Group 1 - The gaming sector has increased by over 3% [1] - The Huatai-PineBridge Gaming ETF (516770) has risen by 2.62%, with a trading volume of 9.3844 million yuan, which is a 38.34% increase compared to the same time yesterday [1] - The trading volume has increased by 10 million units over the past month [1] Group 2 - The market leader in packaged gaming is suggested for rebound buying through index ETFs [1]

Group 1 - The A-share gaming sector showed strong performance at the beginning of trading, with Glacier Network rising over 10% and Zhangqu Technology increasing over 5% [1] - Other companies such as Dihun Network, Fuchun Co., Giant Network, Xinghui Entertainment, Shengtian Network, Xunyou Technology, and Youzu Network also experienced gains [1] - According to Gamma Data's recent report, the Chinese gaming market size reached 28.051 billion yuan in May 2025, representing a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [1]

Core Insights - The article highlights the success of NetEase's game "Naraka: Bladepoint," which set a record for domestic buyout game sales in China before the anticipated release of "Black Myth: Wukong" in 2024 [2] - The game is rooted in Chinese martial arts culture, aiming to share this unique aspect with global gamers [3] - The innovative gameplay, inspired by the traditional game "Rock, Paper, Scissors," emphasizes a dynamic balance among players, which is a departure from previous gameplay styles in the Chinese gaming industry [4] Company Insights - "Naraka: Bladepoint" has gained significant recognition, with over 40 million global players across more than 100 countries since its launch [5] - The game has consistently ranked on Steam's annual platinum list and received nominations for prestigious awards, indicating its market acceptance and popularity [5] - The esports scene for "Naraka: Bladepoint" began almost simultaneously with the game's launch, with the first world championship achieving over 14 million live viewers, showcasing its potential in the competitive gaming landscape [6] Industry Insights - The Chinese gaming industry is projected to surpass 300 billion yuan in sales by 2024, accounting for a quarter of the global market [8] - The industry has experienced a significant transformation, moving away from traditional development methods towards a focus on high-quality, original content [9] - Recent reports indicate that the overseas market for Chinese-developed games generated approximately $4.805 billion in revenue in the first quarter of this year, reflecting a year-on-year growth of 17.92% [9]

Core Insights - In May, China's gaming market reached a scale of 28.051 billion yuan, marking a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [1] - The mobile gaming market contributed significantly with a scale of 21.177 billion yuan, showing a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [3] - The client game market saw a scale of 5.819 billion yuan, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [3] Mobile Gaming Market - Notable new releases and updates in May stimulated player engagement and spending, including the launch of new seasons and content updates for existing games [1][3] - Tencent's long-standing FPS game "Peacekeeper Elite" launched its SS33 season, which contributed to its ranking at the top of the App Store sales chart [3] - The game "Delta Force" also saw a significant increase in revenue, attributed to the introduction of a new game mode and promotional activities [4] Client Game Market - The client game market's growth was primarily driven by new and returning titles, with successful launches such as "Victory Goddess: New Hope" and "Romance of the Three Kingdoms: Fantasy Continent 2" [3] - The game "Yanyun Sixteen Sounds" received a major content update, contributing to its performance in the client game market [3] Overseas Market Performance - Chinese self-developed games achieved actual sales revenue of 1.577 billion USD in overseas markets, reflecting a year-on-year growth of 6.93% and a month-on-month growth of 1.50% [6] - Key contributors to this growth included "Kingshot" and "Genshin Impact," with the latter seeing a significant increase in revenue following a new version release [7] Top Performing Games - The top games in terms of revenue in May included "Kingshot," "Genshin Impact," and "Civilization Domination," with "Kingshot" experiencing a doubling of revenue [7][8] - "Genshin Impact" launched a new version that significantly boosted its overseas revenue by over 50% [7]

