Group 1 - The core viewpoint of the news is that Kaiying Network has shown significant trading activity, with a notable financing balance and changes in shareholder structure, indicating potential investor interest and market dynamics [1][2][3] Group 2 - As of December 29, Kaiying Network's stock price decreased by 1.66%, with a trading volume of 1.033 billion yuan. The financing buy-in amount for the day was 112 million yuan, while the net financing purchase was 27.07 million yuan, indicating active trading [1] - The total financing and securities balance for Kaiying Network reached 934 million yuan, with the financing balance accounting for 1.97% of the circulating market value, which is above the 90th percentile level over the past year [1] - On the short-selling side, 5,400 shares were repaid, and 11,300 shares were sold short, with a total short-selling amount of 248,400 yuan, while the short-selling balance was 8.9942 million yuan, indicating a low level compared to the past year [1] Group 3 - As of December 10, the number of shareholders for Kaiying Network was 84,000, a decrease of 0.41%, while the average circulating shares per person increased by 0.41% to 22,495 shares [2] - For the period from January to September 2025, Kaiying Network reported a revenue of 4.075 billion yuan, representing a year-on-year growth of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, reflecting a year-on-year increase of 23.70% [2] Group 4 - Since its A-share listing, Kaiying Network has distributed a total of 1.212 billion yuan in dividends, with 852 million yuan distributed over the past three years [3] - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 66.1938 million shares, a decrease of 43.9577 million shares from the previous period. Other notable shareholders include Huaxia CSI Animation Game ETF and Southern CSI 500 ETF, with varying changes in their holdings [3]

Core Viewpoint - CD Projekt's GOG platform has been acquired by co-founder Michał Kiciński, making it independent from CD Projekt while maintaining its "No DRM" philosophy and ongoing collaboration with CD Projekt for game distribution [3][5]. Group 1: Acquisition Details - Michał Kiciński has purchased all shares of GOG.com for 90.7 million Polish zloty, approximately 177 million RMB [5]. - The acquisition will not affect GOG's daily operations, and the platform will continue to support players and developers under its independent status [3]. Group 2: Financial Performance - GOG's revenue for the previous year was approximately 47 million euros, equivalent to about 388 million RMB [5]. - The net profit for GOG was only 268,000 euros, roughly 2.21 million RMB, indicating a low profitability compared to industry giants [5]. - GOG's revenue was less than 0.5% of that of PC gaming giant Steam in the same year [5].

Core Insights - Guangzhou aims to become a leading city in the global gaming and esports industry by 2030, launching its first dedicated support policy for the sector with the release of the "Eighteen Measures to Support the Development of the Gaming and Esports Industry" [2][3] Group 1: Policy Overview - The new policy injects significant financial support into the industry, covering various aspects such as game product development, esports event operation, venue construction, market cultivation, financing services, tax incentives, and talent development [3][4] - A special fund for the gaming and esports industry has been established, allowing individual companies to receive up to 10 million yuan in annual financial support [3] Group 2: Support Mechanisms - The policy provides targeted support across all stages of the gaming industry, including R&D, international expansion, and esports events, with specific financial incentives such as up to 3 million yuan for technological innovations and 500,000 yuan for high-level esports events [4][5] - The measures combine both upfront and post-event subsidies to encourage innovation and reward market-validated outcomes [4] Group 3: Industry Impact - The policy aligns with national and provincial industry directives, promoting a systematic approach from content production to ecosystem operation, particularly benefiting small and medium-sized enterprises [5][6] - Guangzhou is home to 28 of the top 100 small game companies in China, indicating a strong local presence that is expected to grow under the new policy [5] Group 4: Technological Integration - The policy emphasizes the integration of technology with the gaming industry, supporting advancements in AI, VR, and the metaverse, with significant financial rewards for projects achieving breakthroughs [6][7] - AI applications in the gaming sector are increasing, enhancing productivity and reducing costs, with many small companies adopting agile strategies to integrate AI into their workflows [6] Group 5: Ecosystem Development - The policy aims to enhance industrial clusters and create specialized industrial parks, improving the overall business environment for the gaming industry [7] - The establishment of the Guangzhou Gaming Industry Service Center will provide comprehensive services for businesses, from registration to copyright protection, fostering a supportive ecosystem [7]

Core Viewpoint - Gravity Co., Ltd. has officially launched its mobile game "Ragnarok: Rebirth" in China on December 25, 2025, following its successful release in other regions [1][2]. Group 1: Game Launch and Features - "Ragnarok: Rebirth" is a 3D MMORPG that retains the classic elements of Ragnarok Online while introducing new graphics and an integrated exchange system [2]. - The game received an ISBN code from the Chinese government in December 2024, indicating regulatory approval prior to its launch [2]. Group 2: Market Performance - Following its launch in Southeast Asia, Taiwan, Hong Kong, and Macau in 2024, "Ragnarok: Rebirth" achieved significant popularity, ranking first in free downloads on the Apple App Store in Thailand, Philippines, Indonesia, and Malaysia [3]. - The game also ranked second in free downloads on Google Play in Thailand and was second in top grossing on the Apple App Store and fifth on Google Play in Macau [3]. Group 3: Company Communication - Gravity expressed gratitude to users for their patience leading up to the launch and announced various events to celebrate the official release of "Ragnarok: Rebirth" [4].

