | 3431.18 10434.48 1438.12 | | | +6.95 +0.20% +55.93 +0.54% -1.51 -0.10% | | | 科创50 创业板指 万得全A | | | 999.66 2144.06 5295.64 | | | +11.45 +1.16% +19.72 +0.93% +27.47 +0.52% | | | 沪深300 | 中证500 | 中证A500 | | --- | --- | --- | | 3922.29 | 5899.36 | 4615.46 | | +0.53 | | | | 中证1000 | 深证100 | ...

6月版号数量创近年新高，共158款游戏获批。国产版号来看，巨人网络《无尽修仙》、电魂网络《爆爆军团》、恺英网络《斗罗大陆：魂师大 作战》、三七互娱《骑士与大龙》、莉莉丝游戏《帕萌战斗日记》、ST华通《逐鹿玛法》、冰川网络《最后小队》、汤姆猫《汤姆猫小 镇》、ST中青宝《宠物精灵王》等在列；进口版号方面，腾讯《穿越火线：虹》及《战术小队：破晓攻势》、网易《无主星渊》、金山《鹅 鸭杀》等在列。 巨人网络旗下游戏《太空杀》6月27日上线AI原生玩法"残局对决"，《太空杀》作为拥有2 亿用户的社交推理游戏，已推出多个AI原生玩法， 累计数百万玩家参与，对局总量达到数千万，此次升级不仅推动玩法维度升级，也进一步巩固其在"AI原生游戏玩法"领域的标杆地位。 华西证券认为，版号常态化发放印证监管对行业健康发展的持续支持，供给端改善为市场注入新动能。政策稳定性显著提升国内厂商研发与发 行规划的可预期性，推动资源向精品化、长线化方向倾斜；进口版号同步扩容，彰显包容创新态度。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司股票的整体 表现，可以关注游戏 ...

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan compared to the previous day, with over 3,500 stocks rising [1] Sector Performance - The gaming, military, brain-computer interface, and photolithography concept stocks led the gains, while the banking, securities, and dairy sectors experienced declines [3] - Notable stocks in the military sector included Hengyu Xintong (300965), Chenxi Aviation (300581), and Zhongbing Hongjian (000519), all of which hit the daily limit [3] - The gaming sector saw significant increases with Kaiying Network (002517) and Giant Network (002558) both reaching the daily limit [3] - Photolithography concept stocks were active, with Blue Eagle Equipment (300293) hitting the daily limit, along with Kaimete Gas (002549) and Zhongci Electronics (003031) [3] - The innovative drug sector rebounded, with Zhaoyan New Drug (603127) also hitting the daily limit [3] - The banking and securities sectors faced early declines, with Guosheng Jinkong (002670) dropping over 5% [3] Hot Stocks - The strongest sectors included new energy vehicles, military, and specialized innovative companies, with multiple stocks hitting daily limits [8][9][10] - In the new energy vehicle sector, 16 stocks reached the daily limit, with the highest consecutive limit being 9 days [8] - The military sector had 14 stocks hitting the daily limit, with the highest consecutive limit also being 9 days [9] - The specialized innovative sector had 13 stocks hitting the daily limit, with a maximum of 3 consecutive limits [10] Sector Insights - The military equipment sector is expected to benefit from increasing global military trade demand and domestic military modernization efforts, potentially leading to a dual boost in fundamentals and industry valuations [12] - The gaming sector is supported by a record number of game approvals, indicating regulatory support for healthy industry development [13] - The brain-computer interface sector is gaining attention due to advancements from Neuralink, with significant usage data reported from trial participants [14] - The digital currency sector is poised for growth as Hong Kong aims to enhance cross-border payment efficiency through stablecoins, with new regulations set to take effect [15]