Core Viewpoint - The main market experienced a net outflow of 33.352 billion yuan in major funds as of January 16, with significant withdrawals from various sectors [1]. Sector Summary - **Internet Services**: Experienced a decline of 2.97% with a net outflow of 10.411 billion yuan, primarily affected by Guo Wang Xin Tong [2]. - **Software Development**: Saw a decrease of 2.16% and a net outflow of 7.195 billion yuan, with major impact from Ke Da Xun Fei [2]. - **Cultural Media**: Faced a drop of 4.52% and a net outflow of 5.818 billion yuan, influenced by Wan Run Ke Ji [2]. - **Aerospace and Aviation**: Recorded a slight decline of 0.81% with a net outflow of 3.219 billion yuan, affected by Bo Yun Xin Cai [2]. - **Communication Equipment**: Experienced a minor decrease of 0.45% and a net outflow of 2.505 billion yuan, primarily impacted by Tian Fu Tong Xin [2]. - **Communication Services**: Saw a decline of 2.43% with a net outflow of 1.994 billion yuan, influenced by Dong Ruan Zai Bo [2]. - **Gaming**: Experienced a drop of 3.07% with a net outflow of 1.842 billion yuan, primarily affected by Ming Chen Jian Kang [3]. - **Medical Services**: Faced a decline of 2.8% with a net outflow of 1.781 billion yuan, influenced by Yao Ming Kang De [3]. - **Batteries**: Recorded a decrease of 1.03% with a net outflow of 1.668 billion yuan, primarily impacted by En Jie Gu Fen [3]. - **Computer Equipment**: Experienced a decline of 1.3% with a net outflow of 1.591 billion yuan, influenced by Na Si Da [3].

Group 1 - The company achieved total revenue of HKD 2.72 billion in the first half of the year, remaining stable compared to the same period last year, demonstrating resilience in a challenging macroeconomic environment and a highly competitive gaming industry [1] - The company's profit performance improved due to the comprehensive application of AI technology and optimization in the distribution process, leading to effective cost and expense control, with a reduction in the proportion of R&D and administrative expenses [1] - The company recorded a profit attributable to equity shareholders of approximately HKD 322 million for the first half of 2025 [1] Group 2 - The company is actively exploring non-SLG (Simulation Game) tracks while leveraging a strategy of "long-term operation + continuous innovation" to build a well-structured product portfolio [1] - The flagship product, "King of Glory," remains a benchmark in the SLG market and continues to show strong vitality years after its launch, ranking 14th in the "Evergreen List of Chinese Games Going Overseas" [1] - New main products such as "Doomsday: Last Survivors" and "Viking Rise" have become key revenue contributors, while the newly launched "Tycoon Master" has performed well in the non-SLG market [1] Group 3 - The company is in a critical adjustment phase, continuously refining new game products while maintaining a diversified product matrix that mitigates the lifecycle risks of single products [2] - The company has established a mature global operational system that effectively acquires users and maximizes commercial value through an integrated research and operation network covering major global markets [2] - The company is expected to achieve stable performance growth, with a target price of HKD 4.77 based on a 9x PE valuation for 2026, indicating a potential upside of 24.6% [2]

Group 1 - Zhejiang Dole Network Technology Co., Ltd. has completed a multi-million A round financing led by an investment company under the publicly listed gaming enterprise Zhongqingbao [1] - The financing will be used for Dole Network's research and development as well as global operations [1] - The funds will support the overseas distribution of multiple self-developed products [1]

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月15日盘中，游戏板块震荡回调，游戏ETF（159869）现跌超1.6%。持仓股跌多涨少，掌趣科 技、浙数文化、富春股份、顺网科技、盛天网络、光线传媒等跌幅居前；仅恺英网络、名臣健康、迅游 科技、完美世界逆势飘红。截至1月14日，游戏ETF（159869）规模已达159.48亿元，近10个交易日累 计"吸金"达10.39亿元，为投资者布局A股游戏龙头提供了便捷工具。 消息面上，金山软件独家代理并与虎牙联合发行的《鹅鸭杀》手游国服1.7上线后，至1.11维持 iPhone游戏免费榜第1，或验证大DAU属性并迎来流水持续爬升；心动公司《心动小镇》国际服1.8正式 上线后登顶全球50+地区，用户量或持续增长，为后续商业化打下基础，且《心动小镇》国服将开启系 列IP联动及新春运营活动，叠加寒假春节假期，月流水或再创新高。 开源证券认为，资本 ...

