Core Insights - The "Jingxi eSports Festival" in Shijingshan, Beijing, aims to promote the development of the eSports industry and transform eSports into a significant economic driver, referred to as "ticket-root economy" [1][3] Group 1: Event Overview - The festival features 37 large special exhibition booths, 50 independent game booths, 40 game exhibitors, and over 180 game titles, including new gameplay modes for the domestic 3A game "Black Myth: Wukong" [3] - The event is part of Shijingshan's initiative to build an "eSports city" and is supported by the recently released "Support Measures for the High-Quality Development of the Game and eSports Industry in Beijing" [3][4] Group 2: Strategic Partnerships - A formal agreement was signed between Shougang Park and Tencent to collaborate on various aspects of the eSports industry, including venue cooperation, IP development, and digital technology [3] - The "Nuclear Fusion Game Carnival" will also be held at Shougang Park, focusing on hosting high-level eSports events [3] Group 3: Economic Integration - The festival is integrated with the "Jingxi Consumption Festival," creating a consumption map and themed activities that combine dining, gaming experiences, and shopping [4] - The approach aims to create a closed-loop of "event traffic - commercial space - all-domain consumption," enhancing market consumption vitality [4] Group 4: Future Development - Shijingshan plans to continue stimulating the eSports industry, positioning "eSports Shijingshan" as a key attraction in Jingxi, contributing to the development of a vibrant and sustainable urban ecosystem [4]

Market Overview - The Middle East situation continues to impact global markets, with A-shares declining and the bond market strengthening. The conflict in Iran has created tension, leading to a drop in A-share performance, with only 716 companies rising, marking a recent low [2][4] - On Friday, Trump's statement regarding a decision on attacking Iran within two weeks eased market nerves, resulting in improved performance for both A-shares and Hong Kong stocks [2] Bond Market - The bond market remains strong due to a loose funding environment, despite a slight liquidity withdrawal by the central bank. Weak economic data supports the bond market, making it favorable as a safe-haven asset amid geopolitical risks [2][8] Commodity Market - Gold prices experienced a weekly decline of over 2% due to a strengthening dollar, while oil prices fluctuated significantly amid geopolitical tensions [3][37] Stock Market - As the second quarter approaches its end, attention on corporate earnings is increasing. The average daily trading volume in the Shanghai and Shenzhen markets has decreased significantly, indicating a recalibration of market expectations [6][15] - The market is expected to focus on structural opportunities, particularly in technology sectors with improving fundamentals and those benefiting from domestic demand policies [7] Industry Performance - In the past week, the banking, communication, and electronics sectors performed well, with respective gains of +2.63%, +1.58%, and +0.95%. Conversely, the pharmaceutical sector saw a decline of -4.35% [21][25] Economic Indicators - Recent economic data shows a year-on-year increase in retail sales of 6.4% for May, while fixed asset investment growth slowed to 3.7%. Real estate investment remains under pressure with a cumulative decline of -10.7% [33]

Core Viewpoint - Beijing's gaming and esports industry is experiencing accelerated development due to new supportive policies aimed at enhancing market vitality and competitiveness in the sector [3][4]. Group 1: Policy Initiatives - The Beijing Municipal Propaganda Department and 12 other departments have jointly issued a temporary support measure with 11 initiatives to promote high-quality development in the gaming and esports industry [3]. - The new measures include faster approval processes, support for high-quality game projects, protection of game copyrights, and incentives for international expansion, addressing key operational pain points for gaming companies [3][4]. - Financial rewards of up to 5 million yuan for international and national esports events are designed to attract high-quality esports companies to Beijing [4]. Group 2: National Context - The introduction of these policies aligns with the national emphasis on the esports industry, as highlighted by the State Council's recent documents supporting the development of esports and gaming [4]. - The State Council's approval of a plan to expand service industry openness further emphasizes the importance of the gaming sector, particularly in terms of overseas operations and IP development [4]. Group 3: Industry Growth and Impact - The gaming and esports industry has a significant global user base, contributing to consumer hardware upgrades and driving technological advancements, particularly in AI [5]. - The integration of gaming with various sectors such as culture, tourism, and education is expected to create substantial economic and social value [6]. - The success of major esports events, such as the KPL finals, has demonstrated the potential for increased local consumption and tourism, reinforcing the importance of the gaming industry in urban economic development [6]. Group 4: Future Outlook - The gaming and esports sector is anticipated to become a major component of daily life as online engagement increases, supported by collaborative efforts from industry stakeholders and favorable policies [7].

