Game Releases - "Star Tower Traveler" officially launched on October 20, developed by Yousheng, is a light-action adventure game featuring team-building and combat challenges [1] - "Kara Bichu" mobile game will be publicly released on October 23, created by Chuangmeng Tiandi, offering a unique shooting experience with 2D and 3D character forms [3] - "Three Kingdoms: Looking at the World" is set to launch on October 23, developed by Hangzhou Danzhi Universe Network, allowing players to control historical figures like Cao Cao or Liu Bei [5] Industry News - "Honor of Kings" is celebrating its 10th anniversary with events starting on October 25, maintaining its position as a top-grossing mobile game in China [8] - EA announced that "The Sims Mobile" will cease operations on January 20, 2026, after nearly eight years since its launch on March 6, 2018 [10] - "Genshin Impact" released its new version on October 22, introducing a new grass-type five-star character and a variety of mini-games [12] - In October, 159 domestic games and 7 imported games received approval from the National Press and Publication Administration, including the PC version of "Arknights" [14] Personnel Changes - Li Kaiming, the producer of "Rate the Land," announced his departure from NetEase on October 22, coinciding with the game's 10th anniversary, citing personal career development plans [16]

Group 1 - The A-share market opened positively on October 24, with the Shanghai Composite Index rising by 0.17%, the Shenzhen Component Index increasing by 0.51%, and the ChiNext Index up by 0.83% [1] - The storage concept is gaining momentum, with commercial aerospace, quantum technology, and GPU concepts leading the gains, while short dramas, cultivated diamonds, and coal sectors experienced slight declines [1] - The gaming sector showed a slight upward trend, with the gaming ETF (159869) experiencing a minor increase. As of October 23, the gaming ETF has seen a net inflow of 256 million yuan over the past five trading days, indicating strong investor interest, with a total product scale of 11.115 billion yuan [1] Group 2 - On October 22, the National Press and Publication Administration announced that 159 domestic games received approval for release in October, along with 7 imported games, totaling 166 games, maintaining a high approval level [2] - In 2025, a total of 1,440 games have received approval, including 1,354 domestic games and 86 imported games, reflecting a robust gaming market [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of the A-share listed companies in the animation and gaming industry [2]

Group 1 - The Hong Kong internet sector is experiencing a rebound, with stocks such as Black Sesame Intelligence, Weishi Jiajie, and UBTECH rising over 5% [1] - The Hang Seng Internet ETF (513330) has followed the index's upward trend [1] - In October, the proportion of new game releases from well-known game manufacturers is increasing, with titles from NetEase and other companies covering various subcategories [1] Group 2 - Zheshang Securities believes that traditional internet business has bottomed out, and with the Federal Reserve's interest rate cuts, the AI business is rapidly developing [1] - The valuation of the Hong Kong internet sector remains at historical lows, indicating potential for early recovery [1]

Investment Rating - The report maintains an "Outperform" rating for the media industry [1] Core Insights - The media sector outperformed the market in September 2025, with the Shenwan Media Index rising by 4.96%, surpassing the CSI 300 Index by 1.76 percentage points, ranking 5th among 31 industries [2][19] - The gaming market showed a slight month-on-month revenue increase of 0.6% in August, driven by favorable policies, market sentiment, and AI applications [2][27] - The report highlights the importance of new product cycles and regulatory shifts in the gaming sector, as well as the potential for growth in advertising and film content due to improving economic conditions [4][107] Summary by Sections Market and Industry Review - In September 2025, the media sector ranked 5th among 31 industries, with a TTM-PE of 46.5x, placing it in the 95.9th percentile over the past five years [19][25] - The gaming sector saw 145 domestic and 11 imported games approved in September, with a total of 1,275 game licenses issued from January to September, marking a 23.2% year-on-year increase [27][29] Gaming Sector - The gaming market's revenue in August was 29.3 billion yuan, down 13.0% year-on-year but up 0.6% month-on-month, with mobile gaming revenue at 21.5 billion yuan, down 4.2% year-on-year but up 0.8% month-on-month [35][36] - The report emphasizes the ongoing release of game licenses and the potential for growth driven by new product cycles and AI applications [27][28] Film and Television Sector - The total box office for September reached 2.661 billion yuan, a year-on-year increase of 82.8%, while the National Day box office fell by 12.8% to 1.835 billion yuan due to a lack of blockbuster films [45][58] - The report notes that the drama market maintained high viewership levels, with the top series achieving significant viewership numbers [67] AI Applications - The report discusses breakthroughs in AI technology, including Meta's advancements in RAG technology and OpenAI's release of Sora2, which supports high-quality video and audio generation [78][90] - The rapid development of AI applications is seen as a key driver for growth across various sectors, including gaming and advertising [4][107] Investment Recommendations - The report recommends focusing on the gaming sector's new product cycles and the potential for recovery in advertising and film sectors, suggesting specific companies such as Kayi Network and Mango Super Media for investment [4][107] - The October investment portfolio includes Bilibili, Mango Super Media, Perfect World, and Focus Media, reflecting a positive outlook for these companies [4][112]

