Core Viewpoint - The gaming sector is experiencing a strong performance, with multiple stocks showing significant gains and the gaming ETF (516010) rising over 6%, indicating a potential golden development period for the industry [1]. Industry Performance - The gaming ETF (516010) has seen a year-to-date increase of over 27% as of June 30, with its latest scale reaching 2.053 billion, an increase of 555 million this year [5]. - The top ten holdings in the gaming ETF include stocks like Kaiying Network and Giant Network, which have hit the daily limit, while others like 37 Interactive Entertainment and Perfect World have risen over 6% [3]. Regulatory Environment - In June, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, marking the highest number of approvals in recent years [3]. - As of now, a total of 812 game licenses have been issued for 2025, with domestic games dominating at 757 licenses compared to 55 for imported games [4]. - A new policy from the Zhejiang Provincial Government, effective July 10, 2025, aims to support the international expansion of the gaming industry, reflecting strong governmental support for the sector [4]. Market Outlook - Analysts from CITIC Securities express optimism about the performance of new games during the summer, supported by high-frequency data exceeding expectations and ongoing policies promoting international expansion [5]. - The domestic gaming market is projected to reach a size of 857.04 billion in Q1 2025, with a year-on-year growth of 17.99% [5]. - The application of AI technology in the gaming industry is becoming clearer, with expectations for more AI-native games to emerge, potentially leading to a revaluation of the gaming sector [6].

Group 1 - The gaming sector is experiencing a strong recovery, with the gaming ETF (159869) surging by 6.28% and all constituent stocks showing positive performance, including significant gains from companies like Giant Network and Kyeing Network [1] - A total of 158 games received approval for release in June, marking a recent high, with notable titles from both domestic and imported categories, indicating a robust pipeline for the industry [1] - Giant Network's game "Space Kill" has introduced AI-native gameplay, enhancing its position in the AI gaming sector, with millions of players participating in various game modes [1] Group 2 - Huaxi Securities highlights that the regular issuance of game licenses reflects ongoing regulatory support for the industry's healthy development, improving supply-side dynamics and injecting new momentum into the market [2] - The stability of policies enhances the predictability of domestic manufacturers' R&D and publishing plans, steering resources towards high-quality and long-term projects [2] - The gaming sector is catalyzed by transformations in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

Core Viewpoint - The A-share gaming stocks experienced a significant upward movement during trading, with several companies reaching their daily limit up [1] Company Performance - Kying Network hit the daily limit up, indicating strong investor interest and confidence in the stock [1] - Giant Network, Xunyou Technology, Iceberg Network, 37 Interactive Entertainment, and G-bits all saw their stock prices increase by over 4%, reflecting a positive trend in the gaming sector [1]

6月27日，游戏板块早盘震荡回调，游戏ETF（159869）现小幅微跌。持仓股跌多涨少，完美世界、巨人网络、三七互娱、掌趣科技、恺英网 络等跌幅居前，仅华立科技、富春股份、神州泰岳、顺网科技等小幅微涨。 6月24日，国家新闻出版署公布6月游戏审批版号名单，本批次版号数量创今年新高。与此同时，广东、北京相继出台网络游戏高质量发展激励 措施，优质项目将给予最高500万元扶持奖励，浙江也出台了支持游戏出海的相关措施。业内人士认为，在版号放量与地方政策加持的背景 下，游戏产业将迈向高质量发展。 2024年，广东游戏总营收达2604.31亿元，约占全国八成，同比增长6.3%；游戏出海营收达423.6亿元，同比增长9.9%。今年5月，广东瞄准"全 球游戏产业高地"目标，推出全国首个省级游戏产业专项政策《关于推动网络游戏产业高质量发展的若干措施》，出台13条举措覆盖原创精 品、科技创新、产业集群等全链条。 政策明确对优质项目最高奖励500万元，重点支持AI、游戏大模型等前沿技术，并推动"游戏+文旅"跨界融合，成立游戏企业服务中心和游戏 出海服务中心。在此背景下，广东正在加快打造"全球游戏产业高地"，6月26日，广东（广州） ...

