（文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从市场中选取涉及动漫制作、游戏开发 及相关产业链的上市公司证券作为指数样本，以反映数字娱乐产业相关上市公司证券的整体表现。动漫 游戏指数聚焦于内容创作、发行及衍生品开发等环节，行业配置上侧重文化传媒和信息技术领域，充分 体现了市场对创新娱乐形式的关注与认可。 国信证券指出，AI技术革新持续推动行业变革。李飞飞团队推出的Marble3D世界模型支持多模态输入 生成可交互3D虚拟环境，可灵2.5 Turbo模型在视频生成效果上显著提升，月之暗面开源Kosong框架优 化AI代理开发效率，这些技术突破为影视、游戏、动漫等内容生产提供新工具。游戏领域，点点互动 旗下《Whiteout Survival》等产品表现突出。AI应用加速落地将重构内容生产流程，影视行业供给端改 善与游戏板块新品周期形成共振。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 11月18日早盘，游戏板块震荡走强，游戏ETF（159869）现涨近1.5%，其主要持仓股中，富春股 份、巨人网络、恺英网络、奥飞娱乐、吉比特、三七互娱等涨幅居前，游族网络、天舟文化等跌幅居 前。截至11月17日，游戏ETF（159869）规模已达112.42亿，为投资者布局A股游戏龙头提供了便捷工 具。 政策面来看，在"深圳市文化产业推进会"上，南山区正式发布《深圳市南山区推动游戏电竞产业高 质量发展扶持政策》，以真金白银支持区内游戏产业迈向高质量发展新阶段。根据政策，对符合一定规 模与增速条件的软件和信息服务业游戏企业，最高可给予1亿元奖励。 华创证券指出，当前游戏板块估值已进入合理区间。中期来看，游戏作为高性价比娱乐消费的价值 依然突出，叠加头部大厂手游产品空窗期与中腰部公司产品创新不断，预计A股游戏公司有望维持高 ...

Group 1 - The gaming sector experienced a slight pullback on November 11, with the gaming ETF (159869) declining nearly 1%, opening up low-position layout opportunities [1] - As of November 10, the gaming ETF (159869) had a product scale of 11.554 billion yuan, facilitating investors to easily allocate to A-share gaming leaders [1] - Perfect World was awarded "Outstanding Overseas Game Publisher of the Year" at the GTC2025 Global Traffic Conference for its game "Persona 5: Phantom of the Night," which topped the iOS free charts in major markets like the US, Japan, and South Korea [1] Group 2 - The gaming sector reported a revenue growth of 27.1% year-on-year and a significant net profit increase of 111% in Q3 2025, becoming a core driver of the media industry [1] - The profit margin of the sector rose to 17.8%, indicating strong profitability elasticity [1] - Leading companies like Gigabit saw net profit growth exceeding 300%, while Perfect World successfully turned losses into profits, reflecting robust internal growth dynamics within the sector [1] Group 3 - The long-term outlook for the gaming sector remains positive, driven by AI technological innovation, content ecosystem upgrades, and the evolution of commercialization models [2] - The gaming ETF (159869) closely tracks the CSI Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2]

Group 1 - The gaming sector showed fluctuating performance on November 11, with the gaming ETF (159869) slightly rising. Key stocks like Guomai Culture, Youzu Network, and Giant Network saw significant gains, while Huali Technology, Perfect World, and others experienced declines. As of November 10, the gaming ETF's product scale reached 11.554 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - The official announcement from "Peace Elite" regarding the first "Peace Elite Women's Competitive Showcase" in collaboration with Xiaohongshu Games is set for November 15. The event will feature 16 qualified hosts and 28 participants competing in various segments, including a game-themed transformation show and talent displays. This collaboration aims to innovate the traditional competitive model and expand the female user market, enhancing brand diversity [1] - Open-source securities highlighted the strong performance of leading mobile games overseas, with companies like Xindong and Century Huatong achieving significant revenue growth through successful game operations and content updates. The industry is experiencing sustained upward momentum, and the gaming ETF (159869) closely tracks the China Securities Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2] Group 2 - The gaming sector is expected to maintain long-term growth driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models. This growth trajectory is supported by the positive performance of new and existing games, as well as the successful testing and sales of multiple new titles [2]

