Core Viewpoint - The A-share gaming stocks have collectively surged, driven by the expansion of the female micro-horror gaming segment, which is gaining traction since the second half of 2024 [1] Group 1: Market Performance - Major gaming stocks such as Giant Network and Shenzhou Taiyue saw increases of over 8%, while Huaru Technology rose by 6.5%, and Beiwai Technology increased by 5% [2] - Other companies like Bingchuan Network, Zheshu Culture, Sanqi Interactive Entertainment, and Chuling Information also experienced gains exceeding 2% [1] Group 2: Industry Insights - CITIC Securities' research report indicates that the female micro-horror gaming segment is expanding, incorporating elements of micro-horror, treasure hunting, and social casual gaming, leading to rapid growth [1] - Giant Network's upcoming game "Supernatural Action Group," set for release in 2025, features a unique gameplay style and has collaborated with major Chinese cultural IPs since April [1] Group 3: Global Market Trends - According to SensorTower's report, the global mobile and PC gaming market is expected to regain growth momentum, with a projected market size exceeding $120 billion by 2028 [1] - The global mobile game in-app purchase revenue is anticipated to grow by 4% in 2024, surpassing 2020 levels, and is expected to continue growing by 6% in 2025, reaching $85.4 billion [1]

Core Viewpoint - A-shares in the online gaming sector experienced a collective surge, driven by the expansion of the female micro-horror gaming segment, which is gaining traction and integrating various gameplay elements [1] Group 1: Market Performance - Major stocks such as Giant Network and Shenzhou Taiyue saw increases of over 8%, while Huaru Technology rose by 6.5%, and Beiwai Technology increased by 5% [1] - Other companies like Bingchuan Network, Zhejiang Shuju Culture, Sanqi Interactive Entertainment, and Chuling Information also reported gains exceeding 2% [1] Group 2: Industry Insights - CITIC Securities' research report indicates that the female micro-horror gaming segment has been gradually expanding since the second half of 2024, filling a gap in the "search, fight, and retreat" gameplay for female players [1] - The game "Supernatural Action Group," set to be launched by Giant Network in 2025, features a unique gameplay style and has collaborated with significant Chinese cultural IPs since April [1] - The report highlights that the growth in this segment is attributed to high-frequency IP collaborations and event operations, resonating with younger audiences for emotional engagement and stress relief [1] Group 3: Global Market Trends - SensorTower's report projects that the global mobile and PC gaming market will regain growth momentum, with the total market size expected to exceed $120 billion by 2028 [1] - In 2024, global mobile game in-app purchase revenue is anticipated to grow by 4% year-on-year, surpassing 2020 levels, and is expected to continue growing by 6% in 2025, reaching $85.4 billion [1] - By 2028, global mobile game in-app purchase revenue is forecasted to reach $106.5 billion [1]

中信建投研报指出，24年下半年以来女性微恐游戏赛道逐步扩容，这类游戏融合微恐、追逐、搜宝、社 交休闲等元素，快速起量。《第五人格》与《超自然行动组》是该赛道的代表作，前者是网易2018年上 线的非对称对抗玩法游戏，近年再次实现流水新高。《超自然行动组》则是巨人网络2025年推出，采用 与第五人格不同的搜打撤玩法和中式盗墓题材，4月至今已与"故宫里的神兽世界"和"昆仑山"两大中国 地理文化IP联动。研报认为，女性微恐赛道正在持续扩大份额，原因包括填补女性"搜打撤"玩法的空 白、成为年轻群体进行情绪共鸣与压力释放的途径、高频的IP联动、活动运营等。 ...