Core Insights - Giant Network's social deduction game "Space Kill" has launched a new AI-native gameplay called "Endgame Duel," collaborating with major domestic AI models from Alibaba, Tencent, and ByteDance, marking a significant innovation in the gaming industry [1][2] - The new gameplay introduces a PvPvE (Player vs Player vs Environment) structure, allowing for a competitive dynamic involving real players and AI agents, enhancing the gaming experience [1][2] Gameplay Mechanics - In "Endgame Duel," two real players take on opposing roles of "imposter" and "crew member," while a domestic AI model is randomly integrated to control multiple AI players, transitioning from "players challenging AI" to "players controlling AI in competition" [1] - The AI agents possess human-like reasoning, real-time interaction, and strategic adjustment capabilities, acting as a "third force" that can form alliances and influence the game's outcome [2] Strategic Complexity - This dynamic multi-party competitive model significantly increases the game's strategic complexity and interaction depth, making each match filled with variability and strategic tension [2] - The introduction of a data module for model performance tracking provides real-time insights into win rates, reasoning speed, and other metrics, enhancing public engagement and promoting the integration of AI technology with gaming entertainment [2]

Core Insights - The establishment of the Guangdong (Guangzhou) Game Overseas Service Center and the Guangdong (Guangzhou) Game Enterprise Service Center marks a significant step in optimizing the business environment and supporting the growth of game enterprises in Guangdong [1][2] Group 1: Service Centers Overview - The two service centers aim to create a "global expansion + local empowerment" synergy, facilitating Guangdong's ambition to become a global gaming industry hub and enhance cultural export [1] - The Game Overseas Service Center will focus on international development needs, providing comprehensive services such as market research, legal consulting, technical standards support, talent training, and international cooperation [2] - The Game Enterprise Service Center will offer a multi-functional platform for local enterprises, including government services, R&D support, talent development, copyright protection, legal consulting, and technology sharing [2] Group 2: Industry Growth and Policy Support - Guangdong's gaming industry is projected to achieve total revenue of 260.43 billion yuan in 2024, accounting for approximately 80% of the national total, with a year-on-year growth of 6.3% [1] - The overseas gaming revenue is expected to reach 42.36 billion yuan, reflecting a year-on-year increase of 9.9% [1] - The province has introduced a comprehensive policy package aimed at high-quality development of the gaming industry, including 13 measures that support original content, technological innovation, and industry clustering [1] Group 3: Future Directions - The two centers will leverage their platform advantages to integrate resources and provide high-quality services, driving the gaming industry towards high-quality development and establishing a globally influential gaming industry [3] - The gaming sector in Guangdong is encouraged to explore innovative development models, enhance international collaboration, and deepen integration with other industries [3] - Guangdong game enterprises are urged to seize opportunities for increased innovation investment, improve product quality, and create culturally distinctive games that tell Chinese stories on the global stage [3]

Core Viewpoint - The issuance of game licenses in the first half of 2025 shows significant growth, with a total of 757 domestic game licenses and 55 imported game licenses, indicating a positive trend for the gaming industry [2][6]. Group 1: License Issuance Data - In the first half of 2025, a total of 757 domestic game licenses were issued, representing an increase of over 20% compared to 628 licenses in the first half of 2024 [6]. - The number of domestic game licenses issued in June 2025 reached 147, marking a monthly high in recent years [3][4]. - The total number of imported game licenses issued in the first half of 2025 was 55, slightly down from 60 in the first half of 2024, but still showing a stable monthly issuance trend [6]. Group 2: Major Companies and Titles - Notable companies such as Kying Network, Tencent, and NetEase have successfully obtained multiple game licenses, with Kying Network securing over 10 titles recently [3][9]. - Tencent's and NetEase's imported games include titles like "Crossfire: Rainbow" and "Masterless Star Abyss," contributing to the overall growth in the number of imported licenses [3][9]. - The continuous issuance of licenses and the accelerated launch of new products are driving a recovery in the gaming industry, with domestic game market sales exceeding 140 billion yuan in the first five months of the year, a year-on-year increase of 16.99% [9]. Group 3: Market Trends and Stock Performance - The stock prices of A-share gaming companies have been rising, with 28 out of 35 companies seeing price increases this year, and 17 companies experiencing gains of over 20% [10]. - The stable issuance of game licenses is improving the supply side of the industry, benefiting high-quality content and driving a recovery in the sector [10]. - The domestic gaming industry's market demand remains solid, with high market sentiment and performance gradually being released as product cycles progress [11].

