Core Insights - The head of the Onmyoji division at NetEase, Jin Tao, has left to start a new venture with former NetEase Art Design Center president "Master" (Yi Xiuqin) [1] - Their new company, Guangzhou Jiezhi Information, has been registered, with Jin Tao holding a 90% stake and Master holding 10% [1] - Jin Tao has reportedly secured funding from a well-known investment institution for his entrepreneurial project, which may resemble the previously unapproved project "Code: Cloud Map" [1] - The new person in charge of Onmyoji is Zheng Tao, an old planner who recently returned to NetEase after a stint at Tencent [1] Company Developments - Jin Tao's departure marks a significant change in leadership for the Onmyoji project, which has been a key title for NetEase [1] - Zheng Tao's return to NetEase and his previous experience at Tencent may bring fresh perspectives to the Onmyoji project [1] Industry Implications - The formation of a new company by former NetEase executives could indicate a trend of talent migration within the gaming industry, potentially impacting competition [1] - The involvement of a prominent investment institution in Jin Tao's new venture suggests confidence in the potential of the gaming market, particularly in projects related to established IPs like Onmyoji [1]

Group 1 - The head of the Onmyoji division, Jin Tao, has left the company to start his own venture [1] - The new person in charge of Onmyoji is Zheng Tao, an experienced project planner [1] - There has been no response from NetEase regarding this leadership change [2]

Core Viewpoint - The article highlights the performance of the Chinese gaming market in the first half of 2025, showcasing significant growth in revenue and user base, alongside the emergence of AI applications in the gaming industry [1]. Group 1: Market Performance - The domestic gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, marking a year-on-year increase of 14.08%, setting a new record [1]. - The number of gaming users in China reached approximately 679 million, reflecting a year-on-year growth of 0.72%, also a historical high [1]. Group 2: Industry Trends - The gaming industry is experiencing robust demand, supported by local government policies encouraging the gaming sector [1]. - AI technology is increasingly applied in the gaming industry, enhancing production efficiency and enabling innovative applications such as AI NPCs and AI-driven user-generated content [1]. - The expectation is set for more AI-native games to emerge, potentially leading to a revaluation of the gaming industry's value [1]. Group 3: ETF and Investment Opportunities - The Huaxia Software ETF (159256) tracks the Entrepreneurial Software Index (399264), focusing on 50 quality AI software stocks in the entrepreneurial board, with a significant emphasis on AI applications in finance, gaming, and IT services [2]. - The software development and IT services sectors account for 70% of the ETF's composition, with major stocks including Tonghuashun, Runhe Software, and Deepin Technology [2].

Group 1 - The gaming sector experienced slight fluctuations in early trading on August 21, with the gaming ETF (159869) showing a minor decline, while stocks like Gigabit, Changyou Technology, Tianzhou Culture, and Aofei Entertainment saw gains [1] - The gaming ETF (159869) attracted a net inflow of funds totaling 111 million yuan over the past five trading days, indicating strong investor interest [1] - Tencent's new content for "Honor of Kings World" was revealed, showcasing significant progress in game development and enhancing investor confidence in future market performance [1] Group 2 - The new game "Black Myth: Zhong Kui" was officially announced, generating significant market attention and the potential to push the domestic single-player game market beyond 10 billion yuan [2] - The gaming sector is undergoing transformations driven by AI, content, and commercialization models, presenting opportunities for investment in the gaming ETF (159869) [2]

