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，反映 动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 10月22日，游戏板块低开后震荡攀升，游戏ETF（159869）现已翻红微涨，持仓股中，国脉文化领涨超 6%，顺网科技、星辉娱乐、冰川网络等跟涨。Wind数据显示，截至10月21日，游戏ETF（159869）近 10个交易日累计获得资金净流入达15.53亿元，备受资金青睐，产品规模达109.81亿元，助力投资者一键 布局A股游戏龙头。 10月21日消息，数据分析机构QuestMobile发布的《2025手机游戏行业发展分析报告》显示，2025年8月 19日全平台上线的战术手游《无畏契约：源能行动》表现抢眼，上线首月即实现月活跃用户数超3200 万，在同期游戏市场整体低迷的背景下，创下年内新游上线首月表现最佳纪录。 该游戏的爆发式表现与同期行业整体态势形成鲜明对比。游戏工委（GPC）数据显示，2025年8月中国 游戏市场实际销售收入同比有所下降， 自主研发游戏国内及海外销售收入均出现两位数下滑 ，核心原 因在于去年同期《黑神话：悟 ...

｜2025年10月22日星期三｜ NO.1 腾讯《洛克王国：世界》预约量破3500万 10月21日消息，腾讯魔方工作室正式宣布，其研发的开放世界新作《洛克王国：世界》全网预约量已突 破3500万大关。作为承载千万玩家童年记忆的经典《洛克王国》的正统续作，该游戏自曝光以来便持续 占据行业话题高地。据悉，游戏已完成多轮大型测试迭代，近期将开启新一轮"同行测试"，并明确预计 于2025年底前正式公测。 NO.2 《崩坏：星穹铁道》3.7版本前瞻定档10月24日 10月21日消息，米哈游旗下热门二次元回合制游戏《崩坏：星穹铁道》（以下简称《星穹铁道》）官方 宣布，3.7版本"成为昨日的明天"前瞻特别节目将于10月24日正式播出。作为游戏核心剧情线"翁法罗斯 篇章"的收官之作，该版本将为持续近一年的故事线画上句号，同时携重磅内容矩阵登场，引发玩家社 群与资本市场的双重关注。 点评：该版本的落地有望为米哈游及二次元游戏赛道注入强心剂，整体来看，游戏内容密度与玩家期待 度的双重提升将直接转化为流水增量。本次3.7版本兼具"剧情收官+高人气角色+新玩法"三重驱动力， 叠加前瞻节目预热带来的流量积累，其上线后首月流水有望再创新 ...

Core Insights - The gaming sector is experiencing volatility, with the gaming ETF (159869) declining over 1.5% as of October 16, 2025, despite a net inflow of 2.394 billion yuan over the past 10 trading days, indicating strong investor interest [1][2] - The Chinese domestic gaming market revenue for August 2025 is projected at 29.263 billion yuan, reflecting a year-on-year decline of 13.01%, primarily due to the waning popularity of last year's hit game "Black Myth: Wukong" and a lack of new product supply [1][2] - The overseas market for self-developed Chinese games saw actual sales revenue of 1.68 billion USD in August 2025, down 10.66% year-on-year, attributed to a high base effect from the previous month [1][2] Domestic Market Performance - The mobile gaming market in China generated 21.541 billion yuan in August 2025, showing a year-on-year decrease of 4.25%, with new releases contributing over 200 million yuan in revenue [1] - The client game market in China reached 6.563 billion yuan in August 2025, marking a year-on-year increase of 17.59%, driven by new cross-platform products [1][2] Overseas Market Highlights - In the top 10 overseas market products by revenue growth, "Kingshot" and "Frost Revelation" from Diandian Interactive ranked in the top 5, with "Kingshot" experiencing over 20% month-on-month revenue growth [2] - The domestic version of "Kingshot" is expected to launch within the year, potentially expanding revenue opportunities [2] Investment Opportunities - The gaming sector is undergoing transformations driven by AI, content, and commercialization model changes, presenting potential investment opportunities in the gaming ETF (159869), which tracks the performance of A-share listed companies in the animation and gaming industry [2]

