Core Insights - The gaming industry has emerged as a new focal point during the Double Eleven shopping festival, alongside traditional e-commerce platforms and apparel brands [1][2] - Various gaming companies, including Tencent, NetEase, and miHoYo, have adopted diverse strategies for live-streaming sales, moving beyond traditional discounting to engage players more interactively [1][3] Group 1: Marketing Strategies - Live-streaming sales have become a new extension of the gaming industry's content ecosystem and business model [2] - Companies are utilizing live-streaming to create entertaining consumption scenarios and transactional content, enhancing player engagement [3][16] - Tencent's games focus on resource leverage and limited-time offers, with high DAU products like "Escape from Tarkov" achieving over 10 million DAU [3][9] Group 2: Player Engagement - Live-streaming sessions serve as platforms for player interaction, allowing them to express concerns and ask questions about game balance and updates [10][28] - The live-streaming format has transformed into a space for both sales and community engagement, fostering trust and loyalty among players [10][27] Group 3: Sales Performance - NetEase's "Nirvana in Fire" mobile game achieved significant sales during its live-streaming event, ranking first on the sales leaderboard [7][9] - The "Nirvana in Fire" game previously generated over 25 million yuan in sales during a four-hour live-stream in August [9] Group 4: Industry Trends - The rise of live-streaming sales reflects a broader trend in the gaming industry, driven by increasing advertising costs and the need for more efficient growth strategies [28][30] - The gaming live-streaming market has seen a 56% increase in consumption scale compared to early 2024, with mobile game live-streaming accounting for over 30% of total ad spending [30]

Investment Rating - The industry investment rating is "Positive," indicating that the overall return is expected to exceed the CSI 300 Index by more than 5% in the next six months [51]. Core Viewpoints - The short drama market in China is projected to reach nearly 100 billion yuan by 2025, driven by a supply-demand resonance and a significant increase in user scale [3][7]. - The emergence of "manhua dramas" as a new growth driver in the short drama sector is noted, with distinct user demographics compared to traditional short dramas [4][7]. - The integration of AI technology and platform support is expected to enhance the manhua drama industry's growth, with a projected market size exceeding 20 billion yuan in 2025 [5][7]. Summary by Sections Industry Overview - The short drama market is anticipated to grow rapidly, with a market size of 505 billion yuan in 2024 and close to 1 trillion yuan in 2025, reflecting nearly a doubling in size [3]. - Regulatory frameworks are evolving, promoting quality improvements in the short drama sector [7]. User Demographics - Manhua dramas attract a predominantly male audience (86%), while traditional short dramas have a more balanced gender distribution [4][7]. - The user base for short dramas is expected to grow to 600-700 million by 2025, up from 300-500 million in 2024 [3][4]. Market Dynamics - The manhua drama segment is projected to see a compound annual growth rate of 83%, with 3,000 new titles expected to launch in the first half of 2025 [5][7]. - AI technology is significantly reducing production costs and time, enhancing the variety of content available in the manhua drama category [6][7]. Investment Opportunities - Companies with substantial IP content reserves and AI video generation capabilities are recommended for investment, such as Bona Film Group [7].

Core Insights - OnePlus is leading the mobile industry into the 165 ultra-high frame era, collaborating with several mobile games to establish a 165 ultra-high frame gaming ecosystem [1][2] - The new generation of OnePlus's Wind Chaser gaming kernel optimizes CPU, GPU, and NPU coordination, achieving a 29.8% efficiency improvement in the chip kernel scheduler [1][2] Group 1 - OnePlus announced the introduction of 165 ultra-high frame gaming experience, which provides 45 more frames per second compared to 120 frames, resulting in a 27% increase in single-frame display speed [2] - The 165 frames per second experience significantly enhances operational response speed and reduces end-to-end latency by 10ms, benefiting players in FPS games [2] - The new Wind Chaser gaming kernel will debut with the OnePlus 15, which is set to launch in October, and will also feature the fifth-generation Snapdragon 8 flagship platform [2] Group 2 - OnePlus is working with game developers to enhance the ultra-high frame gaming ecosystem, with support for various game genres including FPS, MOBA, fighting, racing, music, and strategy [2] - Major games such as "Delta Force," "League of Legends Mobile," "Honor of Kings," and "Peace Elite" will support the 165 frame ultra-high frame mode [2] - The new gaming kernel also delivers a 1% low frame experience, maintaining 119.5 frames in the 120 frame mode of "Honor of Kings" [1]

