Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - In 2025, the number of game licenses issued reached a record high of 1,771, representing a 25.07% increase from 1,416 in 2024, marking the highest number in the past five years. Among these, 1,676 were domestic games and 95 were imported games [2]. - The import game license issuance has stabilized to a monthly rhythm since October 2024, averaging about 9 licenses per month, with an annual cap of around 100 licenses [3]. - For 2026, at least 25 new games are planned for release, with Tencent expected to launch 8 titles and NetEase and Bilibili each planning 2 titles. More than half of these products are anticipated to launch in Q1 2026, indicating a concentrated release schedule [4]. - The new regulations for WeChat mini-games, effective January 1, 2026, will provide significant incentives for small and medium-sized teams, potentially leading to an increase in game products. The new policy includes a dual incentive structure for newly launched games, with a maximum incentive of 4 million yuan for each title [5]. Company Focus - The report suggests paying attention to the following gaming-related companies: Tencent, NetEase, Bilibili, Giant Network, Gibit, Kying Network, 37 Interactive Entertainment, Shenzhou Taiyue, Baotong Technology, Century Huatong, Shunwang Technology, Sheng Tian Network, Yaoji Technology, and Zhangqu Technology [6].

12月31日，短剧游戏、AI智能体等应用方向拉升，游戏板块翻红后持续走强，游戏ETF（159869） 现涨近1%。近期游戏板块备受资金青睐，游戏ETF（159869）近10个交易日获得资金净流入达9.68亿 元。截至12月30日，游戏ETF（159869）规模已达125.82亿元，为投资者布局A股游戏龙头提供了便捷 工具。 2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀 游戏涌现，得益于近两年版号数量的增长。2025年，我国累计发放国产网络游戏版号1676款，相比2024 年的1306款同比增长28.33%。值得一提的是，越来越多游戏厂商在申请游戏版号时，不再局限于移动 端，而是增加客户端或主机端的申请，实现多端并进。其中，2025年多端游版号数量达到了103款，相 比2024年的94款同比增长9.57%。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数， 反映动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 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， ...

Core Viewpoint - The report from Galaxy Securities highlights Kingsoft as a leading domestic office software provider with significant potential in AI empowerment and active transformation in its gaming business, initiating coverage with a "Buy" rating [1] Group 1: AI Empowerment and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion, with B-end WPS 365 revenue growing by 71.61% year-on-year in the third quarter [1] - The AI empowerment has created a data and product iteration flywheel, accelerating subscription models, with government AI products already implemented in central and local party and government agencies [1] Group 2: Gaming Business Developments - The company focuses on the "Jianxia Qianren" IP, with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and promoting game exports to reduce reliance on traditional martial arts genres, although the performance of new games shows market differentiation, leading to short-term pressure on earnings [1]

Group 1 - The core viewpoint indicates that the domestic gaming market in China is expected to grow by 7.68% year-on-year by 2025, with the industry entering a phase of refined operations under the normalization of license issuance [1] - The gaming landscape is characterized by a dominance of leading companies alongside emerging players in niche segments, with a focus on lightweight casual products, while mid-to-heavyweight and AI-native games still require breakthroughs [1] - The integration of virtual reality technology with the film industry is accelerating, exemplified by the establishment of China's first virtual reality cinema, which promotes content creation and the construction of an industry closed loop [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in game development, operation, anime production, and derivative product development from the Shanghai and Shenzhen markets to reflect the overall performance of these securities [1] - This index focuses on the anime and gaming industry chain, fully reflecting the high growth and innovative characteristics of the industry [1]

Group 1 - The short drama game index showed strong performance on December 31, with significant gains in several companies [1] - Zhangyue Technology reached the daily limit increase, indicating strong investor interest [1] - Other companies such as Sai Group, Yuanlong Yatu, Huace Film & TV, and Zhongwen Online also saw their stock prices rise by over 4% [1]

Group 1 - The stock price of the gaming company Zhongyou (0302.HK) experienced a significant movement today, with a notable increase of 5.41% during trading [1]