足球游戏市场又多一个新IP，上架首日就吸引了100万玩家。 与艺电体育（EA Sports）开发的《FC》系列与科乐美开发的《实况足球》（eFootball）系列不同，这款叫做"重赛"（Rematch）的新作，不以模拟真实足 球为卖点，而是被戏称为"功夫足球"的幻想类足球游戏。 而《重赛》并非唯一一款近期受到关注的足球游戏。公测近一年、2024年上市在主机平台正式发售的《UFL》，终于在6月9-16日启动PC版试玩测试，并 在蒸汽游戏商城（Steam）的"Steam Next Fest"活动期间，成为玩家数量排名第九的试玩版游戏。 同时，《重赛》也没有能力值机制。让自己控制的球员变强的唯一方法，就是玩家更熟悉游戏的键位操作并能够更准确地输入。 而使《重赛》变成"功夫足球"的机制，则在于游戏中没有犯规判定。当玩家处于"控球"状态时，对手只要靠近玩家并按下抢断键就能破坏玩家的控球。因 此各类充满视觉冲击力的飞铲和身体碰撞效果，让球权交换的过程充满"格斗"的味道。 整体来看，《重赛》承接着近十年前《火箭联盟》（Rocket League）开拓的市场，进一步挖掘幻想类足球游戏的发展潜力。两者都试图用基于科幻主题 而来 ...

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Core Viewpoint - Beijing's gaming and esports industry is experiencing accelerated development due to new supportive policies aimed at enhancing market vitality and competitiveness in the sector [3][4]. Group 1: Policy Initiatives - The Beijing Municipal Propaganda Department and 12 other departments have jointly issued a temporary support measure with 11 initiatives to promote high-quality development in the gaming and esports industry [3]. - The new measures include faster approval processes, support for high-quality game projects, protection of game copyrights, and incentives for international expansion, addressing key operational pain points for gaming companies [3][4]. - Financial rewards of up to 5 million yuan for international and national esports events are designed to attract high-quality esports companies to Beijing [4]. Group 2: National Context - The introduction of these policies aligns with the national emphasis on the esports industry, as highlighted by the State Council's recent documents supporting the development of esports and gaming [4]. - The State Council's approval of a plan to expand service industry openness further emphasizes the importance of the gaming sector, particularly in terms of overseas operations and IP development [4]. Group 3: Industry Growth and Impact - The gaming and esports industry has a significant global user base, contributing to consumer hardware upgrades and driving technological advancements, particularly in AI [5]. - The integration of gaming with various sectors such as culture, tourism, and education is expected to create substantial economic and social value [6]. - The success of major esports events, such as the KPL finals, has demonstrated the potential for increased local consumption and tourism, reinforcing the importance of the gaming industry in urban economic development [6]. Group 4: Future Outlook - The gaming and esports sector is anticipated to become a major component of daily life as online engagement increases, supported by collaborative efforts from industry stakeholders and favorable policies [7].

Group 1 - The ETF market showed mixed performance with the online consumption ETF (159793) leading gains at 4.61% [1] - The Hong Kong Stock Connect Dividend ETF (159220) increased by 4.13%, while the medical device ETF (159797) rose by 3.77% [1] - Conversely, the ChiNext AI ETF (159381) experienced the largest decline at 3.16%, followed by the Sino-Korean Semiconductor ETF (513310) down 1.69%, and the gaming ETF (516770) down 1.64% [1] Group 2 - The market is undergoing adjustments, suggesting that investors may consider broad-based index funds for bottom-fishing opportunities [1]

Group 1 - NetEase's game "Return to Tang" emphasizes real machine footage, focusing on Chinese traditional culture, which may enhance market perception of its quality [1] - The game is a buyout model and will be available on PC and console platforms, potentially strengthening NetEase's brand image in the single-player game sector [1] - High-quality domestic games are expected to attract more attention, with the market responding positively to culturally rich and innovative game projects [1] Group 2 - Game Science's "Black Myth: Wukong" expands its pre-order availability to Xbox, indicating the game's cross-platform popularity [2] - The game is set to launch on August 20 for Xbox Series X|S, with pre-orders available through the Microsoft Store, reflecting a diversified revenue potential for the company [2] - The market shows increased interest in game companies with cross-platform publishing capabilities [2] Group 3 - NVIDIA's demonstration of Perfect World's "Eternal Ring" using DLSS 4 technology showcases significant performance improvements, with frame rates increasing from 70 to over 220 frames in 4K without ray tracing [3] - The collaboration enhances market recognition of Perfect World's technical capabilities and may stimulate further innovation in the gaming sector [3] - The event included new urban environments, character showcases, and mobile gameplay demonstrations, indicating ongoing development and engagement in the gaming industry [3]

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 传媒 - ⚫ 新消费因解禁密集、积累较大涨幅后产生分歧，我们认为聚焦基本面有支撑的核心标的： （1）泡泡玛特近期 Labubu3.0 搪胶毛绒补货虽导致二手市场价格有所回落 ...