Core Insights - The article discusses the journey of Li Chufan, a veteran in the gaming industry, who has transitioned from a marketing director to a hypnotherapist, reflecting on the nature of life as a game and the importance of personal agency in navigating challenges [2][4][5]. Group 1: Career Journey - Li Chufan has spent two decades in the gaming industry, experiencing various ups and downs, and ultimately realizing that life can be viewed as a game where individuals are players rather than mere characters [2][4]. - He began his career in the early 2000s during the nascent stages of the Chinese gaming industry, where he transitioned from media to game development, leveraging his writing skills and industry connections [20][21]. - The period from 2008 to 2019 marked a significant shift in the gaming industry, where metrics like ROI and user retention became critical, leading to Li's role in marketing and strategic planning [23][25]. Group 2: Personal Transformation - After leaving the gaming industry in 2019, Li faced a challenging period marked by financial instability and a lack of direction, which he describes as a "low point" in his life [33][35]. - During this time, he discovered hypnotherapy as a means to address emotional issues, leading to a new career path that allowed him to help others while redefining his own identity [42][45]. - Li emphasizes the importance of recognizing life as a game, where experiences and challenges contribute to personal growth, and encourages others to embrace their journeys rather than fear failure [49][55]. Group 3: Industry Insights - The gaming industry has evolved from a chaotic, unregulated environment to a more structured and data-driven sector, impacting how professionals navigate their careers [20][31]. - Li's experiences highlight the challenges faced by many in the industry, particularly the pressure of age and the perception of being "washed up" after a certain point, which is increasingly common in tech and creative fields [36][38]. - The article suggests that many individuals who leave the gaming industry often find success in other fields, indicating a broader trend of professionals seeking fulfillment beyond traditional gaming roles [31][39].

Group 1 - The gaming sector experienced a significant rise on January 14, with the gaming ETF (159869) increasing nearly 4% during intraday trading [1] - The gaming ETF (159869) reached a scale of 16.217 billion yuan as of January 13, attracting a total of 1.405 billion yuan in the last 10 trading days, providing investors with a convenient tool for investing in A-share gaming leaders [1] - Major game updates are anticipated, including the launch of the "Moon's Four" version of "Genshin Impact" on January 14, which will feature storyline updates and various events, while "Ming Chao" will introduce its 3.0 second half card pool on January 15 [1] Group 2 - According to Huafu Securities, there are multiple game releases planned for 2026, with at least 25 new games expected to launch based on App Store pre-order information [1] - Tencent is expected to release 8 new games, while NetEase and Bilibili are projected to release 2 games each, with over half of these products anticipated to launch in Q1 2026 [1] - The gaming sector is experiencing a surge due to multiple catalysts, including policy benefits, product cycles, and AI empowerment, making it a focal point for investment opportunities [1]

1月14日早盘，AI应用方向持续活跃，游戏板块早盘攀升，同指数规模最大的游戏ETF（159869） 现涨近3%。截至1月13日，游戏ETF（159869）规模已达162.17亿元，近10个交易日累计"吸金"达14.05 亿元，为投资者布局A股游戏龙头提供了便捷工具。 1月13日消息，金山世游宣布，由金山世游独家代理、虎牙联合发行的社交推理手游《鹅鸭杀》上 线6日新增用户突破千万，同时最高在线人数（PCU）已超越Steam端历史峰值，行业预估在70W～ 100W之间。此前1月7日，金山世游旗下社交推理手游《鹅鸭杀》正式启动全平台公测。《鹅鸭杀》手 游延续了PC端经典玩法，凭借轻松的社交氛围、有趣的推理机制和特色的本地化改造，俘获了大量玩 家。在苹果App Store及各大安卓渠道，游戏占领免费榜、热门榜等多个榜单首位。 （责任编辑：董萍萍 ） 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数， AI应用含量全市场第一，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块正受到政策利好+产品 周期+AI赋能的多重催化热潮，或可聚焦游戏赛道布局窗口。 【免责声明】本文仅代表 ...

