Core Viewpoint - The gaming sector is experiencing significant growth, with the gaming ETF (159869) rising nearly 4% and reaching a product scale of 11.16 billion yuan as of November 24, indicating strong investor interest in A-share gaming leaders [1] Group 1: Market Performance - The gaming ETF (159869) has seen all holdings in the green, with notable gains from companies like Giant Network, Kaixin Network, Mingchen Health, and G-bits [1] - The ETF tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] Group 2: Strategic Developments - Unity and Epic Games announced a strategic partnership, allowing Unity to access the ecosystem of over 500 million registered accounts from Fortnite, enabling developers to publish Unity games directly on the platform [1] - Unreal Engine developers will utilize Unity's cross-platform commercial system for pricing, promotions, and digital product management, enhancing multi-channel operations across PC, mobile, and web [1] Group 3: Industry Outlook - Huaxi Securities believes that the interconnectivity of the two major engine ecosystems will provide unprecedented user reach and commercialization efficiency for game developers, lowering the barriers for small teams to compete globally [1] - CICC notes that the gaming sector continues to meet the social demands of Generation Z, with major companies entering a product content cycle, indicating significant potential for profit and EPS growth [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, presenting investment opportunities in the gaming ETF (159869) [1]

Core Insights - The new game "Varsapura" from miHoYo has been officially unveiled with a 31-minute gameplay demo, showcasing its immersive narrative and realistic art style [1][4] - The game is being led by miHoYo founder Cai Haoyu, who has returned to oversee its development, indicating a significant investment in the project [2][4] - "Varsapura" aims to integrate AI technology into gameplay, allowing player choices to dynamically influence the game world, enhancing immersion and freedom [4][18] Company Developments - Cai Haoyu's involvement marks a strategic shift for miHoYo, as he had previously stepped back from day-to-day operations to focus on technology research and new project development [11][19] - The game development team is globally distributed, with talent from Shanghai, Singapore, Los Angeles, and Montreal, reflecting a commitment to high-quality production [4][6] - miHoYo has been actively recruiting for "Varsapura," emphasizing AAA quality, cinematic storytelling, and psychological elements in its job postings [4][18] Industry Context - The gaming industry is witnessing a heightened focus on AI technology, with competitors like Ubisoft also integrating AI into their projects, indicating a broader trend [8] - The market for 2D games is under pressure, with a reported 7.44% decline in revenue for the domestic 2D game market, prompting miHoYo to explore new opportunities [14][15] - "Varsapura" represents a gamble for miHoYo, as it seeks to redefine its position in the gaming landscape and aims to create a "virtual world for a billion people" [16][18]

国内公司方面，网易发布2025年Q3财报，游戏业务营收增长11.8%；米哈游旗舰款新游《Varsapura》发 布实机演示视频。 合规监管与海外方面，Roblox实装"人脸识别认证"与强制年龄认证；育碧宣布腾讯完成对其新子公司的 战略投资；苹果开放日区Siri语音助手更换。 《33号远征队》获金摇杆年度游戏 近日，游戏界大众选择奖——金摇杆奖结果正式揭晓。Sandfall Interactive开发的《光与影：33号远征 队》摘得"终极年度游戏"桂冠，并同时包揽了最佳叙事、最佳视觉设计、最佳原声带以及最佳主角/配 角表演等多项大奖。 此外，《羊蹄山之魂》获年度主机游戏，《空洞骑士：丝之歌》获年度PC游戏，《蓝途王子》获最佳 独立游戏，《侠盗猎车手6》获最受期待游戏。 宝可梦卡牌获GooglePlay年度手游 11月18日，谷歌公布了Google Play 2025 年度最佳奖项获奖名单。由The Pokémon Company与DeNA共同 开发的《PTCG Pocket》摘得"年度最佳游戏"的桂冠。此外，中国厂商库洛旗下《鸣潮》也获得"最佳持 续运营游戏"（Best Ongoing）奖项。 TGA年度游戏提 ...

