Investment Rating - The report does not explicitly state an investment rating for the gaming industry Core Insights - The gaming industry has evolved into a complex ecosystem that integrates technology, art, and culture, with increasing demands for immersive experiences and operational stability [4] - The report emphasizes the importance of efficient architecture and data-driven decision-making in addressing the challenges faced by game developers [4][5] - The book serves as a practical guide, offering solutions across various technical domains, from architecture design to AI-driven art creation [5][16] Summary by Sections Chapter 1: Game Architecture - Discusses different game types and their architectural needs, highlighting the importance of selecting optimal architecture based on gameplay requirements [7][54] - Explores the evolution of game architecture from local hardware to cloud-based solutions, enabling dynamic and scalable game environments [54] Chapter 2: Game Networking - Examines the impact of network quality on player experience and presents strategies for building low-latency, high-availability networks [8] - Introduces advanced technologies such as edge computing and serverless architecture for future network optimization [8] Chapter 3: Game Security - Analyzes various network security architectures and proposes a comprehensive defense system to protect against cyber threats [9] - Highlights the necessity of robust security measures to ensure long-term operational success in the gaming industry [9] Chapter 4: Game Downloading - Focuses on the importance of download speed and player experience, detailing methods for building high-availability architectures [10] - Discusses practical techniques for managing traffic surges during peak times [10] Chapter 5: Game Databases - Addresses the critical role of data management and recovery strategies in maintaining game integrity [11] - Provides insights into minimizing data loss and ensuring rapid recovery through cloud-native tools [11] Chapter 6: Game Big Data - Explores the significance of data-driven decision-making in game operations and marketing [12] - Discusses the construction of real-time data lakes and the use of tools like Flink for player behavior analysis [12] Chapter 7: Game Art - Investigates the transformative impact of AI-generated content on game art and design [13] - Analyzes the potential and limitations of AI in enhancing creative processes within the gaming industry [13] Chapter 8: Game Content Review - Discusses the importance of content moderation in maintaining a safe and compliant gaming environment [14] - Explores various methods and technologies for effective content review [14] Chapter 9: The Future of the Gaming Industry - Reflects on the technological evolution of the gaming industry and anticipates future trends such as cloud gaming and AI integration [15][52] - Envisions a future where gaming becomes a gateway to the metaverse, emphasizing the need for innovative governance and content moderation strategies [52]

三七互娱游戏展台。时报财经图库/供图 吴志/制表 板块创多年新高 "没想到游戏市场今年表现这么好。"在接受证券时报记者采访时，有游戏企业高管直言，今年游戏行业 不管是产品表现，还是股价走势，都有些出乎意料。 从去年下半年开始，A股游戏板块热度就不断上升。至今，不论是板块整体还是个股，都已经积累了可 观的涨幅。版号的持续发放，新游戏的亮眼表现，海外市场的有效拓展，都为游戏产业注入了信心。 | | | 部分A股游戏公司2025年上半年经营表现 | | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 今年涨幅 | 营业收入 | 营收 | 归母净利润 | 净利润 | | | (截至9月19日) | (亿元) | 同比增速 | (亿元) | 同比增速 | | ST华通 | 267.12% | 172.07 | 85.50% | 26.56 | 129.33% | | 巨人网络 | 258.20% | 16.62 | 16.47% | 7.77 | 8.27% | | 吉比特 | 157.88% | 25.18 | 28.49% | 6.45 | 24.50% | | ...

Group 1 - The core viewpoint of the articles highlights the performance of the gaming and cultural media sector, with notable stock movements in companies like NetEase Cloud Music and Liou Co., as well as the significant growth of the gaming media ETF [1][2] - As of September 19, the gaming media ETF has seen a net value increase of 79.20% over the past year, indicating strong market interest and performance in this sector [1] - The Delta Action game has topped the iOS sales chart, and its international version on Steam reached a peak of 226,000 concurrent players, showcasing the popularity and engagement of new gaming titles [1] Group 2 - Huayuan Securities notes that the current gaming market rally is based on product performance, EPS upgrades, and synchronized valuation recovery, suggesting that there is no strong bubble in valuations [2] - The report emphasizes two key strategies for continued focus on the gaming sector: the trading potential of major game titles and the structural growth opportunities in PC and mini-games [2] - The index tracks 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances, reflecting the overall performance of the gaming and cultural media theme in the mainland and Hong Kong markets [2][3] Group 3 - As of August 29, the top ten weighted stocks in the index include Kuaishou-W, Tencent Holdings, and Bilibili-W, with these stocks collectively accounting for 54.14% of the index [3]

