Core Viewpoint - The gaming sector in A-shares has seen significant gains following the approval of multiple domestic and imported game licenses, indicating a positive trend for the industry [1][3]. Group 1: Market Performance - On September 25, several gaming stocks surged over 5%, including Kunlun Wanwei (300418.SZ), Icefire Network (300533.SZ), and Gigabit (603444.SH) [1]. - The gaming sector's valuation recovery is attributed to various factors, including the continuous issuance of game licenses, with 145 domestic games and 11 imported games approved recently [1][3]. - As of September 25, 2025, the A-share gaming sector comprises 24 listed companies, with some stocks achieving remarkable performance this year [7][8]. Group 2: Regulatory Environment - The National Press and Publication Administration has approved a total of 1,275 games in 2025, significantly higher than the 959 games approved in the same period last year, with an average monthly issuance increasing from 88.8 in 2023 to 132.8 in 2025 [3]. Group 3: Financial Performance - The domestic gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, marking a 14.08% year-on-year increase, setting a historical record [5]. - The A-share gaming sector reported a 22.8% year-on-year revenue growth in the first half of 2025, indicating a strong industry fundamental [5]. Group 4: Company Highlights - ST Huatuo's stock price has increased over 300% this year, making it the highest market cap company in the A-share media sector, with a total market value exceeding 160 billion yuan [9]. - Gigabit's stock rose by 5.67%, with a market value of approximately 47.69 billion yuan, and the company reported a 28.49% year-on-year revenue growth in the first half of 2025 [10][11].

Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index down 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58% [1] - The total trading volume in A-shares reached 2.39 trillion yuan, compared to 2.35 trillion yuan the previous day [1] Game Sector Performance - The game sector has rebounded significantly since September 24 of last year, driven by valuation recovery and a new growth cycle [1] - The game ETF (159869) has seen a year-to-date increase of over 67% and a 108% increase over the past year [9][10] Growth Drivers in the Game Sector - The game sector is experiencing a threefold growth impetus, including new game approvals, advancements in AI, MR (Mixed Reality), cloud gaming, and international expansion [10][15] - From January to August this year, the number of game approvals increased by 21% year-on-year, with a total of 1,119 licenses issued [12] - AI applications in gaming are becoming widespread, enhancing user engagement and monetization potential [13] - The cloud gaming infrastructure is improving, making it more accessible and changing distribution channels [13] Financial Performance - In the first half of 2025, the game sector achieved revenue of 54.45 billion yuan, a year-on-year increase of 22.17%, with net profit rising by 74.95% to 8.05 billion yuan [18] - The leading companies in the A-share game sector have rolling P/E ratios mostly between 20-35 times, indicating a significant recovery from previous years [21] Investment Opportunities - The game ETF (159869) tracks the China Animation and Game Index, including major players like Giant Network, Keai Network, and others, and has seen significant capital inflow, reaching nearly 10.62 billion yuan in the last 10 days [23][26] - The ETF provides a convenient way for investors to participate in the game sector without needing extensive knowledge of individual companies [22][26] Conclusion - The game industry is evolving into a growth-oriented sector, driven by technological advancements and global market expansion, requiring investors to adopt a forward-looking perspective to identify quality companies [28]

Group 1 - The A-share gaming stocks have shown strong performance, with companies like Iceberg Network rising nearly 10%, and others such as Electric Soul Network, Perfect World, and 37 Interactive Entertainment also experiencing gains. The gaming ETF (159869) has surged over 3.5% [1] - In the past 10 trading days, the gaming ETF (159869) has seen a net inflow of funds amounting to 1.062 billion yuan, indicating strong investor interest [1] - The National Press and Publication Administration announced the approval of 156 games in September, including 145 domestic games and 11 imported games, marking the third month this year with over 150 game approvals [1] Group 2 - Among the newly approved games, notable titles include Tencent's "Return to the Ring," NetEase's "Starry Friends," and Mihayou's "Honkai: Inheritance Spirits," which has over 4.07 million pre-registrations [2] - The total number of game approvals this year has reached 1,275, maintaining a stable monthly issuance frequency and high approval numbers [2]

