Core Viewpoint - Super League has appointed Marti Frucci to its Board of Directors and CEO Matt Edelman will also take on the role of Chairman of the Board, effective January 1, 2026, signaling a strategic governance realignment as the company aims for growth in the gaming and media sectors [1][4]. Company Overview - Super League (Nasdaq: SLE) specializes in playable media, enabling brands to engage gaming audiences through playable ads and gamified content across various platforms [9]. - The company leverages proprietary technologies and a development studio to create impactful brand experiences in an attention-driven economy [9]. Leadership Changes - Marti Frucci, with over 30 years of experience in investment banking and more than $20 billion in transactions, has been appointed to the Board, bringing extensive expertise in Telecom, Media, and Technology sectors [2]. - Matt Edelman will transition to the role of Chairman of the Board, emphasizing his commitment to the company's growth and governance [4]. Strategic Insights - Frucci's appointment is seen as timely for Super League, as her deep knowledge of transaction structures and fundraising strategies is expected to support the company's growth plans [4]. - Frucci expressed enthusiasm about joining the Board at a pivotal moment, highlighting her confidence in the leadership team's ability to scale the company and explore transformative opportunities in the digital asset space [4].

Core Insights - Super League has acquired an interest in the popular Roblox game Hide or Die!, which has been visited over 570 million times in 16 months, marking a strategic shift towards ownership of cash-generating assets in the gaming sector [1][2] - The acquisition is expected to enhance Super League's profitability and provide brand partners access to a large, engaged audience on Roblox, which has 151.5 million average daily active users as of September 30, 2025 [5][2] - The gaming industry is increasingly recognized for its cultural significance, with over 80% of individuals under 45 in the U.S. playing video games, highlighting a gap in monetization opportunities that Super League aims to exploit [2][5] Company Strategy - The CEO of Super League emphasized the importance of acquiring proven, revenue-generating properties like Hide or Die! to build a portfolio of equity ownership interests, providing long-term flexibility in value structuring [2][4] - The company aims to leverage its capabilities in scalable media solutions and branded content activations to drive revenue growth and deliver sustainable shareholder returns [2][4] Market Context - Roblox continues to demonstrate significant engagement, with users conducting over 50 million searches and updating avatars 274 million times daily, indicating a strong market for branded virtual apparel [5] - The creators of Hide or Die! have benefited from the Roblox Developer Exchange Program, which has generated over $1 billion globally in the past year, showcasing the financial potential within the platform [6]

Core Insights - PHND has partnered with Magnite to introduce programmatic advertising in cloud gaming on Smart TVs, allowing brands to connect with players in a new way [1][4] - This collaboration aims to provide free access to a wide range of quality games while enabling advertisers to target audiences effectively in a brand-safe environment [3][4] Group 1: Partnership Overview - PHND is leveraging Magnite's SpringServe ad server and programmatic capabilities to unlock both direct and programmatic advertising across its extensive library of games [1][2] - The partnership marks the introduction of programmatic advertising at scale in a console-quality gaming environment on Smart TVs [2][3] Group 2: Advertising and Monetization - Advertisers will have access to diverse, brand-safe inventory across leading Smart TVs, allowing for tailored campaigns based on demographics, interests, and play behavior [3] - The collaboration is expected to create sustainable revenue streams for developers while enhancing the player experience with non-intrusive ad formats [3][4] Group 3: Market Positioning - As Smart TVs become the primary hub for entertainment, this partnership positions PHND and Magnite to capitalize on the growing trend of ad-supported cloud gaming [4] - The collaboration is seen as a significant step in making ad-supported cloud gaming a mainstream entertainment channel [4]

