Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new industry peak similar to previous waves in 2015 and 2020 [1][2][5] Industry Trends - The current wave of ACG games is characterized by domestic developers no longer blindly following trends but instead focusing on developing their own intellectual properties (IPs) and integrating ACG elements with familiar game types, exploring niche markets [1][11] - The market is seeing a significant influx of new and established players, leading to a competitive environment that may result in a reshuffling of market positions [4][11] Game Launches and Performance - Notable game launches include "Victory Goddess: NIKKE," which achieved $1 billion in global revenue by January 2025, and "Pretty Derby," which returned after a 622-day hiatus, generating approximately $203 million in its first 12 days [2][3] - Other successful titles include "杖剑传说," which generated over 200 million yuan in its first month, and "最终幻想14：水晶世界," which began testing in June 2025 [3][4] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current trend being driven by a more mature understanding of the market and player preferences [5][6] - Previous failures in the sector were often due to a lack of depth in storytelling and gameplay, leading to a "winner-takes-all" scenario where only a few titles succeeded [6][10] Cultural Shifts - The rise of "Guochao" (national trend) has allowed domestic developers to resonate more with local audiences, reducing cultural barriers and enhancing emotional connections with players [12][13] - The development of game-related merchandise is gaining traction, reflecting a shift in focus towards creating a broader ecosystem around ACG titles [12][13] Future Outlook - The current trend indicates a diversification of gameplay styles, with developers exploring various genres such as ARPG, shooting, and open-world games, which may lead to new market opportunities [11][12] - There is speculation about the potential for a "GTA-style" ACG game to emerge, with titles like "异环" and "无限大" being closely watched for their market impact [14][15][16]

Group 1 - The gaming sector is leading the market with the gaming ETF (516010) rising over 3% [1] - The media industry is experiencing a new consumption trend driven by Labubu, with AI applications commercializing beyond expectations [1] - New AI products such as toys and glasses are being launched at lower price points, with notable orders for products like Rokid Glasses [1] Group 2 - The gaming industry is in a new product cycle with an improved competitive landscape, and there is a focus on mid-sized products [1] - Popular titles like "Return to the Ring" and "Under the Other" are gaining attention, while the mobile game "Valorant" has surpassed 20 million pre-registrations [1] - Policy support is increasing, with a 15% year-on-year growth in license issuance, indicating a steady recovery in industry demand [1] Group 3 - The gaming ETF (516010) tracks the anime and gaming index (930901), which reflects the overall performance of listed companies in the anime and gaming sectors [1] - This index serves as a key indicator for investors to identify opportunities in the Chinese anime and gaming industry [1] - Investors without stock accounts can consider related ETF products such as Guotai Zhongzheng Anime Game ETF Link A (012728) and C (012729) [1]

Group 1 - Tencent's new game "Return Ring" showcases a unique time-loop theme and innovative gameplay, generating significant market interest and potential [1] - The game is positioned as a competitive entry in the 2D open-world genre, drawing comparisons to "Baldur's Gate" in terms of narrative style and mechanics [1] Group 2 - Sanbai Network's "Girls' Frontline" Steam version is set to launch on June 12, following a delay due to pending Steam approval [2] - The company has implemented a compensation strategy for players affected by the delay, which includes in-game rewards to maintain player loyalty and satisfaction [2] Group 3 - NetEase's popular mobile game "Justice" has announced its second anniversary expansion, scheduled for June 27, featuring cross-industry collaborations [3] - The expansion is expected to provide a short-term boost to NetEase's market performance, reflecting the company's strong capabilities in game development and player engagement [3]

Core Viewpoint - The article discusses the emergence of various games with the "ring" theme, particularly focusing on the newly announced game "Return Ring," which features unique gameplay mechanics and a narrative structure influenced by player choices and time loops [4][19]. Group 1: Game Overview - "Return Ring" is an open-world action game that recently started a countdown for its promotional video and held a live stream event [4]. - The game incorporates a "time loop" mechanic and a classic dice system from tabletop role-playing games, allowing players to make choices that affect the storyline [6][9]. - Players can rewind time if they are dissatisfied with the outcomes of their choices, enhancing the interactive experience [9][17]. Group 2: Development Background - The game was developed after ByteDance closed its gaming division, selling the project to Tencent, which is now being developed by the Salros Studio, formed by former ByteDance employees [6]. - The game features a multiplayer squad system where players can switch characters during battles, each having unique abilities and roles [11][13]. Group 3: Gameplay Features - The game includes an AI system that allows for interaction with certain NPCs, although the interaction mechanics may have some quirks [15]. - There is a crime system in place where players can face consequences for their actions within the game world, such as being pursued for harming NPCs [15]. - The game promises a variety of story endings based on player decisions, contributing to its replayability [17]. Group 4: Industry Context - The article notes a trend of games with "ring" themes emerging in recent years, suggesting a potential influence from the popularity of titles like "Elden Ring" [19][26]. - The proliferation of these games raises questions about player identity and community dynamics, as more players may identify with the "ring" theme [26].