Core Viewpoint - The article discusses the rising trend of domestic AAA games in China, highlighting the success of the game "Mingmo: Yuanshu Zhi Yu" on the Steam global sales chart and the potential for future growth in the AAA game market [1][5]. Group 1: Game Performance and Market Trends - "Mingmo: Yuanshu Zhi Yu" has reached the second position on the Steam global sales chart, only behind the independent game "PEAK" [1]. - The game shares similarities with "Black Myth: Wukong," both being action games with a "Souls-like" DNA, characterized by high difficulty and high rewards, which can stimulate player engagement [3]. - The AAA game market in China is projected to grow significantly, with estimates of reaching 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, indicating a compound annual growth rate (CAGR) of 35% [5]. Group 2: Cultural Integration and Innovation - Domestic game developers are increasingly focusing on integrating local culture into their AAA game projects, as seen in titles like "Guitang" by NetEase and others that draw from rich historical narratives [4]. - The development of "Mingmo" reflects a commitment to using traditional culture as a digital medium, with the team behind it having extensive experience in the gaming industry [3][4]. Group 3: Industry Support and Future Outlook - Recent policy measures in China emphasize the support for AAA games, aiming to cultivate projects with strong cultural attributes and growth potential [4]. - Despite concerns about the high development costs of AAA games compared to mobile games, the industry is expected to continue evolving, with companies building expertise to enhance market competitiveness [5].

中新网上海7月21日电 (记者 郑莹莹)徐汇区的游戏产业占上海的近"半壁江山"。本月，徐汇区推出元宇 宙街区，开启"元界嘉年华"活动，通过联合"家门口"的游戏企业，打造"IP生长型生态街区"，拉动新 型"二次元消费"。 上海市徐汇区文化和旅游局副局长金建红新近在接受中新网记者采访时表示，徐汇区是上海的游戏产 业"强区"，有规模以上游戏企业70余家；2024年，徐汇区游戏产业总营收已超700亿元，占上海全市的 40%以上。 徐汇区汇集腾讯、网易、米哈游、鹰角、莉莉丝等知名游戏企业，覆盖游戏研发、发行、运营等核心环 节。 徐汇区希望构筑起游戏IP产业链与城区消费双向赋能的创新生态，近期相关动作频频。 7月8日，徐汇区"元界Neo World"元宇宙街区(简称：元界街区)正式推出，全长1.9公里，街区内商业体 与多家游戏公司总部"比邻而居"。 迈入街区，商场内，游戏产品商店及相关展览"鳞次栉比"；商场外，数米高的《崩坏：星穹铁道》萨姆 机甲等大型游戏IP装置分外吸睛。 7月18日至8月17日，"元界夏日嘉年华"在上海徐汇区举行。(上海市徐汇区文化和旅游局供图) 7月18日至8月17日，该元宇宙街区迎来首场重磅活动— ...

徐汇区于7月8日推出"元界Neo World"元宇宙街区，全长1.9公里，街区内商业体与多家游戏公司总部"比 邻而居"，游戏产品商店及相关展览"鳞次栉比"，《崩坏：星穹铁道》萨姆机甲等大型游戏IP装置分外 吸睛。 金建红指出，徐汇区集聚了很多头部游戏厂商，有头部游戏IP，这些游戏IP原先主要在线上发布，徐汇 区希望推动这些IP来到线下，打通线上和线下渠道，把产业跟商业结合起来，更好地发挥IP价值。 中新社上海7月21日电 (记者 郑莹莹)上海"二次元消费"近期上新。本月，上海徐汇区推出元宇宙街区， 开启"元界嘉年华"，通过联合"家门口"的游戏企业，打造"IP生长型生态街区"，拉动新型"二次元消 费"。 上海市徐汇区文化和旅游局副局长金建红在接受中新社记者采访时表示，徐汇区是上海的游戏产业"强 区"，有规模以上游戏企业70余家；2024年，徐汇区游戏产业总营收超700亿元(人民币)，占上海全市的 40%以上。 徐汇区集聚腾讯、网易、米哈游、鹰角、莉莉丝等知名游戏企业，希望构筑起游戏IP产业链与城区消费 双向赋能的创新生态。 7月18日至8月17日，徐汇区的元宇宙街区迎来首场重磅活动——"元界夏日嘉年华"，通过五 ...