Group 1 - The gaming sector is experiencing a notable rebound, with the gaming ETF (159869) showing a near 1% increase and potentially achieving a four-day winning streak [1] - In May, China's gaming market grew by 9.86% year-on-year, reaching a market size of 280.51 billion yuan, driven by new and mature products [2] - Mobile games saw a year-on-year growth of 11.96%, while self-developed games' overseas revenue increased by 8.3%, indicating robust growth dynamics [2] Group 2 - The release of GPT-5 by OpenAI is expected to enhance industry-leading model performance and improve application sentiment, marking a significant step towards achieving Artificial General Intelligence (AGI) [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, suggesting potential investment opportunities in the gaming ETF (159869) [2]

Group 1 - The WeChat mini-game ecosystem has seen a 10% year-on-year increase in user online duration, with over 80% of users starting games through "pull-down, social, and search" methods [1] - There are over 400,000 mini-game developers, with more than 80% being small teams of fewer than 30 people; 70% of listed gaming companies are investing in the mini-game ecosystem [1] - Nearly 70 games have achieved over 1 million daily active users (DAU), and over 300 games have generated more than 10 million yuan in quarterly revenue [1] Group 2 - The mini-game platform is enhancing user interaction by gradually supporting features like virtual gifts, group competitions, and social sharing, leveraging WeChat's social capabilities [1] - The active user base for PC mini-games has increased by 55% year-on-year, with a 40% expansion in commercial scale and a fourfold increase in advertising spending [1] - Mini-game content on video accounts is gaining popularity, with live viewing time increasing by 54% and short video views rising by 22% [1] Group 3 - The mini-game team is providing comprehensive support for developers through technology, operations, and business enhancements, including the development of the LTVMax optimization tool [2] - The platform has upgraded its technical capabilities, expanding IAA mini-games from 200MB to 1GB, reducing rendering frame time by 10%, and improving trial advertisement efficiency [2] - Finnish game company Supercell is entering the Chinese WeChat mini-game market with a mini-game version of its competitive mobile game "Clash Royale," expected to launch in September [2]

Group 1 - Tencent's "Honor of Kings World" has launched a closed beta recruitment, aiming to explore the commercial potential of the original game [1] - The recruitment period for the beta test runs from June 25 to July 14, and it is limited to PC users [1] - Successful launch and market acceptance of "Honor of Kings World" could provide Tencent with new revenue growth opportunities, reinforcing its leading position in the gaming industry [1] Group 2 - The upcoming 4.0 version of "Love and Deep Space" is set to be previewed on June 27 and officially launched on July 3 [2] - The sustained popularity and high revenue of "Love and Deep Space" are expected to enhance the company's revenue and profit, increasing its attractiveness in the capital market [2] - If the new version performs well, it could solidify the company's position in the gaming industry and attract more investor interest for future projects [2] Group 3 - Lingxi Interactive Entertainment's "Detective Mystery" is scheduled for full platform public testing on July 24 [3] - The game's unique dark martial arts detective theme and engaging storyline may attract a significant player base, potentially boosting the company's revenue [3] - Previous successful launches, such as "Like a Kite," have shown that public testing can lead to substantial revenue growth, enhancing the company's ranking in revenue charts [3]