2月3日，游戏ETF（516010）盘中涨超3%，板块热度再度攀升。这一涨势并非偶然，背后是游戏行业基本面的全面向好、多重产业红利的持续释放， 以及资本市场对行业长期投资价值的认可。当前游戏行业正站在"产品供给大年+技术赋能深化+出海稳步进阶"的新起点，行业景气度持续上行，也为相关 指数型产品带来了配置机遇。 对于普通投资者而言，想要把握游戏行业的整体投资机遇，游戏ETF（516010）是便捷且高效的配置工具，无需甄选个股，即可一键布局动漫游戏行业 核心资产。该产品从沪深市场选取动漫制作、游戏开发、平台运营及相关产业链的上市公司证券作为样本，全面反映动漫游戏行业的整体表现。 资金面的表现也印证了市场对该产品的认可，2026年1月该基金曾连续3日获得资金净申购，区间净流入额1.52亿元，2月初更是连续5日资金净流入近2 亿元，资金布局意愿强烈。作为股票型指数基金，其风险收益特征与动漫游戏行业整体一致，高于混合型、债券型基金，适合看好游戏行业长期发展、希望 把握行业整体红利的投资者进行布局。 当前游戏行业正处于政策友好、技术赋能、供给充足的黄金发展期，2026年"产品大年"的红利将持续释放，行业利润率有望维持上行 ...

Core Viewpoint - The release of Google's Project Genie has sparked discussions in the US stock market regarding the risks of AI disrupting game content creation, but the technology is still in its early stages and unlikely to have a substantial impact on game engines, developers' business models, or competitive landscape [1] Group 1: Project Genie and Market Impact - Project Genie is currently limited in aspects such as content generation time, internal consistency, adherence to objective physical laws, and experience repeatability [1] - The significant stock price fluctuations of related companies are primarily driven by concerns over AI narratives rather than actual business fundamentals [1] Group 2: Industry Outlook - The advertising sector within the gaming industry may benefit from the advancements in AI technology [1] - Key companies in the sector are still on a path of fundamental improvement, suggesting that ongoing performance and progress should be monitored [1] - Short-term stock price corrections may present significant opportunities for accumulation [1]

若论2025年中国游戏厂商出海的最热门赛道，休闲游戏无疑稳居榜首。其中，世纪华通旗下的 《Whiteout Survival》表现尤为亮眼，已连续24个月蝉联中国出海手游收入榜首位，成为该赛道的标杆 之作。在头部产品强势领跑的行业格局下，其他游戏企业是否仍存在突围与发展的机会？ "2026年休闲品类游戏的中小厂商仍有机会，现在做得最好的厂商基本都是创业公司，突围关键仍在于 反应速度。小厂尝试新创意的阻碍更小、落地更易、迭代更快，成功概率更高。游戏行业从未有企业能 垄断全局，即便腾讯这样的头部厂商也有自身品类偏好，无法覆盖所有赛道。"1月27日下午， AppsFlyer大中华区总经理王玮在《2026游戏App营销现状报告》媒体解读会上对《每日经济新闻》记者 如是说。 "红利时代中小厂商的机会更多，但即便在当前竞争激烈的环境下，中小厂商依然能凭借更快的动作、 更灵活的迭代，在产品形态、玩法或变现模式上实现创新。大厂虽然可以追赶，但很难垄断这一领 域。"王玮表示，看好游戏行业的持续创新活力，未来仍会有新玩家入局、老玩家转型，行业多样性将 持续保持。 多端布局成出海趋势 眼下，多端布局已成为游戏出海的重要趋势，但各端 ...

What happened: XD launched 'TapTap Create', an AI game creation tool, on January 30, 2026, with XD chairman Mr. Huang live-streaming about the product launch himself. XD positioned the tool as a core 'AI Game Creation Agent', and the key objective is to break down the technical barriers of game creation, enabling average users with no programming or art background to transform their creative ideas into playable games. 'TapTap Create' is not a traditional game engine but rather a platform that utilizes natur ...

