Group 1 - The game ETF (159869) has seen a narrowing decline of 0.25% as of September 30, with a net inflow of funds amounting to 1.298 billion yuan over the past five trading days, indicating strong investor interest [1] - The product scale of the game ETF has reached a new high of 10.574 billion yuan since its inception, facilitating investors in easily accessing leading A-share gaming companies [1] - In September 2025, a total of 145 domestic game licenses and 11 imported game licenses were issued, with several major companies receiving approvals for their games [1] Group 2 - The gaming sector is experiencing multiple catalysts including AI, content, and commercialization model transformations, making the game ETF (159869) an attractive investment opportunity [2]

心动自研游戏能力体系逐步验证：1）24 年以来产品周期上行验证前期研发调整思路正确：22 年后公司 战略层面果断收缩版图、降本增效，产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外 发行负责人，走通全球发行，海外持续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验 证战略正确。2）《小镇》《火炬》验证开发长青游戏的能力：资源聚焦优势品类+持续调优+高频更新 +出海。3）梳理后续管线，心动新游戏仍有确定性储备：二次元策略卡牌手游《伊瑟》国服9 月上线、 后续储备《心动小镇》国际服、首款开放世界MMO《仙境传说RO：守护永恒的爱2》。 首次覆盖，给予"买入"评级。我们预计，公司25-27 年收入64.31/79.27/90.59 亿元，同比增长 28%/23%/14%；经调整归母净利润17.02/22.26/27.60 亿元，同比增长94%/31%/24%。SOTP 估值法下对 应港股市值549 亿港币，首次覆盖，给予"买入"评级。 风险提示：游戏行业监管政策收紧；游戏自研进度不及预期；游戏社区竞争格局恶化。 从游戏推广变革看TapTap 的价值。游戏行业随着版号供给景气恢复，叠加渠道变迁，销售 ...

Core Insights - The article highlights the emergence of the software and gaming industry in Guangzhou's Keyun Road area, which has become a hub for over 20 well-known gaming companies and is referred to as the "Huangpu Military Academy" of China's gaming industry [1][2] - The establishment of the "Keyun Bay" software talent home aims to support the software industry and enhance talent services in the region, contributing to the high-quality development of Tianhe District [2][3] Group 1: Industry Development - Keyun Road has produced a significant number of gaming industry leaders, with over 75% of gaming company founders or executives originating from this area [1] - The software industry in Tianhe District is projected to generate over 235 billion yuan in revenue by 2024, ranking fifth among urban districts in China [2] - The digital cultural and creative industry in the region has surpassed 111.6 billion yuan, forming a comprehensive industry chain from research and development to international expansion [2] Group 2: Talent and Policy Initiatives - The "Keyun Bay" software talent home is part of a broader initiative to create a supportive environment for software talent, enhancing the integration of talent and industry [2][3] - Tianhe District has introduced the "12126" modern industrial system, which includes software and internet industries as strategic emerging sectors [3] - The district plans to invest 500 million yuan over three years to support talent and industry development through targeted policies [3] Group 3: Community and Service Enhancements - The "Keyun Bay" initiative aims to create a "harbor-style" service matrix that addresses the comprehensive needs of talent in areas such as living, working, and personal development [3][4] - Activities like the "Keyun Road Spirit Citywalk" are designed to promote local culture and community engagement, enhancing the area's appeal [4]

Core Insights - The domestic gaming market in China has not produced new breakout hits this year, despite a total revenue of 1970.84 billion yuan from January to July 2025, reflecting a year-on-year growth of 12.58% [1] - The growth is primarily driven by the sustained performance of leading titles like "Honor of Kings" and "Peacekeeper Elite," as well as the strong performance of new IPs like "DNF Mobile" [1] - Tencent and NetEase are both focusing on different strategic paths, with Tencent emphasizing the deep development of high-value IPs while NetEase pursues a diversified product strategy [10][16] Group 1: Market Performance - The Chinese gaming market saw a month-on-month revenue increase of 4.70% in June and 6.87% in July, indicating a continuous recovery momentum [1] - The client game market is also recovering, with new titles like "Delta Action" and "Yanyun Sixteen Sounds" reactivating a significant number of old users and core players [1] - The proportion of older games in the ecosystem is increasing, suggesting a more solidified market where major companies struggle to produce innovative new titles [1] Group 2: NetEase's Strategy - NetEase is focusing on a diversified strategy, with a net income from games and related services of 228 billion yuan in Q2 2025, accounting for 81.7% of total revenue [3] - The company has invested over 10 billion yuan in the "Shooting Eagle" project, which has faced challenges due to outdated gameplay and poor optimization [6] - NetEase's overseas revenue share has increased to nearly 20%, with a 1:1 ratio of users between China and overseas markets [9] Group 3: Tencent's Strategy - Tencent's strategy is characterized by a "guarding small cities" approach, focusing on its strengths and high-value IPs, which helps in building competitive barriers [11][12] - The company has seen historical highs in revenue from long-standing products like "Honor of Kings" and "Peacekeeper Elite" in Q1 2025 [10] - Tencent is exploring new growth points in game channels and distribution, including launching mini-games based on popular titles to attract a broader audience [14][15] Group 4: Industry Challenges - Both companies face challenges in their respective strategies, with NetEase's diversification potentially leading to resource dispersion and strategic focus issues [16] - Tencent's reliance on established IPs may hinder its ability to innovate and respond to emerging trends and user shifts [17] - The gaming industry is entering an ecological competition phase, with different strategic approaches from Tencent and NetEase shaping the future landscape [16]