Core Insights - Expanse Studios, a subsidiary of Golden Matrix Group Inc., reported substantial year-over-year growth in its 2025 operational review, driven by expanded distribution and enhanced content portfolio [1][2]. Group 1: Operational Performance - Expanse Studios achieved significant operational scale expansion in 2025 compared to 2024, reflecting increased platform utilization across regulated jurisdictions in Europe, Latin America, and other key markets [2]. - The year-over-year growth was driven by securing regulatory certifications in new jurisdictions, notably Romania, Sweden, and Croatia, which expanded the addressable market footprint [3]. - The studio launched 10 new game titles in 2025, diversifying its content library to meet operator demand for localized and innovative gaming experiences [4]. Group 2: Performance Metrics - Platform performance increased by 484% year-over-year [9]. - The active player base grew by 282% year-over-year [9]. - Content engagement performance saw a rise of 451% year-over-year [9]. Group 3: Company Overview - Expanse Studios specializes in B2B iGaming content, providing a growing portfolio of 56 proprietary titles and powering over 1,300 casino brands across Europe, LATAM, and North America [7]. - Golden Matrix Group Inc. operates globally through B2B divisions and B2C operations, including various gaming platforms and services [8].

Core Insights - The issuance of game licenses in December 2025 remains high, with 144 domestic games and 3 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2] - In 2025, a total of 1,771 game licenses were approved, representing a 25.07% increase from 1,416 in 2024, with domestic games accounting for 1,676 licenses and imported games for 95 [2] Group 1 - The December issuance of game licenses saw a slight decline but still maintained a high level, covering various types of products and well-known manufacturers [2] - Notable games approved in December include Tencent's "QQ Classic Farm," Le Element's "Silver City," and others, highlighting the diversity in game offerings [2] - The competitive landscape for the "National Style Immortal" genre is expected to intensify in 2026, with major companies like Perfect World and NetEase also launching similar products [2] Group 2 - The game "Seven Realms Dream" is highlighted for its unique "National Style Immortal" theme and innovative "Transformation" combat system, which emphasizes strategic switching during battles [2] - The success of "Seven Realms Dream" will depend on its differentiation in theme, innovative gameplay experience, and the team's ability to replicate the success of previous titles like "A Dream of Jianghu" [2]

Core Insights - In December 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively generating $1.95 billion, which accounts for 34.6% of the total revenue of the global TOP 100 mobile game publishers [1] Group 1: Company Performance - Tencent secured the top position in global mobile game publisher revenue for December 2025, driven by multiple successful products in its portfolio [1] - The popular MOBA game "Honor of Kings" continued to lead the iOS mobile game sales chart in China, with annual revenue exceeding $2 billion for 2025 (excluding third-party Android channels in China) [1] - The chess mobile game "Teamfight Tactics" experienced a resurgence, with a 50% increase in revenue in December due to the new "League of Legends Legends" season and the "Immortal Legendary Summon" event [1] - The hit FPS game "Delta Force" emerged as a significant growth driver, with a staggering 29-fold year-on-year revenue increase in 2025, surpassing $500 million in cumulative revenue [1]

Leadership Alignment - Table Trac, Inc. announced an alignment of its executive leadership team to support the advancement of its technology platform and expand market presence, effective January 1, 2026 [1] - Chad Hoehne will transition from CEO to President and Chief Technology Officer, focusing on product development, innovation, and AI initiatives [2] - Randy Gilbert, the current CFO, will become the new CEO, bringing operational discipline and a strategic growth mindset to accelerate performance and elevate market presence [3] Commitment to Innovation - The leadership changes reinforce Table Trac's commitment to innovation, technology, execution, and customer delivery, ensuring the company can meet the evolving needs of the gaming industry [4]

