Group 1 - The report highlights a significant recovery in the media sector, with the CITIC Media Index rising by 26.42% in 2025, outperforming the CSI 300 by 13.24 percentage points [11][7] - The media sector's revenue for the first three quarters of 2025 reached 416.07 billion yuan, a year-on-year increase of 4.98%, while net profit attributable to shareholders rose by 40.23% [18][7] - Public funds have significantly increased their holdings in the media sector, with a total market value of 59.39 billion yuan, marking a 63.43% increase from the previous quarter [36][7] Group 2 - The gaming sector is experiencing high demand and supply, with a market size of 256.03 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.11% [41][7] - The film industry has seen fluctuating box office performance, with total box office revenue of 44.56 billion yuan from January to October 2025, a year-on-year increase of 16.07% [65][7] - The advertising sector has shown moderate growth, with outdoor advertising spending reaching 191.66 billion yuan, a year-on-year increase of 6% [78][7] Group 3 - The policy environment for the media industry has improved significantly, with a more stable regulatory framework and supportive policies emerging [7][3] - AI applications are accelerating in the media sector, with advancements in AI models enhancing their capabilities and driving growth in gaming, film, advertising, and publishing [7][3] - The publishing sector has faced challenges, with total revenue declining by 7.10% to 97.60 billion yuan in the first three quarters of 2025, although net profit increased by 15.43% [87][7]

（文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从市场中选取涉及动漫制作、游戏开发 及相关产业链的上市公司证券作为指数样本，以反映数字娱乐产业相关上市公司证券的整体表现。动漫 游戏指数聚焦于内容创作、发行及衍生品开发等环节，行业配置上侧重文化传媒和信息技术领域，充分 体现了市场对创新娱乐形式的关注与认可。 国信证券指出，AI技术革新持续推动行业变革。李飞飞团队推出的Marble3D世界模型支持多模态输入 生成可交互3D虚拟环境，可灵2.5 Turbo模型在视频生成效果上显著提升，月之暗面开源Kosong框架优 化AI代理开发效率，这些技术突破为影视、游戏、动漫等内容生产提供新工具。游戏领域，点点互动 旗下《Whiteout Survival》等产品表现突出。AI应用加速落地将重构内容生产流程，影视行业供给端改 善与游戏板块新品周期形成共振。 ...

传媒 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-11 2025-03 2025-07 传媒 沪深300 相关研究报告 头部游戏出海延续亮眼表现，抽成政策助小程序游戏迎新机，坚定布局游戏 （1）出海：根据 AppMagic，10 月点点互动旗下《Whiteout Survival》和《Kingshot》 稳居中国手游出海收入榜前二，AppMagic 估算两款产品分成后收入合计超 1.3 亿美元，点点互动旗下另一款《Tasty Travels》排名第 19，较上月继续提升，另 外世纪华通股票已于 11 月 12 日撤销其他风险警示，或改善交易流动性，且后续 有望入选指数，迎来增量被动配置资金。（2）小程序游戏：11 月 14 日，微信 宣布将为开发者提供接入苹果"小程序合作伙伴计划"服务，苹果对参与计划的 微信小程序游戏流水仅抽成 15%（而 App 游戏抽成为 30%），或推动更多 iOS 端 App 游戏转向小程序游戏以降低流水分成，提升利润率，2024 年及 2025H1 中国小程序游戏市场规模达 398/ ...

北京商报讯（记者 卢扬 实习记者 华卓玛）11月14日，Sensor Tower公布的最新数据显示，点点互动产 品《Whiteout Survival》和《Kingshot》分别持续包揽10月出海手游收入榜冠军和亚军。 ...

Group 1 - The media sector has shown a significant upward trend in performance, with a year-to-date increase of 24.36% in the Shenwan Media Index, outperforming the CSI 300 by 10.35% [3][76] - In the first three quarters of 2025, the media sector achieved a total revenue of 387.6 billion yuan and a net profit of 32.1 billion yuan, representing year-on-year growth of 5.41% and 37.18% respectively [3][16] - The current TTM-PE for the Shenwan Media Index is 44x, which is at the 80th percentile of the past five years, indicating a recovery in valuation [3][76] Group 2 - The gaming sector has benefited from a strong product cycle, with Q3 2025 revenues reaching 30.4 billion yuan and net profits of 4.6 billion yuan, marking year-on-year increases of 28.60% and 111.65% respectively [4][29] - The popularity of collectible toys and IP-based products remains high, with the domestic market for IP economy projected to grow from 94.1 billion yuan in 2022 to 240.6 billion yuan by 2025, maintaining a growth rate of over 10% [112][118] Group 3 - The shift in policy direction is expected to positively impact the entertainment content industry, with ongoing improvements in content supply likely to stimulate demand recovery [5][127] - AI applications are rapidly penetrating the entertainment content industry, enhancing efficiency and return on investment in content production, thus creating new opportunities [5][127] Group 4 - Investment recommendations focus on sectors with strong growth potential, particularly in gaming and AI-driven content creation, with specific companies highlighted for their promising performance [6][111] - The report emphasizes the importance of monitoring product cycles and performance trends in the gaming sector, recommending companies such as Giant Network and 37 Interactive Entertainment [6][111]