Core Insights - The gaming sector is experiencing a positive trend with significant growth in both revenue and profit, driven by policy support and strong product performance [1][2] Industry Summary - The gaming industry reported a revenue of 30.362 billion yuan, marking a year-on-year increase of 28.6% and a quarter-on-quarter growth of 9.48% [1] - Profit surged by 112% year-on-year to 5.777 billion yuan, with profit margins improving to 19% [1] - Over half of the companies in the sector achieved performance growth, indicating a broad-based recovery [1] - The issuance of domestic game licenses in 2025 has already surpassed the total for the previous year, providing strong momentum for continued growth [1] Investment Recommendations - Companies with rich product reserves are recommended, including Kying Network, Giant Network, G-bits, and 37 Interactive Entertainment, along with Perfect World, which has potential for performance reversal [1] - Firms with strong overseas expansion strategies, such as Shenzhou Taiyue, are highlighted for investment [1] - Companies actively engaging in AI developments, including Yaoji Technology and Zhejiang Shuju Culture, are also recommended [1] - Overall, the gaming sector is seen as having significant investment value due to favorable policies, product cycles, AI empowerment, and overseas growth opportunities [1]

Group 1 - The gaming sector is experiencing a downward trend, with several popular stocks showing significant adjustments, including ShengTian Network and ShunNet Technology, which fell over 7%, and Giant Network and Kaiying Network, which dropped over 5% [1] - The gaming ETF (159869) is down more than 3%, providing a potential opportunity for medium to long-term investment [1] - As of October 29, the gaming ETF (159869) has a product scale of 11.259 billion yuan, facilitating investors to easily allocate to leading A-share gaming companies [1] Group 2 - Kaiying Network's short drama "Hot Blood Era" is set to launch on Tencent Video during the National Day holiday in 2025, showcasing the company's "AI + IP" strategy in the trendy toy sector [2] - The "Warm Star Valley Dream Journey" brand, featuring AI smart dolls, targets the emotional companionship market, appealing to the 12-35 age group interested in cute culture [2] - The gaming sector is expected to grow long-term, driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models [2]

Core Insights - ChaoYing Electronics officially listed on the Shanghai Stock Exchange on October 24, with a closing price increase of 397.6%, reaching 84.99 CNY per share and a market capitalization of 37.14 billion CNY [1] - The company issued 52.5 million shares, raising 0.897 billion CNY, primarily for working capital, bank loan repayment, and the second phase of high-layer and HDI projects [1] Company Overview - Founded in 2015, ChaoYing Electronics specializes in the R&D, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, consumer electronics, and communications [1] - The company ranks 23rd among PCB manufacturers in China according to the China Electronic Circuit Industry Association for 2024 and is among the top ten global suppliers of automotive electronic PCBs [1] Financial Performance - Revenue figures for ChaoYing Electronics from 2022 to 2024 are projected at 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, respectively, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [1] - For the first three quarters of 2025, the company reported revenue of 3.378 billion CNY, a year-on-year increase of 10.71%, driven by demand in communication and storage sectors due to AI technology advancements [2] Product and Market Segmentation - The main revenue sources for ChaoYing Electronics are four, six, and eight-layer boards, with their share increasing from 90.67% in 2022 to 93.33% in 2024, particularly for higher-priced eight-layer and above boards [2] - Automotive electronics represent the primary application area, contributing 64.17%, 71.23%, and 68.61% of revenue from 2022 to 2024 [2] - The company primarily sells overseas, with international sales accounting for 81.89%, 81.67%, and 82.77% of total revenue during the same period, with Asia making up about half of this [2] Customer Concentration - Sales to the top five customers accounted for 49.22%, 51.59%, and 44.99% of the main business revenue from 2022 to 2024, indicating a significant customer concentration [2]

Core Viewpoint - ChaoYing Electronics experienced a significant stock price increase of approximately 395.61% on its first day of trading, closing at 84.65 CNY per share, up from an initial offering price of 17.08 CNY per share [2][3]. Company Overview - ChaoYing Electronics was established in 2015 and specializes in the research, production, and sales of printed circuit boards (PCBs). The company has developed high-end PCB products, including high-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [4]. - The company has obtained 14 invention patents and 85 utility model patents as of the end of 2024 [4]. Market Position and Partnerships - In the automotive electronics sector, ChaoYing's products meet the PCB needs across various vehicle components and have established long-term partnerships with renowned automotive suppliers such as Continental, Valeo, Bosch, and Aptiv [4]. - In the display sector, the company's products are used in LCD, OLED, and Mini LED panels, collaborating with leading manufacturers like BOE and LG Group [4]. - The storage sector includes partnerships with major hard drive manufacturers such as Seagate and Western Digital, as well as solid-state drive manufacturers like SK Hynix [4]. - The company has accumulated a diverse client base in consumer electronics and communications, including Logitech, Apple, Broadcom, and major EMS companies like Jabil, Flex, and Quanta [4]. Financial Performance - ChaoYing Electronics reported a revenue of 3.378 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 10.71%, driven by increased PCB demand in communication and storage sectors due to advancements in AI technology and data center upgrades [5]. Future Outlook - The chairman of ChaoYing Electronics, Huang Minghong, emphasized the company's commitment to maintaining a strong governance structure, utilizing raised funds effectively, and focusing on customer-centric innovation to enhance profitability and expand its core business [7][9]. - The company aims to build a global supply chain system with an annual production capacity exceeding 3.2 million square meters, leveraging its production bases in Hubei, Jiangsu, and Thailand [9].

