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 ...

IGG（799.HK） 2026-01-14 星期三 | 目标价： | 4.77 | 港元 | | --- | --- | --- | | 现 价： | 3.83 | 港元 | | 预计升幅： | | 24.6% | 重要数据 | 日期 | 2026-01-13 | | --- | --- | | 收盘价（港元） | 3.83 | | 总股本（亿股） | 11.76 | | 总市值（亿港元） | 45.04 | | 净资产（亿港元） | 33.13 | | 总资产（亿港元） | 44.53 | | 52 周高低（港元） | 5.64/2.79 | | 每股净资产（港元） | 2.78 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 | Duke Online | 16.48% | | --- | --- | | Edmond Online | 13.05% | 相关报告 IGG（799.HK）-首发报告-20160511 IGG（799.HK）-更新报告-20161111、 20170330、20170622、20180810、 20190831、20210316、20210730、 2015 ...

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]

港股AI板块迎来上市潮，智谱AI和MiniMax等相继登陆港交所。三七互娱通过基金间接投资"全球大模 型第一股"智谱AI，近期被推至聚光灯下。 开年以来，三七互娱股价已连续多日上涨，区间累计涨幅超20%。不止三七互娱，"港股GPU第一股"壁 仞科技、"中国AI最快IPO"MiniMax等背后，都有游戏产商的身影。AI在游戏领域的应用持续深化，为 行业带来新的发展机遇。 约15家！AI全产业链布局 1月8日，登陆港股的 "全球大模型第一股" 智谱AI，其背后也站着另一家游戏巨头——三七互娱。2023 年，三七互娱通过全资子公司增资嘉兴北晟恒沃基金，间接战略投资智谱AI。 AI正在重塑游戏行业。游戏，因其天然的交互属性和丰富的内容场景，也被业界视为大模型技术最关 键的应用落地和商业兑现领域之一。 除了智谱AI，三七互娱锚定国家战略导向，实现对AI产业链上下游优质企业的全景式布局。记者了解 到，在AIGC领域，三七互娱投资了智谱AI （AI大模型）、百川智能（AI大模型）、月之暗面（AI大模 型）、深言科技（AI文本应用）、硅心科技（代码AIGC）、宸境科技deepmirror（数字孪生AIGC引 擎）、Yahah ...

"好好的武侠游戏，为什么要给女性角色设计这么裸露的服装？"近日，网易游戏旗下游戏《燕云十六声》上线的周年庆新时装因过于暴露引发玩家不满。官 方两次回应被指敷衍无诚意。 南都N视频记者梳理发现，引发争议的"飞白成诗"时装对应的游戏角色年龄设定为16岁，属于未成年人范畴。而根据游戏官网标识，《燕云十六声》适龄级 别为"16+"，即建议16岁及以上用户使用。不少玩家担忧，此类服装设计可能对未成年用户产生不良引导。还有玩家指责游戏官方违背了初心，用"擦边"打 法"赚快钱"。 有专家指出，游戏"擦边"设计，往往反映出其在玩法创新与竞争力上的不足，是"不自信"的表现。建议相关部门出台更为详尽的游戏内容审查标准以及更明 确的内容分级标准。 《燕云十六声》陷"擦边"争议 官方以"bug"回应被指避重就轻 2025年12月底，网易游戏旗下武侠游戏《燕云十六声》为周年庆推出多款新时装。其中，全新套装"飞白成诗"女款设计被大量玩家批评服饰暴露，"像情趣 内衣"。部分玩家发布的游戏内截图显示，该款时装采用了绑带抹胸、网格超短裙、胯部蝴蝶结、透明薄纱等元素。在部分染色效果下，隐私部位的服装材 质透明度变得更高，导致游戏角色身体大面积裸 ...

Core Insights - The recent surge in IPOs for AI and semiconductor companies in China has attracted significant market attention, with notable performances from companies like MiniMax and Zhipu [1][2][3] - Major gaming companies such as Tencent, Mihayou, and others are increasingly investing in AI and semiconductor firms, indicating a trend of deep integration between the gaming industry and advanced technologies [1][12][15] Investment Highlights - MiniMax, an AI unicorn, debuted on the Hong Kong Stock Exchange with a first-day increase of 109%, reaching a market capitalization of over HKD 100 billion [1] - Mihayou, an early investor in MiniMax, holds approximately 6.1% of the company, with a current stake valued at around HKD 6.5 billion, reflecting a nearly 70-fold increase in valuation since its initial investment [2] - Zhipu, another AI company, saw its market cap exceed HKD 570 billion upon listing, with significant price increases shortly after [2][3] Strategic Investments by Gaming Companies - Tencent led a USD 250 million Series B funding round for MiniMax and has also invested in Zhipu, holding 1.58% and 2.58% stakes in these companies, respectively [3][12] - Other gaming companies, such as 37 Interactive Entertainment and Youzu Interactive, are also making strategic investments in AI and semiconductor firms, indicating a broader trend within the industry [3][11] Market Dynamics - The gaming industry is increasingly viewed as a significant player in the tech investment landscape, with analysts noting that gaming companies are leveraging their cash flow to support advancements in AI and semiconductor technologies [12][15] - The shift in perception of gaming companies from mere entertainment providers to strategic investors in high-tech sectors reflects a growing recognition of their role in driving technological innovation [15][16] Future Outlook - Analysts suggest that the investments made by gaming companies are not merely opportunistic but are driven by internal needs for enhanced computational power and AI tools to improve game development processes [13][14] - The trend of gaming companies investing in upstream technologies is expected to continue, fostering a symbiotic relationship between gaming and technological advancements [14][15]