准备好迎接2025年最炸裂的游戏二次元狂欢了吗？ 10月2日至5日，AGF亚洲游戏博览会将在广州保利世贸博览馆盛大启幕，同期还将举办CICF中国国际 漫画节动漫游戏展，双展燃爆大湾区。 记者获悉，本次博览会的主会场位于琶洲保利世贸博览馆，面积达8.2万平方米，汇聚全球千余个顶尖 品牌、7000余款IP周边产品，将举办超百场特色活动，并有数百位人气嘉宾到场。 届时，广州将变身次元主题公园，为国庆旅游注入新活力。10条动漫游戏主题公交专线已准备就绪，将 穿梭于上下九、北京路、广州塔、天河商圈、琶洲核心区等核心地标。150余幅IP联动广告将覆盖全城 商圈，预计全国超80万粉丝参与联动，沉浸式体验广州的"次元文化"。 此外，28家香港动漫游戏品牌企业强势登陆，其中包括3MindWave、天明娱乐、猫茶见、嗷嗷海鸥、岂 寅游戏、Leap Studio、牛游果、玩乐时刻等多家香港游戏企业，更有多名动漫游戏角色Coser在现场与 观众近距离互动，大湾区次元力量集结。 顶级赛事落地，百团争霸决战广州 展会期间，战马能量杯英雄联盟挑战赛、WEC2025 华立电竞总决赛、卡普空《街霸6》世界巡回赛中国 赛区广州站、2025三国杀 ...

智通财经APP获悉，万联证券发布研报称，2025年9月24日国家新闻出版署公告9月份国产游戏版号及进 口游戏版号，共有145款国产游戏和11款进口游戏过审。9月游戏版号发放量维持高位，结构覆盖多类型 产品。整体来看，供给端延续释放，版号常态化趋势稳固，行业修复节奏持续推进。建议关注具备产品 储备、研发能力及题材多样化布局能力的头部厂商。 万联证券主要观点如下： 9月游戏版号发放量维持高位，涵盖多类型产品与知名厂商 年初至今国产游戏合计通过审批1195款，9月份游戏版号发放量维持高位，通过审批145款，包括腾讯 《归环》、米哈游《崩坏：因缘精灵》、网易《星绘友晴天》、三七互娱《无尽黑夜》、灵犀互娱《篮 球少女：飞跃巅峰》、恺英网络《黑猫警长:守护》、4399《铛铛大冒险》等;年初至今进口游戏合计通 过审批80款，9月份通过审批11款，其中包括了创梦天地《超级洞洞乐》、星辉游戏《冒险岛：枫之新 篇》等。 米哈游崩坏IP系列《崩坏：因缘精灵》获批，主打大世界精灵搜集 《崩坏：因缘精灵》是一款米哈游制作发行的"崩坏"IP旗下精灵养成冒险策略游戏，将大世界探索与精 灵元素结合，并融入CRPG元素，赋予玩家高自由度及宠物 ...

