作者|远禾 数据支持 | 勾股大数据（www.gogudata.com） 去年一年的A股市场，几乎聚焦于贵金属、AI、算力相关概念。 然而在此之中，却有一个相对少被关注的消费板块悄然崛起，2025年板块整体上涨超60%。 那就是，游戏板块。 加上这次发布的版号，2025年，全年获批游戏数量已经累计达到1771款，相比2024年的1416款增长25.07%，还创下2018年游戏版号新规实施以来的历史新 高。 去年版号的历史新高，并非单一的放量，而是由多种因素共同造成。 一方面，在经历了过去几年的行业低迷之后，2025年以来相关政策逐渐放宽，社会态度也逐渐改善。 2025年4月，国家连续提出三项举措支持游戏发展。 先是国家新闻出版署等印发的《网络出版科技创新引领计划》对网络出版公司，落实税费支持政策，支持网络出版公司（包含游戏公司）IPO、并购、再融 资等。 在A股游戏上市公司中，整个2025年，冰川网络、迅游科技、吉比特股价均在年内翻倍，世纪华通、巨人网络更是暴涨近300%。 在整体热度攀升之下，迎来政策和市场双重利好的游戏板块，或将迎来彻底的反转。 01 近一年来，游戏行业最大的利好莫过于版号的复苏。 25年 ...

本报（chinatimes.net.cn）记者于玉金 北京报道 随着A股突破4000点，游戏股在2026年首个交易日迎来"开门红"。其中，三七互娱涨停，世纪华通、巨 人网络等公司也跟涨。消息面上，微信小游戏从今年1月1日升级了IAP（应用内购买）小游戏的激励政 策。 2025年，国内小程序游戏市场收入535.35亿元，同比大幅增长34.39%，在整体游戏市场收入中的占比提 升至15%，已然成为国内游戏行业不可忽视的核心增长赛道。对于微信此次提升激励政策，世纪华通方 面人士在接受《华夏时报》记者采访时表示，（微信小游戏）新的激励措施能够直接降低开发者前期风 险、提升长线收益，为精品IAP小游戏提供更友好的生存土壤，助力行业从流量驱动向内容驱动转型。 游戏股"开门红" 1月5日，游戏股在新一年的首个交易日迎来大涨。其中，三七互娱10分钟内涨停，世纪华通股价收涨 8.15%，恺英网络收涨6.63%、巨人网络收涨2.98%。 而从消息面看，微信小游戏自今年1月1日起升级了IAP小游戏的激励政策。也就是自2026年起，在微信 小游戏平台首发的新游将享受"新游期"与"成长期"的双重激励，综合激励比例超过100%，其中单款 ...

Core Insights - The Social Security Fund's investment in technology stocks has reached a historical high, with a market value exceeding 46.9 billion yuan as of the end of Q3, reflecting a significant increase in preference for technology stocks [1][2]. Group 1: Investment Trends - The Social Security Fund's holdings in the electronics sector reached nearly 27.4 billion yuan, making it the highest among technology sectors, followed by the computer sector with over 7.7 billion yuan [2]. - Year-on-year, the market value of technology stocks held by the Social Security Fund has increased by nearly 61% compared to the end of Q3 last year, and it has grown more than 18 times compared to the same period in 2011 [2]. Group 2: Individual Stock Holdings - Transsion Holdings has the largest holding among the Social Security Fund's investments, with a market value exceeding 4.5 billion yuan [3]. - Other notable stocks with holdings exceeding 1 billion yuan include Pengding Holdings, Focus Media, Unisoc, and Shenzhen South Electronics [4]. Group 3: New Investments - The Social Security Fund's 113 combination and the Basic Pension Insurance Fund's 802 combination have newly invested in Unisoc with 20.93 million shares, amounting to nearly 1.9 billion yuan [5]. - Giant Network was also newly added to the portfolio with 27.84 million shares, valued at over 1.258 billion yuan [6]. Group 4: Long-term Holdings - The Social Security Fund has maintained long-term positions in six technology stocks for over 24 quarters, including Zhongnan Media, Zhongyuan Media, Phoenix Media, Yilian Network, Sanhuan Group, and Transsion Holdings, with each having a market value exceeding 1 billion yuan [7]. - Additionally, 11 technology stocks have been held for over three years, with Pengding Holdings having a market value exceeding 3.2 billion yuan [8]. Group 5: Investment Strategy - The long-term holdings of the Social Security Fund primarily consist of industry-leading stocks with generous dividends and high dividend-yielding media stocks [9].