Market Overview - The gaming sector experienced a decline of 0.15% on December 26, with Xunyou Technology leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - Mingchen Health (002919) saw a significant increase of 10.00%, closing at 23.64 with a trading volume of 150,500 shares and a transaction value of 344 million [1] - ST Dazheng (600892) rose by 4.43%, closing at 3.77 with a trading volume of 150,400 shares [1] - Xunyou Technology (300467) led the decline with a drop of 3.15%, closing at 27.05 with a trading volume of 70,100 shares and a transaction value of 192 million [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1 billion from major funds, while retail investors contributed a net inflow of 632 million [2] - Major funds showed a negative net flow in several stocks, including Mingchen Health and ST Zhongqingbao, indicating a cautious sentiment among institutional investors [3] Summary of Key Stocks - Mingchen Health had a net outflow of 38.14 million from major funds, while retail investors contributed a net inflow of 32.28 million [3] - ST Dazheng had a minor net inflow from major funds of 240,960, while retail investors showed a net outflow [3] - The overall trend indicates a mixed sentiment in the gaming sector, with some stocks attracting retail interest despite institutional caution [3]

Core Viewpoint - The gaming sector is experiencing a resurgence, with significant capital inflow into gaming ETFs and a record number of game licenses issued in 2025, indicating a positive outlook for the industry [1] Group 1: Market Performance - The gaming sector showed strength in midday trading on December 26, with gaming ETFs experiencing a slight increase [1] - Gaming ETFs have seen net inflows for five consecutive trading days, accumulating a total of 1.156 billion [1] - As of December 25, the total size of gaming ETFs reached 12.486 billion, providing investors with a convenient tool for exposure to leading A-share gaming companies [1] Group 2: Regulatory Developments - The National Press and Publication Administration announced the issuance of online game licenses for December, marking the end of the annual license issuance for 2025 [1] - The total number of game licenses issued this year reached 1,771, the highest in nearly seven years since 2019, representing an increase of over 20% compared to 2024 [1] Group 3: Industry Outlook - According to Open Source Securities, the gaming industry's upward cycle continues due to supply-demand resonance, with adjusted valuations becoming attractive [1] - CITIC Construction Investment Securities noted that the gaming industry's prosperity and profit margins are on the rise, supported by the growth in license supply [1] - Major companies like Tencent, NetEase, and miHoYo are launching new games, while mid-sized firms are innovating in categories such as SLG + elimination and creative card games, indicating strong potential [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with gaming ETFs tracking the CSI Animation and Gaming Index reflecting the overall performance of A-share listed companies in the animation and gaming industry [1]

长江证券指出，游戏支持政策相继推出，政策面积极向好。根据2025游戏产业大会，上海推出支持游戏 电竞产业发展十条举措，主要包括重视IP生态、电竞产业与出海拓展等内容：（1）用游戏IP加快培育 壮大文化产业新动能，鼓励原创游戏精品开发；（2）引进国际顶级代表性赛事，打造本土自主品牌电 竞赛事；（3）建设出海全链条服务平台，在版权服务、出海指引、支付结算等方面提供精准支持。伴 随支持政策推出，游戏行业政策面仍在积极改善。 近日，《广州市扶持游戏电竞产业发展的十八条措施》印发，其中提出，推动游戏电竞产业园区建设。 规划建设一批高规格、专业化的游戏电竞产业园区、特色小镇。对上线1年以上3年以下（均含本数）、 具有强大文化传播力和社会影响力的优秀游戏产品，按照营业收入分成给予游戏运营单位最高不超过 500万元的事后一次性补助。 12月26日，游戏板块早盘窄幅震荡，游戏ETF现小幅微涨。持仓股中，恺英网络、名臣健康、神州泰 岳、国脉文化、光线传媒等涨幅靠前，富春股份、华立科技、实丰文化等跌幅靠前。游戏ETF连续五日 获得资金净流入，净流额达11.56亿。截至12月25日，游戏ETF规模已达124.86亿元，为投资者布局A ...