Group 1 - Tianzhou Culture's stock increased by 1.15%, reaching 4.38 CNY per share, with a trading volume of 53.51 million CNY and a turnover rate of 1.52%, resulting in a total market capitalization of 3.691 billion CNY [1] - The company, established on August 18, 2003, and listed on December 15, 2010, is based in Changsha, Hunan Province, and primarily engages in book publishing and distribution, educational services, and mobile game development, distribution, agency, and operation [1] - The revenue composition of Tianzhou Culture is 85.41% from book publishing and distribution, and 14.59% from mobile online games [1] Group 2 - Among the top ten circulating shareholders of Tianzhou Culture, Huaxia Fund's Huaxia Zhongzheng Animation Game ETF (159869) increased its holdings by 4.0443 million shares, totaling 23.9782 million shares, which represents 2.95% of the circulating shares [2] - The Huaxia Zhongzheng Animation Game ETF was established on February 25, 2021, with a current scale of 10.697 billion CNY, achieving a year-to-date return of 43.21%, ranking 956 out of 4189 in its category [2] - The fund has a one-year return of 37.78%, ranking 1052 out of 4188, and a cumulative return since inception of 43.51% [2]

Group 1 - The core viewpoint emphasizes that the growth of the Hong Kong technology sector ETF (513020) is primarily driven by overseas expansion opportunities [1] - The Hang Seng Technology Index has historically shown weak performance in Q4, with a typical recovery in Q1/Q2 of the following year [1] - Key focus areas for 2026 include the overseas business progress of internet giants, with opportunities for domestic cloud and gaming companies due to AI development trends [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which includes technology-related companies listed in Hong Kong [1] - The index is concentrated in sectors such as electronics, media, internet, and semiconductor chips, reflecting high-tech innovation characteristics [1] - The index focuses on technology leaders with a high concentration of weight, which can represent the overall performance of the technology industry [1]

Group 1 - The core viewpoint of the news is that Kaiying Network's stock has shown a slight increase, with a current price of 22.33 yuan per share and a total market capitalization of 47.707 billion yuan [1] - Kaiying Network, established on January 3, 2000, and listed on December 7, 2010, primarily engages in game development, operation, and distribution, with mobile games contributing 73.03% to its revenue [1] - The company's revenue breakdown includes mobile games at 73.03%, information services at 25.47%, and web games at 1.50% [1] Group 2 - According to data, a fund under Xingyin Fund holds a significant position in Kaiying Network, with the Xingyin Consumption New Trend Flexible Allocation A fund reducing its holdings by 10,700 shares to 29,100 shares, representing 3.53% of the fund's net value [2] - The Xingyin Consumption New Trend Flexible Allocation A fund has achieved a year-to-date return of 23.7% and a one-year return of 22.62%, ranking 3,926 out of 8,085 in its category [2] - The fund manager, Qiao Huaguo, has been in position for 2 years and 54 days, with the best fund return during his tenure being 55.3% [3]

Group 1 - The core viewpoint of the news is that Sanqi Interactive Entertainment has shown a slight increase in stock price, reaching 23.62 yuan per share, with a total market capitalization of 52.253 billion yuan as of December 31 [1] - Sanqi Interactive Entertainment, established on May 26, 1995, and listed on March 2, 2011, primarily engages in the research, development, publishing, and operation of mobile and web games [1] - The revenue composition of Sanqi Interactive Entertainment is heavily weighted towards mobile games, accounting for 97.09%, while web games contribute 2.08%, and other sources make up 0.83% [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Sanqi Interactive Entertainment, with 14,800 shares held, representing 2.03% of the fund's net value, making it the seventh-largest holding [2] - The fund, named China Merchants Huazheng Value Preferred 50 Index Initiated A (022840), has a current scale of 15.2181 million, and since its inception, it has achieved a return of 20.51% [2] - The fund manager, Xu Rongman, has been in the position for 4 years and 283 days, overseeing total assets of 32.689 billion yuan, with the best and worst fund returns during the tenure being 65.09% and -64.35%, respectively [2]