Core Insights - In 2023, generative AI began to gain traction in the gaming market, with major domestic companies establishing independent AI departments to enhance 3D asset production and development efficiency [1] - By 2024, the gaming industry recognized AI as a clear monetization path, with 49% of game developers admitting to using generative AI in their daily work [3] - The emergence of AI-native games and the integration of AI features into existing products are expected to accelerate by 2025, with significant advancements in AI technology [3][4] Group 1: AI Development in Gaming - Major companies like Tencent and NetEase have set up dedicated AI labs to explore AI applications in gaming [1] - Smaller firms are forming AIGC research teams, often consisting of fewer than 10 members, to experiment with AI technologies [1] - The academic community contributed to the concept of AI-native games, exemplified by Stanford's "Smallville" project, which showcased AI-driven NPCs in a virtual community [1] Group 2: Market Trends and Future Projections - The gaming industry is expected to see a significant shift towards AI-native games and AI-enhanced gameplay by 2025, with new tools and engines being developed [3][4] - The introduction of AI tools is anticipated to improve efficiency in game development, with reports of up to 50% efficiency gains in art production and community management [18][22] - The integration of AI into user-generated content (UGC) platforms is seen as a way to enhance player creativity and extend game lifecycles [20][25] Group 3: Emotional Companionship and Player Engagement - AI-driven emotional companionship is viewed as a promising direction for game development, though challenges remain regarding technology and compliance [5][7] - The market for AI companionship products is divided, with male-oriented products facing regulatory challenges, leading to a predominance of small companies in this space [8][11] - AI companionship products are still largely in the testing phase, with no clear commercial model established yet [17][18] Group 4: Perspectives from Industry Professionals - Industry professionals express optimism about AI's potential in gaming, with larger companies taking a cautious approach while smaller teams are more willing to experiment [26][28] - There is a divide in opinions regarding the concept of AI-native games, with some believing in its potential while others view it as a challenging proposition [32][33] - The future of AI in gaming is seen as a blend of creativity and technology, with the possibility of creating dynamic, evolving game worlds driven by AI [28][34]

Global Mobile Game Market Overview - In August 2025, global player spending on mobile games reached approximately $7.15 billion, reflecting a month-over-month increase of 1% [1][4] - The United States led the market with $2.3 billion, accounting for 32% of total spending, followed by China's iOS market at 15.3% and Japan at 12.8% [1][4] Top Revenue-Generating Games - FUNFLY's "Last War: Survival Game" maintained its position as the top-grossing mobile game globally, driven by seasonal events and promotional activities [3] - "Honor of Kings" rose to the second position, benefiting from high-profile collaborations and the release of premium skins, including a partnership with a popular Chinese fantasy novel [3][5] - "Pokémon GO" topped the revenue growth chart, with significant income boosts from major events like the "GO Fest 2025" and collaborations with the "Pokémon World Championships" [4] Tencent's Performance - Tencent had four titles in the revenue growth rankings for August, including "Honor of Kings" and "Peacekeeper Elite," both of which saw revenue increases due to major updates and collaborations [5] - "League of Legends: Wild Rift" also experienced revenue growth from significant updates, maintaining user engagement and spending [5] Mobile Game Download Trends - "ROBLOX" continued to lead the global download chart in August, supported by various content updates and collaborations [6][8] - "Free Fire" climbed to the second position in downloads, aided by a collaboration with the popular anime "Naruto Shippuden" [8] - The total global mobile game downloads remained stable at approximately 4.31 billion, with India leading at 7.02 million downloads [9] Emerging Games and Market Dynamics - New titles like "Steal n Catch the Brainrot" and "Kpop Piano Beats" rapidly gained popularity, reflecting the strong cultural appeal and viral potential in the mobile gaming space [9][10] - "Valorant: Source Action" launched exclusively in China, achieving significant download growth, indicating a strong demand for innovative FPS mobile experiences [10]

