Core Viewpoint - The A-share market is experiencing a strong performance in the online gaming sector, with several stocks reaching significant gains [1] Group 1: Stock Performance - Dongfang Mingzhu has reached the daily limit increase [1] - Shenzhou Taiyue and G-bits have increased by over 7% [1] - Kying Network and Kunlun Wanwei have risen by over 5% [1] - Xunyou Technology and Giant Network have gained over 4% [1]

Group 1 - G-bits stock price increased by 4.1% on September 23, reaching 578.99 yuan per share, with a trading volume of 1.032 billion yuan and a turnover rate of 2.52%, resulting in a total market capitalization of 41.711 billion yuan [1] - The stock has risen for three consecutive days, with a cumulative increase of 6.15% during this period [1] - G-bits, established on March 26, 2004, specializes in the creative planning, development, and commercialization of online games [1] Group 2 - According to data, one fund from Caitong Fund holds G-bits as a top ten heavy stock, specifically the Caitong CSI 1000 Index Enhanced A (019270), which held 1,900 shares in the second quarter, accounting for 0.8% of the fund's net value, ranking as the sixth largest heavy stock [2] - The fund has generated a floating profit of approximately 43,300 yuan today and 63,800 yuan during the three-day increase [2] - The Caitong CSI 1000 Index Enhanced A fund was established on November 7, 2023, with a latest scale of 18.5268 million yuan, and has achieved a year-to-date return of 31.65% [2]

Group 1 - Tianyu Digital Technology (Dalian) Group Co., Ltd. experienced a decline of 5.13% on September 23, with a stock price of 6.84 CNY per share, a trading volume of 576 million CNY, a turnover rate of 5.08%, and a total market capitalization of 11.317 billion CNY [1] - The company, established on August 29, 2003, and listed on February 9, 2010, focuses on the development and operation of online games, including web and mobile games, internet and mobile advertising, mobile application distribution platform development, and technical consulting services [1] - The main revenue composition of the company is as follows: data traffic business accounts for 97.93%, digital competitive platform for 2.01%, and others for 0.06% [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Tianyu Digital Technology, having increased its holdings by 2.8614 million shares in the second quarter, totaling 15.2656 million shares, which represents 0.94% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 5.6483 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a latest scale of 64.953 billion CNY, and has achieved a year-to-date return of 27.06%, ranking 1867 out of 4220 in its category [2]

Group 1 - Tianyu Digital Technology (Dalian) Group Co., Ltd. experienced a 5.13% decline in stock price, trading at 6.84 CNY per share with a total market capitalization of 11.317 billion CNY [1] - The company, established on August 29, 2003, and listed on February 9, 2010, primarily engages in the development and operation of online games, internet advertising, and mobile application distribution [1] - The main revenue composition of the company includes 97.93% from data traffic business, 2.01% from digital competitive platforms, and 0.06% from other sources [1] Group 2 - GF Fund's Guangfa CSI 1000 ETF (560010) is among the top ten circulating shareholders of Tianyu Digital Technology, having increased its holdings by 1.6078 million shares in Q2, totaling 7.2538 million shares, which represents 0.45% of circulating shares [2] - The fund has a current scale of 30.718 billion CNY and has achieved a year-to-date return of 26.93%, ranking 1882 out of 4220 in its category [2] - Over the past year, the fund has recorded a return of 69.41%, ranking 1283 out of 3814 in its category [2]

Group 1 - Glacier Network's stock price fell by 5.04% on September 23, reaching 37.32 CNY per share, with a trading volume of 242 million CNY and a turnover rate of 3.80%, resulting in a total market capitalization of 8.75 billion CNY [1] - The company's stock has experienced a continuous decline for three days, with a cumulative drop of 7.42% during this period [1] - Glacier Network, established on January 21, 2008, and listed on August 18, 2016, primarily develops large-scale multiplayer online games based on its proprietary engine technology, with 99.32% of its revenue coming from online game recharge [1] Group 2 - Huabao Fund holds Glacier Network as one of its top ten heavy positions, with the Huabao Wanwu Internet Mixed A Fund (001534) reducing its holdings by 130,000 shares in the second quarter, now holding 98,900 shares, which accounts for 3.56% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 195,800 CNY, with a total floating loss of 311,500 CNY during the three-day decline [2] - The Huabao Wanwu Internet Mixed A Fund, established on June 30, 2015, has a latest scale of 83.93 million CNY, with a year-to-date return of 72.92% and a one-year return of 150.19% [2]

Group 1 - The core point of the article is that Tianyu Digital Technology (SZ 002354) held its 24th meeting of the 6th board of directors on September 22, 2025, to review proposals including the revision of the "Board Meeting Rules" [1] - For the first half of 2025, the revenue composition of Tianyu Digital Technology was 97.93% from the data traffic industry, 2.01% from the online gaming industry, and 0.06% from other sources [1] - As of the time of reporting, the market capitalization of Tianyu Digital Technology was 11.9 billion yuan [1]

每经AI快讯，三七互娱（SZ 002555，收盘价：22.24元）9月22日晚间发布公告称，公司第七届第三次 董事会会议于2025年9月22日在公司会议室以现场与通讯结合的方式召开。会议审议了《关于关联方间 接投资SXGlobalFlagshipFundIIL.P.暨关联交易的议案》等文件。 每经头条（nbdtoutiao）——始祖鸟深陷"炸山"风波，母公司大中华区新总裁上任才两个多月，被赞"专 业能力深厚"！安踏体育最新回应→ （记者 张喜威） 2025年1至6月份，三七互娱的营业收入构成为：网络游戏行业占比99.17%，其他业务占比0.83%。 截至发稿，三七互娱市值为492亿元。 ...