Core Viewpoint - The article discusses the implementation of measures to promote the high-quality development of the gaming and esports industry in Beijing, focusing on enhancing competitiveness through specific initiatives [1]. Summary by Sections Policy Measures - The approval cycle for publishing domestic online games will be shortened, with enhanced guidance for submissions and increased expert review capacity [2]. - Copyright registration for artistic, musical, and video materials in games will be expedited from 22 working days to within 10 working days [2]. - Local districts are encouraged to develop reward mechanisms for new gaming and esports enterprises, with increased support for qualifying small and innovative companies [2]. - The integration of technologies like AI and AIGC into the gaming industry will be promoted, with financial support of up to 30 million yuan for qualifying projects [2]. Event and Venue Support - Financial incentives will be provided for hosting major esports events in Beijing, with rewards of up to 5 million yuan for international events and 3 million yuan for national events [2]. - Support for venue construction and operation will be provided, including assistance for transforming old factories into esports venues [3][10]. Industry Growth and Market Performance - The gaming sector has shown a positive trend, with a 24.09% increase in the gaming sector's overall performance as of June 19 [5]. - The domestic gaming market reached 113 billion yuan in the first four months of 2025, marking an 18.9% year-on-year growth, with mobile gaming growing by 22% [3]. - Chinese gaming companies accounted for 36.6% of the global top 100 revenue in May, indicating strengthened competitiveness in international markets [3]. Investment and Fund Performance - The China Securities Anime and Gaming Index has seen an 18.89% increase year-to-date, with several ETFs in the sector also showing strong performance [6]. - Analysts suggest that the gaming industry remains highly prosperous, driven by consumer demand and policy support, recommending increased investment in the sector [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Keep a close eye on price fluctuations in upstream industries, and pay attention to mid - level events and the overall situation of different industries [1] - Notice the policy promotion in the entertainment and consumption industries [2] 3. Summary by Related Catalogs 3.1 Mid - level Event Overview 3.1.1 Production Industry - The review of rare earth exports in upstream raw materials is accelerating. China is accelerating the review of rare earth - related export license applications and has approved a certain number of compliant applications [1] - The Ministry of Industry and Information Technology and other three departments held a video conference on strengthening the safety management of new energy vehicles, requiring enterprises to assume product quality and safety responsibilities and avoid cut - throat competition [1] 3.1.2 Service Industry - Beijing issued a support plan to promote the high - quality development of the game and e - sports industry, aiming to promote the in - depth integration of technologies such as AI and AIGC with the industry [2] 3.2 Industry Overview 3.2.1 Upstream - International oil prices have been rising recently, and coal inventories have declined [3] 3.2.2 Mid - stream - The PX operating rate is at a high level, and the operating rate of pig products has increased slightly [4] 3.2.3 Downstream - The sales of commercial housing in first - and second - tier cities are the same as last year and at a low level in the past three years; the number of domestic flights has decreased periodically [5] 3.3 Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [6] 3.4 Industry Credit Spread Tracking - The credit spreads of industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry have shown different trends compared with last year, a quarter ago, a month ago, and last week [52] 3.5 Key Industry Price Index Tracking - The prices of various products in different industries such as agriculture, non - ferrous metals, energy, and chemicals have different year - on - year changes and trends in the past 5 days [53]

Group 1 - The gaming sector is experiencing a downturn, with the gaming ETF (159869) dropping nearly 1.5% [1] - Key stocks such as Dianhun Network (603258), Shengtian Network (300494), and Tianzhou Culture (300148) are among the biggest decliners [1] - Beijing is supporting gaming companies with a maximum reward of 30 million yuan for enhancing R&D efficiency through computing power, model deployment, and data governance [1] Group 2 - Huachuang Securities is optimistic about the acceleration of AI product applications in the gaming industry, focusing on AI Agent, AI companionship, and AI multimodal directions [2] - AI Agent is expected to enhance efficiency through autonomous decision-making and dynamic interaction, improving user experience throughout the year [2] - The overall commercialization process of AI technology in the media and gaming sectors is accelerating [2]

Group 1 - The core viewpoint of the article highlights the recent policy support from Beijing for the gaming and esports industry, which includes 11 measures aimed at enhancing market vitality and competitiveness in the sector [1] - The gaming sector is experiencing slight fluctuations, with the gaming ETF (159869) showing a minor decline of around 0.5% [1] - Notable stocks in the gaming sector include Changyou Technology, 37 Interactive Entertainment, and Beiwai Technology, which are leading in gains, while stocks like Deyun Network and Sheng Tian Network are among the biggest losers [1] Group 2 - The policy emphasizes the integration of AI and AIGC, which is expected to benefit local gaming companies and enhance their competitiveness [1] - According to招商证券, the valuation of the gaming sector is expected to recover, with a strong outlook for both media and gaming sectors as they are considered one of the best emerging consumer segments [1] - The article suggests that the overseas cultural expansion for gaming and media is just beginning, with supportive policies in place to facilitate this growth [1][2]

