Market Overview - On July 18, the A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3534 points[2] - The market saw strong performance in sectors such as non-ferrous metals, coal, education, and fertilizers, while gaming, automotive services, consumer electronics, and photovoltaic equipment lagged[3] - The Shanghai Composite Index closed at 3534.48 points, up 0.50%, while the Shenzhen Component Index rose 0.37% to 10,913.84 points[7] Valuation and Trading Volume - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.47 times and 39.96 times, respectively, indicating a mid-range valuation over the past three years[3] - Total trading volume for the two markets reached 15,935 billion yuan, above the median of the past three years[3] Economic Indicators - China's economy continues to show moderate recovery, driven by consumption and investment, with June CPI rising by 0.1% year-on-year and PPI declining by 3.6%[3] - The Federal Reserve maintained interest rates in June, but the path for potential rate cuts remains uncertain, which could significantly boost global risk appetite[3] Investment Strategy - A balanced investment strategy is recommended, focusing on stocks with better-than-expected mid-year performance and reasonable valuations[3] - Short-term investment opportunities are suggested in coal, non-ferrous metals, finance, and education sectors[3] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances that could affect recovery[4]

Core Viewpoint - Yalla Technology (YALA) shows positive financial growth with a revenue increase of 6.54% and a net profit growth of 17.4% as of March 31, 2025, indicating a strong performance in the social networking and entertainment sector in the MENA region [1][2]. Financial Performance - As of March 31, 2025, Yalla Technology reported total revenue of $83.87 million, reflecting a year-over-year growth of 6.54% [1]. - The company's net profit attributable to shareholders reached $37.09 million, marking a significant increase of 17.4% compared to the previous year [1]. Company Overview - Yalla Group Limited is the largest voice-centric social network and entertainment platform in the MENA region, operating two flagship mobile applications: Yalla, a voice-based group chat platform, and Yalla Ludo, a casual gaming app [2]. - The company has expanded its content offerings to create a comprehensive ecosystem focused on meeting the evolving online social networking and entertainment needs of users in the MENA region [2]. - Yalla's ecosystem includes YallaChat, a messaging product tailored for Arabic users, and Waha, a social network designed for the metaverse, along with various games that support the local gaming community [2]. Market Expansion - Yalla is actively exploring markets outside the MENA region, having launched a Ludo game called Yalla Parchis targeted at the South American market [2]. - The mobile applications provide a seamless user experience, fostering loyalty and a sense of belonging among users through attention to detail and localization [2].

Core Insights - Virtuos, a prominent game outsourcing company, is undergoing a significant layoff affecting approximately 300 employees, which is about 7% of its global workforce [1][3][4] - The layoffs are part of a strategic adjustment to meet the evolving demands of the gaming industry, particularly in high-value collaborative development [3][4][10] - The company has recently focused on larger-scale projects, such as the remastering of "The Elder Scrolls IV: Oblivion," which has led to increased resource allocation but insufficient financial returns [6][8][10] Company Overview - Virtuos was established in 2004 in Shanghai and later moved its headquarters to Singapore, currently employing around 4,200 people globally [1][3] - The company has made several acquisitions in North America and Europe to enhance its capabilities in visual effects, design, and creative development [1][3] Layoff Details - The layoffs will primarily affect departments experiencing reduced business demand due to structural changes in the industry, with around 200 positions in Asia and 70 in Europe [3][4] - The French division, which is part of the core development team for "Oblivion Remastered," is minimally impacted, with fewer than 10 positions affected [3][4] Strategic Shift - Virtuos is shifting its focus from the competitive light repair market to larger projects, similar to Bluepoint Games, which has raised concerns about profitability despite high-quality output [6][10] - The company has implemented cost-cutting measures, including salary freezes and reduced bonuses, prior to the layoffs, indicating financial strain [8][10] Industry Context - The layoffs at Virtuos are reflective of broader challenges faced by major gaming companies, including Microsoft and Sony, which are also experiencing layoffs and project cancellations [11][13] - The gaming industry is currently perceived to be in a downturn, impacting outsourcing firms like Virtuos that rely heavily on contracts from larger studios [13][15]