↑点击上面图片 加雪球核心交流群 ↑ 创业板太强了，续创3年多新高，突破3200点。截至收盘，沪指跌0.01%，深成指涨0.67%，创业板指涨1.58%。 沪深两市成交额2.37万亿 ， 较上一个交易日放量443亿 。板块方面 ， 游戏 、 AI应用 、 可控核聚变等板块涨幅居前 ， 港口航运 、 贵金属 、 油气等板块跌幅居前 。 此外，值得一提的是，10倍牛股上纬新材正式易主，再度走出20%涨停。 01 上纬新材 再度20% 涨停 9 月 25 日， " 十倍股 " 上纬新材盘初迅速拉升，股价达到 132.1 元 / 股，再次走出 20% 涨停，实现2连板，总市值达到 533 亿元。 上纬新材也是年内A股市场涨幅冠军及年内第一只"10倍股"，截至今日盘中，年度涨幅达到令人咋舌的1892%，逼近19倍。 上纬新材此番大涨，与智元机器人入主密相关。昨日晚间，上纬新材发布公告称，公司收到相关股东通知，获悉其协议转让公司股份事宜已完成过 户登记手续。 该次股份转让完成及表决权放弃后，智元恒岳、致远新创合伙合计拥有上纬新材 29.99% 的股份及该等股份对应的表决权，上纬新材控股股东由 SWANCOR 萨摩亚变更为 ...

Group 1: Market Performance - The ChiNext Index surged past 3200 points, reaching a new three-year high with an annual increase of over 50% [1] - The ChiNext ETF (Guangfa) rose by 2.13%, marking its fourth consecutive increase, with significant gains in constituent stocks such as Kunlun Wanwei (up 10.99%) and Aosheng Technology (up 9.49%) [3] Group 2: Energy Storage Sector - The U.S. is expected to see a new installed capacity of 5.5 GW/18.8 GWh in new energy storage for the first half of 2025, reflecting a year-on-year growth of 35%-40% [1] - European and emerging markets are projected to experience growth rates of 1-2 times in the energy storage sector [1] - Citic Securities highlights that the acceleration of electricity reform will transform energy storage from a cost item to a profit item, with improved capacity compensation mechanisms providing a profit "safety net" [1] Group 3: Photovoltaic Industry - The photovoltaic industry is currently at the bottom of the cycle, with recent government actions aimed at capacity integration and price regulation in the silicon material segment [1] - The industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [1] Group 4: Gaming Industry - In September, 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [2] - The gaming sector is experiencing a dual increase in supply and demand, leading to an overall rise in gaming hours and market expansion [2] - The trend indicates a more favorable competitive landscape, with major companies focusing on long-lasting games and mid-sized companies targeting niche markets [2] Group 5: ETF Overview - The ChiNext ETF (Guangfa) closely tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries [4]

Market Overview - A-shares experienced slight fluctuations and upward movement, with the ChiNext Index rising over 2%, reaching a 3.5-year high; major indices such as the Shenzhen Component Index, Sci-Tech 50, and CSI 300 also hit multi-year highs [2] - The market showed a moderate increase in trading volume, with sectors like non-ferrous metals, gaming, communication equipment, and e-commerce leading the gains, while sectors such as aquaculture, white goods, engineering machinery, and banking faced declines [2] Index Performance - The latest performance of key indices includes: - Shanghai Composite Index: 3859.62 (+0.16%) - Shenzhen Component Index: 13508.98 (+1.14%) - ChiNext Index: 3256.38 (+2.22%) - CSI 50: 2957.63 (+0.62%) - CSI 300: 4607.30 (+0.90%) - Sci-Tech 20: 1482.69 (+1.80%) [3] Non-Ferrous Metals Sector - The non-ferrous metals sector saw a significant rise, with the sector index increasing over 2% and trading volume surpassing the previous day's total [5] - Notable stocks included: - Precision Instrument Co. reached a price ceiling for the second consecutive day, marking an 8-year high - Companies like Zhongzhou Special Materials, Northern Copper, and Tongling Nonferrous Metals also showed strong performance [5][7] - Cobalt prices surged from 170,000 CNY/ton to 280,000 CNY/ton, a 60% increase, influenced by the Democratic Republic of Congo's export ban [9] Gaming Industry - The gaming sector experienced a robust increase, with the index rising over 5%, reaching an 8.5-year high, and all stocks in the sector showing gains [10] - Key performers included Kunlun Wanwei, Xinghui Entertainment, and Iceberg Network, with several stocks hitting historical highs [10] - The National Press and Publication Administration approved 145 domestic online games in September, with a total of 1275 game approvals this year, a 25% year-on-year increase [15] - China's self-developed games generated $18.557 billion in overseas sales in 2024, a 13.39% increase, capturing 11% of the global market [16]