Group 1: Legendary Biotech (LEGN US) - 3Q25 Carvykti sales reached $524 million, exceeding expectations with a year-on-year growth of 84% and a quarter-on-quarter growth of 19% [1] - The U.S. market contributed $396 million in sales, reflecting a year-on-year increase of 53% and a quarter-on-quarter increase of 11%, while international sales reached $128 million, up 374% year-on-year and 58% quarter-on-quarter [1] - Johnson & Johnson reaffirmed its peak sales target for Carvykti at over $5 billion, expressing increased confidence in achieving this goal [1][2] Group 2: Internet Industry - Tencent's domestic mobile game revenue decreased by $2.7 billion (8%) year-on-year, primarily due to high base effects from the previous year, although new games partially offset this decline [4] - Tencent's overseas revenue increased by $670 million (9%) year-on-year, driven by new game releases like Clash Royale [4] - NetEase's domestic revenue showed a slight increase of $0.7 million (1%), while overseas revenue grew by $1.6 million (18%) due to contributions from new games [4] Group 3: Battery Industry - In September 2025, China's domestic power battery installation volume reached 76.0 GWh, marking a year-on-year increase of 39.5% and a month-on-month increase of 21.6% [7] - Battery exports remained robust, totaling 26.7 GWh in September, with a year-on-year increase of 28.3% [7] - China's export controls on certain lithium battery materials and equipment are expected to improve the competitive landscape overseas, potentially enhancing profitability for leading companies with overseas production capabilities [7][8] Group 4: Pharmaceutical Industry - The Hang Seng Healthcare Index fell by 12.0% this week, underperforming the broader market, with traditional Chinese medicine and internet healthcare sectors showing relatively better performance [9] - Institutions have been increasing their positions in high-value innovative drug stocks, despite a slight decrease in holdings of pharmaceutical stocks through the Hong Kong Stock Connect [9][10] - The upcoming ESMO conference is anticipated to provide significant data releases, with recommendations to focus on companies like CanSino Biologics and Hengrui Medicine [10]

今年来，射击游戏赛道不断"升温"。而腾讯向来被视为这一大热门类的"绝对王者"，旗下多款长青游戏为射击竞技型产品。 据移动应用数据分析公司Sensor Tower最新披露的中国手游厂商收入榜显示，今年9月，腾讯旗下《王者荣耀》《三角洲行 动》《和平精英》和《金铲铲之战》包揽当月中国App Store手游收入榜TOP4。另外，《地下城与勇士：起源》《穿越火 线》以及射击新游《无畏契约：源能行动》也成功跻身收入榜TOP10。 手握多个爆款射击游戏的腾讯，今日又首曝了一款射击新游。 10月15日，腾讯游戏北极光工作室射击新游《灰境行者》发布首曝PV。 此次推出射击新作的北极光工作室（Aurora Studios）为腾讯游戏旗下"四大工作室"之一，研发领域涵盖端游、手游及社交 游戏，代表作品包括3D武侠网游《天涯明月刀》、女性恋爱手游《光与夜之恋》。 值得一提的是，北极光工作室曾推出竞技射击网游《无限法则》。该游戏于2018年登陆steam，但在2023年12月1日正式停 服，终止运营。 具体来看，《灰境行者》采用了UE5引擎，是一款PVEVP"猎杀夺宝"题材的第一人称射击游戏。游戏风格上，其融合了克 苏鲁风格的恐怖元 ...