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Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - Asia IG names were unchanged to 2bps tighter in the morning, with flows favoring higher - yielding issues in greater Asia and LGFV spaces [3] - Macau's gaming industry had solid GGR growth in 2025, and the 2026 target seems conservative [6] - China's PMI signaled a temporary improvement, with expected GDP growth decline from 5% in 2025 to 4.8% in 2026, and potential policy stimulus [3][10][11][15] Summary by Related Catalogs Trading Desk Comments - ARAMCO 35s tightened 1bp, FABUH 30 widened 5bps last Friday [2] - Chinese IG names had spreads changes of 5bps tighter to 4bps wider, NWDEVL Perps rose 0.2 - 1.9pts, VDNWDL 9 Perp increased by 1.4pts [2] - The buy recommendation on NWDEVL 5.25 Perp and NWDEVL 8.675 02/06/28 was changed to neutral, and a buy on VDNWDL 9 Perp was initiated [2] - Lai Sun Development's Chairman made a profit of USD11.3mn from trading LASUDE 26, and LASUDE 26 was up by 0.8pt [2] - Various bonds in different regions and industries had price and spread changes, such as Macau gaming, Chinese properties, JP, and SE Asia [2] Last Trading Day's Top Movers - Top performers included VLLPM 9 3/8 07/29/29 with a 3.3 price change, NWDEVL 5 1/4 PERP with a 1.9 change [4] - Top underperformers included FTLNHD 11.88 09/30/27 with a - 0.9 change, COSL 2 1/2 06/24/30 with a - 0.9 change [4] Macro News Recap - S&P (+0.19%), Dow (+0.66%) and Nasdaq (-0.03%) were mixed last Friday, and Trump made a statement about Venezuela [5] - 5/10/30 year UST yield was higher, with 2/5/10/30 year yield at 3.47%/3.74%/4.19%/4.86% [5] Desk Analyst Comments - Macau Gaming - Macau's GGR in Dec'25 increased 14.8% yoy to MOP20.9bn, and cumulatively in 2025, it increased 9.1% to MOP247.4bn, 84.6% of 2019 level [6] - In 2025, tourist arrival was 40.1mn, up 15% yoy and exceeding the 2019 record [6] - Macau government's 2026 GGR target of MOP236bn seems conservative [6] - MPELs and STCITYs are top picks, WYNMAC'27 and '29 are yield - pick - up plays, and neutral on MGMCHIs, SANLTDs, and SJMHOLs [7] Desk Analyst Comments - China Economy - China's manufacturing PMI rebounded in December but recovery was fragile due to seasonality [10][11][12] - Demand improved with new orders expanding and export orders approaching expansion, deflation pressure eased [10][11][12] - Service PMI remained in contraction, construction PMI rebounded [11][13] - Growth is expected to be under pressure in early 2026, potentially triggering policy stimulus [11][14][15] - Expect a 50bp cut in RRR and a 10bp cut in LPR in 1Q26, an additional 10bp LPR cut in 3Q26, and broad fiscal deficit at 8.5% in 2026 [11][14][15] Offshore Asia New Issues - No new offshore Asia issues were priced on the last trading day [17] - Pipeline issues include BOC Aviation, Export - Import Bank of India, and Hyundai Capital America with various tenors and coupon rates [18] News and Market Color - Onshore primary issuances suspended last Friday during the New Year Holiday [21] - China will broaden fiscal spending in 2026 and prioritize domestic demand [21] - Multiple corporate events such as China Jinmao's redemption, CTF Services' acquisition lapse, and rating changes [21]

1月5日早盘，A股网络游戏概念保持强势，游戏ETF（159869）现仍涨近4%，持仓股中，三七互娱 涨停，恺英网络涨超7%，星辉娱乐、富春股份、迅游科技、巨人网络、冰川网络均涨超3%。游戏ETF （159869）近10个交易累计"吸金"达11.71亿元。截至12月31日，该ETF规模已达126.11亿元，为投资者 布局A股游戏龙头提供了便捷工具。 1月4日，腾讯旗下射击手游《三角洲行动》核心玩法更新"航天基地2.0"单项测试正式开服。S8赛 季体验服招募同步启动，玩家可通过官方渠道报名参与，招募截止时间为1月7日，预计1月中旬体验服 正式开测。此次双测试联动，既是对核心玩法的迭代优化，也为新赛季内容预热，引发行业广泛关注。 作为腾讯射击赛道的核心单品，《三角洲行动》此次航天基地2.0的深度更新，直接回应了此前玩家对 玩法创新性的质疑。若测试数据向好、用户留存回升，将有效修复市场对产品生命周期的担忧，为腾讯 游戏板块带来短期情绪催化，同时强化其在射击品类的头部地位，支撑业绩稳定性预期。 12月25日，国家新闻出版署公布了2025年12月游戏版号审批信息其中144款国产网络游戏与3款进口 网络游戏版号过审，7款游 ...