众所周知，2024年是心动连亏三年转盈的首年，这得力于自研线新品的大爆发，连续推出的《出发吧麦芬》、《心动小镇》表现亮眼，更早期的《铃兰之 剑》也出海海外。 然而，相比于去年一片热闹的场景，今年的心动在纯粹的新游层面似乎更加低调和聚焦，仅重点推出了近未来虚拟都市题材的回合制策略卡牌RPG《伊 瑟》（以"魔灵Like"为玩法框架，支持PC、iOS、安卓多端互通；国际服名为《Etheria: Restart》）。 该作国际服先于6月上线了全球160多个国家及地区，并在短期内显现出了强大潜力，首月吸金高达6933万元（不包含PC端数据，下同）。点点出海曾 在"《心动有望实现4连爆：新游未登陆多个T1市场，月流水仍轻松破亿！通吃魔灵Like与泛二次元用户》"一文中详细拆解了该作的玩法、从曝光到公测 期间的测试节奏以及推广策略，有兴趣的读者可以点击阅读。 值得重点关注的是，就在国际服公测后的3个月，9月中下旬时《伊瑟》全面登陆包括中国在内的所有东亚T1市场。 那么此次其市场数据如何呢？与此同时，已经上线3个月的国际服数据趋势怎样？截止目前，今年心动产品端最赚钱以及增长最快的产品是哪些？之后又 有怎样的布局？下文中，点点 ...

TapTap的成长驱动 国内版号提升、自研进步+PC端及海外，长期看AI平权。当前TapTap开发者-用户的飞轮效应已经形 成：TapTap目前已入驻开发者24万+，上线游戏30万+;25H1中国版APP平均MAU达43.6百万，25H1用户 广告ARPUYoY+37%。增长驱动：1)25年1-9月版号总计1195个，同比增长25%，更多产品上线提升推广 需求。2)心动自研游戏进步利好TapTap平台价值提升(独家产品吸引用户，同时形成对其他开发者的示 范效应)，同时TapTap反哺自研游戏。3)TapTap积极战略拓展多端化与国际版。4)AI赋能游戏开发，实现 创作平权，内容供给侧繁荣利好TapTap。该行测算2030年TapTap广告量价齐升后收入规模有望达到50 亿。 心动自研游戏能力体系逐步验证 1)24年以来产品周期上行验证前期研发调整思路正确：22年后公司战略层面果断收缩版图、降本增效， 产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外发行负责人，走通全球发行，海外持 续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验证战略正确。2)《小镇》《火炬》验 证开发长青游戏的能力：资源 ...

Group 1 - The game ETF (159869) has seen a narrowing decline of 0.25% as of September 30, with a net inflow of funds amounting to 1.298 billion yuan over the past five trading days, indicating strong investor interest [1] - The product scale of the game ETF has reached a new high of 10.574 billion yuan since its inception, facilitating investors in easily accessing leading A-share gaming companies [1] - In September 2025, a total of 145 domestic game licenses and 11 imported game licenses were issued, with several major companies receiving approvals for their games [1] Group 2 - The gaming sector is experiencing multiple catalysts including AI, content, and commercialization model transformations, making the game ETF (159869) an attractive investment opportunity [2]

