Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [13]. Core Insights - The report highlights a positive outlook for the gaming sector, particularly with the recent news of ST Huatuo applying to lift its risk warning, which is expected to alleviate valuation pressures in the gaming sector [5]. - The report emphasizes the importance of differentiated competition among gaming companies, focusing on user and genre-based strategies rather than just the number of licenses issued [5]. - In the music sector, the report suggests a rational perspective on the competitive landscape, noting that platforms like Qishui Music are leveraging low-cost content to grow their user base, which may impact traditional music advertising ROI [5]. - The report anticipates a shift in global AI investment focus from capital expenditure to return on investment, with a notable increase in domestic chip listings and rapid commercialization of AI applications [5]. Summary by Sections Education Publishing - Attention is drawn to companies like Zhongwen Chuanmei and Shandong Publishing, which are showing signs of operational turnaround in Q3 2025 [5]. Gaming Sector - Key companies to watch include Tencent Holdings, Giant Network, ST Huatuo, and others, with a focus on their performance and potential for revenue upgrades in 2026 [5]. - The report notes that the issuance of new game licenses is increasing, but this does not necessarily indicate a worsening competitive landscape [5]. Music Industry - The report discusses the impact of Qishui Music achieving over 100 million MAU, suggesting a need for a rational view of the music market dynamics [5]. - It highlights the challenges of monetizing long-tail music content and the importance of building a high-quality user community for future revenue generation [5]. AI Investment - The report predicts that AI investments will increasingly focus on return on investment, with significant developments in domestic chip production and AI applications [5]. - Companies like Tencent, Alibaba, and Baidu are highlighted for their strong positions in AI and cloud computing, with recommendations for investment based on their growth potential [5]. Valuation Table - A detailed valuation table is provided, showing the market capitalization, revenue, and profit forecasts for key companies in the sector, indicating varied growth rates and profitability metrics [7].

11月8日，成都AG超玩会成功加冕了2025年王者荣耀KPL年度总决赛的冠军。 11月8日，在成都AG超玩会队势如破竹的攻势下，成都AG超玩会成功加冕了2025年王者荣耀KPL年度总决赛的冠军，捧起了象征着冠军的圣龙杯！他们不 但达成了KPL赛事体系的六连冠，同时完成了对于KPL最高规格赛事暨年度总决赛的卫冕。 台上十名选手的精彩操作仰仗于跨代领先的iQOO 15，而为其提供强大性能和游戏体验保障的则是来自高通的第五代骁龙 8至尊版。 骁龙与iQOO助力KPL走进鸟巢 2015年，高通发布了骁龙820，这是其首款使用定制设计64位Qualcomm Kryo CPU的处理器，GPU也迎来了全面升级的Adreno 530。凭借卓越性能，骁龙820 成为众多安卓旗舰机型的优选，也为移动电竞时代的开启提供了强劲的硬件支持。 过去十年间，骁龙移动平台完成了跨越式技术进化。从2015年的骁龙 820，到2025年的第五代骁龙8至尊版，制程工艺从 14nm 跃升至 3nm ，网络连接从4G 迈入5G Advanced，CPU 与 GPU 的整体性能已实现了翻天覆地的跃升。在图形渲染能力上，第五代骁龙8至尊版更是以创新的架构 ...

Core Viewpoint - Boyaa Interactive (00434) experienced a significant stock price increase of over 5%, with a current price of 5.1 HKD and a trading volume of 249,900 HKD. The company anticipates a year-on-year profit increase of approximately 105% to 115% for the first nine months of 2025, primarily due to the growth in the fair value of digital assets compared to the same period in 2024 [1][1][1]. Financial Performance - The expected profit attributable to the company's owners for the first nine months of 2025 is projected to increase by about 105% to 115% year-on-year, driven by the rise in the fair value of digital assets [1]. - Excluding the impact of fair value changes in financial assets such as digital assets and equity investment partnerships, the profit is expected to decrease by approximately 30% to 35% year-on-year. This decline is attributed to reduced bank deposit interest income due to cryptocurrency purchases and an increase in expected income tax expenses [1][1]. Market Context - On November 10, the cryptocurrency market saw a significant surge, with Bitcoin surpassing 106,000 USD. This market movement may positively influence the performance of companies involved in digital assets [1]. - Additionally, U.S. Senate Majority Leader John Thune indicated that a potential agreement to end the government "shutdown" is gradually being reached, although he cautioned that this does not guarantee a resolution and that senators need time to review the proposal [1].