数据显示，该游戏上线后迅速崛起，已成为2025年游戏行业增长最强势的爆款之一。 一、市场表现：从数据看黑马的崛起轨迹 从资本市场角度看，《超自然行动组》的市场表现堪称教科书级。 根据七麦数据监测，该游戏自2025年1月正式上线后，用户规模和营收呈现指数级增长态势。 近日，网易CEO丁磊在财报电话会议中首次公开承认，旗下产品在暑期受到某竞品冲击，特别是在二三线城市用户中。这一表态将市场目光引向了巨人网络 （002558.SZ）今年推出的新品《超自然行动组》。 具体来看，5月中旬其iOS免费榜排名开始快速攀升，6月起畅销榜排名迅速上升，7月创下新高，最高达到第4名，暑期稳居Top 10，此后基本维持在Top 20 以内。 iOS免费榜半年数据对比 特别值得关注的是，今年7月官方宣布游戏同时在线人数突破100万，标志着其已跻身头部游戏阵营。 与市场担忧的"此消彼长"不同，数据显示《超自然行动组》在一定程度上扩大了"微恐社交"赛道的整体规模。值得注意的是，丁磊承认的"开学季影响缓 解"恰从侧面印证了《超自然行动组》已稳居"微恐社交"品类第一的位置——保持稳定，经受住了开学季的用户留存考验。 9-11月iOS畅销榜对比 ...

中信证券指出，游戏2025Q3延续上半年高景气态势，龙头公司带动下，行业收入、利润均延续高增长 态势。在游戏版号"一月一批"的常态化发行节奏下，游戏行业的优质内容供给节奏有望持续。展望后 续，一方面针对已发售游戏进行的精细化运营有望拉长相关游戏的流水贡献，延续产品动能，另一方面 目前行业龙头产品管线储备丰富，为后续业绩增长提供高确定性。 （文章来源：每日经济新闻） 11月13日，腾讯公布2025年第三季度业绩。财报显示，第三季度，腾讯网络游戏业务总收入达636亿 元。其中，本土市场游戏收入为428亿元，同比增长15%；国际市场游戏收入为208亿元，同比增长 43%。 11月20日，网易披露2025年第三季度财报。公司期内净收入为284亿元，同比增加8.2%。其中，游戏及 相关增值服务业务延续强劲表现，实现净收入233亿元，同比增长11.8%，占公司总营收比重升至82%， 成为拉动业绩增长的核心引擎。对比去年同期，网易游戏业务正在加速回暖。 11月24日午盘，游戏传媒板块持续冲高，游戏ETF（159869）现涨超3.5%，持仓股全线飘红，名臣健 康、迅游科技、神州泰岳、冰川网络、博瑞传播、盛天网络、国脉文化等涨 ...

Group 1 - The gaming sector showed strong performance on November 24, with the gaming ETF (159869) rising nearly 1%, and most constituent stocks experiencing gains, led by Mingchen Health with an increase of nearly 8% [1] - NetEase reported its Q3 2025 financial results on November 20, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year. The gaming and related value-added services segment generated net revenue of 23.3 billion yuan, up 11.8% year-on-year, accounting for 82% of total revenue [1] - The net profit attributable to shareholders for the period was 8.6 billion yuan, indicating a significant recovery in NetEase's gaming business compared to the same period last year [1] Group 2 - NetEase's overseas gaming expansion has accelerated significantly over the past two years, with the global user base for the game "Marvel Duel" exceeding 40 million as of December 2024 [1] - The international version of "Nirvana in Fire" mobile game launched on November 7, 2025, topping the free charts on the App Store in several countries including Japan, Malaysia, Thailand, Vietnam, Cambodia, and Brunei [1] - NetEase management indicated that the performance of games like "World of Warcraft" and "Hearthstone" has exceeded previous levels, with plans for deeper development of related products in the future [1] Group 3 - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on investment opportunities in the gaming ETF (159869) that tracks the performance of A-share listed companies in the animation and gaming industry [2]