来源：上海证券报·中国证券网 上证报中国证券网讯 9月22日，ETF午间收盘涨跌不一，消费电子50ETF(159779)涨4.45%，科创芯片设 计ETF(588780)涨4.25%，消费电子ETF富国(561100)涨4.15%，影视ETF(516620)跌2.41%，影视 ETF(159855)跌2.4%，游戏ETF(516010)跌2.12%。 ...

点评：艺术不能凌驾生态，敬畏自然方是真时尚。 4.上海发布人形机器人数据集标准，人形机器人有了统一数据语言 在2025浦江创新论坛分论坛：具身智能前沿技术和标准创新论坛会议上，上海正式对外发布ITU具身智能机 器人标准化展望及人形机器人数据集标准、"浦江X"具身智能标准化数据集平台（穹顶DOME）。据了解， 这套标准体系在上海市科学技术委员会、上海市市场监管局指导下，上海机器人产业技术研究院牵头联合 19家产学研机构，内容涵盖人形机器人数据集分类与编码、人形机器人数据集数据标注规范、人形机器人 数据质量评价、人形机器人数据集格式等要求。这将为上海和全国人形机器人产业提供统一的数据语言， 推动人形机器人从技术探索加速迈向规模化落地。 5.《三角洲行动》国服DAU 破 3000万 虎嗅获悉，在举办的《三角洲行动》周年庆典上，制作人Shadow 宣布国服 DAU突破3000万。 7月，《三角 洲行动》DAU刚刚突破2000万，也就是说过去两个月游戏 DAU 净增加1000 万，且统计口径只包括国服。 另外，游戏还公布了和《合金装备Δ：食蛇者》、卡游、泡泡玛特等知名产品、品牌合作的消息。 1.三亚将施行新规，保租房租 ...

公开数据显示，2017年到2024年，我国游戏市场实际销售收入从2036亿元大幅增长至3258亿元，但其间 游戏板块长期低位徘徊。这种局面在去年下半年迎来"反转"，尤其是今年4月以来，A股游戏板块表现 强势。 9月17日，申万游戏行业指数收盘突破4000点，创2017年以来新高。Wind数据显示，截至9月19日，申 万游戏行业指数今年涨幅接近80%，在申万二级行业指数中名列第三。 部分个股表现十分抢眼。年初至今，ST华通、巨人网络、吉比特、冰川网络等游戏公司涨幅超过 100%，其中，ST华通和巨人网络涨幅超过200%。9月初，ST华通市值超越分众传媒，成为A股传媒板 块市值最高的企业，目前其最新市值超过1400亿元。 板块走出低谷，让部分游戏企业高管颇为感慨。过去几年，恺英网络股价最低时一度逼近2元，市值仅 剩数十亿元；ST华通近期股价一度突破20元，而去年7月一度跌破3元；巨人网络等公司股价也在低位 徘徊近4年。今年游戏板块为何迎来反转？ 多因素推动估值回升 从政策层面看，游戏版号的持续发放，无疑是助力产业发展的"强心针"。据证券时报记者统计，截至8 月份，今年发放的游戏版号已达1119个，同比增长明显。8 ...

9月22日，三七互娱跌5.06%，截至发稿，报22.35元/股，成交18.78亿元，换手率5.12%，总市值494.44 亿元。 资料显示，三七互娱网络科技集团股份有限公司位于安徽省芜湖市瑞祥路88号皖江财富广场B1座7层 7001号，成立日期1995年5月26日，上市日期2011年3月2日，公司主营业务涉及手机游戏和网页游戏的 研发、发行和运营。主营业务收入构成为：移动游戏97.09%，网页游戏2.08%，其他0.83%。 从基金十大重仓股角度 中信保诚中证TMT指数(LOF)A（165522）基金经理为HAN YILING、黄稚。 截至发稿，HAN YILING累计任职时间7年168天，现任基金资产总规模11.18亿元，任职期间最佳基金 回报116.67%， 任职期间最差基金回报-1.03%。 黄稚累计任职时间7年62天，现任基金资产总规模30.1亿元，任职期间最佳基金回报146.63%， 任职期 间最差基金回报-18.92%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资 ...

