中信建投证券发布研究报告称，今年以来游戏行业供需两旺，需求端，1-5月国内手游市场规模同比增长20%；供给端，1-6月国产游戏版号数量同比增长 21%，6月单月创22年以来新高。游戏平台社区有望充分受益于游戏行业的高景气。一方面，游戏社区的用户活跃度有望增加，在不增加adload的情况下， 也可以提升平台的广告收入。另一方面，长青游戏的稳健运营和中小体量新游戏上线，有望提升游戏平台社区的游戏下载量和流水规模，从而带动平台整 体业绩增长。 游戏行业进入新景气周期，游戏用户活跃度高，社区平台受益 需求端高景气，1-5月国内手游规模同比增长20%。今年1-5月中国游戏市场规模为1411亿元，同比增长17%，其中中国移动游戏市场规模为1052亿元，同 比增长20%。单5月看，中国游戏市场规模为281亿元，同比增长10%，其中中国移动游戏市场规模为212亿元，同比增长12%。 政策回暖，供给端同样高景气。从版号数量看，1-6月发布国产游戏版号757款，同比增长21%，其中6月国产版号147款，同比增长41%，环比增长13%， 创22年以来单月新高，包括恺英《斗罗大陆》、巨人《无尽修仙》；1-6月进口版号55款，同比基本 ...

Asia Pacific Equity Research 11 July 2025 Mainland China/HK Property Marketing feedback from Shanghai, Shenzhen & Guangzhou We recently spoke with investors based in Shanghai, Shenzhen & Guangzhou. Overall, we saw strong interest in HK Property given the recent outperformance, and onshore investors are most interested in names with >5% yield, dividend certainty & improving fundamentals. Swire Prop was predominantly the most enquired about name, followed by Henderson > Hang Lung > Link REIT. On Mainland Chin ...

Investment Rating - The report maintains an "Overweight" rating for specific companies in the property sector, including CR Land, CR Mixc, and Longfor, while identifying distressed names like Sunac as potential outperformers in a speculation-driven rally [1][27]. Core Insights - The property sector experienced a 6% increase on July 10 due to speculation about a potential high-level meeting aimed at reviving the struggling market. However, if no concrete measures are announced, profit-taking is expected [1][4]. - The report highlights a worsening property market, with top 100 developers' sales in June dropping 26% year-on-year, indicating a significant decline compared to previous years [5][17]. - There are rising hopes for new policy support in the coming months, driven by the deteriorating property data, which may lead to tactical buying opportunities, especially during dips [1][5]. Summary by Sections Market Speculation - Speculation about a high-level meeting to support the property sector has emerged, but the accuracy of such reports has historically been low, with only a 40-45% verification rate [4][12]. - The last Central City Work Conference was held in 2015, focusing on urbanization rather than directly boosting the property market [4][14]. Property Market Data - The primary market is showing significant declines, with a 26% year-on-year drop in sales for top developers in June, marking the second worst performance since 2021 [5][17]. - Home prices in tier-1 cities have also declined, with a month-on-month drop of 1.21% in June, mirroring declines seen before previous policy support announcements [5][19]. Potential Policy Directions - The report outlines four levels of potential policy support, with Level 1 and Level 2 being more likely in the near term, focusing on easing home purchase restrictions and expanding inventory purchases [6][7]. - Level 3 and Level 4 policies, which would be more effective but less likely, include calls for home price stabilization and a national stimulus program [8][9]. Company Recommendations - The report identifies CR Land, CR Mixc, and Longfor as fundamental top picks, while suggesting that POE survivors and small-cap SOEs like Jinmao offer the best risk-reward balance [1][27]. - Distressed companies such as Sunac may outperform in a speculation-driven environment, although this performance is likely to be unsustainable [1].

and their markets have seen a big rebound in stock markets in the past three months. The Shanghai Composite up nearly 9%, the FXI ETF up more than 15%, the KWEB Internet ETF up about that amount as well. Joining us now is Brendan Ahern.He's the chief investment officer at Crane Shares. Brendan, bring us up to speed. I mean you might have heard a little bit of that discussion about um sort of the future of some companies like Apple in China but more specifically amid rumors swirling about the health of Xiinp ...

[CC may contain inaccuracies] It seems like despite this trade truce, these numbers are still looking pretty soft. What's your take. Yeah, I think we've got to look at the bigger picture.So if you look back to the past couple of months, we saw the policy macro policy improvement in September of last year. And that has actually, together with some front loading of activity in the first quarter, caused some pretty solid data in the fourth quarter of last year and the first quarter of this year. So we have alw ...