Core Insights - Giant Network (002558.SZ) reported a significant increase in Q3 revenue, doubling year-on-year, with net profit growing over 80% [3][5] - The resignation of CEO Zhang Dong, who served for less than two years, is not expected to impact the company's operations significantly, as the company transitions to a strategy focusing on nurturing young talent [4][5] - The company has implemented an integrated development, operation, and publishing strategy, allowing project leaders to manage all aspects of game development, which has contributed to the success of the hit game "Supernatural Action Group" [5][6] Financial Performance - For the first three quarters, Giant Network achieved revenue of 3.368 billion yuan, a year-on-year increase of 51.84%, and a net profit of 1.417 billion yuan, up 32.31% [5][8] - In Q3 alone, the company reported revenue of 1.706 billion yuan, a remarkable growth of 115.63% year-on-year, with net profit reaching 640 million yuan, an increase of 81.19% [5][8] - Deferred revenue reached over 1.333 billion yuan, with an increase of approximately 440 million yuan from the previous quarter, primarily driven by "Supernatural Action Group" [7] Strategic Developments - The integrated strategy initiated in early 2023 allows project leaders to have full control over their games, enhancing decision-making efficiency and reducing internal conflicts [5][6] - The company aims to rejuvenate its workforce by promoting younger talent, as emphasized by Chairman Shi Yuzhu, who advocates for a culture that empowers young professionals [5][9] - The success of "Supernatural Action Group" is attributed to its unique gameplay and strong social features, which have led to a significant increase in user engagement and loyalty [8][10] Market Positioning - Giant Network's classic IP "Journey" continues to perform well, with the mobile game "Original Journey" attracting over 20 million new users [9][10] - The company is also focusing on international markets, with "Super Sus" achieving notable success in Southeast Asia, providing valuable localization experience for future mobile game launches [10] - The company plans to enhance "Supernatural Action Group" by deepening content supply and optimizing game performance, aiming to maintain its status as a long-term growth driver [10][11]

Core Viewpoint - The article discusses the recent management changes at Giant Network, highlighting the return of founder Shi Yuzhu and the appointment of Liu Wei as the new general manager, emphasizing the focus on nurturing young talent and improving game quality [5][8][19]. Group 1: Management Changes - Shi Yuzhu, aged 63, has reappointed Liu Wei as the new general manager after Zhang Dong's resignation due to personal reasons [5][10]. - Liu Wei, who has been with Giant Network for many years, aims to cultivate young core talent, indicating a potential shift towards a younger leadership team [8][19]. - Zhang Dong, who served as general manager for a year, oversaw significant growth, with the company's stock price increasing by 180% over ten months, reaching a market value of 68 billion yuan [12][27]. Group 2: Financial Performance - For the period from July to September, Giant Network reported a net profit of 640 million yuan, a year-on-year increase of 81% [12][13]. - The company's total revenue for the first nine months of the year reached 3.37 billion yuan, reflecting a 51.84% increase compared to the previous year [13][27]. - The successful launch of new games, such as "Supernatural Action Group," contributed to a 72% month-on-month revenue increase in August, elevating the company to the 16th position in the publisher revenue rankings [14][27]. Group 3: Strategic Focus - Shi Yuzhu's return has led to a renewed emphasis on game quality and player experience, moving away from previous monetization strategies that alienated players [21][23]. - The "Journey" game IP has been revitalized with new mobile adaptations, focusing on maintaining core gameplay elements while reducing monetization pressure [23][25]. - The management aims to concentrate resources on developing blockbuster games within the MMORPG and multiplayer casual gaming sectors, with a clear direction for future innovations [27][28]. Group 4: Ongoing Challenges - Despite the positive developments, Shi Yuzhu faces ongoing debt disputes, particularly related to guarantees made for the Pan Ocean Group, which have led to the freezing of company shares [29][31]. - The financial entanglements have raised concerns, but the company maintains that these issues do not impact its operational performance [31][32].