Core Viewpoint - The summer gaming season has begun, with the gaming ETF (516010) rising over 1% and experiencing nearly 300 million yuan in net inflows over the past five days [1] Company Performance - G-bits' new game "Zhang Jian Chuan Shuo" has shown excellent performance in its first month, with an estimated download volume of over 980,000 and projected revenue of over 12.16 million USD [1] - Giant Network's new game "Supernatural Action Group" is performing well, with a rapidly increasing user base and strong short-term growth potential [1] - ST Huatuo's subsidiary, Diandian Interactive, reports stable monthly revenue of over 300 million yuan for the small game "Endless Winter," with strong certainty for future performance [1] - The new game "Kingshot" from Diandian Interactive ranks in the top 3 for overseas mobile game revenue in June, with expectations of reaching a monthly revenue level of 100 million USD in Q3, and a domestic launch anticipated after mid-year reports [1] - 37 Interactive's "Douluo Dalu: Hunting Soul World" is set to launch on July 11, following the successful release of its predecessor, which generated over 700 million yuan in its first month [1] - Perfect World’s open-world RPG "Yihuan" and Kaiying Network's 3D AI companion application "EVE" are also showing promising performance in their respective tests [1] Industry Overview - The gaming ETF (516010) tracks the animation and gaming index, which is compiled by China Securities Index Co., Ltd. It selects listed companies from the A-share market involved in animation, gaming, and related industries to reflect the overall performance of these sectors [1] - This index is characterized by distinct industry features and style configurations, serving as an important indicator of the development of China's animation and gaming industry [1]

Core Viewpoint - The article highlights the anticipation surrounding the upcoming release of the game "Mingmo: Yuanshu Zhi Yu" (referred to as "Mingmo"), which is expected to build on the success of "Black Myth: Wukong" and further enhance the global influence of Chinese games [1][7]. Group 1: Game Overview - "Mingmo" is set to be released on July 24 and has already garnered significant attention from gaming media, with reports indicating a high level of completion and a rich weapon and character growth system [3][5]. - The game achieved a remarkable ranking of seventh on the Steam global sales chart within just one day of its pre-sale launch, with over one million wishlists projected by July 9, 2025 [5]. Group 2: Market Potential - Alinea Analytics estimates that "Mingmo" could generate nearly $60 million in its first month across all platforms, with Steam sales potentially exceeding $100 million if conversion rates remain stable [5]. - The game is positioned as a unique blend of traditional Chinese culture and modern gaming aesthetics, which could attract a global audience and support the expansion of Chinese games in international markets [7][9]. Group 3: Industry Trends - The domestic gaming industry is witnessing a trend towards the development of high-quality AAA games that incorporate local cultural elements, as seen with other upcoming titles like NetEase's "Gui Tang" and Tencent's "Code: Jin Yong" [9]. - The AAA game market in China is projected to grow significantly, with estimates suggesting a market size of 13.3 billion yuan by 2025 and 16.9 billion yuan by 2026, indicating a compound annual growth rate (CAGR) of 35% [10]. Group 4: Development Challenges and Opportunities - Despite the high development costs associated with AAA games, companies are focusing on building advanced production systems to reduce risks and enhance market competitiveness [10]. - The emergence of AI-driven gaming experiences presents a new frontier for innovation, which could further elevate the gaming sector's valuation and attract market interest [10].