Investment Rating - The report assigns a "Buy" rating to IGG, with a target price of HKD 4.77, indicating a potential upside of 24.6% from the current price of HKD 3.83 [1][5]. Core Insights - The company has demonstrated resilience in its business fundamentals, achieving total revenue of HKD 2.72 billion in the first half of the year, which is roughly flat compared to the same period last year, despite a challenging macroeconomic environment and intense competition in the gaming industry [7][8]. - The application of AI technology and optimization in the distribution process has led to significant cost and expense control, resulting in a reduction in the ratio of R&D and administrative expenses [7][8]. - The flagship product, "King of Kingdoms," continues to perform strongly, contributing HKD 1.15 billion in revenue in the first half of 2025, maintaining its status as a cornerstone of IGG's business [8]. Summary by Relevant Sections Revenue and Profitability - Total revenue is projected to grow from HKD 5.27 billion in 2023 to HKD 6.48 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 7.0% [6]. - Net profit is expected to increase from HKD 67.5 million in 2023 to HKD 637.3 million in 2026, with a net profit margin stabilizing around 9.84% in 2026 [6][13]. Product Strategy - IGG is focusing on a diversified product strategy, combining long-term operations with continuous innovation. The company is actively exploring non-SLG (Simulation Game) segments, with new products like "Tycoon Master" showing promising market performance [4][9]. - The company has successfully built a product matrix that mitigates the lifecycle risks associated with single products, leveraging its global operational capabilities to maximize user acquisition and operational efficiency [10]. Market Position and Growth Potential - IGG's established global operational network allows it to effectively penetrate over 200 countries, adapting to local market preferences and regulations [10]. - The report highlights the potential for further growth in the non-SLG market, with the successful launch of "Tycoon Master" indicating the company's ability to innovate and capture new user segments [9][10].

Group 1 - The gaming sector is showing strong performance, with the gaming ETF (159869) rising over 3.5% in early trading on January 14, 2023 [1] - The gaming ETF has reached a scale of 16.217 billion yuan, attracting 1.405 billion yuan in the last 10 trading days, providing investors with a convenient tool to invest in A-share gaming leaders [1] - The new mobile game "Goose Goose Duck," co-published by Huya and Kingsoft, has gained over 10 million new users within six days of its launch, achieving a peak concurrent user count that surpasses historical records on Steam [1] Group 2 - The gaming industry is expected to maintain its favorable outlook through 2026, driven by fundamental improvements, with companies like Tencent and Bilibili showing promising game releases [1] - The gaming sector is experiencing multiple catalysts, including policy support, product cycles, and AI empowerment, making it an attractive area for investment [2] - The gaming ETF tracks the CSI Animation and Gaming Index, which has the highest AI application content in the market, accurately reflecting the overall performance of the A-share animation and gaming industry [2]

Core Viewpoint - The AI sector in Hong Kong is experiencing a listing boom, with companies like Zhipu AI and MiniMax entering the market, highlighting the growing integration of AI in the gaming industry, which presents new development opportunities [2][3]. Group 1: Company Developments - 37 Interactive Entertainment has strategically invested in Zhipu AI, the "global model first stock," through its subsidiary, enhancing its position in the AI landscape [3]. - The company has adopted a "self-research + investment + cooperation" strategy for AI, developing its own vertical model "Xiao Qi" and creating over 40 AI capabilities [4]. - 37 Interactive Entertainment's cash flow from operating activities reached 2.967 billion yuan in the first three quarters of 2025, a year-on-year increase of 30.88%, ensuring sufficient funding for business expansion and R&D [6]. Group 2: Market Trends - The domestic gaming market is projected to reach 350.789 billion yuan in 2025, with AI becoming a new engine for high-quality development in the industry [6]. - The mini-game market in China is expected to generate 53.535 billion yuan in 2025, marking a significant growth of 34.39% year-on-year, contributing to 15% of the overall gaming market revenue [7]. - 37 Interactive Entertainment's latest mini-game "Survival for 33 Days" has rapidly gained popularity, topping multiple gaming charts shortly after its release [7]. Group 3: Investment Landscape - The AI investment landscape is expanding, with 37 Interactive Entertainment investing in various AI-related companies across the industry chain, including AI model firms and AI computing power companies [3]. - Other gaming companies are also embracing AI, as evidenced by the successful IPOs of companies like Wallen Technology and MiniMax, which have attracted significant investment [5].