Core Insights - The open-world gaming genre has evolved from being a niche market to a strategic necessity for major game developers, driven by the success of titles like Genshin Impact [2][6][8] - Many companies have misjudged the complexity and challenges of developing open-world games, leading to a wave of failures among those who attempted to replicate Genshin Impact's success without adequate preparation [5][7][8] Industry Trends - The demand for open-world games has been tempered by the rise of lightweight and fragmented entertainment options, making high-quality immersive experiences less appealing to some players [2][4] - Despite the challenges, there remains significant untapped potential in the open-world genre, particularly in enhancing replayability and catering to diverse player needs through innovative gameplay and themes [2][4] Competitive Landscape - The success of Genshin Impact has disrupted the industry, with its revenue reaching hundreds of billions, positioning it alongside major titles from companies like NetEase and Tencent [5][6] - Other major developers have struggled to produce comparable multi-platform open-world games, despite substantial investments and resources, highlighting the high barriers to entry in this genre [6][7] Development Challenges - The development of multi-platform open-world games requires overcoming significant technical hurdles, including latency, graphical fidelity, and user experience across different devices [5][6] - Many companies have attempted to enter the open-world space without the necessary experience or infrastructure, leading to project failures and a return to more traditional game formats [12][13] Strategic Implications - Open-world gaming is viewed as a critical strategic category that companies cannot afford to ignore, as the market dynamics shift and competition intensifies [7][8] - The industry's focus should shift from blind imitation of successful titles to a more respectful approach that acknowledges the complexities and long-term commitment required for successful open-world game development [8][9]

Macro News - The State Council Information Office will hold a press conference on November 14, 2025, to discuss the national economic operation for October 2025, featuring the spokesperson from the National Bureau of Statistics [1] - The U.S. Senate has reached an agreement to end the federal government shutdown as of November 9 [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December is 66.5%, with a 33.5% chance of maintaining the current rate [3] Industry News - Eleven A-share listed companies have disclosed the latest announcements regarding mergers and acquisitions from November 3 to November 9, including Ying Tang Zhi Kong, Sichuan Road and Bridge, and others [4] - The first collaborative protection mechanism for intellectual property rights in the online gaming industry has been established in Shanghai, aimed at supporting high-quality development in the gaming sector [5] - China's electricity production organization has fully transitioned from a planned to a market-based approach, marking a significant milestone in the establishment of a unified national electricity market [6] Sector Insights - CITIC Securities reports that the solid-state battery industry is accelerating, with global shipments expected to exceed 700 GWh by 2030, including over 200 GWh of all-solid-state batteries [7] - Guosheng Securities highlights the rise of silicon photonics technology, which is restructuring the investment focus of the optical module industry from backend packaging to frontend chip design and wafer manufacturing [8] - CITIC Jinpu notes that the ongoing electricity shortage in North America is driving demand for energy storage, with significant profit opportunities in downstream integration and operation segments expected to rise [8]

法国巴黎 银行财富管理香港首席投资策略师谭慧敏认为，预计12月美联储会再降息并结束缩表，对AH 股市有正面影响，坦言市场流动性太多，南下资金仍有空间加码港股，倘科企业绩有惊喜，恒指年内依 然有望挑战28500点关。板块方面，她认为芯片股受惠国策、 游戏股持续有游戏获批版号，均值得留 意。此外，随着 人工智能发展带动 数据中心需求增加，拥有云业务的企业预期会最具爆发力。 对于美 国市场的AI泡沫论，她指市场确实担心美股估值，甚至多间大行的CEO也表示美股估值昂贵，但相比 之下，恒生科指的成分股与纳指成分股估值仍有很大折让，而且科指近期曾有调整，估值更合理，令中 资科技股的性价比和风险回报更佳。而且有基本盈利配合，市盈率不会突然急升。她也预期，美股短期 或有整固，但将会有不少零售投资者入市低吸美股。 ...