Core Viewpoint - Giant Network is a leading internet gaming company in China, with strong revenue and profit performance in the industry, showcasing robust financial health and growth potential [2][3][6][7]. Group 1: Business Performance - In Q3 2025, Giant Network reported revenue of 3.368 billion yuan, ranking 8th in the industry, with the top competitor, ST Huatong, at 27.223 billion yuan [2]. - The net profit for the same period was 1.431 billion yuan, placing the company 5th in the industry, with ST Huatong leading at 4.442 billion yuan [2]. - The company's contract liabilities surged to 1.333 billion yuan, a 49.9% increase quarter-on-quarter, indicating strong future performance support [6]. Group 2: Financial Health - As of Q3 2025, the asset-liability ratio was 16.40%, significantly lower than the industry average of 29.04%, reflecting strong solvency [3]. - The gross profit margin stood at 90.62%, higher than the industry average of 58.35%, indicating robust profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 21.47% to 61,000, while the average number of shares held per shareholder decreased by 17.67% to 31,700 shares [5]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings [5]. Group 4: Product and Market Developments - The new self-developed game "Supernatural Action Team" saw a revenue increase, ranking 10th in iOS mobile game revenue in China [6]. - The "Journey" IP series continues to perform well, with the mini-game version achieving over 20 million users [7]. - The company is actively integrating AI into its games, enhancing user engagement and gameplay experience [6][7].

Core Insights - The return of founder Shi Yuzhu has revitalized Giant Network's growth trajectory, with significant announcements and personnel changes indicating a strategic shift towards nurturing young talent [2][3][4] Management Changes - CEO Zhang Dong resigned for personal reasons, and Liu Wei, a board member, has been appointed as the new CEO and General Manager, focusing on developing young core talent [2][4] - Liu Wei previously served as CEO from April 2016 to December 2023 and is expected to bring a fresh perspective to the leadership [3][4] Financial Performance - In Q3, Giant Network reported revenue of 1.706 billion yuan, a year-on-year increase of 115.63%, and a net profit of 640 million yuan, up 81.19% [2][7] - For the first three quarters of the year, total revenue reached 3.368 billion yuan, reflecting a 51.84% increase, while net profit grew by 32.31% to 1.417 billion yuan [7] Product Success - The self-developed game "Supernatural Action Group" has become a phenomenon, significantly contributing to the company's Q3 performance and showcasing the effectiveness of a young development team [2][6][7] - The game achieved a revenue increase of 800 million yuan in August alone, marking a 106% month-on-month growth, and reached a peak of 1.1 billion yuan in total revenue [6][7] Market Position and Future Outlook - The success of "Supernatural Action Group" has positioned Giant Network favorably in the market, with its stock price doubling since the beginning of the year, closing at 37.92 yuan per share [8] - Analysts express optimism about the game's potential for further growth, particularly with upcoming seasonal updates and the possibility of expanding its player base [8]

Core Viewpoint - The departure of Zhang Dong from Giant Network is attributed to personal reasons, and the company believes this change will have a limited impact on its operations and future projects [1] Group 1: Company Response - Giant Network's public relations head, Ma Quanzhi, expressed gratitude for Zhang Dong's contributions during his tenure and emphasized that the board acknowledges his efforts [1] - The company has implemented an integrated model for research, operations, and publishing, allowing team leaders to have full control over game development, which enhances decision-making efficiency and reduces internal conflicts [1] Group 2: Organizational Structure - Giant Network operates primarily through two main tracks: the "Journey" track and the "Ball" track, along with other projects in development and operation [1] - The integrated model was proposed by the chairman, who has a history of promoting young talent and fostering a highly autonomous work environment [1] Group 3: Future Outlook - The departure of Zhang Dong is not expected to significantly affect the core tracks or the overall company, as he has completed his mission and the company aims to create more opportunities for younger teams [1] - The chairman has emphasized that the gaming industry is a field for young people, advocating for those who understand the business best to take charge [1]

