Group 1 - The core focus of the media gaming industry from July 28 to August 4, 2025, is on technological breakthroughs and industry activities, with the National Press and Publication Administration approving 127 domestic games and 7 imported games, including NetEase's "Diablo IV" and Tencent's "Ultimate Race" [1] - Huachuang Securities highlights that the media industry is experiencing a rise in AI applications, which is expected to reshape the landscape of open-source large models in China this year, emphasizing three steps for AI application advancement: public cloud value reconstruction, empowering B-end enterprises, and C-end scenario implementation [1] - The gaming sector is advised to focus on layout opportunities after corrections, with limited impact from tax deductions on advertising expenses for listed companies, and Q3 AI industry catalysts are anticipated to drive capital allocation [1] Group 2 - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in animation production, game development, platform operation, and related industry chains to reflect the overall performance of the animation and gaming sector [1] - The animation and gaming index emphasizes key aspects such as content creation, technology research and development, and channel distribution, with a focus on high-growth investment in sectors like entertainment media, software services, and digital media [1]

花旗发表研究报告指，网易将于8月中旬公布2025年第二季业绩，估计表现符合预期，主要来自《梦幻 西游》手游、《逆水寒》及《燕云十六声》等游戏稳健表现带动，以及首季部分收入递延确认，有助抵 销季节性因素的影响。花旗估计网易第二季总收入将按年增长11%至283亿元，非通用会计准则(Non- GAAP)净利润料达94.6亿元，对比市场预测为284亿及96.6亿元，在线游戏收入预测按年增长15.2%至 231亿元。 展望下半年，随着《暗黑破坏神IV》及《命运崛起》等重点新作进入测试或推出阶段，花旗预期游戏 收入动力可望保持稳定，预测第三季网易收入将按年增长10.6%至289.8亿元，Non-GAAP净利润达95亿 元。花旗将网易美股目标价由156美元微升至157美元，维持"买入"评级，看好其盈利韧性、强劲现金流 及稳定派息；将2025至2027年收入预测下调2.1%、上调0.4%及下调3.2%，Non-GAAP净利润预测下调 1.7%、上调1%及下调2.8%。 ...

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to a stable economic outlook in mainland China and active market trading, despite limited corporate profit improvements [2] - The market remains active with a positive risk appetite, as funds rotate across different sectors [2] Macro Focus - Sweden will host a new round of US-China trade negotiations, with the aim of extending the tariff suspension period [4][7] - The US has reached a trade agreement with Japan, reducing tariffs to 15% and involving a $550 billion investment from Japan [7] - China's foreign exchange bureau reported a net increase of $10.1 billion in foreign investment in A-shares and funds in the first half of the year, indicating a stable growth outlook for foreign capital [8] Company News - Chow Tai Fook (1929) reported a 1.9% year-on-year decline in retail value for the first fiscal quarter [4] - TCL Electronics (1070) expects a mid-term adjusted net profit increase of up to 65% year-on-year, driven by quality growth in core business and improved product and channel structure [9] - ASMPT (0522) reported a 32% decrease in mid-term profit, with a dividend of 0.26 HKD per share [9] - WuXi AppTec (2268) anticipates a mid-term net profit growth of over 50% [4] - The Fourth Paradigm (6682) has launched Phancy AI smart glasses, with shipments expected in early August [9] Industry Insights - The Chinese smartphone market saw a 2.4% year-on-year decline in shipments in Q2, influenced by early product launches due to subsidy policies [8] - The gaming industry in China continues to see regulatory stability, with 134 new game licenses issued in July, including notable titles like NetEase's "Diablo IV" [8]