Group 1 - Meta has launched a new AI video generation platform called Vibes, allowing users to create and share AI-generated short videos, which can be published directly on the Vibes platform or shared on Instagram and Facebook [2] - Anuttacon, an AI gaming company founded by Mihayou's founder Cai Haoyu, is hiring AI trainers to annotate and evaluate AI responses for their interactive game "Whispers of the Stars" [2] - Nissan plans to launch its next-generation ProPILOT advanced driving assistance system, integrated with AI technology, by the fiscal year 2027, showcasing its capabilities in complex urban environments [2] - Alibaba's Tongyi Qianwen has released the Qwen3-Omni, a native multimodal large model that has achieved significant benchmarks in audio and video tasks, surpassing several closed-source strong models [2]

Core Viewpoint - Zulong Entertainment reported significant revenue growth in the first half of 2025, but still faced losses, indicating a potential for future profitability with ongoing challenges in R&D costs and overseas market expansion [1][8]. Revenue Growth and Financial Performance - In the first half of 2025, Zulong Entertainment achieved revenue of 634 million RMB, a 44.4% increase from 439 million RMB in the same period of 2024 [2][5]. - The company reported a loss of 11.7 million RMB, a substantial reduction of 91.3% compared to a loss of 134 million RMB in the previous year [1][8]. - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2]. Key Products Driving Growth - The mobile game "In the Name of the Shining" has become a star product for Zulong, achieving over 2 billion RMB in global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3][4]. - New games "Dragon Tribe: Cassel's Gate" and "Treading the Wind" contributed significantly to revenue, with the former topping the iOS free charts upon release [4][6]. Market Performance and Challenges - Domestic revenue reached approximately 512 million RMB, a 68.3% increase, accounting for 80.7% of total revenue [5][6]. - Overseas revenue was 123 million RMB, a decrease of 9.5%, with its share dropping from 30.8% to 19.3% [6][8]. - The company plans to expand its successful titles into Southeast Asia and South Korea to seek overseas growth [6]. Future Outlook - The gaming industry is experiencing increased competition, with a shift from scale expansion to quality competition [8]. - Zulong's strategy of focusing on high-quality, diverse products and global expansion may lead to profitability in the second half of 2025 [8].

潮新闻客户端 记者 许嵘 A股三大指数今日集体回调，截至收盘，沪指跌0.65%，深证成指跌1.76%，创业板指跌2.60%。沪深两 市成交额超过2.1万亿，较昨日缩量逾2200亿。 盘面上，游戏板块下挫，吉比特跌停；英伟达概念走低，麦格米特跌近8%；CPO、光通信模块震荡下 行，杭电股份跌停；激光雷达、消费电子及铜缆高速连接等板块跌幅居前。另外，风电设备、化学纤 维、农化制品、大豆、纺织制造、军工装备板块涨幅居前。其中，风电设备板块走高，威力传动、明阳 智能涨停；化纤板块拉升，神马股份涨停；农药兽药板块活跃，蓝丰生化涨停；化肥、人造肉及绿色电 力等板块涨幅居前。 个股方面，全市场1805只股票上涨、3414只股票下跌，其中58只涨停、24只跌停。 有分析人士指出，市场可能存在两大变数。 首先，美元指数最近意外强势，昨晚反弹至98上方，全球风险偏好继续降温。同时，美国第二季度GDP 被大幅上修以及美国至9月20日当周初请失业金人数录得21.8万人，为2025年7月19日当周以来新低。这 一数据弱化了美联储降息预期。而美股高估的讨论也在进行当中，近期亦是持续走弱。 二是A股风格偏向极致，多头格局个股数持续缩圈，截 ...

Market Overview - The three major A-share indices collectively declined on the morning of the 26th, with the Shanghai Composite Index down 0.18%, the Shenzhen Component Index down 0.79%, and the ChiNext Index down 1.17% [2] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.3818 trillion yuan, a decrease of 174 billion yuan compared to the previous day [2] - Over 2,500 stocks in the market experienced declines [2] Sector Performance - The wind power equipment, chemical fiber, military equipment, agricultural chemicals, and soybean sectors showed the highest gains [2] - The gaming, copper cable high-speed connection, photolithography machine, liquid cooling server, and CPO concept stocks faced the largest declines [2] Notable Stocks - The wind power equipment sector saw significant strength, with Weili Transmission hitting the daily limit up, and stocks like Rihua Co., Dayue Shares, and Mingyang Smart Energy also reaching the daily limit [2] - The chemical fiber sector collectively rose, with Shunfa Co., New Fengming, and Sanfangxiang hitting the daily limit [2] - The military equipment sector experienced intraday gains, with Hangyu Technology, Hangya Technology, and Jialiqi leading the increases [2] - Other sectors such as semiconductors, soybeans, and agricultural chemicals also showed some fluctuations [2] Declining Sectors - The gaming sector underwent a collective adjustment, with Jibite hitting the daily limit down, and stocks like Kunlun Wanwei, Xinghui Entertainment, and Sanqi Interactive Entertainment also declining [2] - Photolithography concept stocks similarly retreated, with Kaimeteqi hitting the daily limit down, and Hongtian Shares, Wavelength Optoelectronics, and Lante Optics experiencing significant drops [2]