心动自研游戏能力体系逐步验证：1）24 年以来产品周期上行验证前期研发调整思路正确：22 年后公司 战略层面果断收缩版图、降本增效，产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外 发行负责人，走通全球发行，海外持续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验 证战略正确。2）《小镇》《火炬》验证开发长青游戏的能力：资源聚焦优势品类+持续调优+高频更新 +出海。3）梳理后续管线，心动新游戏仍有确定性储备：二次元策略卡牌手游《伊瑟》国服9 月上线、 后续储备《心动小镇》国际服、首款开放世界MMO《仙境传说RO：守护永恒的爱2》。 首次覆盖，给予"买入"评级。我们预计，公司25-27 年收入64.31/79.27/90.59 亿元，同比增长 28%/23%/14%；经调整归母净利润17.02/22.26/27.60 亿元，同比增长94%/31%/24%。SOTP 估值法下对 应港股市值549 亿港币，首次覆盖，给予"买入"评级。 风险提示：游戏行业监管政策收紧；游戏自研进度不及预期；游戏社区竞争格局恶化。 从游戏推广变革看TapTap 的价值。游戏行业随着版号供给景气恢复，叠加渠道变迁，销售 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The issuance of game licenses in September, with approvals for companies like Kaiying, Giant Network, and Point Point, indicates a positive trend in the new game cycle and overall industry prosperity. The performance of several new games, such as Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend," is expected to drive the product cycle and industry sentiment upward. The combination of new game cycles, favorable policies, and AI catalysis suggests that the gaming sector still has upward valuation potential, warranting continued attention to investment opportunities in this area [2][4][6]. Summary by Sections Game License Issuance - In September, a total of 156 game licenses were issued, including 145 domestic and 11 imported games. This brings the total number of domestic game licenses issued this year to 1,195, nearing the annual total of 1,306 from 2024 [6][9]. Market Performance - The gaming market in China showed a month-on-month growth, with August revenues reaching 29.263 billion yuan, a 0.61% increase from the previous month. The mobile gaming market accounted for 21.541 billion yuan, reflecting a 0.85% month-on-month growth [9]. New Game Launches - Several new games are set to launch or have recently launched, including Kaiying's "The Legend of the Adventure" and Heartbeat's "Yise," which quickly topped the iOS and TapTap charts. The report highlights a rich pipeline of upcoming games from major developers, indicating potential for revenue growth [6][9].

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The report emphasizes the ongoing significance of cloud computing and gaming, highlighting the potential for innovation in video group broadcasting. It notes that AI and self-developed chips are pivotal for value reassessment in global internet cloud computing [2]. - The gaming sector is described as fundamentally sound, with mid-term performance and long-term narratives supporting its status as one of the strongest themes in TMT (Technology, Media, and Telecommunications) [2]. - Long videos are expected to benefit from recent regulatory policies, which aim to enhance content supply and project ROI, while short videos are innovating with interactive formats [2]. Summary by Sections Cloud Computing - Alibaba's cloud strategy focuses on becoming a super AI cloud, with significant investments in AI infrastructure projected to increase data center energy consumption tenfold by 2032. The report anticipates a positive revenue trajectory driven by advancements in domestic models and chips [2]. - Key companies to watch include Alibaba, Tencent, Baidu, and Kingsoft, with their cloud computing and AI applications expected to drive growth [2]. Gaming - The gaming industry has seen a continuous revenue acceleration over four quarters, with profit margins at their highest since Q2 2023. The report forecasts a PE range of 15-20x for 2026, suggesting that valuations are not overstated [2]. - Notable companies include Tencent, NetEase, Giant Network, and others, with specific titles and projects expected to contribute to their growth [2]. Long Video - The report highlights the establishment of a policy bottom for the broadcasting industry, which is expected to resolve core contradictions in content supply. The focus is on the potential for innovation in variety shows and the integration of short video elements into long video formats [2]. - Companies like Mango TV are noted for their upcoming projects and stable operations, while the report suggests that long video platforms are adapting to new interactive programming trends [2]. Other Key Areas - The report also mentions emotional consumption sectors such as NetEase Cloud Music, Pop Mart, and others, indicating a broad interest in various entertainment segments [2].

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing investment opportunities in gaming, AI applications, and content innovation, highlighting the potential for significant revenue growth in these sectors [3][4] Industry Data Overview - The game "元气唤灵师" ranks first in the iOS free game chart, while "三角洲行动" tops the iOS revenue chart as of September 20, 2025 [10][14] - The film "731" achieved the highest box office revenue of 9.98 billion CNY for the week [25] Industry News Summary - Continuous advancements in AI applications and content innovation are expected to enhance the entertainment consumption landscape [29] - OpenAI is reportedly expanding its AI hardware initiatives, which may accelerate the commercialization of AI applications across various sectors [3][4] Company Highlights - Heartbeat Company is set to launch its self-developed RPG game "伊瑟" on September 25, 2025, with over one million pre-registrations, indicating strong market interest [3] - The collaboration between Heartbeat Company and the "黄油小熊" IP has led to a significant rise in the rankings of "心动小镇" in the iPhone game sales chart [3] Recommendations - The report suggests continued investment in the gaming sector, particularly in companies like Heartbeat Company, Giant Network, and Tencent, due to their promising new releases and established franchises [3][4]