Core Viewpoint - The upcoming game "Mingmo: Yuanshu Zhi Yu" is expected to follow the success of "Black Myth: Wukong," showcasing Chinese culture and aiming for significant market potential in the gaming industry [1][6]. Game Development and Features - "Mingmo" is described as a souls-like game with a unique artistic style and story setting, achieving high completion levels according to early player reports [3][6]. - The game features a rich "weapon bundling character growth" system, enhancing player engagement and experience [3]. Market Performance and Potential - The game achieved the seventh position on Steam's global sales chart within one day of pre-sale, with over one million wishlists projected by July 9, 2025 [5]. - Alinea Analytics estimates that "Mingmo" could generate nearly $60 million in its first month across all platforms, with Steam sales potentially exceeding $100 million if conversion rates remain stable [5]. Cultural Significance and Industry Trends - "Mingmo" integrates traditional Chinese culture with elements of American sci-fi, appealing to a global audience and supporting the expansion of Chinese games in international markets [6][9]. - The game is part of a broader trend among Chinese developers focusing on local culture for innovation, as seen in other upcoming titles like "Guitang" and "Daihao: Zhi Jin Yong" [9][11]. Industry Growth and Future Outlook - The Chinese AAA game market is projected to reach 13.3 billion yuan by 2025 and 16.9 billion yuan by 2026, with a compound annual growth rate (CAGR) of 35% expected from 2027 to 2028 [11]. - The industry is entering a phase of mass production of high-quality AAA titles, supported by government policies aimed at promoting cultural and value-driven games [11][12]. Investment and Technological Advancements - Companies within and outside the public listing system have substantial game reserves, ensuring a robust supply for the industry [12]. - The emergence of AI-driven games could introduce innovative gameplay and attract market attention, potentially enhancing the valuation of the gaming sector [12].

Core Viewpoint - The issuance of game licenses has accelerated significantly this year, providing a strong impetus for the gaming industry, leading to impressive performance from many A-share gaming companies in the first half of the year, with numerous positive earnings forecasts [1] Group 1: Earnings Forecasts - As of July 15, 11 A-share listed gaming companies have disclosed their earnings forecasts for the first half of 2025, with 8 companies expected to report profits [3] - Among the profit-making companies, Youzu Network is projected to have the highest growth in net profit, estimated between 40 million to 60 million yuan, representing a year-on-year increase of 768.75% to 1203.13% [4] - ST Huachuang, Tianzhou Culture, and Zhejiang Shuju are also expected to see net profit increases exceeding 100% [4] Group 2: Key Company Performances - ST Huachuang's net profit is expected to reach between 2.4 billion to 3 billion yuan, with a year-on-year growth of 107.20% to 159% [5] - Tianzhou Culture's net profit is forecasted to be between 45 million to 55 million yuan, with an increase of 135.94% to 188.38% [5] - Zhejiang Shuju anticipates a net profit of 330 million to 390 million yuan, reflecting a growth of 124% to 165% [6] Group 3: Companies Turning Losses into Profits - Perfect World and Icefire Network are expected to turn losses into profits, with net profits projected at 480 million to 520 million yuan and 310 million to 400 million yuan, respectively [7] - Perfect World attributes its turnaround to the successful launch of its self-developed MMORPG "Zhu Xian World" and the growth of its esports business [7] - Tianyu Digital and Weng Investment Holdings are also expected to report profits, with net profits ranging from 18 million to 26 million yuan and 0 to 5 million yuan, respectively [8] Group 4: Market Trends - The A-share gaming sector has seen steady growth this year, with many companies experiencing significant stock price increases, particularly after the first quarter earnings reports [9] - As of July 18, 18 companies in the A-share network gaming sector have seen stock price increases exceeding 20% this year, with ST Huachuang leading at a 117.51% increase [9] - The rise in the gaming sector is attributed to both overall market trends and the influence of AI applications within the gaming industry [10]