Group 1 - The A-share gaming sector experienced a sharp decline, with companies like Gigabit, Xinghui Entertainment dropping over 5%, and Xunyou Technology, 37 Interactive Entertainment, and Shenzhou Taiyue falling over 3% [1] - The gaming ETF (159869) opened lower and continued to fluctuate, currently down over 2.5%. However, it has seen a net inflow of 498 million yuan over the past five trading days, indicating strong investor interest [1] - CITIC Securities reported that as of September 2025, the National Press and Publication Administration issued 145 domestic game licenses and 11 import licenses, maintaining a high level of domestic licenses and a regular monthly issuance of import licenses, which stabilizes the supply side [1] Group 2 - The gaming sector is expected to benefit from multiple catalysts, including AI, content, and commercialization model transformations. The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] - The continued easing of licensing conditions is anticipated to enhance the short-term prosperity of the gaming industry and lay a foundation for product reserves and long-term R&D innovation [1]

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Core Viewpoint - The gaming sector in A-shares has seen significant gains following the approval of multiple domestic and imported game licenses, indicating a positive trend for the industry [1][3]. Group 1: Market Performance - On September 25, several gaming stocks surged over 5%, including Kunlun Wanwei (300418.SZ), Icefire Network (300533.SZ), and Gigabit (603444.SH) [1]. - The gaming sector's valuation recovery is attributed to various factors, including the continuous issuance of game licenses, with 145 domestic games and 11 imported games approved recently [1][3]. - As of September 25, 2025, the A-share gaming sector comprises 24 listed companies, with some stocks achieving remarkable performance this year [7][8]. Group 2: Regulatory Environment - The National Press and Publication Administration has approved a total of 1,275 games in 2025, significantly higher than the 959 games approved in the same period last year, with an average monthly issuance increasing from 88.8 in 2023 to 132.8 in 2025 [3]. Group 3: Financial Performance - The domestic gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, marking a 14.08% year-on-year increase, setting a historical record [5]. - The A-share gaming sector reported a 22.8% year-on-year revenue growth in the first half of 2025, indicating a strong industry fundamental [5]. Group 4: Company Highlights - ST Huatuo's stock price has increased over 300% this year, making it the highest market cap company in the A-share media sector, with a total market value exceeding 160 billion yuan [9]. - Gigabit's stock rose by 5.67%, with a market value of approximately 47.69 billion yuan, and the company reported a 28.49% year-on-year revenue growth in the first half of 2025 [10][11].

Group 1 - The A-share gaming stocks have shown strong performance, with companies like Iceberg Network rising nearly 10%, and others such as Electric Soul Network, Perfect World, and 37 Interactive Entertainment also experiencing gains. The gaming ETF (159869) has surged over 3.5% [1] - In the past 10 trading days, the gaming ETF (159869) has seen a net inflow of funds amounting to 1.062 billion yuan, indicating strong investor interest [1] - The National Press and Publication Administration announced the approval of 156 games in September, including 145 domestic games and 11 imported games, marking the third month this year with over 150 game approvals [1] Group 2 - Among the newly approved games, notable titles include Tencent's "Return to the Ring," NetEase's "Starry Friends," and Mihayou's "Honkai: Inheritance Spirits," which has over 4.07 million pre-registrations [2] - The total number of game approvals this year has reached 1,275, maintaining a stable monthly issuance frequency and high approval numbers [2]

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].

Market Performance - Major A-share indices showed mixed results, with the Shanghai Composite Index down 0.01% at 3853 points, while the Shenzhen Component Index rose 0.67% and the ChiNext Index increased by 1.58%, reaching a three-year high [1] - The total market turnover was 2.39 trillion yuan, an increase of 446 billion yuan compared to the previous trading day, with over 3800 stocks declining [1] Sector Performance - In September, 145 domestic online games were approved, leading to a rise in the gaming sector, with Glacier Network increasing nearly 7% [1] - The power equipment sector performed strongly, with Shanghai Electric and Jinshi Technology both hitting the daily limit [1] - The superconducting concept was active, with Woer Nuclear Material rising nearly 8% [1] - AI hardware and application sectors saw collective gains, with Cambridge Technology and Inspur Information both hitting the daily limit and reaching new highs [1] - Other sectors with notable gains included holographic technology, blind box economy, and copper cable high-speed connections [1] - Conversely, the precious metals sector declined, with Shandong Gold leading the losses [1] - The shipping and port sector fell, with Nanjing Port dropping over 6% [1] - Gas stocks also saw declines, with Dazhong Public Utilities hitting the daily limit down [1] - Other sectors with significant losses included titanium dioxide, jewelry, and automotive services [1] Top Gainers and Fund Flow - The top gainers included computer hardware (+3.59%) and power generation equipment (+3.20%) [2] - Net capital inflow was observed in the computer hardware and power generation equipment sectors [2] - The five-day gainers included comprehensive categories with a rise of +2.519% [2]