这在当时并没有成为一个集中讨论的话题。直到今年5月底，有新闻称中国传媒大学取消了漫画专业，在艺考生中掀起波澜。目前，学院具体的架构如何 还没有确定，有积极的传言称，这只是院系架构调整，未来漫画专业会被并入其他学院，并不会就此消失。而在学校之外，去年12月，大型工作室实 为"漫画家养殖场"的事件也让很多人感到幻灭。 中国传媒大学取消漫画专业的新闻再次激起了人们对国产漫画行业的讨论 从业者们再次声讨起目前国产漫画行业的现状：低薪、过劳、缺乏保障、看不到出路。一位十几年前离开漫画公司的开发者感慨："国产漫画是我现在唯 一不建议年轻人进入的行业。" 以此为契机，我们再次把目光投向了这些从漫画"跨界"到游戏的人。一部分漫画家看起来像是"逃难"到了游戏行业；与此同时，游戏行业又展现着自己的 残酷。他们像是跌跌撞撞地从某个危险区逃离，又在仿佛是安全地带的边缘看到一群人对自己举起了"快跑"的大字牌。 2024年，触乐曾撰写过一篇游戏引擎"唤境"停止服务、部分游戏不再受支持的报道。当时，我们接触到一批使用这类"入门级"小型引擎的开发者。这些开 发者在技术上很多都没有达到主流从业者的标准，作品体量比我们通常能够见到的独立游戏还要 ...

Group 1 - The company held its seventh board meeting on July 15, 2025, with all nine directors present, confirming the legality and validity of the meeting [1] - The board approved the extension of the second employee stock ownership plan for an additional six months, until January 21, 2026, due to confidence in the company's future development [1] - The proposal for the extension was unanimously supported by the employee stock ownership plan participants, with 8 votes in favor and no opposition or abstentions [2]

以下文章来源于猛犸资本局 ，作者谢斯临 猛犸资本局 . 穿越产业周期，洞察资本玄机。互联网新闻信息服务许可证编号：44120230006 导语： 又一家中资企业将从欧洲职业足球俱乐部撤资 。 7月14日晚间， 星辉娱乐 （300043.SZ）公告表示，全资子公司星辉体育(香港)有限公司和星辉游戏(香港)有限公司拟将所持西班牙人俱乐部 99.66%股权，转让给VELOCITY SPORTS LTD（下称" VELOCITY"），对价为1.3亿欧元（约合人民币10.83亿元）。 这次交易当中的6500万欧元以现金支付，6500万欧元以买方的股份进行支付。交易完成后，星辉娱乐历时10年的"足球之旅"画上句号——西班牙 人俱乐部将不再纳入星辉娱乐的合并报表范围，星辉娱乐将合计持有VELOCITY 38.26股A类股份，占其总股本的16.45%。 回笼资金聚焦AI 2015年至2017年，中资企业曾掀起一波海外俱乐部并购潮，如苏宁收购国际米兰、中欧体育入主AC米兰等。2015年，星辉娱乐入股西班牙人俱 乐部并实现控股。 当时，潮汕籍富豪，星辉娱乐实控人、原董事长陈雁升还曾在年报中称，中资控股西甲俱乐部能在中 国市场上形 ...

Core Insights - A-share companies in Shenzhen are showing signs of recovery with 58.77% of 114 companies forecasting profit growth for the first half of 2025 [1] - Several sectors, including innovative pharmaceuticals, gaming, North American computing chains, and new energy, are experiencing significant recovery [1] Company Performance - Hanyu Pharmaceutical reported a net profit of 142 million to 162 million yuan, a year-on-year increase of 14 to 16 times, benefiting from international sales of innovative drugs [1] - Kelu Electronics ended four years of losses with a net profit of 175 million to 225 million yuan, a year-on-year increase of 541% to 667%, driven by overseas orders and improved financial conditions [2] - Iceberg Network's net profit reached approximately 310 million to 400 million yuan, a year-on-year increase of 160.18% to 177.65%, attributed to cost reduction and efficiency improvements [2] - Deep Tianma turned a loss into a profit with a net profit of 190 million to 220 million yuan, a year-on-year increase of 138.82% to 144.95%, driven by growth in non-consumer display business [2] - Industrial Fulian's net profit is expected to be around 12 billion yuan, a year-on-year increase of 36.84% to 39.12%, fueled by strong demand for AI servers and cloud services [3] - Dongpeng Beverage is projected to achieve a net profit of 2.31 billion to 2.45 billion yuan, a year-on-year increase of 33.48% to 41.57%, supported by its flagship product [3] Challenges Faced - Dash Smart reported a net loss of 69 million to 98 million yuan, a decrease of 8 to 11 times year-on-year, due to industry downturns and unmet project expectations [4] - Tuo Ri Xin Neng faced a net loss of 48 million to 68 million yuan, a year-on-year decrease of 3 to 4 times, impacted by intensified competition in the photovoltaic industry [5] - Deep Kangjia A reported a net loss of 360 million to 500 million yuan, an improvement from a loss of 1.088 billion yuan in the previous year, but still facing challenges in consumer electronics and semiconductor businesses [5]