手握多个爆款射击游戏的腾讯，今日又首曝了一款射击新游。 10月15日，腾讯游戏北极光工作室射击新游《灰境行者》发布首曝PV。 此次推出射击新作的北极光工作室（Aurora Studios）为腾讯游戏旗下"四大工作室"之一，研发领域涵盖端游、手游及社交游戏，代表作品包括3D武侠 网游《天涯明月刀》、女性恋爱手游《光与夜之恋》。 值得一提的是，北极光工作室曾推出竞技射击网游《无限法则》。该游戏于2018年登陆steam，但在2023年12月1日正式停服，终止运营。 据移动应用数据分析公司Sensor Tower最新披露的中国手游厂商收入榜显示，今年9月，腾讯旗下《王者荣耀》《三角洲行动》《和平精英》和《金铲 铲之战》包揽当月中国App Store手游收入榜TOP4。另外，《地下城与勇士：起源》《穿越火线》以及射击新游《无畏契约：源能行动》也成功跻身收入 榜TOP10。 来源：Sensor Tower 上述游戏中，《三角洲行动》《和平精英》《穿越火线》《无畏契约：源能行动》均为射击竞技手游。其中，战术射击手游《三角洲行动》凭借全新 赛季"烈火冲天"，9月收入环比大涨78%，并于版本更新当日登顶中国iOS手游畅销榜， ...

Group 1: Tencent - Tencent's mobile game revenue stabilized year-on-year in September, with strong performances from "Delta Action" and "Clash Royale" offsetting high base effects [1][2] - Domestic revenue decreased by 2.7 billion yuan (8%) year-on-year, primarily due to the high base from "MDnF," partially mitigated by new games like "Valorant: Source Action" and "Delta Action" [2] - "Delta Action" achieved a record high revenue of 1.5 billion yuan in September, driven by continuous user growth, with daily active users exceeding 30 million [2] - Overseas revenue increased by 670 million yuan (9%) year-on-year, mainly due to contributions from "Clash Royale," which saw a revenue of over 750 million yuan in September, reflecting a year-on-year increase of 360% [2] Group 2: NetEase - NetEase's domestic mobile game revenue slightly increased by 70 million yuan (1%) year-on-year, with new games like "Yanyun Sixteen Sounds" and "Egg Party" contributing to offset the high base from "Nirvana in Fire" [3] - Overseas revenue grew by 160 million yuan (18%) year-on-year, benefiting from new games such as "Destiny: Rising," which surpassed 100 million yuan in revenue in September [3] Group 3: Market Trends - Tencent is exploring interactive gaming, having released "The Queen's Game" on September 9, achieving cumulative sales of over 1 million [4] - By September 2025, 145 domestic game licenses and 11 import licenses are expected to be issued, with a focus on Tencent's open-world RPG "Return" and miHoYo's new game "Honkai: Origin Spirit" [4]

Group 1 - The gaming sector initially weakened but has shown a continuous rise, with companies like Guomai Culture, Xinghui Entertainment, Huali Technology, and Mingchen Health leading in gains, while companies like Jibite, Giant Network, and Kaiying Network are among the biggest losers [1] - The gaming ETF (159869) has seen a net inflow of 2.423 billion yuan over the past 10 trading days, indicating strong investor interest, with a total product scale of 10.612 billion yuan [1] - According to Qimai Data, the popular game rankings for September 2025 show that "Valorant: Source Action," launched in August, has risen 6 places to become the top downloaded game, while "Delta Action" and "Honor of Kings" are ranked second and third respectively [1] Group 2 - The gaming sector is experiencing multiple catalysts including AI, content, and commercialization model transformations, with a focus on the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Core Insights - FUNFLY's "Last War: Survival Game" continues to lead global mobile game revenue, driven by active promotional events and monetization mechanisms [4][5] - "MONOPOLY GO!" and "Royal Match" have seen significant revenue growth due to tightly scheduled real-time operations and regular content updates [5][6] - Global mobile game spending reached approximately $6.6 billion in September 2025, with a month-over-month decline of 8% [6] - Netmarble's "Vampir" has gained notable revenue ranking, topping the Korean mobile revenue chart, while Tencent's shooting games also performed well [7] - NetEase's "Destiny: Stars" has made a strong impact in Western markets, ranking high in mobile shooting game revenue [8] - "Ludo King" topped the global download chart in September, benefiting from a successful event that enhanced player engagement [12][13] Revenue Performance - "Last War: Survival Game" maintained its top position through various player engagement activities, including discounts and competitive events [4] - "MONOPOLY GO!" achieved strong revenue performance through a series of themed events that enhanced player participation [5] - "Royal Match" ranked third globally due to consistent content updates and player-driven activities [5] Market Trends - The global mobile gaming market saw a total of approximately 3.86 billion downloads in September 2025, reflecting a 9% decrease from the previous month [12][14] - The United States remains the largest market for mobile gaming, accounting for $2.1 billion in revenue, followed by China and Japan [6][12] Emerging Titles - "Vampir" has successfully carved a niche in the MMORPG market with its unique dark fantasy theme and gameplay mechanics [7] - "Destiny: Stars" has resonated well with core players in major Western markets, indicating a strong demand for high-quality mobile shooting experiences [8] - "KAIJU NO. 8 THE GAME" has gained traction as a top-down RPG, appealing to fans of the original anime series [8] Download Rankings - "Ludo King" achieved the highest downloads in September, driven by a successful event that encouraged player customization [12] - "Free Fire" maintained its second position in downloads due to engaging content updates [13] - New titles like "Prison Escape Journey" and "Bike Wheelie: Elite Auto" have shown strong growth, highlighting the popularity of casual gaming in emerging markets [14]

