Group 1 - The gaming sector is showing resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies ahead of the 2026 Spring Festival holiday [1] - Tencent's gaming portfolio has seen significant growth, with "Escape from Tarkov" surpassing 230 million global registered users and entering the bestseller list, while existing games like "Honor of Kings" and "Peacekeeper Elite" have achieved substantial revenue growth through content updates [1] - Perfect World’s game "Yihuan" has received over 25 million pre-registrations, and Century Huatong's casual games are beginning to show notable revenue increases, indicating a positive trend in the industry [1] Group 2 - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development, operation, animation production, and derivative sales to reflect the overall performance of related securities [1]

Group 1 - The core viewpoint is that the gaming sector is demonstrating resilience in the current macroeconomic environment, with strong performance expected around the 2026 Spring Festival, confirming the previously emphasized logic of a "big year" for gaming products [1] - The overall industry sentiment is improving, with multiple games achieving record operational data, such as Tencent Holdings' diverse game portfolio showing significant growth, and the game "Goose Goose Duck" topping charts [1] - Non-listed companies are also performing well, particularly in the Japanese market, with global revenues surging, further validating the ongoing "big year" narrative for gaming products [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in anime production, game development, platform operation, and derivative businesses to reflect the overall performance of the anime and gaming sector [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]