Core Insights - The 22nd ChinaJoy has opened with unprecedented enthusiasm, showcasing a significant recovery in the interactive entertainment industry compared to last year [1][6][3] - The event features over 11,000 square meters of exhibition space, attracting hundreds of companies and thousands of new products, with expected attendance reaching several hundred thousand [3][6] - The domestic gaming market has achieved a record revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [6] Industry Overview - ChinaJoy has evolved from a simple gaming exhibition to a comprehensive "technology + entertainment" event, becoming a barometer for the interactive entertainment industry [3] - The event includes 11 exhibition halls and showcases major digital entertainment sectors such as gaming, animation, internet film and television, music, esports, and new entertainment [3][6] Company Highlights - Major gaming companies like Tencent, NetEase, Giant Network, and Perfect World are showcasing multiple products, with Tencent occupying nearly half of the N4 hall with 17 products [8] - NetEase is presenting 45 games under the theme "Challenge! My Passion Partner," while Century Huatong features 13 games and an immersive "Game for Gamers" theme [8] Product Launches - Notable new games include NetEase's "Destiny: Stars" and Tencent's global premiere of "Runeterra: League of Legends Card Battle" [9][10] - Classic IPs are also highlighted, with Tencent showcasing three products from the "Dungeon and Fighter" series [13] Technological Innovations - Century Huatong's "Game+Lab" is demonstrating AI integration in gaming, showcasing tools like AI character editors and brain language assessment platforms [14] - Three Seven Interactive's self-developed model "Xiao Qi" has significantly improved art material generation efficiency and AI customer service accuracy [18] Industry Discussions - Industry leaders are discussing the need to bridge the gap between high performance and value perception in the gaming market, emphasizing the importance of cultural depth and intellectual property protection [17] - The focus is on transforming technological innovations into industry momentum, with a push for personalized content generation and non-linear gameplay as future battlegrounds [18]

Core Insights - The Chinese gaming market achieved record-high actual sales revenue and user scale in the first half of 2025, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [2] - The number of gaming users reached approximately 679 million, marking a year-on-year growth of 0.72% [2] Market Performance - The domestic gaming market's actual sales revenue for self-developed games was 140.45 billion yuan, up 19.29% year-on-year, while overseas sales reached 9.501 billion USD, a growth of 11.07% [2] - The U.S. accounted for 31.96% of overseas revenue from self-developed mobile games, followed by Japan at 16.2% and South Korea at 7.47%, collectively representing 55.63% of the market [2] Game Categories - In the overseas market, strategy games (including SLG) led with a revenue share of 43.33%, followed by role-playing games at 10.02% and shooting games at 8.85% [3] - The domestic mobile game market generated 125.31 billion yuan, a 16.55% increase, while the client game market saw revenue of 35.40 billion yuan, up 4.86% [3] E-sports and Mini Games - The e-sports gaming market in China recorded actual sales revenue of 80.65 billion yuan, reflecting a year-on-year growth of 16.64% [3] - The mini-program gaming market achieved actual sales revenue of 23.28 billion yuan, with a significant year-on-year increase of 40.2% [4] Industry Trends - The gaming industry is experiencing a favorable environment with supportive policies, optimized industry ecology, and deepened technological innovation [6] - The education sector is increasingly supporting talent development in gaming, with the Ministry of Education officially including game art design in higher education [7] - The application of AI technology in the industry is accelerating, with leading companies establishing comprehensive intelligent application systems [7]

Core Insights - The report indicates that the globalization of China's gaming industry has entered an initial stage of localization, with leading companies like Tencent establishing localized R&D and independent overseas brands [1][2] - By 2024, the overseas sales revenue of self-developed games from China is projected to account for 33.62% of total revenue, while the scale of foreign investment by Chinese gaming companies continues to expand [1][4] Group 1: Development Stages - The globalization of China's gaming industry is divided into three stages: the initial stage before 2012, the steady growth period from 2013 to 2017, and the optimization development phase from 2018 to present [2][4] - In the initial stage (before 2012), overseas sales revenue increased from $0.2 billion to $5.7 billion, with the overseas revenue share rising from 3.6% to 8.9% [2] - The steady growth period saw overseas revenue grow from $1.82 billion to $8.28 billion, with the share increasing from 19.1% to 28.6% [4] - From 2018 to 2024, overseas revenue is expected to rise from $9.59 billion to $18.56 billion, with the share increasing from 27.8% to 33.6% [4] Group 2: Investment Trends - The report highlights that the scale of foreign investment by gaming companies has been increasing, with Tencent alone conducting over 60 investment and acquisition events in overseas markets [4][6] - The top four investment destinations from 2018 to 2024 are Finland, Israel, Japan, and the United States, accounting for a combined 79.9% of total investments [1] Group 3: Global Industry Structure - The global gaming industry value chain is divided into upstream, midstream, and downstream segments, with a focus on midstream game development [5][6] - The leading countries in game development market share are the United States (37.7%), China (31%), and Japan (21.1%) [5] - The global gaming market size is projected to reach $47 billion in China and $46.1 billion in the United States by 2024 [5] Group 4: Future Directions - The future direction of China's gaming industry globalization involves leveraging capital for expansion, utilizing technology for competitive advantage, and building a collaborative innovation R&D system across various enterprises [6]

Group 1 - The game ETF (159869) has seen a continuous inflow of funds for 13 trading days, accumulating a total of 2.7 billion yuan [1] - The "China Game Industry Globalization Research" report indicates that the Chinese game industry has entered the early stage of localization, with companies like Tencent Games establishing localized R&D and independent overseas brands [1] - By 2024, the overseas sales revenue of self-developed games from China is expected to account for 33.62% [1] Group 2 - The game market sizes for China and the United States in 2024 are projected to be 47 billion USD and 46.1 billion USD, respectively [1] - The 22nd China International Digital Interactive Entertainment Expo (ChinaJoy) will take place from August 1 to August 4, 2025, in Shanghai, featuring various activities to attract global gaming and anime enthusiasts [1] - The game sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, with a focus on the upcoming ChinaJoy event [2]

Core Insights - The report indicates that by 2024, the proportion of overseas sales revenue from self-developed Chinese games will reach 33.62% [1] - The Chinese gaming industry has entered an early stage of localization after over 20 years of development, with leading companies like Tencent Games establishing localized R&D and independent overseas brands [1] - China and the United States are the two largest gaming markets globally, with projected market sizes of $47 billion and $46.1 billion respectively in 2024 [1]