Core Viewpoint - The gaming industry in China is experiencing a significant recovery in the first half of the year, as evidenced by the performance forecasts of several A-share gaming companies, with many reporting substantial profit growth or turning losses into profits [1][2]. Financial Performance - ST华通 (Century Huatong) is expected to achieve a net profit of 2.4 billion to 3 billion yuan, representing a growth of 107.20% to 158.00% [2] - 浙数文化 (ZheShu Culture) anticipates a net profit of 330 million to 390 million yuan, with a growth of 124% to 165% [2] - 游族网络 (Youzu Network) forecasts a net profit of 40 million to 60 million yuan, marking an increase of 768.75% to 1203.13% [2] - 完美世界 (Perfect World) and 冰川网络 (Icefire Network) are expected to turn losses into profits, with 完美世界 projecting a profit of 480 million to 520 million yuan [2][6] - ST凯文 (ST Kevin) expects to maintain a loss level similar to last year, with a projected loss of 65 million to 48 million yuan [2] - 电魂网络 (Dianhun Network) anticipates a loss of 11 million to 7.5 million yuan, indicating a shift from profit to loss [2] Cost Control as a Key Factor - Cost control has emerged as a critical factor for gaming companies to avoid losses, with companies like 完美世界 and 冰川网络 attributing their turnaround to reduced investment in underperforming projects [1][4] - High distribution costs have made it challenging for gaming companies to maintain profitability [2][3] Market Environment - The number of game licenses issued in the first half of the year has significantly increased compared to last year, with the domestic mobile game market growing by 20% year-on-year [1][7] - The gaming market is characterized by intense competition, with a focus on product quality as a determinant of success [1][8] Long-term Products and New Releases - Long-standing products are crucial for the stability of gaming companies, providing a solid revenue base amid market growth [7] - New blockbuster games remain essential for driving rapid revenue growth, as seen with ST华通's new release, which has performed exceptionally well in the market [9][10] Industry Trends - The gaming industry is witnessing a recovery in market sentiment, with a notable increase in the issuance of domestic game licenses and the integration of AI technology enhancing operational efficiency [8] - The upcoming release of major titles from leading companies is expected to intensify market competition [10]

Core Insights - The launch of the "Companions" feature by Musk's xAI company for the Grok AI model has generated significant buzz in the tech industry, surpassing the initial excitement when Grok was first introduced [1][5] - The feature allows users to interact with AI companions like a blonde girl named "Ani" and a cartoon panda named "Bad Rudy," leading to a surge in app downloads and user engagement [3][7] User Engagement and Market Response - Following the launch, Grok quickly climbed to the top of the iOS free app charts in Japan and Hong Kong, and ranked fifth in the U.S. [7] - The "Companions" feature is currently available only to SuperGrok subscribers, priced at $30 per month, yet Ani has become a trending topic in AI chat products due to her interactive nature [9][11] Interaction Features - Ani's design incorporates a system that allows users to increase their affection through interactions, featuring 3D animations and voice capabilities in multiple languages, although the voice quality, especially in Chinese, has received criticism [11][16] - Users have noted that while Ani's interactions can become increasingly intimate, the overall functionality of the feature is still considered basic, with limitations in character interaction and movement [18][20] Industry Trends - The success of Ani highlights a growing demand for AI companions that incorporate voice interaction and light flirtation, indicating a potential new trend in the internet industry [13][20] - Other products like "EVE" and "Whispers from the Star" are also emerging, showcasing different approaches to AI companionship, with a focus on personalized interaction and emotional engagement [22][25] Future Outlook - The development of AI companions like Ani, Stella, and Aven suggests a shift in the gaming and AI interaction landscape, with potential for innovative applications in emotional support and personalized experiences [31]

Group 1 - The core point of the announcement is the completion of the board of directors' re-election and the appointment of senior management and securities affairs representatives at Sanqi Interactive Entertainment Network Technology Group Co., Ltd. [1] - The seventh board of directors consists of 9 members, including 5 non-independent directors and 4 independent directors, with a term of three years starting from the approval date of the first extraordinary general meeting of shareholders in 2025 [1] - The company has appointed a new financial director and securities affairs representative, both of whom meet the necessary qualifications as per relevant laws and regulations [1] Group 2 - The board of directors includes key figures such as Li Weiwei (Chairman), Zeng Kaitian (Vice Chairman), and independent directors with professional backgrounds [1] - The appointment of Zeng Kaitian as Vice Chairman is under scrutiny due to an ongoing investigation by the China Securities Regulatory Commission regarding information disclosure violations [1] - The company emphasizes the importance of Zeng Kaitian's leadership and experience in the gaming industry for its sustainable development despite the investigation [1]