Group 1 - The gaming sector experienced slight fluctuations, with the gaming ETF (159869) seeing a net inflow of 206 million yuan over the past five trading days, indicating strong investor interest [1] - Kuaishou's self-developed game brand "Danzhi Yuzhou" is set to launch a new round of testing for its game "Three Kingdoms: Looking at the Gods of the World" on September 4 [1] - Kuaishou's CEO Cheng Yixiao expressed ambitions for the company's AI model to enhance capabilities in game development and professional film production, aiming for deeper applications in concept design, scene generation, and character design [1] Group 2 - The State Council issued an opinion on the implementation of the "Artificial Intelligence +" initiative, aiming for AI to fully empower high-quality development by 2030, with over 90% application rates for new intelligent terminals and agents [2] - The initiative outlines key actions across six areas: scientific technology, industrial development, consumption enhancement, public welfare, governance capacity, and global cooperation, providing a clear roadmap for related work [2] - The integration of AI technology is driving a comprehensive upgrade in the gaming industry, enhancing both the competitiveness of game manufacturers and the player experience, while also reducing costs and improving content quality [2]

Group 1 - The core viewpoint of the news is that game companies are actively addressing player concerns and optimizing their game mechanics to enhance user engagement and trust [1][2][3] Group 2 - "Honor of Kings" has clarified its matchmaking mechanism, stating that historical win-loss distribution and other external honors are not considered in matchmaking, which may help improve player trust and community activity [1] - Kuaishou's game "Three Kingdoms: Looking at the World" is set to begin a new round of testing on September 4, indicating ongoing optimization in strategy and commercialization, potentially enhancing user engagement and market competitiveness [2] - Hero Game's RPG "Double Helix" has opened pre-orders on the App Store and will launch on October 28, featuring a no-gacha system and no stamina limits, which may attract player interest and strengthen the company's competitive edge [3]

Group 1 - The recent significant news is the continuous decline in gold prices, which has made the public increasingly sensitive to fluctuations in gold prices over the past three years [1] - Historical context shows that during the Three Kingdoms period, people sold gold and silver due to famine, indicating that even "hard currency" like gold loses value in dire situations [3][5] - The game "Three Kingdoms: Looking at the Divine Continent" offers a modern interpretation of the economic conditions of the Three Kingdoms era, allowing players to experience the historical significance of gold [5][9] Group 2 - The game is developed by "Danzhi Universe," a subsidiary of Kuaishou, featuring a unique ink wash painting style that aligns well with the historical theme of the Three Kingdoms [7] - The game incorporates detailed storytelling and gameplay that reflects the economic changes of the era, allowing players to engage with the historical context of gold as a vital resource [9][11] - "Three Kingdoms: Looking at the Divine Continent" is currently available for pre-registration on iOS, TapTap, and its official website, targeting players interested in historical strategy games [13]

Group 1 - The recent fluctuations in the gold market have caused significant anxiety among investors, likened to a roller coaster ride [1][3] - On August 11, international gold prices experienced a sharp decline, impacting domestic gold store prices, with brands like Chow Tai Fook and Lao Miao dropping to 1008 yuan and 1004 yuan per gram respectively [3] - Historical context shows that current gold price volatility is relatively minor compared to past events, suggesting that patience is essential during price drops [4][8] Group 2 - During the Three Kingdoms period, gold's value decreased significantly due to societal needs for survival over precious metals, with historical records indicating that gold was cheaper than grain [6][10] - Despite its lower value among the populace, gold remained a crucial resource for military and political maneuvers, as seen in the actions of figures like Dong Zhuo and Cao Cao [10] - The game "Three Kingdoms: Looking at the Gods" offers an engaging way to explore the economic dynamics and historical significance of gold during that era, receiving accolades for its innovative approach to Chinese culture [12][14]

Group 1: Gold Market Trends - The global gold price is expected to rise by at least 80% from 2023 to 2025, driven by increased geopolitical tensions and trade wars, reaching a peak after central banks increased their holdings [1] - Recent declines in gold prices have surprised many retail investors who bought at high prices, leading to feelings of regret among new entrants [1][3] - The influence of central bank purchases on gold prices is significant but not the sole factor affecting individual holdings, as the purposes of central banks and individual investors differ [3] Group 2: Historical Context of Gold - Gold has traditionally been viewed as "hard currency," but there was a period during the Three Kingdoms era when it lost this status, as people sold gold for food [5] - The loss of gold's "hard currency" status during the chaotic times of the late Han dynasty played a crucial role in the subsequent power dynamics of the Three Kingdoms [7] Group 3: Gaming Industry Insights - A new game titled "Three Kingdoms: Looking at the Divine Continent," developed by Kuaishou's self-research game studio, allows players to experience the economic dynamics of the Three Kingdoms period [9] - The game features a high level of historical detail and a traditional ink painting art style, distinguishing it from other contemporary games [10] - "Three Kingdoms: Looking at the Divine Continent" has received positive feedback for its strategic gameplay and immersive experience, appealing to players interested in historical economics [10][12]

Group 1 - Recent fluctuations in international gold prices on the COMEX futures market have caused significant anxiety among global investors, with discussions around the topic reaching over 500 million views in a single day [1] - Professional institutions, such as Goldman Sachs, predict further declines in gold prices, intensifying the concerns of gold holders [3] - Historically, during chaotic periods like the Three Kingdoms era, gold prices fell significantly, indicating that in times of crisis, basic necessities like food took precedence over gold [7][8] Group 2 - The devaluation of gold during the Three Kingdoms period allowed various factions to accumulate wealth through the purchase of military supplies and recruitment, demonstrating that gold's value can shift dramatically based on context [10] - The game "Three Kingdoms: Looking for the Gods" allows players to experience the economic dynamics of the Three Kingdoms era, simulating resource production and trade [12][13] - The game has received positive feedback, with 90% player approval, and integrates historical details to enhance the gaming experience [15][19]