Group 1 - The gaming sector experienced a decline in early trading on November 4, with the gaming ETF (159869) dropping around 1.5%. Major stocks such as Jiubiter, Youzu Interactive, and Perfect World saw significant declines, while Sanqi Interactive was the only stock to rise [1] - As of November 3, the gaming ETF (159869) had a net inflow of funds amounting to 2.03 billion yuan over the past 20 trading days, indicating strong investor interest. The product's scale reached 11.34 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - On November 3, Century Huatong announced a strategic partnership between its subsidiary Shengqu Games and Mango TV to expand the "Mango Play" mini-game platform. This collaboration aims to enhance user operations, product introduction, and monetization strategies, leveraging Shengqu's IPs like "Legend of Blood" and "Dragon Nest" [1] Group 2 - In Q3 2025, the media industry reported revenues of 135.28 billion yuan, a year-on-year increase of 8.6%, with net profit attributable to shareholders reaching 10.4 billion yuan, up 43.7%. The gaming sector was a key driver of this growth, with gaming sub-sector revenues at 33.02 billion yuan (up 27.1%) and net profit at 5.88 billion yuan (up 111%) [2] - Active funds significantly increased their holdings in the high-growth gaming sector, with 7 out of the top 10 media stocks being gaming companies, highlighting the sector's prominence in fund allocation [2] - The gaming sector is benefiting from multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Core Insights - Snail Games Inc. has announced a series of cross-industry partnerships aimed at increasing global visibility, expanding audience reach, and driving long-term growth potential for its upcoming independent games "Above the Snow" and "Rebel Engine" [1][4] Group 1: Game Launch and Features - "Above the Snow" is a cozy and story-rich shelter management simulation game set in the 1960s Alps, combining survival mechanics, character-driven narratives, and base-building elements [2] - The game will be showcased at the Poznan Game Arena from October 24 to 26, 2025, where it will reveal collaborations with brands such as Cortazu, Fjordfiesta, and Heywood, enhancing the immersive experience [2] - "Rebel Engine" is a first-person action-adventure game that merges the fast-paced shooting of the 90s with intense melee combat, featuring original music by popular VTuber Hakos Baelz [3] Group 2: Strategic Partnerships - The collaborations highlight Snail Games' broader strategy of seeking non-traditional partnerships to enhance IP value and expand brand influence [4] - By integrating lifestyle brands with gaming and leveraging the entertainment influence of VTubers, the company aims to penetrate new global markets and maximize cross-promotional opportunities [4]