Group 1 - Tencent's Saros Studio announced the tactical shooting game "Destiny Trigger" will launch in Q1 2026 on Steam and Epic Games Store, showcasing the company's stable game development pipeline and execution capabilities [1] - The game trailer demonstrated technical strength and innovative gameplay, boosting investor confidence in the product's commercialization potential, which could lead to a valuation recovery for Tencent's gaming segment [1] - Positive testing data could catalyze short-term stock price increases, especially with expectations for overseas business growth [1] Group 2 - Eagle Horn Network's "Arknights: End of the World" was revealed at the Cologne Game Show, featuring a new character that sparked global player interest, highlighting the game's unique wasteland style and open-world exploration [2] - The ongoing development and innovation of "Arknights: End of the World" enhance investor confidence in its market performance, with potential for increased brand recognition and revenue growth [2] - The existing large fanbase of "Arknights" could further drive engagement and related product sales, expanding profit opportunities for the company [2] Group 3 - Tencent's "Honor of Kings World" showcased new gameplay and real-time graphics at the Cologne Game Show, indicating substantial progress in game development [3] - The expanded gameplay could attract a broader audience, leading to higher revenue expectations for the game [3] - Successful launch and performance of the game could provide new growth points for Tencent's gaming business, positively impacting stock price and market valuation [3]

8月20日早盘，游戏板块震荡拉升，吉比特触及涨停，迅游科技涨超10%，恺英网络、神州泰岳、 完美世界、巨人网络等跟涨，游戏ETF（159869）现持续走强涨近2%。游戏ETF（159869）已连续4个 交易日获资金净流入，累计"吸金"达1.89亿元，备受资金青睐。 消息面上，8月20日，黑神话相关话题登顶热搜。在当日凌晨的科隆游戏展开幕之夜上，《黑神 话：悟空》开发商游戏科学公布了旗下最新作品《黑神话：钟馗》，本作官网现已上线，并正式进入开 发状态。作为黑神话系列的第二作，《黑神话：钟馗》依然取材于中国的古代神话与民俗传说；其次， 它依然是一款标准的单机、动作、角色扮演游戏，商业模式与前作别无二致。游戏科学特别提醒，从即 日起，《黑神话：悟空》在各大社媒平台的官号，都已从"黑神话：悟空"改名为"黑神话"。未来黑神话 系列所有游戏的官方信息，都会通过同名账号"黑神话"统一发布。《黑神话：钟馗》的官宣以及《黑神 话：悟空》 官方账号的更名，意味着游戏科学正在极力构建一个庞大的黑神话系列IP。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含 ...

Market Overview - On August 20, A-shares opened lower across the board, with the Shanghai Composite Index down 0.28%, the Shenzhen Component down 0.61%, and the ChiNext Index down 1.14%. By the time of reporting, the Shanghai Composite Index had turned positive, rising by 0.07%. The total trading volume in the Shanghai, Shenzhen, and North markets was 704 billion yuan, a decrease of 63.5 billion yuan compared to the same time the previous day [1]. Gaming Sector Performance - The gaming sector showed strength, with stocks such as Gigabit (603444) hitting the daily limit, and other companies like Xunyou Technology, Kaiying Network, Perfect World, and Giant Network also experiencing gains. This surge was influenced by the announcement of the latest game "Black Myth: Wukong" by Game Science during the opening night of the International Games Expo in Cologne, Germany [2][3]. Key Stock Movements - Notable stock performances included: - Gigabit (603444) at 421.19 yuan, up 10.00% [4] - Xunyou Technology (300467) at 25.58 yuan, up 9.22% [4] - ST Zhongqingbao (300052) at 11.54 yuan, up 4.06% [4] - Perfect World (002624) at 15.82 yuan, up 2.86% [4] - Kaiying Network (002517) at 20.65 yuan, up 2.63% [4] Game Science Developments - Game Science founder Feng Ji expressed on Weibo that after the release of "Black Myth: Wukong," the team is focused on developing a new title in the "Black Myth" series, featuring new heroes, gameplay, visuals, technology, and stories. He indicated that the legend of Wukong will return in a more complete and solid form in the future [5]. - The flagship 3A game "Black Myth: Wukong" was released in August 2024, generating significant buzz and discussions both domestically and internationally, with sales surpassing 10 million copies within four days and reaching 18 million copies globally within two weeks [5].