Focus Events - Guosen Securities has received approval from the Shenzhen Stock Exchange for the acquisition of 96.08% of Wanhe Securities, marking the third broker merger project approved since last year, pending further approval from the CSRC [1] - The People's Bank of China is set to announce the June Loan Prime Rate (LPR), with the current 1-year LPR at 3% and the 5-year LPR at 3.5% [1] Macro News - He Lifeng, a member of the Political Bureau of the CPC Central Committee, stated at the Qingdao Summit that China is an ideal, safe, and effective investment destination for multinational companies due to its vast domestic market and complete industrial system [1] Industry Dynamics - Three departments have mandated that car manufacturers must not engage in exaggerated or false advertising and must uphold product quality, emphasizing long-term responsibility and avoiding short-term cost-cutting measures [4] - The Chinese photovoltaic industry is expected to see a significant production cut of 10% to 15% in the third quarter as part of a "production limit to maintain prices" strategy [6] - The Ministry of Commerce announced it will expedite the review of rare earth export license applications to maintain global supply chain stability [6] Company Focus - Suning.com plans to sell four Carrefour subsidiaries for a total of 4 yuan, which is expected to increase the company's net profit by approximately 572 million yuan [9] - CATL intends to use up to 4.5 billion yuan of idle fundraising for cash management in safe, liquid deposit products [9] - Xiaomi has invested 635 million yuan to acquire 728 acres of industrial land in Beijing for the construction of a new energy intelligent connected vehicle manufacturing project [9][10] - Jinzongzi Wine clarified that it is not exiting the liquor industry, but is standardizing its business scope in compliance with regulatory requirements [11] - Konda New Materials plans to acquire at least 51% of Chengdu Zhongke Huamei Electronics to expand into the semiconductor integrated circuit sector [11] - Online and Offline announced a potential change in control, leading to a temporary suspension of its stock [12] - Taiji Co. announced that the Hubei State-owned Assets Supervision and Administration Commission has become the controlling shareholder, with stock resuming trading [13][14] - Zhongyan Chemical plans to agree to a capital reduction for Zhongyan Alkali Industry, which is expected to constitute a major asset restructuring [15] - Lianchuang Optoelectronics reported strong demand for drone countermeasures in the Middle East and is actively engaging with potential local clients [15] - Shengnuo Bio expects a net profit increase of 253.54% to 332.10% for the first half of 2025, driven by strong performance in its peptide raw material business [16] - *ST Gongzhi's stock will resume trading and enter a delisting preparation period, with the last trading date expected to be July 10, 2025 [17]

Industry Insights - The Ministry of Commerce of China is expediting the review of export license applications related to rare earths, emphasizing the importance of maintaining global supply chain stability and security [1] - The Huawei Developer Conference is taking place from June 20 to 22, showcasing innovations in HarmonyOS and AI, with a focus on Ascend computing power and the Harmony ecosystem [2] - The photovoltaic industry is expected to see a significant production cut in Q3, with operating rates projected to decrease by 10-15%, alongside strict audits on below-cost sales [4] - The gaming industry in Beijing is receiving support through 11 new measures aimed at fostering development, indicating a high level of industry vitality [7] - UTree Technology has confirmed the completion of its Series C financing, with a pre-investment valuation exceeding 10 billion yuan, signaling growth potential in the humanoid robotics sector [8] - The International Solid-State Battery Technology Conference has commenced, highlighting advancements in materials and smart equipment, with expectations for rapid growth in the solid-state battery market by 2027 [9] Macro Insights - China's Vice Premier He Lifeng stated that the country is an ideal, safe, and proactive investment destination for multinational companies, citing its large domestic market and robust industrial system [3]

| 名称 | 最新点位 | 、涨跌幅 | | --- | --- | --- | | 上证指数 | 3362.11 | -26.7 (-0.79%) | | 深证指数 | 10051.97 | -123 62 (-1.21%) | | 创业板指 | 2026 82 | -27.91 (-1.36%) | | | 日期:6月19日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指6月19日休市。 欧洲三大股指6月19日下跌。截至当天收盘，英国富时100种股票平均价格指数19日报收于8791.80点， 较前一交易日下跌51.67点，跌幅为0.58%。法国巴黎股市CAC40指数报收于7553.45点，较前一交易日 下跌102.67点，跌幅为1.34%；德国法兰克福股市DAX指数报收于23057.38点，较前一交易日下跌260.43 点，跌幅为1.12%。 昨日A股 6月19日，市场全天低开低走，创业板指领跌。截至收盘，沪指跌0.79%，深成指跌1.21%，创业板指跌 1.36%。沪深两市全天成交额1.25万亿，较上个交易日放量596亿。 盘面上，市场热点较为杂乱，个股跌多涨少，全市场超4600只个股下跌。从板块 ...