Core Viewpoint - ChaoYing Electronics, a leading company in the PCB industry, made a strong debut on the Shanghai Stock Exchange, with its stock price surging by 395.61% to 84.65 CNY per share by midday [2][4]. Company Overview - ChaoYing Electronics was established in 2015 and specializes in the R&D, production, and sales of PCBs, including high-end products such as multilayer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [4]. - The company has obtained 14 invention patents and 85 utility model patents as of the end of 2024 [4]. Industry Position - In the automotive electronics sector, ChaoYing's products meet the PCB needs across various vehicle components and have established long-term partnerships with renowned suppliers like Continental, Valeo, Bosch, and Aptiv [4]. - In the display sector, the company's products are used in LCD, OLED, and Mini LED panels, collaborating with leading manufacturers such as BOE and LG [4]. - In the storage sector, ChaoYing has stable partnerships with major hard drive manufacturers like Seagate and Western Digital, as well as solid-state drive manufacturers like SK Hynix [4]. Financial Performance - Due to increased PCB demand driven by AI technology advancements and data center upgrades, ChaoYing Electronics achieved a revenue of 3.378 billion CNY from January to September 2025, reflecting a year-on-year growth of 10.71% [5]. Future Outlook - The chairman of ChaoYing Electronics, Huang Minghong, emphasized the company's commitment to maintaining a strong governance structure, utilizing raised funds effectively, and focusing on customer-centric innovation to enhance profitability [7]. - The company aims to build a global supply chain system with an annual production capacity exceeding 3.2 million square meters, supported by production bases in Hubei, Jiangsu, and Thailand [7][8].

Core Viewpoint - ChaoYing Electronics Circuit Co., Ltd. (SH:603175) has announced its initial public offering (IPO) and plans to list on the Shanghai Stock Exchange on October 15, 2025, with an issue price of 17.08 yuan per share and a total fundraising amount of approximately 897 million yuan [1][3]. Fundraising and Project Allocation - The company initially planned to raise 1 billion yuan, with 400 million yuan allocated for the second phase of its high-layer and HDI project and 600 million yuan for working capital and bank loan repayment. However, the updated prospectus indicates a revised fundraising target of 660 million yuan, with the working capital and loan repayment allocation reduced to 260 million yuan [3][4][5]. Business Overview - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily serving sectors such as automotive electronics, display, storage, consumer electronics, and communications. The company is noted for its capabilities in multi-layer HDI and arbitrary layer interconnection HDI automotive electronic boards [6][8]. Competitive Landscape - Major competitors in the automotive electronics PCB sector include ShenZhen South Circuit, Jingwang Electronics, HuDian Co., ShengHong Technology, and others. Key clients include major automotive companies such as Continental, Valeo, Bosch, Aptiv, and Tesla [6]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 3.514 billion yuan, 3.666 billion yuan, and 4.124 billion yuan, respectively. Net profits for the same years were about 141 million yuan, 266 million yuan, and 276 million yuan, with non-recurring net profits of 75.12 million yuan, 256 million yuan, and 261 million yuan [6][7]. Recent Developments - In the first half of 2025, ChaoYing Electronics reported revenue of approximately 2.185 billion yuan, a year-on-year increase of 12.61%. However, net profit decreased to about 159 million yuan compared to 180 million yuan in the same period of 2024. The decline in net profit is attributed to higher production costs during the initial phase of operations in Thailand [8]. Shareholding Structure - The largest shareholder of ChaoYing Electronics is Dynamic Electronics Holding Pte LTD, which holds 97.85% of the shares. The company does not have a defined actual controller, with the indirect controlling shareholder being the Taiwan-listed company DingYing Investment Holdings [9][10].