Core Insights - The "Unity, Breakthrough, Growth: 2025 Mini Game New Growth Summit" was successfully held in Shanghai, focusing on various core areas such as technology, platforms, advertising, and products in the mini-game industry [1][20] Group 1: Unity's Developments - Unity's "Unity Engine" has supported over 1,500 mini-games, extending from casual to more complex genres like SLG, MMO, and MOBA, while enabling multi-platform deployment across WeChat, Douyin, and Kuaishou [3][22] - The "Playable Ads" platform was introduced to standardize the production process of trial ads, compressing the Wasm size to approximately 1.48MB, resulting in a final package size of about 4.37MB [5][24] - Unity's publishing business has engaged with thousands of mini-game products, achieving DAU exceeding one million and monthly revenue peaks of 6 million [9][28] Group 2: Douyin Mini Game Platform Insights - Douyin's mini-game platform reported over 100% growth in both DAU and GMV for 2025, with a 20% increase in 7-day retention rate and average game duration [7][26] - The platform's sidebar for revisits contributed 30%-40% of traffic for mature products, and video and live-stream creators have tripled in number over the past year [7][26] Group 3: Market Trends and Projections - The domestic mini-game market is projected to reach approximately 61 billion yuan in 2025, with a year-on-year growth of 22% [11][30] - The daily expenditure on direct advertising for the three major platforms is about 144 million yuan, reflecting a 15.6% increase from Q1 [11][30] - The mini-game sector is expected to reach a scale of 100 billion yuan in the next two years, with a low overlap of 5%-20% with traditional mobile games [18][37] Group 4: Industry Evolution and Strategies - The mini-game industry is shifting from production capability to judgment ability and organizational efficiency, with AI playing a role in reducing trial and error costs [16][35] - The focus on sustainable growth systems has shifted from short-term explosive growth to building predictable and reusable frameworks [13][32] - Successful game products are now seen as results of continuous optimization, restrained promotion, and accurate judgment, indicating a transition from luck-based success to capability-based maturity [20][39]

Core Insights - Shenzhen aims to become China's leading city for game exports, while Guangzhou plans to develop the "Greater Bay Area Game Valley," indicating the expansion of Guangdong's gaming industry [1][3] Group 1: Market Growth and Projections - The global gaming market is projected to reach $188.8 billion by 2025, growing at a rate of 3.4%, with the Asia-Pacific market expected to be $87.6 billion, growing at 2.3%, and China's market estimated at $52.3 billion [1] - Guangdong's gaming revenue is forecasted to reach ¥283.613 billion by 2025, representing a year-on-year growth of 8.9% [2] Group 2: User Base and Revenue Distribution - China's gaming user base has surpassed 680 million, marking a historical high, with Guangdong's gaming revenue accounting for over 80% of the national total, up from 79.94% last year [2] - In 2025, mobile games are expected to generate ¥211.632 billion, client games ¥69.655 billion, and mini-program games ¥37.046 billion in Guangdong [2] Group 3: Industry Leadership and Development Trends - Guangdong's gaming industry has shown an average annual growth rate of 12% over the past decade, solidifying its position as a national leader [2] - The region is transitioning from "product management" to "emotional management," enhancing its role as the "heart" of China's gaming industry [3] Group 4: International Expansion - Guangdong's self-developed games are projected to generate overseas revenue of ¥42.36 billion in 2024, with expectations of reaching ¥46.427 billion by 2025, reflecting a growth of 9.6% [3] - The trend of "hardcore overseas expansion" is becoming a significant development strategy for Guangdong's gaming industry [3] Group 5: E-sports and Cultural Integration - E-sports are increasingly becoming a social activity for young people, evolving into an independent industry with a new ecosystem [4] - The integration of e-sports with various sectors, including culture and tourism, is creating new consumption patterns and opportunities within the industry [4]

Core Insights - Guangdong is positioning itself as a leading hub for the gaming industry in China, with initiatives to become the first city for game exports and the establishment of the "Greater Bay Area Game Valley" [2][3] Group 1: Market Growth and Projections - The global gaming market is projected to reach $188.8 billion by 2025, growing at a rate of 3.4%, with the Asia-Pacific region expected to generate $87.6 billion, a 2.3% increase [2] - China's gaming revenue is estimated to reach $52.3 billion by 2025, while Guangdong's gaming revenue is forecasted to hit ¥283.61 billion, reflecting an 8.9% year-on-year growth [2][3] Group 2: Guangdong's Market Share - Guangdong's gaming revenue accounts for over 80% of the national total, increasing from 79.94% the previous year, with a significant contribution from mobile games, client games, and mini-program games [3] - The province has seen an average annual growth rate of 12% in its gaming industry over the past decade, solidifying its status as a national leader [3] Group 3: Industry Development and Trends - The gaming industry in Guangdong is transitioning from "product management" to "emotional management," reinforcing its position as the "heart" of China's gaming sector [4] - The esports sector is rapidly evolving into a standalone industry, driven by new consumer trends and policies, with significant growth in esports-related products and events [4] Group 4: International Expansion - Guangdong's self-developed games are projected to generate over ¥42.36 billion in overseas revenue in 2024, with expectations for this figure to reach ¥46.43 billion by 2025, marking a 9.6% increase [4]