Group 1 - The gaming sector experienced a low opening but saw a rebound, with the gaming ETF (159869) rising nearly 0.5% after three consecutive trading days of net capital inflow totaling 147 million yuan [1] - According to Gamma Data's report on the Chinese gaming industry for the first half of 2025, the mini-game market reached a record high of 23.276 billion yuan, reflecting a year-on-year increase of 40.20% [1] - The IAA (In-App Advertising) mini-games showed strong performance, generating advertising revenue of 7.973 billion yuan, which accounted for 34.30% of the mini-game market share [1] Group 2 - The core logic for mini-games going overseas in 2025 is to "race against time," with game developers focusing on growth and market trends [1] - Key strategies include aligning products with market trends, leveraging the rapid integration of IAA features, and expanding user bases [1] - Marketing strategies involve utilizing platforms like TikTok for targeted user engagement through precise advertising materials and collaborations with influencers [1] Group 3 - Open Source Securities expresses optimism about both established and new games that can achieve longevity through continuous operational activities, content updates, and regional expansion [2] - Specific games highlighted include Giant Network's "Supernatural Action Group," Xindong Company's "Xindong Town," and G-bits' "Staff Sword Legend," along with the upcoming launch of Xindong Company's "Iser" on September 25 [2]

Core Insights - The mini-game market in China has seen significant growth, with revenue reaching 23.276 billion yuan in the first half of the year, a year-on-year increase of 40.20% [1] - Despite the market growth, companies are experiencing anxiety due to the emergence of a "Matthew Effect," where leading firms dominate the market by investing heavily in user acquisition [1][4] - The increasing resistance of players to similar mini-games has led companies to seek breakthroughs, particularly through overseas expansion, as they aim to capitalize on the growing market [4][6] Market Dynamics - The mini-game market is characterized by a "surge" in user numbers and market size, with projections estimating the market could reach 61 billion yuan by 2025, a tenfold increase since the inception of mini-games [7] - Companies are racing against time to capture market share, especially in less competitive overseas markets, as evidenced by the increasing number of mini-game projects launched at events like ChinaJoy [7][10] - Successful overseas mini-games, such as "Mushroom Hero," have demonstrated the potential for high revenue, with monthly earnings reaching 50 million USD, prompting more companies to enter the market [8][10] Competitive Landscape - The mini-game industry is facing intense competition, particularly in nearby markets like Southeast Asia, where many companies are vying for dominance [12][14] - As competition intensifies, companies are shifting their focus to more distant markets, such as Europe and the Middle East, which present greater potential but also higher entry barriers [14][16] - The challenges in the European and Middle Eastern markets include differing consumer habits and higher costs for user acquisition, making it essential for companies to adapt their strategies [17] Strategic Recommendations - Companies are advised to be strategic in product development, aligning with market trends and consumer preferences to maximize user engagement [20] - Leveraging short video platforms like TikTok for marketing can enhance user acquisition and engagement, as these platforms resonate well with mini-game audiences [25] - Collaboration with local marketing channels is crucial for successful overseas expansion, as companies need to navigate diverse market dynamics effectively [25]

Group 1 - Generative AI technology is penetrating the gaming industry, driving a new wave of growth through innovations such as dynamic story generation and AI NPCs with memory and emotional interaction capabilities [2] - The number of possible gameplay combinations has increased to millions due to dynamic story generation [2] - AI NPCs are now capable of memory and emotional interactions, enhancing player engagement [2] Group 2 - Art asset production efficiency has improved by 50 times, significantly impacting development processes [3] - The gaming industry is experiencing a transformation where the boundaries between gaming and AI are blurring, creating a trillion-dollar market with new rules [3] - Companies that fully embrace AI technology are positioned to reap the benefits of this technological revolution [3] Group 3 - Zulong Entertainment's AI games have generated over 1 billion in revenue [4] - Tencent has reduced development costs by 30% through AI assistance [4] - MiHoYo's new game has seen a 25% increase in retention rates during testing [4] Group 4 - Smaller teams are facing a technological gap crisis due to rapid advancements in AI [4] - An ethical review system is urgently needed to address the implications of AI in gaming [4] - The cost of computing power has surpassed 40% of total expenses in game development [4]