Company Overview - Glacier Network, established on January 21, 2008, is located in Nanshan District, Shenzhen, Guangdong Province. The company went public on August 18, 2016. Its main business involves developing large-scale multiplayer online games based on self-developed engine technology, primarily through self-operation, authorized operation, and joint operation methods. The revenue composition is 99.32% from online game recharge and 0.68% from other sources [1]. Stock Performance - On September 22, Glacier Network's stock price fell by 0.58%, closing at 39.30 CNY per share, with a trading volume of 386 million CNY and a turnover rate of 6.00%. The total market capitalization is 9.214 billion CNY. The stock has experienced a continuous decline over the past three days, with a cumulative drop of 7.42% [1]. Fund Holdings - According to data, one fund under China Post Fund holds Glacier Network as a significant position. The China Post Core Technology Innovation Flexible Allocation Mixed Fund (000966) held 50,000 shares in the second quarter, accounting for 2.07% of the fund's net value, ranking as the fifth-largest holding. The estimated floating loss today is approximately 11,500 CNY, with a total floating loss of 157,500 CNY during the three-day decline [2]. Fund Performance - The China Post Core Technology Innovation Flexible Allocation Mixed Fund (000966) was established on February 11, 2015, with a latest scale of 80.8047 million CNY. Year-to-date, it has achieved a return of 32.75%, ranking 2495 out of 8244 in its category. Over the past year, the return is 87.72%, ranking 870 out of 8066. Since inception, the return is 68.2% [2]. Fund Manager - The fund manager of the China Post Core Technology Innovation Flexible Allocation Mixed Fund (000966) is Cao Si, who has been in the position for 11 years and 122 days. The total asset scale under management is 471 million CNY, with the best fund return during his tenure being 107.3% and the worst being 8.27% [2].

Group 1 - A-share listed companies are increasingly implementing mid-term dividends, with 18 companies announcing plans on September 18, 2025, and 17 of them proposing cash dividends [1] - The total cash dividend amount for 780 A-share companies in 2025 is projected to reach 644.6 billion, significantly higher than the previous year [1] - Companies like Xiamen Gibit Network Technology, Shandong Xintong Electronics, and Kewei Medical are among those with the highest proposed dividends, offering 66 yuan, 6 yuan, and 6 yuan per 10 shares respectively [1] Group 2 - State-owned enterprises (SOEs) are the main contributors to mid-term dividends, particularly in the energy, finance, and telecommunications sectors [2] - The three major telecom operators plan to distribute a total of approximately 74.26 billion in mid-term dividends, with China Telecom alone proposing 16.58 billion, representing 72% of its net profit [2] - The "three oil giants" are also generous in their dividend payouts, with a combined total exceeding 80 billion, including 40.27 billion from China National Petroleum [2] Group 3 - The six major banks in China, including Agricultural Bank and Industrial and Commercial Bank, are expected to distribute nearly 204.7 billion in dividends, accounting for about 32% of the total dividends [3] - The increase in dividends from SOEs reflects a policy shift by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance profit distribution assessments [3] - The stable cash flow from SOEs in key sectors is attributed to their monopolistic positions, which provide consistent revenue streams [3] Group 4 - Local state-owned enterprises and leading manufacturing companies are also joining the mid-term dividend trend, indicating a broader acceptance of dividend distribution beyond traditional high-yield sectors [4] - Newly listed companies like Guangxin Technology and Kent Catalysts have also announced mid-term dividend plans, showcasing a shift in market practices [4] Group 5 - The trend of multiple dividends per year has become common in the A-share market, with a significant increase in mid-term dividend scales since 2024 [5] - The emphasis on dividend policies is seen as a way to enhance investor confidence and improve market image [5] - The shift from a focus on financing to returns reflects a deepening value investment philosophy, attracting long-term capital into the market [5] Group 6 - The increase in dividend payouts is a critical turning point in the capital market's transition from a focus on financing to one on returns [6] - The optimization of investor structure is driving improvements in dividend systems, with long-term funds prioritizing dividend yield over short-term performance [6] - Future integration of regular dividends with ESG disclosure mechanisms may accelerate the transformation of China's capital market into a value hub [6]

Company Overview - Glacier Network, established on January 21, 2008, is located in Shenzhen, Guangdong Province, and was listed on August 18, 2016. The company primarily develops large-scale multiplayer online games based on its proprietary engine technology, operating through a combination of self-operated, licensed, and joint operations. The revenue composition is 99.32% from online game recharge and 0.68% from other sources [1]. Stock Performance - On September 18, Glacier Network's stock fell by 5.06%, trading at 40.30 CNY per share, with a transaction volume of 921 million CNY and a turnover rate of 13.33%. The total market capitalization is 9.449 billion CNY [1]. Fund Holdings - According to data from major funds, Huabao Fund holds a significant position in Glacier Network. The Huabao Wanwu Internet Mixed A Fund (001534) reduced its holdings by 130,000 shares in the second quarter, now holding 98,900 shares, which accounts for 3.56% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 212,600 CNY [2]. Fund Performance - The Huabao Wanwu Internet Mixed A Fund (001534), managed by Zhong Qi, was established on June 30, 2015, with a current scale of 83.933 million CNY. Year-to-date returns are 74.87%, ranking 243 out of 8,172 in its category. Over the past year, the fund has achieved a return of 147.62%, ranking 98 out of 7,980. Since inception, the fund has returned 97.6% [2].