Group 1 - The company's revenue increased by 8.2% year-on-year to 28.36 billion yuan, which was 3% lower than Bloomberg's expectations [1] - Gross margin was 64.1%, exceeding Bloomberg's expectations by 0.1 percentage points [1] - Adjusted net profit margin reached 33.5%, surpassing Bloomberg's expectations by 0.8 percentage points, with adjusted net profit growing by 26.7% year-on-year to 9.5 billion yuan, slightly below Bloomberg's expectations by 0.6% [1] Group 2 - Self-developed games performed well, generating revenue of 23.33 billion yuan, which was 2.3% lower than Bloomberg's expectations, with a year-on-year growth of 11.8% [1] - The revenue growth was driven by titles such as "Dream of the Red Chamber" PC version, "Egg Party," and new releases like "Yanyun Sixteen Sounds" and "Marvel Showdown" [1] - The gross margin for the gaming segment was 69.3%, exceeding Bloomberg's expectations by 0.6 percentage points, with a year-on-year increase of 0.5 percentage points [1] Group 3 - Cloud Music achieved revenue of 1.96 billion yuan, which was 3.0% lower than Bloomberg's expectations, with a year-on-year decline of 1.8% [2] - Gross margin for Cloud Music was 35.4%, falling short of Bloomberg's expectations by 0.6 percentage points, but showed a year-on-year increase of 2.6 percentage points [2] - Youdao reported revenue of 1.63 billion yuan, which was 1.7% lower than Bloomberg's expectations, with a year-on-year growth of 3.6% [2] Group 4 - The company expects adjusted net profit growth of 18.4%, 8.8%, and 8.6% for 2025-2027, reaching 39.7 billion, 43.2 billion, and 46.2 billion yuan respectively [2] - Corresponding PE ratios for 2025-2027 are projected to be 14.9, 13.7, and 12.6 [2]

Core Insights - The article discusses the anticipated success of miHoYo's new game "Varsapura," highlighting its significant initial engagement metrics and the strategic importance of the project for the company [2][4][10]. Group 1: Project Overview - "Varsapura" has achieved over 600,000 views and gained more than 100,000 followers within three hours of its first video release on Bilibili [2]. - The project is positioned as a "next-generation flagship" title, with a high level of completion demonstrated in its gameplay and battle mechanics showcased in the video [4][10]. - The game is being developed under the HoYoverse brand, indicating a strategic shift in branding for miHoYo's international projects [4]. Group 2: Development and Talent Acquisition - The talent acquisition for "Varsapura" is unprecedented in miHoYo's history, with a focus on recruiting top talent from various projects, indicating the project's high priority [7]. - The project is seen as a spiritual successor to "PJSH," with potential reuse of outdoor art assets, while also incorporating elements from other projects [8]. - The development team is led by Cai Haoyu, who has returned to a more active role, although he is primarily based in Singapore, which may affect his direct involvement [9]. Group 3: Market Context and Future Outlook - The gaming industry is currently facing a potential gap for miHoYo, with no new major releases expected in the next one to two years, making "Varsapura" crucial for the company's future revenue [12]. - The competition from other upcoming titles, such as Eagle Horn Network's "Arknights: End of the World," poses a risk of losing core players if "Varsapura" does not meet expectations [12]. - The success of "Varsapura" is seen as vital for miHoYo to maintain its market position and to avoid a decline in player engagement following the success of "Genshin Impact" [10][12].

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

11月21日，游戏板块拉升，富春股份涨超15%，巨人网络、游族网络、电魂网络跟涨，游戏ETF （159869）持续震荡上行，现涨近1.5%。截至11月20日，游戏ETF（159869）产品规模达110.77亿元， 助力投资者一键布局A股游戏龙头。 新游方面，2025年以来，网易游戏共上线约9款新游。其中，《燕云十六声》不仅在国内备受欢迎，还 于近期成功打入欧美主流市场，在未开放国区的情况下，Steam全球同时在线人数峰值超过19万，强势 冲入Steam全球最畅销游戏榜Top4。 11月20日，网易发布2025年第三季度财务报告。财报数据显示，第三季度网易净收入达284亿元，同比 增长8.2%，归母净利润达到86亿元，同比增长32%。研发投入达45亿元，研发投入强度达16%。 据网易官方披露，季度内，网易多款长青精品为业绩增长提供了坚实支撑。其中，运营22年的《梦幻西 游》通过不断革新迭代，于11月2日同时在线人数突破358万，这已是《梦幻西游》畅玩服上线后，第四 次在线人数创新高。此外，《梦幻西游》手游版还推出轻享服，让玩家更低门槛享受回合制战斗乐趣， 月活跃用户创两年以来新高。 具体到游戏业务，第三季度，游 ...