Core Viewpoint - Giant Network has gained significant attention in the capital market this year, with its stock price increasing over 200% since the beginning of the year, reaching a market capitalization of 73.4 billion yuan as of October 29 [2][7]. Management Changes - General Manager Zhang Dong has resigned for personal reasons, effective immediately upon submission of his resignation to the board, and will no longer hold any positions within the company or its subsidiaries [2][4]. - Liu Wei has been appointed as the new General Manager, with a focus on nurturing young core talent [4][5]. Financial Performance - For the first three quarters of 2025, Giant Network reported a revenue of 3.37 billion yuan, a year-on-year increase of 51.8%, and a net profit of 1.42 billion yuan, up 32.3% [7]. - In Q3 alone, revenue reached 1.71 billion yuan, reflecting a 115.6% increase year-on-year, while net profit surged by 81.2% [7]. Product Performance - The success of the game "Supernatural Action Group," which launched in January, has contributed to the company's revenue growth, achieving over 1 million concurrent users shortly after its release [8]. - However, there are concerns regarding the reliance on a single product, as revenue growth has shown signs of slowing down [8]. AI Initiatives - Giant Network is actively expanding its AI capabilities, having collaborated with Tsinghua University to develop a multi-dialect speech synthesis model and invested in AI video generation company Aishi Technology [10][11]. - The company is also integrating AI into its games, enhancing user engagement and gameplay experiences through innovative AI features [12][13].

Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with total revenue reaching 3.368 billion yuan, a year-on-year growth of 51.84%, and net profit attributable to shareholders at 1.417 billion yuan, up 32.31% [1] - The third quarter saw a remarkable revenue of 1.706 billion yuan, representing a year-on-year increase of 115.63% and a quarter-on-quarter growth of 81.83% [1] - The strong performance is attributed to the self-developed game "Supernatural Action Group," which launched in early 2025 and gained substantial user engagement and revenue, particularly from June onwards [1] Financial Performance - Key financial metrics include a gross margin of 90.62% for the first three quarters, an increase of 1.7 percentage points year-on-year, and a net profit margin of 42.48%, down 6.1 percentage points year-on-year, with Q3 net profit margin at 37.82% [1] - The sales expense ratio for the first three quarters was 36.23%, up 4.3 percentage points year-on-year, while the management expense ratio was 4.78%, down 1.5 percentage points year-on-year, and the R&D expense ratio was 21.27%, down 2.2 percentage points year-on-year [1] - As of the end of Q3, contract liabilities reached 1.333 billion yuan, a year-on-year increase of 172% and a quarter-on-quarter increase of 50%, primarily driven by pre-recharge revenue from "Supernatural Action Group" and "Original Journey" [1] Product and Market Strategy - The company demonstrates strong long-term operational capabilities, with the old IP "Journey" series maintaining stable performance, particularly the flagship mobile game "Original Journey," which has achieved an average monthly revenue of 100 million yuan this year [2] - The new hit game "Supernatural Action Group" has shown significant profit contribution in Q3 and is in its growth phase, with potential for long-term success through continuous updates and overseas expansion [2] - Future product pipeline includes "Famous Generals Kill" (card strategy) expected to launch in early 2026 and "Five Thousand Years" (SLG) focusing on Chinese historical themes, which has undergone multiple tests this year [2] Investment Outlook - "Supernatural Action Group" is expected to be a key growth driver for the company in the medium to long term, with projected net profits of 2.272 billion yuan, 3.360 billion yuan, and 3.825 billion yuan for 2025-2027, corresponding to PE ratios of 32, 22, and 19 times respectively [3] - The company maintains a "recommended" rating based on its strong fundamentals and growth potential [3]