Group 1: Gaming Industry Growth - The domestic gaming market in 2025 is projected to reach a sales revenue of 350.79 billion yuan, with a year-on-year growth of 7.68%, and a user base of 683 million, marking a 1.35% increase, both hitting historical highs [1][8] - Growth is driven by improvements in mobile game quality, successful new releases, innovative gameplay and operations in long-standing games, strong growth in mini-program games, and user expansion through multi-platform connectivity [1][8] - In December, the National Press and Publication Administration issued 144 domestic game licenses, maintaining a high monthly issuance rate, with a total of 1,676 domestic licenses expected in 2025, a nearly 30% year-on-year increase, supporting high-quality industry development [1][8] Group 2: AI Industry Developments - AI unicorns have seen successful IPOs, with Zhihua Huazhang's stock rising 36% on its first day and MiniMax achieving a record 109% increase, setting a new benchmark for AI company IPOs [9] - DeepSeek is expected to launch its V4 version in mid-February, with internal tests indicating its programming capabilities have surpassed current leading models [10] - Major AI models are experiencing rapid growth in user traffic, with ChatGPT leading with 870 million monthly active users, followed by Doubao (172 million), DeepSeek (145 million), and Yuanbao (33 million) [9][10] Group 3: Investment Opportunities - The AI industry is undergoing continuous catalysis, with commercial applications opening new possibilities, making the Guotai Zhongzheng Animation Game ETF Connect C (012729) a noteworthy investment [11] - The gaming industry is leveraging AI tools to optimize development efficiency and enhance user experience, driving down costs and increasing revenue potential [11] - The long-standing game model is becoming mainstream, with titles like Supernatural Action Group and Kingshot validating this trend, leading to a potential systematic increase in gaming sector valuations [11]

Group 1 - The gaming sector experienced a significant increase of 5.95% on January 12, with Kunlun Wanwei leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - The top-performing stocks in the gaming sector included Kunlun Wanwei, which rose by 19.99% to a closing price of 64.82, with a trading volume of 1.9846 million shares and a transaction value of 12.25 billion [1] Group 2 - The gaming sector saw a net inflow of 1.418 billion in main funds, while retail investors experienced a net outflow of 798 million [2][3] - The stock Kunlun Wanwei had a main fund net inflow of 277 million, representing 2.26% of its total trading volume [3] - Other notable stocks included Yaoji Technology with a main fund net inflow of 251 million, accounting for 20.96% of its trading volume [3] Group 3 - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index increased by 9.79% over the past five days, with a current P/E ratio of 40.89 [5] - The gaming ETF's latest share count is 9.3 billion, having increased by 94 million, with a net subscription of 140 million [5]

Group 1 - The AI application sector is experiencing significant growth, with the largest gaming ETF (159869) rising nearly 6% as of January 12, indicating strong market sentiment [1] - As of January 9, the gaming ETF (159869) has reached a scale of 14.705 billion yuan, with a net inflow of funds totaling 841 million yuan over four consecutive trading days, providing investors with a convenient tool for investing in leading A-share gaming companies [1] Group 2 - AI is enhancing the gaming industry by improving multi-modal capabilities and innovative integration, allowing AI to penetrate core creative areas such as gameplay design and narrative structure [2] - Tencent reports that AI-enabled character animation production cycles at Photon Studio have been shortened by 40%, with prototype validation times for certain character skills reduced from two weeks to three days [2] - The gaming sector is undergoing 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, highlighting investment opportunities [2]

Core Viewpoint - Bilibili's stock price increased by nearly 7% at the close, with a current rise of 6.62%, reaching HKD 238.2, and a trading volume of HKD 1.148 billion [1] Group 1: Financial Performance - Jefferies forecasts that Bilibili's revenue and non-GAAP operating profit for Q4 2025 will meet expectations, with total revenue projected to grow approximately 5% year-on-year, reaching RMB 8.1 billion [1] - Longcheng Securities reports that Bilibili's AI-driven content production is boosting user numbers to new highs, with AI video material consumption accounting for over 60% and smart advertising consumption exceeding 45%, leading to an overall efficiency improvement of more than 10% [1] Group 2: Strategic Focus - Jefferies highlights that Bilibili's gaming strategy focuses on maintaining a leading position in vertical categories, long-term product operations, and appealing to younger generations, with the game "Escape from Duckkov" achieving success [1] - Longcheng Securities emphasizes the importance of AI in enhancing marketing material production efficiency and advertising effectiveness, while also noting the stable performance of the game "Three Kingdoms: Strategizing the World" and monitoring the progress of new game releases [1]