国盛证券指出，当前传媒板块继续看好游戏等基本面驱动板块，关注底部在新政策驱动下困境反转的影 视剧板块，同时弹性方向看好AI应用及IP方向。AI应用聚焦能实现数据兑现公司，同时需注意商业模式 在大模型能力迭代下的壁垒，重点关注AI陪伴、AI教育及AI玩具方向。IP变现聚焦有IP优势及全产业链 潜力的公司，传统文化IP价值挖掘是重点方向。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映 动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 （文章来源：每日经济新闻） 11月10日，A股开盘，三大指数集体高开，沪指高开0.11%，深成指高开0.37%，创业板指高开0.43%。 盘面上，锂电池、氟化工、存储器、卫星导航、磷化工、光伏概念股走强，冰雪旅游、核聚变、减速 器、创新药题材走弱。游戏板块早盘表现持续震荡，游戏ETF（159869）现小幅微跌。截至11月7日， 游戏ETF（159869）产品规模达113.01亿元，助力投资者一键布局A股游戏龙头。 11月8日，由B站旗下Team Soda（碳酸小队）开发、哔哩哔哩游戏发行的游戏《逃 ...

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) nearing a positive return after a period of decline, indicating a mixed performance among its constituent stocks [1] - As of November 7, the gaming ETF (159869) has a product scale of 11.301 billion, providing investors with a streamlined way to invest in leading A-share gaming companies [1] - The recent launch of Kimi K2 Thinking, described as the strongest open-source thinking model to date, highlights advancements in AI capabilities within the gaming industry [1] Group 2 - The gaming sector is seen as having multiple catalysts for transformation, including AI, content, and commercialization model changes, with the gaming ETF (159869) tracking the performance of A-share listed companies in the anime and gaming industry [2] - There is a focus on investment opportunities within the gaming ETF (159869) as it reflects the overall performance of the anime and gaming industry [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.74 CNY, based on a revised average P/E ratio of 19x for comparable companies in 2026 [3][6]. Core Insights - The company is expected to optimize its self-developed game portfolio in 2026, leading to an increase in gross profit margin as new projects are launched. The forecasted net profit for the company from 2025 to 2027 is 3.072 billion, 3.234 billion, and 3.546 billion CNY respectively, reflecting adjustments based on game launch schedules and marketing data [3][10]. - The third quarter of 2025 saw a revenue of 3.98 billion CNY, a year-on-year decrease of 3%, primarily due to declines in older games. However, the net profit attributable to the parent company increased by 49% to 940 million CNY, attributed to controlled sales expenses [10]. Financial Summary - **Revenue Forecast**: The company’s revenue is projected to be 16.086 billion CNY in 2025, with a year-on-year decline of 7.8%, followed by a recovery to 16.873 billion CNY in 2026 and 17.366 billion CNY in 2027 [5][12]. - **Profitability Metrics**: The gross margin is expected to decline to 76.7% in 2025 but recover to 79.8% by 2027. The net profit margin is projected to increase from 19.1% in 2025 to 20.4% in 2027 [5][12]. - **Earnings Per Share (EPS)**: The EPS is forecasted to rise from 1.39 CNY in 2025 to 1.60 CNY in 2027 [5][12]. - **Valuation Ratios**: The company’s P/E ratio is expected to decrease from 16.5 in 2025 to 14.3 in 2027, indicating a potentially attractive valuation [5][12]. Product Development and Market Position - The company has a robust product pipeline with multiple global projects set to launch, including genres such as MMORPG, SLG, and card games. Key upcoming titles include "赘婿" and "代号 MLK" [10][12]. - The performance of existing games like "Puzzles & Survival" has stabilized, while new titles like "斗罗大陆：猎魂世界" are expected to contribute positively to revenue in the latter half of the year [10].

每经AI快讯，港股博雅互动(00434.HK)高开逾5%，截至发稿，涨5.37%，报5.1港元，成交额24.99万港 元。 ...