Core Insights - The mobile gaming industry is experiencing significant shifts in revenue rankings, with "Honor of Kings" maintaining its top position, generating $1.05 billion in the first half of the year [1]. Group 1: Revenue Rankings - "Honor of Kings" remains the highest-grossing game with $1.05 billion in revenue [1]. - "Last War: Survival Funfly" and "Whiteout Survival" have risen to second and third place, respectively, with revenues of $895 million and $834 million, marking a substantial increase from their previous rankings [2]. - "Royal Match" and "PUBG Mobile" follow, with revenues of $813 million and $734 million, respectively, showing notable year-on-year growth [2]. Group 2: Year-on-Year Growth - "Last War" saw its revenue surge from $438 million in the previous year to $895 million, while "Whiteout Survival" experienced a similar increase from $369 million to $834 million [2]. - "Royal Match" and "PUBG Mobile" also reported significant growth, with "Royal Match" increasing by approximately $200 million to $813 million and "PUBG Mobile" growing by about $120 million to $734 million [2]. Group 3: Other Notable Performances - "Monopoly Go" experienced a slight decline in revenue from over $700 million to approximately $683 million [3]. - "Candy Crush Saga" grew by about $90 million to $619 million, despite layoffs at its parent company, King [3]. - "Pokémon TCG Pocket" debuted strongly with $488 million in revenue but showed signs of declining popularity, dropping from nearly $100 million monthly to about $55 million by June [3]. Group 4: Stability and Declines - "Coin Master" demonstrated stability with a revenue of $385 million, reflecting a modest increase of $15 million [4]. - "Roblox" faced a significant decline in revenue from $563 million to $361 million, attributed to missing iOS income [5]. - Among the top 20 games, "Pokémon Go" grew by nearly $30 million to $287 million, while "崩坏：星穹铁道" saw a decline of $110 million to $269 million [6]. Group 5: Emerging Trends - Older games like "Monster Strike" and "Clash of Clans" are experiencing a slow decline, while "Clash Royale" is regaining momentum [8]. - Newer titles such as "鸣潮" and "Travel Town" are gaining traction, with revenues of $133 million and $127 million, respectively [8].

Core Viewpoint - Chengdu has experienced significant population growth, with a 30% increase over the past five years, reaching a resident population of 21.47 million, which has elevated its urbanization rate above the national average [3][4][5]. Population Growth and Composition - Chengdu's resident population increased from 16.58 million to 21.47 million over five years, with a net increase of nearly 4.9 million [3][4]. - In 2020, Chengdu's resident population was 20.93 million, with 6.39 million being external migrants, accounting for 31% of the total population [5][6]. - The majority of incoming migrants are from within Sichuan province (77%), with notable external migration from Chongqing and Henan [5][6][7]. Reasons for Migration - The primary reasons for migration to Chengdu are employment (55%) and education (13%) [8]. - Chengdu's rich educational resources have led to an increase in university students from 972,000 in 2019 to 1.307 million by 2024, ranking fourth nationally [9]. Labor Market Dynamics - The job market in Chengdu has become increasingly competitive, with a decrease in the job-seeker ratio from 2.39 in Q1 2021 to 1.43 in Q1 2025, indicating a tightening labor market [13]. - Despite the competitive environment, Chengdu's job market remains attractive, with a significant increase in job offerings, growing from 59,400 in Q1 2021 to 1.0165 million in Q1 2025 [13]. Economic Development and Population Density - Chengdu's population density in 2024 is projected to be 1,498 people per square kilometer, significantly lower than the threshold identified for economic development [15][16]. - Scholars suggest that China's urban population density is still lagging behind developed countries, indicating potential for further growth [16]. Quality of Life and Living Conditions - Chengdu is recognized for its livability, being ranked as the top new first-tier city for 11 consecutive years and the happiest city for 16 years [19]. - The city offers a vibrant lifestyle with a mix of modern amenities and cultural experiences, making it appealing for residents [22][24]. - Rental prices in Chengdu are lower compared to first-tier cities, with newer housing options available [23]. Conclusion - Chengdu's rapid population growth, competitive job market, and high quality of life contribute to its status as a major urban center in China, attracting both internal and external migrants [3][4][19][24].