ETF涨跌幅： 涨幅方面，医药行业热情提升，创新药相关ETF涨幅居前 | | | 本周ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 涨幅 | 基金管理人 | 投资类型 | | 520500 | 恒生创新药ETF | 13.69% | 华泰柏瑞基金 | QDII股票型基金 | | 520700 | 港股创新药ETF基金 | 13.13% | 万家基金 | 被动指数型股票基金 | | 513120 | 港股创新药ETF | 13.09% | 广发基金 | QDII股票型基金 | | 159217 | 港股通创新药ETF工银 | 13.00% | 工银瑞信基金 | 被动指数型股票基金 | | 513780 | 港股创新药50ETF | 12.98% | 景顺长城基金 | 被动指数型股票基金 | | 159506 | 港股通医疗ETF富国 | 12.83% | 富国套金 | 被动指数型股票基金 | | 159567 | 港股创新药ETF | 12.67% | 银华基金 | 被动指数型股票基金 | | 159570 | 港股通创新药E ...

Market Overview - The A-share market continues to rise, with the Shanghai Composite Index closing at 3534.48 points, marking a new high for the year [1] - The overall performance of ETFs has been active, particularly in the Hong Kong innovative drug sector, which has led the gains [1][2] ETF Performance - Nearly 1100 ETF products saw gains this week, with a median weekly increase of approximately 1.29%, slightly up from the previous week [2] - The top-performing ETFs include several Hong Kong innovative drug-related ETFs, with weekly gains exceeding 13% [4][6] - Notable ETFs include: - 恒生创新药ETF: 13.686% weekly gain, 89.746% year-to-date gain - 港股通创新药ETF: 13.248% weekly gain, 15.631% year-to-date gain - 港股创新药ETF基金: 13.128% weekly gain, 89.775% year-to-date gain [4] Sector Highlights - The Hong Kong innovative drug sector saw significant individual stock performances, with 康方生物 rising nearly 24% and 三生制药 increasing by 23% [6] - The entrepreneurial board's artificial intelligence ETFs also experienced over 10% gains, driven by strong performances from companies like 新易盛 and 中际旭创 [6] Declining Sectors - The gaming ETF sector faced declines, with several products dropping over 3% this week [7][10] - Other underperforming sectors included financial technology, photovoltaic, and real estate ETFs, with the banking ETF also experiencing a decline after reaching historical highs [10]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 480-520 million yuan for the first half of 2025, with a non-recurring net profit of 290-330 million yuan, marking a turnaround from losses [2][4]. - The second quarter of 2025 is projected to yield a net profit of approximately 200 million yuan, with a non-recurring net profit of about 150 million yuan [2][4]. - The stable performance of existing games like "Zhu Xian World" and the growth trend in esports revenue are contributing to the company's profitability in Q2 [5]. - The second test of the new game "Yihuan" has progressed smoothly, and the overseas performance of "Persona: Nightshade" has been impressive, indicating positive developments in new game launches [5]. Summary by Sections Financial Performance - The company reported a net profit of approximately 210 million yuan and a non-recurring net profit of about 180 million yuan in Q2 2025, showing a quarter-on-quarter increase from 160 million yuan in Q1 [5]. - The esports business continues to grow, with revenue trends showing year-on-year increases [5]. Game Development - "Yihuan," an open-world RPG, has completed its second domestic test with significant improvements and positive market feedback, with expectations for further testing within the year [7]. - The new version of "Zhu Xian World" launched on July 9, 2025, is anticipated to drive revenue growth [7]. - The MMORPG sequel "Zhu Xian 2" is scheduled for public testing on August 7, 2025, reinforcing the company's position in this game genre [7]. Profit Forecast and Investment Suggestions - The company is projected to achieve net profits of 740 million yuan and 1.46 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 37.9 times and 19.3 times [7].