Core Viewpoint - The gaming sector continues to show strong performance, with significant gains in stock prices and a robust increase in game approvals, indicating a positive outlook for the industry. Group 1: Stock Performance - The gaming sector saw notable stock price increases, with companies like Xinghui Entertainment and Perfect World hitting the daily limit up, while others like 37 Interactive Entertainment and Giant Network also experienced gains [1] - The gaming ETF rose over 4%, with the Huatai-PB gaming ETF increasing by 3.5%, and both ETFs showing over 58% growth year-to-date [2][4] Group 2: Game Approvals and Market Growth - From January to August, the National Press and Publication Administration reported a 23.53% year-on-year increase in the issuance of domestic online game licenses, reflecting ongoing regulatory support for the gaming industry [6] - In August, a record number of 166 domestic games and 7 imported games were approved, contributing to a total of 1,119 game licenses issued from January to August, marking a 20.8% year-on-year increase [9][10] Group 3: Game Releases and Performance - Domestic mobile games are thriving, with the upcoming launch of "Iser" by Xindong Company generating significant anticipation, ranking 4th on Taptap's reservation list [7] - Giant Network's "Supernatural Action Group" has seen a rise in rankings and revenue following the introduction of new gameplay features, indicating strong ongoing performance [7] - Several mobile games from Century Huatong's subsidiary, including "Whiteout Survival," achieved record revenues in August, contributing to a 11% month-on-month increase in global revenue for the subsidiary [8] Group 4: Industry Outlook - Open Source Securities suggests that the gaming industry will continue to experience high demand and a favorable supply-demand dynamic, with the current valuation offering attractive investment opportunities [9] - Guoxin Securities highlights that the gaming market's revenue grew steadily in the first seven months, with a positive outlook driven by policy support, market conditions, and AI applications [9][10]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The gaming industry continues to thrive with high demand for new releases and strong performance in both domestic and international markets. Notable upcoming games include "Etheria: Restart" by Xindong Company and "Supernatural Action Group" by Giant Network, both expected to drive revenue growth [3][33]. - The AI sector is witnessing rapid advancements, with companies like Alibaba and ByteDance leading in AI application commercialization. The launch of new models and tools is expected to enhance efficiency and reduce costs significantly [3][30][32]. Industry Overview - The gaming sector shows robust performance, with "Wilderness Contract" topping the iOS free games chart and "Honor of Kings" leading the iOS revenue chart as of September 13, 2025 [10][14]. - In August 2025, Chinese mobile game publishers collectively generated $2.04 billion, accounting for 35.1% of the global top 100 mobile game publishers' revenue [34]. - The film industry also performed well, with the movie "Chasing the Wind" achieving a weekly box office of 1.13 billion yuan, contributing to a cumulative box office of 11.14 billion yuan [25]. Game Sector Highlights - Upcoming game releases include "Greedy Land" on September 16 and "Pocket: Douluo Continent" on September 17, with significant anticipation from the gaming community [24]. - The "Supernatural Action Group" game features a new asymmetric gameplay mode, which has been well-received since its launch on September 11, 2025 [33]. AI Sector Highlights - The AI application landscape is evolving rapidly, with significant growth in products like Zhizhu Z.AI and Alibaba's WanAI, which ranked first and fourth respectively in global growth rates for AI applications [29]. - Alibaba's new model, Qwen3-Next-80B-A3B, has shown a 90% reduction in training costs and a tenfold increase in inference efficiency, marking a significant advancement in AI technology [31].