Core Viewpoint - The article discusses the challenges and dynamics of the job market for the 12.22 million college graduates of the 2025 cohort, emphasizing the increasing competition and the need for effective employment strategies to ensure high-quality job placements [1][19]. Group 1: Employment Trends and Challenges - The number of college graduates in 2025 is expected to reach 12.22 million, an increase of 430,000 from 2024, creating significant pressure on the job market [1][8]. - The employment situation is characterized by structural contradictions, with some industries experiencing a shortage of talent while others, like the internet and real estate sectors, are seeing a decline in demand [8][9]. - The trend of "slow employment" is emerging, where graduates delay entering the job market to pursue further education or better job opportunities, influenced by high expectations from parents and society [14][15]. Group 2: Job Search Experiences - Graduates are increasingly facing challenges in securing job offers, with many submitting numerous applications and attending multiple interviews without success [4][5]. - The job application process has become more competitive, with the use of AI in initial screening and an increase in the number of interview rounds [5][9]. - Graduates are advised to broaden their job search beyond traditional sectors and consider opportunities in emerging industries, which may offer better prospects [8][9]. Group 3: Skills and Employment Readiness - The rapid advancement of technology, particularly AI, is reshaping job requirements, necessitating higher skill levels and adaptability among graduates [24][25]. - Graduates are encouraged to enhance their skill sets, including digital literacy and soft skills, to remain competitive in a changing job landscape [25][26]. - The article highlights the importance of early career planning and skill development during university to align with market demands [25][26]. Group 4: Policy and Support Measures - The Chinese government has initiated a "100-day sprint" action plan to improve employment outcomes for graduates, focusing on expanding job opportunities and providing targeted employment guidance [19][20]. - Policies are being developed to support graduates in securing positions in various sectors, including public service and small to medium enterprises [19][21]. - There is a call for a diversified approach to employment policies to attract and retain talent, particularly in less developed regions [18][19].

Market Overview - The Hang Seng Index opened lower due to escalating tensions in the Middle East, dropping nearly 200 points before recovering slightly [1] - By midday, the Hang Seng Index was down 0.13%, closing at 23,498.82 points, while the Tech Index was close to flat at 5,133.02 points [1] - The total market turnover reached 108.206 billion HKD [1] Sector Performance - The semiconductor and new consumption sectors showed strong performance [1] - The port and shipping sector had notable gains, while oil stocks experienced a pullback [1] - Mobile gaming and film sectors faced declines [1] Notable Stocks - Semiconductor company SMIC (00981.HK) saw a rise of 4.94% [1] - Lao Pu Huang Jin (06181.HK) increased by 7.12% [1] - Sanhua Intelligent Control (02050.HK) experienced a drop of 2.13% on its first trading day [1] - Bilibili (09626.HK) fell by 0.89% [1]

Group 1: Recent IPOs - Haitian Flavor Industry, a leading condiment company from Foshan, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 10.129 billion with a market capitalization of HKD 212.3 billion [1] - Black Eye Technology, a mobile game developer from Hong Kong, filed for an IPO on NASDAQ, planning to issue 1.5 million shares to raise about USD 6 million [2] - Jiamei New Materials, a nylon product manufacturer from Fuzhou, submitted an IPO application to NASDAQ, aiming to raise approximately USD 6 million [3] - Hope Sea Inc, a comprehensive supply chain solutions provider from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange, focusing on cross-border supply chain solutions for electronic products [4] - Wolong Nuclear Materials, a high-speed copper cable manufacturer from Shenzhen, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [5] - Banou, a hot pot enterprise from Beijing, filed for an IPO on the Hong Kong Stock Exchange, claiming to be the largest brand in China's quality hot pot market with a 3.1% market share [6] - Xin'ao Co., a private natural gas company from Langfang, submitted an IPO application to the Hong Kong Stock Exchange, leveraging over 30 years of operational experience [7] - Anmai Biotech, a Shanghai-based biotechnology company, filed for an IPO on the Hong Kong Stock Exchange, focusing on T-cell connectors for cancer and autoimmune disease treatments [8] - Vision Electronics, a commercial display equipment company from Guangzhou, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [9] - Haizhi Technology, an AI company from Beijing, filed for an IPO on the Hong Kong Stock Exchange, ranking fifth among industrial AI providers in China by revenue [10] - Diguantong, a fintech platform from Macau, filed for an IPO on the Hong Kong Stock Exchange, aiming to connect global capital with China's micro-economy [11] - Yuxin Technology, a fintech solution provider from Beijing, submitted an IPO application to the Hong Kong Stock Exchange, focusing on full-stack technology solutions for financial institutions [12] - Zhaowei Electromechanical, a provider of integrated micro-drive systems from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange [13] - Meige Intelligent, a wireless communication module provider from Shenzhen, submitted an IPO application to the Hong Kong Stock Exchange, ranking fourth globally in wireless communication module revenue [14] - Jiyi Technology, a cross-border e-commerce service provider from Suzhou, filed for an IPO on the Hong Kong Stock Exchange, leading in cross-border e-commerce operations in China [15] Group 2: Upcoming IPOs - Xiangjiang Electric, a home appliance manufacturer, is set to launch an IPO from June 17 to June 20, aiming to raise approximately HKD 212 million [16] - Cao Cao Mobility, a travel technology platform, plans to launch an IPO from June 17 to June 20, targeting to raise about HKD 1.853 billion [17] - Saint Bella, a comprehensive home care brand group, will conduct an IPO from June 18 to June 23, aiming to raise around HKD 628 million [18] - Zhou Li Fu, a jewelry company, is set to launch an IPO from June 18 to June 23, targeting to raise approximately HKD 1.123 billion [19] - Yingtong Holdings, a perfume brand management company, plans to conduct an IPO from June 18 to June 23, aiming to raise about HKD 1.127 billion [20] Group 3: Regulatory Approvals - Ten companies, including Tianyu Semiconductor and Shuangdeng Group, received approval from the China Securities Regulatory Commission for overseas listings and "full circulation" of unlisted shares [21]

