Core Viewpoint - The article discusses the rising trend of domestic AAA games in China, highlighting the success of the game "Mingmo: Yuanshu Zhi Yu" on the Steam global sales chart and the potential for future growth in the AAA game market [1][5]. Group 1: Game Performance and Market Trends - "Mingmo: Yuanshu Zhi Yu" has reached the second position on the Steam global sales chart, only behind the independent game "PEAK" [1]. - The game shares similarities with "Black Myth: Wukong," both being action games with a "Souls-like" DNA, characterized by high difficulty and high rewards, which can stimulate player engagement [3]. - The AAA game market in China is projected to grow significantly, with estimates of reaching 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, indicating a compound annual growth rate (CAGR) of 35% [5]. Group 2: Cultural Integration and Innovation - Domestic game developers are increasingly focusing on integrating local culture into their AAA game projects, as seen in titles like "Guitang" by NetEase and others that draw from rich historical narratives [4]. - The development of "Mingmo" reflects a commitment to using traditional culture as a digital medium, with the team behind it having extensive experience in the gaming industry [3][4]. Group 3: Industry Support and Future Outlook - Recent policy measures in China emphasize the support for AAA games, aiming to cultivate projects with strong cultural attributes and growth potential [4]. - Despite concerns about the high development costs of AAA games compared to mobile games, the industry is expected to continue evolving, with companies building expertise to enhance market competitiveness [5].

Core Viewpoint - The article highlights the anticipation surrounding the upcoming release of the game "Mingmo: Yuanshu Zhi Yu" (referred to as "Mingmo"), which is expected to build on the success of "Black Myth: Wukong" and further enhance the global influence of Chinese games [1][7]. Group 1: Game Overview - "Mingmo" is set to be released on July 24 and has already garnered significant attention from gaming media, with reports indicating a high level of completion and a rich weapon and character growth system [3][5]. - The game achieved a remarkable ranking of seventh on the Steam global sales chart within just one day of its pre-sale launch, with over one million wishlists projected by July 9, 2025 [5]. Group 2: Market Potential - Alinea Analytics estimates that "Mingmo" could generate nearly $60 million in its first month across all platforms, with Steam sales potentially exceeding $100 million if conversion rates remain stable [5]. - The game is positioned as a unique blend of traditional Chinese culture and modern gaming aesthetics, which could attract a global audience and support the expansion of Chinese games in international markets [7][9]. Group 3: Industry Trends - The domestic gaming industry is witnessing a trend towards the development of high-quality AAA games that incorporate local cultural elements, as seen with other upcoming titles like NetEase's "Gui Tang" and Tencent's "Code: Jin Yong" [9]. - The AAA game market in China is projected to grow significantly, with estimates suggesting a market size of 13.3 billion yuan by 2025 and 16.9 billion yuan by 2026, indicating a compound annual growth rate (CAGR) of 35% [10]. Group 4: Development Challenges and Opportunities - Despite the high development costs associated with AAA games, companies are focusing on building advanced production systems to reduce risks and enhance market competitiveness [10]. - The emergence of AI-driven gaming experiences presents a new frontier for innovation, which could further elevate the gaming sector's valuation and attract market interest [10].

Core Viewpoint - The upcoming game "Mingmo: Yuanshu Zhi Yu" is expected to follow the success of "Black Myth: Wukong," showcasing Chinese culture and aiming for significant market potential in the gaming industry [1][6]. Game Development and Features - "Mingmo" is described as a souls-like game with a unique artistic style and story setting, achieving high completion levels according to early player reports [3][6]. - The game features a rich "weapon bundling character growth" system, enhancing player engagement and experience [3]. Market Performance and Potential - The game achieved the seventh position on Steam's global sales chart within one day of pre-sale, with over one million wishlists projected by July 9, 2025 [5]. - Alinea Analytics estimates that "Mingmo" could generate nearly $60 million in its first month across all platforms, with Steam sales potentially exceeding $100 million if conversion rates remain stable [5]. Cultural Significance and Industry Trends - "Mingmo" integrates traditional Chinese culture with elements of American sci-fi, appealing to a global audience and supporting the expansion of Chinese games in international markets [6][9]. - The game is part of a broader trend among Chinese developers focusing on local culture for innovation, as seen in other upcoming titles like "Guitang" and "Daihao: Zhi Jin Yong" [9][11]. Industry Growth and Future Outlook - The Chinese AAA game market is projected to reach 13.3 billion yuan by 2025 and 16.9 billion yuan by 2026, with a compound annual growth rate (CAGR) of 35% expected from 2027 to 2028 [11]. - The industry is entering a phase of mass production of high-quality AAA titles, supported by government policies aimed at promoting cultural and value-driven games [11][12]. Investment and Technological Advancements - Companies within and outside the public listing system have substantial game reserves, ensuring a robust supply for the industry [12]. - The emergence of AI-driven games could introduce innovative gameplay and attract market attention, potentially enhancing the valuation of the gaming sector [12].

Investment Rating - The report maintains an "Overweight" rating for the media industry, indicating an expectation that the industry stock index will outperform the benchmark [6]. Core Insights - The report highlights the innovative breakthrough of Anuttacon's AI-driven game "Whispers from the Star," which utilizes AI technology to create a dynamic and personalized gaming experience, moving away from traditional linear narratives [1]. - The integration of multi-modal AI technology enhances player immersion through real-time interactions, allowing players to engage with characters in a more realistic manner [2]. - The shift in gaming from mere entertainment products to experience platforms is emphasized, with AI enabling deeper emotional connections between players and characters, potentially increasing user retention [3]. - The report suggests that the ongoing development of AI-native games, coupled with favorable policy trends, is likely to boost the valuation of the gaming industry and presents significant investment opportunities [4]. Summary by Sections Breakthrough 1: Dynamic Gameplay - "Whispers from the Star" offers a unique experience by allowing player choices to dynamically influence the storyline, creating a personalized narrative for each player [1]. Breakthrough 2: Real-time Interaction - The game employs multi-modal AI technology, enabling players to interact through voice and observe real-time emotional and environmental data, significantly enhancing immersion [2]. Breakthrough 3: Emotional Engagement - The game fosters emotional resonance by allowing characters to exhibit dynamic emotional feedback, transforming the player-character relationship into a more complex and engaging interaction [3]. Industry Outlook - The report anticipates that advancements in AI technology will expand the gaming market and increase revenue potential, supported by favorable government policies aimed at promoting consumption in gaming and related sectors [4].