燃点一：8万平方米主会场构建沉浸式二次元空间 10月2日至5日，AGF亚洲游戏博览会即将在广州保利世贸博览馆拉开帷幕，同期还将举办CICF中国国 际漫画节动漫游戏展。2025广州动漫游戏盛典不仅是一场专业的动漫游戏展览，更是助力广州国庆黄金 周文旅消费、推动 "游戏次元经济" 发展的重要平台。下面，南都N视频记者和您一起细数这场二次元 盛会的五大燃点。 活动主会场位于琶洲保利世贸博览馆，面积达8.2万平方米，汇聚全球千余个顶尖品牌、7000余款IP周 边产品，将举办超百场特色活动，并有数百位人气嘉宾到场。这里将成为Z世代感受动漫游戏文化的核 心场所。 此外，广州多个商场将参与次元联动活动，营造全城盛典氛围，预计将有来自全国各地的80万粉丝参与 联动，沉浸式体验广州的"次元文化"；深圳、惠州、佛山等周边城市也将加入，更多联动内容敬请关注 后续公布。 燃点二：行业优质展商及IP集中亮相 多家游戏厂商参展，包括腾讯游戏xSupercell、网易游戏、盛趣游戏、三七互娱（002555）、西山居、 库洛游戏、贪玩网络、益世界、灵犀互娱、四三九九、B站游戏、宝可梦明耀之星、华立科技 （301011）、世宇科技、明日游戏、 ...

凤凰网科技讯 9月28日，从金山体系内的发行团队，到独立运营的IP运营商，金山世游的转型之路 正悄然启程。近日，金山世游副总裁刘异接受凤凰网科技等媒体采访，首次系统阐述了这家从金山体系 独立出来不到三年的游戏公司的定位与未来规划。 "虽然我们位于小米科技园，也隶属于金山集团，但从我们的视角看，它更像是一个体系内的创业 公司。"刘异这样定义金山世游的现状。 然而，一个随之而来的问题是：为何在已有西山居的情况下，金山集团还要拆分出另一个游戏公 司？这是业内许多人好奇的问题。 刘异解释道，雷军回到金山后做的第一件事，就是将金山旗下的几块业务分别做了管理层持股计 划，单独拆分成几家子公司。游戏板块方面，将全国各地的工作室，包括大连、北京、武汉、成都、珠 海的工作室进行整合，对外统一品牌叫西山居。 "西山居的游戏发行团队一直在北京。我们是基于雷总的信任及集团领导的支持，让团队有新的一 轮机会。"刘异说，"所以我们从西山居体系之内再做一轮拆分，相当于是把原有的大连、武汉、北京的 工作室和北京的发行团队整合成立金山世游。" 至此，金山整个集团下有了两个游戏板块的公司：一个是西山居，一个是金山世游。刘异特别强 调，之前西山居 ...

Core Viewpoint - The article highlights the significant presence and influence of Chinese companies at the Tokyo Game Show (TGS), showcasing advancements in AI technology and its integration into the gaming industry [1][36]. Group 1: Chinese Companies at TGS - Major Chinese gaming companies such as NetEase, Tencent, and others have established impressive exhibition spaces, attracting numerous players [2][8]. - AI companies are also making their mark at TGS, demonstrating their capabilities and innovations in the gaming sector [8][10]. Group 2: AI Technology Showcase - Alibaba's booth prominently featured its open-source models, including Tongyi Qianwen and Tongyi Wanxiang, offering a range of commercial solutions from IaaS to SaaS [11][12]. - The Model Studio platform and AI development platform PAI were highlighted as part of Alibaba's offerings, indicating a strong push for AI integration in gaming [13][15]. Group 3: 3D Generation Technology - Tencent Cloud emphasized its cloud computing capabilities for game security and operations, while also discussing the potential of mixed reality 3D technology [21][22]. - VAST's Tripo, a leading open-source 3D generation project, is gaining attention from game developers both domestically and internationally [26][27]. Group 4: AI Applications in Gaming - HakkoAI, an AI gaming companion, showcased its ability to understand and interact with various games, outperforming several top general models in specific gaming scenarios [34]. - The integration of AI in gaming is creating new possibilities and enhancing player experiences, indicating a growing trend in the industry [36].

Core Insights - The classic game IP "Angry Birds" has made a return to the Chinese market after nearly four years, being pre-installed on Xiaomi's new smartphone models 17 Pro and 17 Pro Max [1][3] - The return is facilitated by a collaboration between Kingsoft, SEGA, and Rovio, marking a significant step in promoting "Angry Birds" in mainland China [3] Group 1 - "Angry Birds" was developed and published by Rovio, gaining global popularity since its launch in 2009, with over 5 billion downloads by 2022, establishing it as a highly influential game IP [3] - The IP has expanded its content offerings beyond games, including animated series and feature films, creating a diversified content matrix [3] Group 2 - Kingsoft, as the authorized distributor for "Angry Birds" in mainland China, has extensive experience in game publishing and operations, having successfully launched popular titles such as "Bubble Pop" and "Goose Goose Duck" [3]