Core Viewpoint - The announcement of Google's Genie3 model and TapTap's AI game creation tool is expected to significantly lower the barriers to game development, allowing players to become creators and enhancing the personalization and richness of game supply [1] Group 1: Company Performance - Xindong Company (02400) saw a nearly 7% increase in early trading, with a current rise of 4.01%, priced at 89.4 HKD, and a trading volume of 259 million HKD [1] Group 2: Industry Developments - Google announced the public testing of its world model Genie3 on January 30, enabling users to create real-time interactive virtual worlds through natural language dialogue, with impressive practical results [1] - TapTap launched its AI game creation agent "TapTap Manufacturing," which aims to reduce technical barriers and limitations in game creation, promoting a "zero-barrier creation" era [1] - Open Source Securities reported that advancements in AI model tools could significantly lower game development thresholds, allowing players to become creators and enhancing the value of traffic platforms and distribution channels [1] - Changjiang Securities indicated that AI is expected to reshape the game industry's development chain and construct a new content ecosystem [1]

开源证券发布研报称，AI模型工具能力的跃迁或助力游戏开发门槛大幅降低，玩家可成为创作者，从 而推动游戏供给个性化程度及丰富性大幅提升，进而提升流量平台及分发渠道价值。长江证券则表示， AI有望重塑游戏行业开发链路并构建全新内容生态。 智通财经APP获悉，心动公司(02400)早盘涨近7%，截至发稿，涨4.01%，报89.4港元，成交额2.59亿港 元。 消息面上，1月30日，谷歌宣布世界模型Genie3开启公测，用户可通过自然语言对话，生成类似于游戏 的实时交互虚拟世界，实测效果惊艳。同日，TapTap正式推出AI游戏创作智能体"TapTap制造"，这款 以"想到就能做到"为核心理念的AI智能体，将通过AI与平台能力的结合，降低游戏创作的技术壁垒与门 槛限制，推动游戏进入"0门槛创作"时代。 ...

Genie3真的利空游戏吗？ ①Genie3定义了一种新的可交互内容，但是很难称之为游戏。 由于技术限制，过往游戏基本是唯一的可交互式内容；而Genie3能做到的事情是让用户"走进图片（step into a picture)"，创造了一种可交互式内容的新形式，而非做游戏。 游戏核心要素是可玩性，通过一系列玩法机制，让用户产生多巴胺；一个成功的商业游戏，还要搭配社区运营、 活动运营、商业化体系搭建等多个环节，是一个系统化的工程。 30日晚谷歌公测世界模型Genie3，用户可以通过图片上传（可选）+提示词输入，创造环境并控制角色自由活 动。 周五晚美股游戏产业链大跌，Unity（引擎+广告）-24%，Roblox（UGC平台）-13%，Take-Two（研发商）-8%，市 场交易AI颠覆游戏产业链的叙事。 观点：开拓了一种新的可交互内容范式，但无法颠 Genie3真的利空游戏吗？ 30日晚谷歌公测世界模型Genie3，用户可以通过图片上传（可选）+提示词输入，创造环境并控制角色自由活 动。 周五晚美股游戏产业链大跌，Unity（引擎+广告）-24%，Roblox（UGC平台）-13%，Take-Two（研发商） ...

Summary of Conference Call on Genie and Its Impact on the Gaming Industry Industry Overview - The discussion centers around the gaming industry, particularly the impact of Genie on various gaming companies and platforms, including Unity, Roblox, and Take-Two Interactive [1][2]. Core Insights and Arguments 1. **Genie's Non-Disruptive Role**: - Genie is not expected to "disrupt" the gaming industry. Instead, it may benefit smaller game developers (CPs) that possess strong gameplay innovation and deep user demand insights, even if their production capabilities are average or lagging [2][3]. 2. **Creation of a New UGC Platform**: - Genie has the potential to create a new user-generated content (UGC) distribution platform, akin to a gaming version of TikTok, which could empower ordinary users to "create worlds" [3][5]. 3. **Limitations in 3D Modeling**: - Currently, Genie cannot replace the modeling capabilities of established engines. Its foundation is not based on 3D modeling but rather on generating unpredictable video content [3][5]. 4. **User Experience with Genie**: - As of now, Genie is available only to Gemini's Ultra members, offering a core experience of "one-click generation of a world and characters" within a 60-second timeframe. Users can also explore worlds created by others [3][4]. 5. **Low Barrier for Map Generation**: - The ability to generate game maps has become significantly easier, allowing ordinary individuals to participate. However, creating engaging games requires more than just map generation; it involves gameplay design, character design, social interaction, and complex monetization systems, which AI currently cannot fully replicate [4][5]. Additional Important Points - **Market Reaction**: - The panic observed in the stock market regarding traditional gaming companies following the introduction of Genie is considered overly severe [5]. - **Visual Experience Focus**: - The experience provided by Genie is described as visually intensive, offering a "60-second experience of a new world," which is lighter in gameplay but heavier in visual engagement [5]. - **Comparison with Established Engines**: - Genie is fundamentally different from traditional engines like Unity and Unreal, as it focuses on generating interactive videos rather than calculating polygons and lighting [5].