Group 1 - The gaming sector experienced a notable rise on September 5, with the gaming ETF (159869) increasing by over 1%, indicating a significant upward trend [1] - Key stocks in the gaming ETF that saw substantial gains include Baotong Technology, Yaoji Technology, 37 Interactive Entertainment, Zhejiang Shuzhi Culture, Light Media, and Dihon Network [1] - Huawei's recent product launch showcased the Mate XTs foldable phone and the largest Mate TV, both featuring large screens that enhance gaming experiences through improved visual quality and interactivity [1] Group 2 - HarmonyOS is becoming a new hub for game developers, with over 1,000 game companies joining the Harmony ecosystem and more than 9,200 games available [2] - Popular games such as "Delta Action," "Crossfire: Gun Battle King," "Dark Zone Breakthrough," "League of Legends Mobile," and "Yuanmeng Star" are set to debut on the Harmony ecosystem starting in September [2] - The gaming sector is undergoing transformations driven by AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Core Insights - The ChinaJoy event highlights the explosive growth of the gaming ecosystem, with significant participation from Huawei's HarmonyOS, showcasing its commitment to the gaming sector [1][2] - The gaming market faces high customer acquisition costs and intense competition, prompting manufacturers to seek new solutions and challenge traditional distribution channels [2] - Huawei's HarmonyOS has surpassed 10 million terminal devices, with over 500 game developers joining its ecosystem and more than 6,500 games launched, indicating a robust foundation for high-quality development in the gaming industry [2] Group 1: Technological Advancements - The collaboration between Huawei and Tencent is a major highlight, with Tencent's games like "Teamfight Tactics" and "League of Legends Mobile" launching on HarmonyOS, showcasing improved game performance metrics [3] - The optimization of the "Honor of Kings" game on HarmonyOS has resulted in a 21% improvement in responsiveness, crucial for multiplayer online battle arena (MOBA) games [3] - Technical enhancements have led to significant performance improvements, such as an 80% increase in startup speed and a 20% reduction in power consumption for games [4] Group 2: Innovative Game Interactions - Multi-modal interactions are emerging as a breakthrough in narrative-driven games, with features like voice-activated story branches and dynamic card functions enhancing user engagement [5] - The HarmonyOS ecosystem supports over 30,000 applications and services, facilitating the transition of multi-modal interaction from concept to tangible user experiences [5] Group 3: Growth of Mini-Games - The rapid rise of mini-games within the HarmonyOS ecosystem is evident, with over 6,500 games available that cater to a wide range of user preferences [6] - Tencent's adaptation of major titles to HarmonyOS serves as an industry benchmark, driven by the platform's distributed capabilities and extensive user base [6] - The "no-network play" feature allows users to enjoy games in offline environments, redefining casual gaming experiences [7] Group 4: Future Outlook - The continued growth of HarmonyOS terminals and the deepening of technical capabilities are expected to lead to an explosive phase for the gaming ecosystem in the next two years [7] - The "outbound + HarmonyOS ecosystem" model is anticipated to enhance China's gaming presence in the global market, increasing its competitive edge [7]

