"中国味儿"到底是什么？ 不知不觉，2025科隆游戏展已然落下帷幕。或许大家现在还在回味开幕夜上曝光的新内容，但对我而言，令人振奋的不只有新游戏，今年科隆折射出的 2025行业新风向，也给我带来了一些不一样的情绪。 依稀记得去年的这个时候，海内外从业者们都在关心行业生存、市场变化、裁员、资金链等下行期特有的焦虑话题。 你能发现科隆前夕的开发者大会（Devcom）上，海外游戏人提出了不少直戳行业痛处的议题——"游戏行业已死"、"如何在10天内失去一名玩家"、"如何 通过5个简单步骤搞垮你的工作室"...... 当时间来到2025，虽然全球游戏行业下行依旧，Devcom上仍塞满"在不确定时期支持心理健康"、"失败专题：失败无可避免"等惨兮兮的议题，但值得庆 幸的是，一些向好的变化已经在暗地里悄然发生。尤其是国产游戏在这届科隆上呈现出的能量，几乎承包了所有的看点。 一年不见，开始"围攻"科隆了？ 从今年科隆曝光的国产游戏来看，无论是新老产品数量，还是在全球游戏行业以及玩家当中的关注度、新鲜度，今年的国内厂商都有着突破以往的超强 「存在感」。 回顾此次科隆，其中最能体现国产游戏存在感的事件，无疑是开幕夜当天《黑神话： ...

【深圳商报讯】（记者陈姝）深圳市体育中心体育馆翻新后迎来首个大型职业电竞赛事。8月9日，2025 《穿越火线》IP嘉年华暨双端夏季总决赛在此拉开战幕，白鲨.斗鱼与成都AG第六次会师CFPL S26总决 赛。最终，白鲨.斗鱼战队以3：0击败老对手，成功夺得CFPL S26赛季总冠军。 本赛季白鲨.斗鱼.战队横扫多支劲旅，以13胜5负的战绩锁定常规赛冠军，季后赛首轮轻松击败上届冠军 KZ.斗鱼战队，胜者组决赛中击败宿敌成都AG，以近乎碾压的姿态晋级总决赛。决赛舞台上，面对决 战场上多次击败自己的宿敌，白鲨.斗鱼战队秉持着锲而不舍的队伍韧性，拿出最佳状态迎战强敌。 本届赛事舞台上还迎来了一个特别的环节——2025EWC电竞世界杯分组抽签暨中国赛区出征仪式。本 次代表中国赛区出征EWC的队伍，除了凭借ACL冠军直通的白鲨.斗鱼外，还有位居积分榜前四成功晋 级的成都AG、EP.快手、KZ.斗鱼、Q9战队。 总决赛在深圳掀起电竞热潮。在万象天地"CF学院"主题展，主办方带来了高科技产品互动+主题COSER 互动+福利抽奖，玩家在科技武器模拟区体验狙击震动感的同时，还能够与"幽灵""灵狐"等数十名 COSER角色合影留念。 ...

Game Releases - Tencent's new game "Virtual Ring" released a 21-minute gameplay demonstration on August 4, with the first test scheduled for January 2026, and the video has garnered over 14.25 million views [1] - NetEase launched the 3D turn-based pet-catching game "Spirit Beast Adventure" on August 7, featuring five major factions and a home-building system [3] - Perfect World released the ancient fantasy MMORPG "Zhu Xian 2" on August 7, which quickly reached the number one spot on the iOS free chart [6] - Tencent's survival mobile game "Out of Control Evolution," authorized by "Rust," began testing recruitment on August 8, with large-scale testing set for September 19 [8] - Anuttacon's AI interactive game "Whispers from the Star" will launch on Steam on August 15, priced at $9.99, focusing on real-time dialogue with AI characters [11] - Tencent's new FPS game "Crossfire: Rainbow" was officially announced on August 9, featuring a PVPVE mode and a unique "San value" mechanic [12] - Tencent's 3D cultivation RPG project "Code: Carefree Journey" was unveiled on August 8, emphasizing exploration and action-based combat [13] Industry News - Xindong Company announced a strategic investment of $14 million in AI game company MiAO, acquiring a 5.3% stake, with MiAO's valuation at $264 million [19] - Nintendo warned the organizers of Japan's largest speedrunning charity event "RTA Summer 2025" to remove all Nintendo games due to unauthorized use, affecting the event scheduled for August 9 [20] - OpenAI launched the new AI model GPT-5 on August 8, capable of generating 3D games from text instructions and enhancing game development efficiency [21]

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) slightly declining by around 0.5%, but it has seen a net inflow of funds for 10 consecutive trading days, totaling 1.994 billion yuan [1] - In 2025, a total of 127 domestic game licenses and 7 imported game licenses will be issued, indicating a stable quantity and frequency of approvals, which is expected to boost market confidence in the gaming industry [1] - The number of game licenses issued in the first half of the year has significantly increased compared to the same period in 2024, with 884 domestic and 62 imported licenses issued, reflecting a strong growth trend in the gaming market [1] Group 2 - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with the upcoming annual gaming event ChinaJoy presenting potential investment opportunities in the gaming ETF (159869) [2]