智通财经APP获悉，2月2日消息，巨人网络(002558.SZ)旗下《超自然行动组》日活跃用户(DAU)正式突破 1000 万，成为当前 A 股市场唯一拥有单款日活过 千万产品的游戏公司。在中国游戏行业整体进入存量竞争的背景下，一款新产品能够在上线一年内持续拉升用户规模，并长期占据畅销榜，属极为罕见的现 象。 市场数据显示，在用户规模持续增长的同时，该产品收入表现稳健，长期稳居 iOS 游戏畅销榜前列，显示出强劲的商业化能力。这一成绩不仅刷新了市场 对新游戏成长速度的认知，也为近年来备受关注的"摸金搜打撤"玩法赛道，提供了一个清晰、可验证的成功范本。 作为国内摸金搜打撤玩法的开创者，《超自然行动组》从立项到上线仅用较短周期完成产品验证。公开信息显示，该项目在相对克制的投入条件下完成了核 心玩法与系统搭建，并在上线后迅速跑通留存与增长模型。《超自然行动组》以显著低于行业惯性的投入跑通大 DAU 模型，使其不仅成为一款现象级产 品，也被视为近年来少见的高 ROI 样本，引发了行业与资本市场对"非工业化增长路径"的重新讨论。 从行业视角看，《超自然行动组》的增长并非建立在短期爆发或单点营销之上。过去一年中，"搜打撤 ...

Core Viewpoint - Giant Network has successfully returned to the "billion-dollar club" with a market value exceeding 100 billion yuan, driven by the strong performance of its new game "Supernatural Action Group" and the return of founder Shi Yuzhu [2][3][4]. Group 1: Company Performance - Giant Network's revenue in Q3 2022 reached 1.706 billion yuan, a year-on-year increase of 115.63%, with a net profit of 640 million yuan, up 81.19% [3]. - The company's stock price has fluctuated significantly, with a peak of over 40 yuan in September 2022, reflecting high investor expectations [2]. - In 2023 and 2024, the company achieved revenues of 2.924 billion yuan and 2.923 billion yuan, respectively, with net profits of 1.086 billion yuan and 1.425 billion yuan [11]. Group 2: Game Development Strategy - The game "Supernatural Action Group" has gained popularity, reaching over 1 million concurrent users and ranking in the top 20 on various app stores [3][4]. - The game focuses on "gameplay" rather than traditional data-driven strategies, emphasizing user engagement and iterative development [4][5]. - Shi Yuzhu's return has reinvigorated the company's focus on game quality, with a shift towards player experience over revenue metrics [9][11]. Group 3: Organizational Changes - The company has undergone significant restructuring, reducing management layers and promoting a culture of innovation and responsiveness to player feedback [14][15]. - Young talent has been prioritized in leadership roles, with a focus on creating a more dynamic and responsive organizational structure [16][17]. - Shi Yuzhu has emphasized the importance of a "youthful" approach to game development, encouraging younger team members to take on leadership responsibilities [17]. Group 4: AI Integration - AI has been identified as a critical area for future growth, with plans to integrate AI tools into game development and operations [19][22]. - The company has begun building an AI tool platform to enhance product development, including models for dialogue, art generation, and voice synthesis [23]. - AI is being utilized to create more dynamic and engaging gameplay experiences, such as real-time NPC interactions that mimic human behavior [23].