2月26日，游戏板块早盘震荡攀升，游戏ETF（159869）现涨近1%，打开低位布局窗口，截至发 稿，盘中成交额已突破6亿元。持仓股中，顺网科技、浙数文化、完美世界、冰川网络、盛天网络等涨 幅居前；神州泰岳、迅游科技、华立科技等跌幅居前。 2月26日，Sensor Tower APAC Awards 2025年度获奖名单公布，腾讯旗下《三角洲行动》荣获"最佳 跨平台FPS（射击类）游戏"。评语指出，2025年该作移动端收入激增29倍，成为全球增长最快射击游 戏；PC与主机端累计售出1830万份，登顶全球PC免费游戏下载榜。《三角洲行动》以惊人的跨平台数 据摘得行业大奖，彰显了腾讯在全球射击游戏市场的领先发行与长线运营能力，为公司贡献了显著的业 绩增量。其"多端齐发、收入互补"的模式，为射击品类乃至整个游戏行业提供了可复制的成功范本。此 举进一步强化了市场对国产游戏全球化能力的认可。游戏方面，春节期间多端流水数据表现健康，行业 高景气延续。展望后续，3月仍有《洛克王国》、EVE等潜在爆款上线，产品催化不断。游戏板块核心 公司估值性价比在成长板块中依然突出。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏E ...

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日传媒板块大幅回调，影视ETF（516620）收跌超7%，游戏ETF（516010）收跌超4%。影视下 跌的核心原因是2026年春节档票房大幅不及预期，此前市场对春节档票房和AI应用方向反应较为剧 烈，节后预期修正压力集中释放。游戏ETF下跌则主要受指数中接近10个百分点的影视权重股拖累，游 戏行业自身基本面并无明显利空，春节期间游戏流水数据整体健康，或可逢跌关注。 春节档票房 ...

Summary of Key Points from Conference Call Industry Overview - The domestic gaming market in China is expected to continue its growth trajectory, with the market size reaching over 67 billion yuan in 2025, reflecting a year-on-year growth of over 3% for mobile games and nearly 30% for PC games [1][3]. Market Growth and User Engagement - The number of gaming users in China has shown consistent growth over the past three years, with growth rates of 0.61%, 0.94%, and 1.35% from 2023 to 2025, driven by improved mobile game quality and innovative gameplay [4]. - The Average Revenue Per User (ARPU) for Chinese gamers is projected to increase from over 480 yuan in 2024 to 510 yuan in 2025, indicating a year-on-year growth of over 6% and a stronger willingness to pay among players [5]. International Expansion - The growth rate for self-developed mobile games from China going overseas is expected to be 11.1% in 2024 and 13.2% in 2025, showcasing the competitive strength of Chinese games in the international market, with companies like Century Huatong performing notably well [6]. Console and PC Gaming Trends - The console gaming market in China is projected to grow by 86% in 2025, continuing a high growth trend, while popular dual-platform games like "Triangle Action" are expected to drive a 15% growth in the PC gaming market [7]. Mini Program Games - The mini program gaming market is anticipated to grow by over 30% in 2025, indicating strong growth potential and providing new growth points for the gaming market [8]. Policy Support for E-sports - Shanghai is set to introduce the "Ten Policies" to support the development of the e-sports industry, focusing on IP ecology, industry expansion, and international outreach, along with financial support to foster new cultural industry dynamics [2][9]. Upcoming Products and Market Opportunities - Several important new games have recently launched, including "Nine Dreams" by G-bits and "Famous Generals Kill" by Giant Network. Upcoming titles include "Three Kingdoms: The Return of Hearts" by Kaiying Network and "Ring" by Perfect World, with many key products expected to launch in the first quarter of 2026 [10].

Summary of Tencent's Game Industry and AI Developments Industry and Company Overview - The document discusses Tencent's gaming business and its recent success with the game "Delta Action" [1][4] - The gaming industry is experiencing significant changes, particularly with the integration of AI technologies [7] Key Points and Arguments - **Success of "Delta Action"**: - The game generated over 1 billion in revenue across all platforms in June and is expected to exceed 2 billion in July, with an annualized revenue close to 30 billion [1][3] - This success alleviated market concerns regarding Tencent's short-term revenue decline and corrected expectations for the company's fourth-quarter financial pressure [1][4] - The game is projected to contribute over 10 billion in profit to Tencent's overall profit growth [1][4] - **Market Dynamics**: - The success of "Delta Action" is attributed to favorable market timing, strong IP recognition, and improved product quality [1][5] - The game has attracted a broader user base without negatively impacting existing battle royale games [1][5] - Daily active users (DAU) for both PC and mobile versions have surpassed 20 million, indicating long-term operational potential [1][6] - **AI Technology Expectations**: - There is growing anticipation for AI technologies to enhance the commercialization of super apps, with companies like Duolingo and Spotify leading the charge [7] - Domestic platforms such as Douyin and Taobao are testing AI applications, suggesting a potential reevaluation of Tencent's revenue expectations [1][7] - **Investment Outlook**: - Tencent is currently viewed as a favorable investment opportunity, with a medium to low valuation and unadjusted earnings per share (EPS) projections for the next two years [2][8] - The expected growth rate for Tencent is projected to accelerate to around 18%, with potential valuation increases to 14-20 times earnings [2][8][9] Additional Important Insights - **Impact on Existing Products**: - The success of "Delta Action" has positively influenced market perceptions of Tencent's gaming business, correcting previous revenue decline expectations [4][5] - The game is expected to support sustained growth in the coming quarters, enhancing overall profit growth from approximately 10% to 18-20% [4][5] - **Long-term Viability**: - "Delta Action" is likely to become a long-term product, with ongoing updates and monetization strategies expected to further increase its user base and revenue [6] - **Market Trends**: - The document highlights the importance of monitoring AI developments and their implications for Tencent and the broader market, indicating a critical juncture for investment strategies [7]