7月14日早盘，游戏板块震荡下挫，游戏ETF（159869）现跌近3%，持续打开低位布局通道。游戏板块正迎来"基本面持续改善+政策面边际宽 松+估值修复空间显著+AI技术创新驱动"四重逻辑加持，游戏板块回暖复苏动能强劲。 每日经济新闻 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司股票的整体 表现，一年一度游戏盛会ChinaJoy即将重磅来袭，关注游戏ETF（159869）布局机会。 中信建投认为，1）暑期刚刚开始，高频数据才开始演绎：《超自然行动组》进入免费Top3，畅销Top10，预计7月底~8月初暑期大版本后，流 水会再上台阶，且该游戏出海潜力大（对标第五人格日本市场），全球年流水上限可看50亿量级。吉比特《M88》首月预估接近3亿流水；2） 这一轮游戏不只是和大厂的产品周期错开，而是过去2~3年行业外部波折（版号和政策回暖）和内部梳理（人员优化/反腐提效）后，各家都明 确了自身能力圈，叠加AI对产能的加速，中型公司正式开启了一轮创新周期，比如超自然在女性微恐赛道的创新玩法，异环在二次元都市赛 道的先手，EVE在AI原生游戏的 ...

Summary of the Conference Call on the Gaming Industry Industry Overview - The A-share gaming companies are currently undervalued, with second-tier companies valued at approximately 15-18 times earnings, compared to 30 times for similar companies in Hong Kong, indicating potential for valuation improvement [1][3] - The competitive landscape in the gaming industry is easing, providing ample market space for second-tier companies [1] - The gaming industry is experiencing a recovery in demand, with a monthly growth rate of 22% in April, highlighting the growth potential of the sector [1][9] Key Insights - Mid-sized gaming products have exceeded expectations, such as Giant Network's "Supernatural Action Group" and G-bits' "M88," significantly improving profitability and positively impacting company financials [1][4] - The sales expense ratio for gaming companies has decreased year-on-year, with diverse marketing strategies like live streaming and community marketing reducing costs and improving ROI [1][8] - Major gaming companies are focusing on the operation of existing games rather than launching new big titles, creating opportunities for smaller companies to thrive in niche markets [1][10] Notable Products and Performance - Giant Network's "Supernatural Action Group" has achieved a monthly revenue of approximately 30-50 million, relying on word-of-mouth and minimal advertising [5][18] - G-bits' "M88" is expected to generate 150-200 million in its first month, contributing significantly to quarterly reports [5][20] - The game "Friendship Time" has shown strong performance, reaching the top of free charts, indicating a shift in the market dynamics favoring smaller developers [2][6] Market Dynamics - The supply side of the gaming industry has relaxed, with an increase in the number of game approvals, and the demand side is showing signs of recovery [9][14] - The overall gaming industry has maintained double-digit growth from January to April 2025, despite concerns about data accuracy due to low base effects from the previous year [11] Investment Opportunities - The gaming sector is currently valued at 15-20 times earnings, making it attractive compared to other high-valuation sectors [13][28] - Recommended companies include Giant Network, Kingsoft, and G-bits, with potential for further growth and investment returns [27] Policy Environment - Local governments have introduced supportive policies for the gaming industry, contributing to a more favorable policy environment [14] Future Outlook - The gaming industry is expected to continue its growth trajectory, with new product launches and existing titles maintaining strong performance [15][19][25] - The anticipated release of new titles like Tencent's "Fearless Covenant" and Kingsoft's "解神机" is expected to further enhance market dynamics [15][19] Conclusion - The gaming industry is positioned for growth with favorable market conditions, supportive policies, and a shift in competitive dynamics, making it an attractive sector for investment.