Core Viewpoint - The approval of domestic and imported games in China has reached a record high in June 2025, indicating a recovery in the gaming industry with a total of 158 new games approved, surpassing previous months' records [3][5]. Group 1: Game Approval Statistics - In June 2025, a total of 158 games received approval, including 147 domestic and 11 imported games [1][3]. - For the first half of 2025, 812 games were approved, the highest in five years, with 757 domestic and 55 imported games [5]. - The average monthly approval rate for games in the first half of 2025 was 135, an increase from 115 in the same period last year [5]. Group 2: Major Game Releases and Issues - Tencent received 7 game approvals in the first half of 2025, including 4 imported and 3 domestic games [5][8]. - Notable games include "Honor of Kings World," which has high expectations with over 860,000 reservations and a score of 8.1 on Taptap [6]. - "Star Resonance," another Tencent game, faced significant issues at launch, including server instability and negative reviews, leading to a score drop to 4.0 on Taptap [6]. Group 3: Competitor Activities - NetEase secured 6 game approvals, including 3 imported and 3 domestic titles, with "The Last Home of Ice and Fire" receiving mixed reviews [10][12]. - Kyeing Network emerged as a significant player, holding over 10 game approvals and signing licensing agreements for popular IPs [12][14]. - Other companies like Perfect World and 37 Interactive Entertainment are also in the process of developing multiple games, with "Eternal Ring" generating high anticipation [15]. Group 4: Market Performance - The gaming industry in China is showing signs of recovery, with sales revenue exceeding 1.4 trillion yuan in the first five months of 2025, a year-on-year increase of 16.99% [17]. - Stock prices of gaming companies have generally risen, with 21 out of 26 companies seeing increases, and some experiencing significant gains of over 80% [17][18].

Core Viewpoints - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component down by 0.61%, and the ChiNext Index down by 1.13%. The total trading volume in the Shanghai and Shenzhen markets reached 1.376727 trillion yuan [2][6] - In the Shenwan industry sector, steel, coal, and building materials led the gains, while electronics, communications, and defense industries lagged behind. Concept sectors such as low-radiation glass, silicon energy, and special steel saw significant increases, while military restructuring, brain-computer interface, and EDR concepts faced declines [2][6] Market Performance - Domestic market performance showed the Shanghai Composite Index closing at 3,454.79 with a decrease of 0.09%, the Shenzhen Component at 10,412.63 down by 0.61%, and the ChiNext Index at 2,123.72 down by 1.13% [4] - Internationally, the Dow Jones closed at 44,484.42 down by 0.02%, the S&P 500 at 6,227.42 up by 0.47%, and the Nasdaq at 20,393.13 up by 0.94% [4] Important News - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects for 2025, completing the annual allocation of 800 billion yuan for such projects [3][7] - In the U.S., the ADP employment numbers for June unexpectedly decreased by 33,000, marking the first negative growth since March 2023, with service sector jobs declining by 66,000, the largest drop since the pandemic [3][7] Industry Insights - The electronic industry has outperformed the Shanghai and Shenzhen 300 Index since the beginning of 2025, with Q1 performance showing record highs in revenue and net profit [8] - Investment opportunities are identified in semiconductor self-sufficiency, AI computing power construction, and terminal innovation, driven by intensified U.S.-China tech tensions and the ongoing AI wave [8][9] - The semiconductor industry is expected to see accelerated domestic substitution due to increased demand for advanced process semiconductor equipment and materials, with significant room for growth in domestic production capabilities [8][9] Investment Recommendations - Focus on semiconductor equipment and materials, particularly in advanced process semiconductor supply chains, and leading companies in semiconductor equipment and materials [10][11] - Monitor developments in AI chips, especially those from domestic leaders like Huawei, as their market share continues to grow [10][11] - Pay attention to the storage chip sector, where domestic manufacturers are likely to benefit from rising prices due to supply adjustments by overseas manufacturers [10][11] - The PCB market is expected to grow rapidly due to global AI computing power demands, with domestic companies well-positioned to capitalize on this trend [10][11] - In the mobile phone sector, observe leading manufacturers as they release new AI-enabled products, which could drive demand across the supply chain [10][11]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [7]. Core Insights - The report highlights a record high in game license approvals in June, with 147 domestic games and 11 imported games receiving approval, marking a total of 757 domestic games approved year-to-date [2]. - Tencent is increasing its focus on the FPS game segment, with two FPS titles, "Crossfire: Rainbow" and "Tactical Squad: Dawn Assault," receiving approval. These games are expected to leverage Tencent's established IP and development expertise for market success [2][3]. - Kingsoft's "Duck Duck Goose," a social deduction game, has also received approval for its mobile version, positioning it as a strong competitor against other party games in the market [3]. Summary by Sections Game License Approvals - In June, a total of 147 domestic games and 11 imported games were approved, with notable titles from major developers such as Tencent and Kingsoft [2]. - The approval of these games reflects a diverse range of genres and established companies, indicating a robust supply side in the gaming industry [2]. Tencent's FPS Strategy - Tencent's approval of two new FPS games demonstrates its commitment to this genre, with "Crossfire: Rainbow" being a new installment in a well-known series and "Tactical Squad: Dawn Assault" being a localized version of an existing game [2]. - The development teams behind these games have significant experience in FPS game production, which may enhance their market performance [2]. Competitive Landscape - The approval of "Duck Duck Goose" is expected to intensify competition in the party game segment, particularly against titles like NetEase's "Egg Party" and Tencent's "Dream Star" [3]. - The report suggests that the gaming market is becoming increasingly competitive, with new entrants and established players vying for market share [3].