Company Overview - Jiangsu Zongyi Co., Ltd. is focused on three core business segments: information technology, new energy, and equity investment, aiming for sustainable development through quality improvement and external expansion [6][20]. Meeting Details - The 2024 Annual General Meeting is scheduled for June 27, 2025, with both on-site and online voting options available [2][5]. - The meeting will include a series of agenda items such as the announcement of attending shareholders, review of meeting proposals, and voting results [5][6]. Business Performance - The company has been actively exploring opportunities in the new energy sector through mergers and acquisitions, particularly in the photovoltaic power generation field [6][15]. - The information technology segment includes chip design and application, mobile gaming, and IT services, with a focus on integrated circuits and smart card businesses [6][7]. Subsidiary Developments - Tianyi Integrated, a subsidiary, is transitioning its business model in response to the decline in cash and card payment demands, focusing on hearing aid chip production [7][8]. - Nanjing Tianyue, another subsidiary, is developing hearing aid chips with a focus on the mid-to-low-end market, aiming to increase market share through strategic partnerships [8][21]. Market Trends - The global hearing aid market is expected to grow significantly, with China's market projected to reach 8.07 billion RMB by 2025, driven by increased awareness and government subsidies [20][21]. - The integrated circuit industry is undergoing transformation due to supply chain challenges and technological advancements, with a focus on embedded chips and security products [22][23]. Financial Performance - The financial performance of subsidiaries varies, with some facing challenges due to market competition and economic conditions, while others are achieving stable growth [11][18]. - Jiangsu Zongyi's investment in subsidiaries like Xinju Environmental is aimed at enhancing operational efficiency and expanding into the environmental protection sector [27][29]. Industry Outlook - The renewable energy sector, particularly solar energy, is experiencing rapid growth, with China's photovoltaic capacity expected to exceed 1,889 GW by the end of 2024 [26]. - The smart card industry is evolving with increased competition and technological advancements, presenting new opportunities for growth [24][25].

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Group 1 - Hong Kong mobile game stocks experienced a significant afternoon rally, with Bilibili (09626.HK) rising over 10% [1] - NetDragon (00777.HK) saw an increase of more than 4% [1] - Both Xindong Company (02400.HK) and NetEase (09999.HK) each rose by over 2.5% [1]

Core Insights - The global mobile game revenue rankings for May 2025 have been released, showing significant performance variations among top games [1][2]. Group 1: Top Performers - "Honor of Kings" by Tencent continues to lead the chart with a revenue of $184 million in May, maintaining its position after regaining the top spot in April [1][2]. - "Whiteout Survival" and "Last War: Survival" are in a close competition for the second position, with revenues of $137 million and $133 million respectively, marking their third consecutive month of rank changes [2][3]. - "PUBG Mobile" ranks fifth with a revenue of approximately $119 million, showing a slight month-over-month increase [3]. Group 2: Revenue Fluctuations - "Royal Match" experienced significant revenue fluctuations, earning about $127 million in May after peaking at nearly $145 million in March [2]. - "Candy Crush Saga" and "Monopoly Go" followed closely with revenues of $105 million and $100 million, both showing slight declines [3]. - "Pokémon TCG Pocket" saw its revenue rebound to over $80 million, heavily influenced by new card pack releases [3]. Group 3: Rankings 11-20 - The rankings from 11 to 20 include "Gossip Harbor" at $42.4 million, "Brawl Stars" at $38.9 million, and "Honkai: Star Rail" at $38.5 million, indicating a steady performance for these titles [4][5]. - "Gossip Harbor" has shown consistent growth since its launch in mid-2022, achieving a new high in May [5]. - "Fate/Grand Order" made a notable comeback to the top 20 with a revenue of $32.1 million [5].

Core Viewpoint - The recent earnings performance of technology companies was in line with expectations, and the market is looking for new catalysts to drive growth, particularly in terms of revenue or profit guidance exceeding expectations [1] Group 1: Market Insights - After the favorable factors related to Deepseek have diminished, the market requires new news to maintain optimism [1] - The next potential catalyst for the market could be companies providing revenue or profit guidance that surpasses expectations [1] Group 2: Stock Selection Strategy - Current stock selection should avoid highly competitive sectors, such as food delivery platforms [1] - In contrast, the revenue visibility for mobile gaming companies is high, especially with the continuous issuance of game licenses by the central government, indicating a positive outlook for this sector [1]