Core Insights - The ChinaJoy event highlights the explosive growth of the gaming ecosystem, with Huawei's HarmonyOS making significant strides in the gaming sector [1][8] - The gaming market faces high customer acquisition costs and intense competition, prompting manufacturers to seek new solutions [3][9] - Huawei's HarmonyOS has surpassed 10 million terminal devices, with over 500 game developers and 6,500 games now available on the platform, indicating a mature ecosystem [3][4] Group 1: Market Dynamics - Traditional app stores are losing their value as new channels like social platforms emerge, disrupting the flow of traffic and revenue models [3][9] - The collaboration between Huawei and Tencent is a key highlight, with Tencent's games like "League of Legends Mobile" and "Teamfight Tactics" launching on HarmonyOS [4][9] - The performance improvements in games, such as a 21% increase in responsiveness for "Honor of Kings," demonstrate the technical advancements of HarmonyOS [4][5] Group 2: Technological Advancements - HarmonyOS has implemented various technologies that enhance gaming performance, including an 80% increase in startup speed and a 20% reduction in power consumption [5][10] - Multi-modal interaction is emerging as an innovative breakthrough in narrative games, allowing players to engage with the story through voice commands and other interactive features [5][6] - The ecosystem's capabilities are expanding, with over 30,000 applications and services currently in development [6] Group 3: Industry Support and Growth - The ecosystem supports both large and small game developers, with a low-barrier, high-empowerment support system in place [10] - Mini-games are rapidly gaining traction within the ecosystem, leveraging lightweight and scenario-based advantages to redefine casual gaming experiences [10][11] - The ongoing growth of HarmonyOS terminals and its deepening technological capabilities suggest that the gaming ecosystem is poised for explosive growth in the next two years, potentially reshaping the domestic gaming market [11]

Group 1 - Qualcomm hosted the Snapdragon Game Technology Awards event in Shanghai, showcasing advancements in mobile gaming technology in collaboration with partners like OnePlus, Tencent, and Epic Games [1] - The Snapdragon 8 Gen 2 mobile platform supports 184 product designs, including high-end Android gaming devices, and has been selected as the official device for the KPL esports event by iQOO [1] - Qualcomm's Adreno Motion Engine 2.0 enhances gaming performance by analyzing 3D information to improve frame rates and reduce latency, benefiting games like "Mingchao" [1] Group 2 - Qualcomm announced a partnership with Tencent Games to deploy Snapdragon Adaptive Game Graphics for "League of Legends Mobile," achieving a 16.36% reduction in device power consumption while maintaining 120 frames per second [2] - Snapdragon Game Super Resolution 2.0 technology enhances performance and visual clarity by rendering at lower native resolutions and improving graphics quality, which is being integrated into the open-world mobile game "Infinite Warm" [2] - The Snapdragon ecosystem now supports over 1,200 games in the PC domain, with upcoming support for Easy Anti-Cheat to enhance cross-platform gaming experiences [2][3] Group 3 - Qualcomm's Snapdragon technology will continue to drive improvements in mobile gaming performance and expand cross-terminal entertainment ecosystems, with results to be showcased during ChinaJoy [3]

Industry Dynamics - In July, a total of 134 game licenses were issued, with 127 being domestic games, indicating a stable approval rate for the year with 893 domestic online games approved so far [2] - The proportion of casual puzzle games among the approved titles saw a significant decline, dropping to 27.6% [2] - The Chinese Football Association plans to establish a national esports football team to participate in various international esports football competitions [3] Company Developments - The domestic AAA game "Mingmo: Yuanshu Zhi Yu" was globally released, but faced controversy due to issues like identical content in different editions and price discrepancies, leading to a drop in its Steam rating from below 20% to 34% after the developers issued an apology and adjusted prices [4] - The game is expected to contribute to the growth of the single-player market in China, with industry experts suggesting that the market for high-quality domestic single-player games is on the rise [4][6] - The gaming company Paper Games experienced executive changes, with Yao Runhao resigning as the legal representative of multiple companies [7] - Zhejiang Shuju Culture held a shareholder meeting to increase its board members from 5 to 7, adding an independent director and a staff representative [8] - NetEase won a bid for a big data platform project with Huatai Securities, amounting to approximately 1.43 million yuan [9] International Developments - The international version of "No Man's Sky" was launched, with the domestic version expected to be released in the fall [11] - Finnish mobile gaming giant Supercell announced an investment in AI gaming company Glass Bead Games, founded by former Alibaba executives [12][13] Esports Events - The third anniversary celebration of "League of Legends Mobile" was successfully held, with teams JT, EW, and TT.Chenxi winning their respective championships [14] - The 2025 League of Legends World Championship will return to China, scheduled from October 14 to November 9 [15]