以下文章来源于数据宝 ，作者张智博 9月份获批的进口网络游戏则有11款。其中，6款为移动游戏、3款移动兼客户端游戏、2款为复合载体游戏。 其中，上市公司及相关产品主要包括：A股冰川网络出版的《点兵布阵》、巨人网络出版的《热血王朝：篮球》、三七互娱出版的《无尽黑夜》、恺英网络出 版的《黑猫警长：守护》等等。 截至9月，2025年内国家新闻出版署累计发放游戏版号（包括国产和进口网络游戏）已达到1275个，保持每月一次的发放频率，发放版号数量维持高位。此 前，江海证券研报指出，游戏版号的常态化发放体现监管政策对于游戏产业发展的支持力度在持续加大。 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 9月获批游戏版号出炉！ 9月获批游戏版号出炉！ 9月24日，国家新闻出版署公布2025年9月份游戏审批信息，共计145款国产网络游戏获批。其中，93款为移动游戏、42款为移动-休闲益智类游戏、7款移动 兼客户端游戏、2款客户端游戏以及1款移动兼网页游戏。 这些游戏 ...

2025.09. 25 本文字数：865，阅读时长大约1分钟 作者 | 第一财经 刘晓洁 9 月 25 日 ， A 股 游 戏 股 开 盘 大 涨 ， 截 至 发 稿 ， 星 辉 娱 乐 （ 300043.SZ ） 涨 超 12% ， 冰 川 网 络 （300533.SZ）涨近10%，完美世界（002624.SZ）涨超5%，盘中股价创近两年新高。此外，三七 互娱（002555.SZ）、电魂网络（603258.SH）、吉比特（603444.SH）等涨幅超过4%。A股游戏 指数（BK1046）总体涨幅超3%，盘中再次突破历史新高（1751）。 昨日晚间，国家新闻出版署公布2025年9月份游戏审批信息，共145款国产新游获批，其中较为重点 的公司产品包括腾讯的《归环》，网易的《星绘友晴天》，阿里旗下灵犀互娱《篮球少女：飞跃巅 峰》，冰川网络的《点兵布阵》，三七互娱的《无尽黑夜》等。 此外，业界较为关注的米哈游《崩坏：因缘精灵》也在获批名单中，该游戏是崩坏IP的第五部作 品，即一款全新精灵养成冒险策略游戏。目前官网预约人数超过407万。 截至9月，2025年内国家新闻出版署累计发放游戏版号（包括国产和进口网络游戏）已 ...

此外，业界较为关注的米哈游《崩坏：因缘精灵》也在获批名单中，该游戏是崩坏IP的第五部作品，即 一款全新精灵养成冒险策略游戏。目前官网预约人数超过407万。 9月25日，A股游戏股开盘大涨，截至发稿，星辉娱乐（300043.SZ）涨超12%，冰川网络（300533.SZ） 涨近10%，完美世界（002624.SZ）涨超5%，盘中股价创近两年新高。此外，三七互娱（002555.SZ）、 电魂网络（603258.SH）、吉比特（603444.SH）等涨幅超过4%。A股游戏指数（BK1046）总体涨幅超 3%，盘中再次突破历史新高（1751）。 昨日晚间，国家新闻出版署公布2025年9月份游戏审批信息，共145款国产新游获批，其中较为重点的公 司产品包括腾讯的《归环》，网易的《星绘友晴天》，阿里旗下灵犀互娱《篮球少女：飞跃巅峰》，冰 川网络的《点兵布阵》，三七互娱的《无尽黑夜》等。 开源证券表示，当下游戏行业边际变化较大，游戏行业正经历从"一波流换皮产品"转向"长周期项目"， 供需共振下，游戏行业此轮景气周期长度或超市场预期，而板块当前估值性价比仍突出，研报建议继续 加码布局游戏板块，持续关注核心新游及长青游戏表现。 ...

Group 1 - The gaming sector is experiencing a significant rise, with the gaming ETF (159869) increasing nearly 3% in early trading, and notable stocks such as Glacier Network, Perfect World, and Star Shine Entertainment showing strong gains [1] - In September, a total of 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [1] - Open Source Securities suggests that the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and recommends increasing investments in the gaming sector [1] Group 2 - The gaming sector is undergoing multiple catalysts including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2] - Citic Construction Investment is optimistic about the gaming sector's performance for the year, highlighting that the overall gaming landscape is improving, with leading companies like Tencent and mid-sized firms performing well [1][2]