Core Insights - In September 2025, 32 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $1.95 billion, which accounts for 36.1% of the total revenue of the global TOP 100 mobile game publishers [1] Group 1: Tencent's Performance - Tencent's tactical shooting game "Delta Force" launched a new season "Blazing Fire" on September 17, leading to a 76% month-on-month revenue increase [2] - "Delta Force" topped the iOS mobile game sales chart in China and maintained its position for several consecutive days, contributing to Tencent's top position in the Chinese mobile game publisher revenue ranking [2] - Tencent's other major titles, including "Honor of Kings" and "Peacekeeper Elite," also performed exceptionally well [2] Group 2: NetEase's Growth - NetEase secured the third position in the revenue ranking, driven by the strong performance of multiple mobile games [2] - The newly launched "Dream Journey Mobile Light Enjoyment" saw a 46% month-on-month revenue increase due to its lowered gameplay barriers and enhanced social features [2] - The sci-fi shooting game "Destiny: Stars" launched at the end of August experienced a threefold revenue increase in September, ranking second in the revenue growth list for Chinese mobile games going overseas [2] Group 3: Other Notable Publishers - Lemon Microfun maintained its fourth position in the revenue ranking with a 10% month-on-month revenue increase, supported by several successful titles [3] - MiHoYo's games, including "Genshin Impact" and "Honkai: Star Rail," saw a 33% month-on-month revenue increase, elevating the publisher to the fifth position [3] - "Genshin Impact" launched a new version on September 10, resulting in a 94% revenue surge, making it the top mobile game in terms of revenue growth for overseas markets [3] Group 4: Emerging Publishers - Florere Game's revenue increased by 15% month-on-month, ranking sixth in the revenue list, with a notable 250% increase compared to January 2025 [4] - Mu Tong Technology's new game "ACECRAFT" quickly gained popularity, leading to a 10% month-on-month revenue increase and elevating its ranking to 11th [4] - Lingxi Interactive's "Three Kingdoms: Strategic Edition" saw its revenue double in September due to a successful anniversary event, contributing to a 38% overall revenue increase for the publisher [4] Group 5: Additional Publishers - Other Chinese mobile game publishers in the global TOP 100 include ONEMT and Mattel163, totaling 32 companies [5] Group 6: App Store Rankings - Tencent's "Honor of Kings," "Delta Force," "Peacekeeper Elite," and "Gold Shovel" occupied the top four positions in the Chinese App Store mobile game revenue ranking [6] - "Delta Force" achieved a 78% month-on-month revenue increase, reaching a new daily revenue high [6] - MiHoYo's "Genshin Impact" experienced a 53% month-on-month revenue increase, re-entering the revenue ranking at 17th place [7]