（原标题：多股涨超100%！多重利好推动游戏板块价值重估） "没想到游戏市场今年表现这么好。"在接受证券时报记者采访时，有游戏企业高管直言，今年游戏行业不管是产品表现，还是股价走势，都有些 出乎意料。 从去年下半年开始，A股游戏板块热度就不断上升。至今，不论是板块整体还是个股，都已经积累了可观的涨幅。版号的持续发放，新游戏的亮 眼表现，海外市场的有效拓展，都为游戏产业注入了信心。 板块创多年新高 根据伽马数据发布的报告，今年上半年，国内游戏市场实际销售收入1680亿元，同比增长14.08%，国内游戏用户规模达到6.79亿，两项数据均创 历史新高。这种态势也持续到了今年7月，游戏产业的各项纪录仍在被持续刷新。 出海表现亦相当亮眼。上半年，我国自主研发游戏海外市场实际销售收入95亿美元（约合人民币680亿元），同比增长11%。在研究机构Sensor Tower发布的8月份中国手游出海收入榜中，排在前列的不再只有腾讯、网易、米哈游等"老面孔"的产品，更多新厂商的新产品崭露头角。 在具体产品方面，王旭认为，今年上市游戏企业披露的部分10亿元以上高流水收入产品，增强了投资者的信心，特别是对验证手游出海商业模式 和未来前 ...

转自：新华财经 过去15年以来，每年市值前30的周期制造类公司（以有色、机械、化工、汽车为例），其营收中海外营 收占比（取平均值）从2010年的约5%，一直提高到了2025年的约32%。如果以当前境外营收占比超过 20%的公司作为样本，这部分公司对全A非金融的利润贡献在2015年只有22%，在2020年为24%，但截 至2025年中报已经超过了40%。相应地，这部分公司占全A非金融市值比重在2015年只有28%，在2020 年为32%，截至2025年9月19日则达到37%。上述趋势是每一个新兴股票市场逐步成长为成熟市场的必 经之路，即全球敞口的跨国公司成为市场中大市值公司的主体。因此，在这个趋势下，用"行情与基本 面背离且全靠流动性驱动"来理解A股是有偏的，未来固有偏见会逐步被打破。事实上，纯内需导向的 品种今年涨幅非常有限，而出海导向的品种市值和利润占比已经远超不少投资者的固有认知。 新华财经上海9月22日电 中信证券研报分析认为，目前整体的行业选择框架依然是围绕资源+新质生产 力+出海。资源股在供给受限以及全球地缘动荡的预期推动下，从周期属性转向偏红利属性会带来估值 体系重构，博弈美联储降息的资金退潮带来 ...

Group 1 - The A-share market opened positively on September 22, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.10% [1] - The gaming sector experienced fluctuations, with the gaming ETF (159869) dropping over 1% after a low opening, but it has seen a net inflow of 507 million yuan over the past five trading days, indicating strong investor interest [1] - According to CITIC Securities, the gaming industry is expected to rejuvenate in 2025 after a period of self-reflection and external changes from 2021 to 2024, with a 19% year-on-year growth in the domestic self-developed online gaming market in the first half of this year [1] Group 2 - The current gaming industry boom is driven by strong supply and demand, leading to increased gaming hours and market expansion, with a noticeable easing of competition among leading companies [2] - Changes in marketing strategies and channel transformations have reduced pressure on sales expenses and channel sharing, benefiting gaming communities and live streaming platforms [2] - The integration of AI into game development is enhancing productivity, reflected in the decrease of overall R&D expense ratios from 48% in Q1 2023 to 29% in Q2 2025, indicating a clear upward trend in profit margins for the sector [2]