Market Performance - On June 30, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.59%, Shenzhen Component Index by 0.83%, and ChiNext Index by 1.35% [1] - The trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan [1] Sector Performance - Game and defense-related ETFs led the gains, with specific game ETFs and aerospace ETFs increasing by over 5% [2] - The National Press and Publication Administration approved 147 domestic games and 11 imported games, boosting the gaming sector [2] - The military industry is expected to experience a valuation restructuring, benefiting from improved asset quality and larger business scales [2] High Dividend Sector - High dividend sectors experienced a pullback, but there are expectations for supportive policies from the China Securities Regulatory Commission to enhance market confidence [3] - The central state-owned enterprise sector is viewed positively due to ongoing reforms and market management initiatives [3] ETF Trading Activity - The top trading ETF was the Credit Bond ETF with a transaction volume of 18.291 billion yuan, followed by the Shanghai Corporate Bond ETF and Short-term Bond ETF, both exceeding 10 billion yuan [4] - The Asia-Pacific Select ETF had the highest turnover rate at 157.05% [5] Upcoming ETF Issuances - Five new ETFs are set to begin fundraising on July 1, 2025, including those focused on artificial intelligence and aviation [6][7] - The newly listed ETFs will track indices related to artificial intelligence, general aviation, and free cash flow [11][12][14]

Group 1 - The gaming sector is experiencing a strong recovery, with the gaming ETF (159869) surging by 6.28% and all constituent stocks showing positive performance, including significant gains from companies like Giant Network and Kyeing Network [1] - A total of 158 games received approval for release in June, marking a recent high, with notable titles from both domestic and imported categories, indicating a robust pipeline for the industry [1] - Giant Network's game "Space Kill" has introduced AI-native gameplay, enhancing its position in the AI gaming sector, with millions of players participating in various game modes [1] Group 2 - Huaxi Securities highlights that the regular issuance of game licenses reflects ongoing regulatory support for the industry's healthy development, improving supply-side dynamics and injecting new momentum into the market [2] - The stability of policies enhances the predictability of domestic manufacturers' R&D and publishing plans, steering resources towards high-quality and long-term projects [2] - The gaming sector is catalyzed by transformations in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

Investment Rating - The report maintains a "Buy" rating for the industry [5][8]. Core Insights - The media industry saw a weekly increase of 3.07%, ranking 18th among industries, outperforming the Shanghai Composite Index and Shenzhen Component Index [11][19]. - A total of 158 game licenses were approved by the National Press and Publication Administration, marking a recent high, with several major titles from various companies receiving approval [2][29]. - The box office for the week reached 479 million yuan, with the top film "酱园弄·悬案" accounting for 51.4% of the total [37][40]. Market Performance - The media industry (Shenwan) increased by 3.07% from June 21 to June 27, 2025, while the Shanghai Composite Index rose by 1.91% and the Shenzhen Component Index by 3.73% [11][19]. - Among the media sector, companies like 欢瑞世纪 and 冰川网络 showed significant gains, with weekly increases of 26.89% and 14.86% respectively [19][20]. Industry Key Data AI Application Data - The estimated download volume for the iPhone app Deepseek was 923,800, down 2.01% week-on-week, while the app 豆包 saw an increase of 1.58% to 2,099,400 downloads [23][24]. - 阿里夸克's downloads increased by 40.55% to 1,414,700, while 腾讯元宝's downloads decreased by 17.70% to 361,300 [23]. Gaming Data - The gaming sector saw a total of 158 licenses approved, with 147 being domestic and 11 imported [28][29]. - Popular games like 王者荣耀 and 和平精英 topped the iOS game sales chart [27]. Film Data - The total box office for the week was 479 million yuan, with "酱园弄·悬案" leading at 246 million yuan [37][40]. - Upcoming films include "侏罗纪世界：重生" and "蜡笔小新：大人王国的反击," which are highly anticipated [38][39]. Industry Key Events and Announcements - Meta launched its third-generation AI glasses, focusing on high-performance features for sports [41]. - 网易有道 open-sourced the "子曰 3" mathematical model, aimed at enhancing AI applications in education [41]. - 巨人网络 introduced a new AI gameplay feature in its game "太空杀," marking a significant innovation in the gaming sector [41].