Core Viewpoint - Century Huatong has successfully removed risk warnings and changed its stock abbreviation back to "Century Huatong" after a year of continuous performance growth, despite facing regulatory penalties for false reporting [1][2][3]. Financial Performance - In the 2024 annual financial report, Century Huatong reported a revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit attributable to shareholders of 1.213 billion yuan, up 131.51% [3]. - For the first three quarters of 2025, the company reported a revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit of 4.357 billion yuan, up 141.65% [3]. Business Drivers - The growth in performance is attributed to successful game titles, particularly in the domestic and overseas markets, with notable contributions from "Endless Winter" and "Whiteout Survival" [4][5]. - The overseas gaming business has shown rapid growth, with "Kingshot" and "Whiteout Survival" leading the mobile game revenue charts [4]. Risks and Concerns - Despite strong performance, there are concerns regarding reliance on blockbuster games and the potential risk associated with over 10 billion yuan in goodwill [6][7]. - As of the end of 2024, goodwill accounted for 98.11% of current assets, raising concerns about potential impairment risks if the performance of key subsidiaries declines [7].

Group 1 - The gaming sector showed fluctuating performance on November 11, with the gaming ETF (159869) slightly rising. Key stocks like Guomai Culture, Youzu Network, and Giant Network saw significant gains, while Huali Technology, Perfect World, and others experienced declines. As of November 10, the gaming ETF's product scale reached 11.554 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - The official announcement from "Peace Elite" regarding the first "Peace Elite Women's Competitive Showcase" in collaboration with Xiaohongshu Games is set for November 15. The event will feature 16 qualified hosts and 28 participants competing in various segments, including a game-themed transformation show and talent displays. This collaboration aims to innovate the traditional competitive model and expand the female user market, enhancing brand diversity [1] - Open-source securities highlighted the strong performance of leading mobile games overseas, with companies like Xindong and Century Huatong achieving significant revenue growth through successful game operations and content updates. The industry is experiencing sustained upward momentum, and the gaming ETF (159869) closely tracks the China Securities Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2] Group 2 - The gaming sector is expected to maintain long-term growth driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models. This growth trajectory is supported by the positive performance of new and existing games, as well as the successful testing and sales of multiple new titles [2]

Core Viewpoint - ST Huatuo has received approval from the Shenzhen Stock Exchange to withdraw its other risk warnings, allowing the company to resume trading under its original name, Century Huatuo, starting November 12, 2025, with an increased daily trading limit from 5% to 10% [2][3]. Group 1: Company Actions and Compliance - The company confirmed compliance with the conditions for withdrawing the risk warning after a self-inspection against the Stock Listing Rules [2]. - The company has implemented corrective measures in response to regulatory penalties, including a comprehensive review and adjustment of 23 internal regulations across six categories [2]. - Daxin Accounting Firm issued a report on the correction of accounting errors from 2018 to 2023, validating the company's adjustments [2]. Group 2: Financial Performance - Century Huatuo reported a revenue of 10.016 billion yuan for Q3 2025, a year-on-year increase of 60.19%, and a net profit of 1.701 billion yuan, up 163.78% [3]. - The company's stock price rose from approximately 5 yuan per share in November 2024 to about 18 yuan per share in the same period this year, with a peak of 22.49 yuan per share, making it the highest market cap company in the A-share gaming sector at 130.8 billion yuan [3]. Group 3: Product Strategy - The company's growth is primarily driven by its subsidiary, Diandian Interactive, which has seen success with several SLG products, including "Whiteout Survival" and "Kingshot," leading the revenue charts for mobile games in China [4]. - The company emphasizes a long-term game development strategy, planning to operate games for ten years or more, focusing on market demand rather than traditional top-down planning [4].

Core Insights - The popularity of Chinese mobile games in overseas markets remains strong, with major companies relying on classic sequels to maintain their positions, while smaller developers are breaking through in niche segments with innovative gameplay [1] Group 1: Evergreen Games - In October, 23 mobile games made it to the "Evergreen List," with a total estimated overseas revenue of approximately $332 million, equivalent to about 2.363 billion yuan [7] - The top three games on the "Evergreen List" are "Gossip Harbor," "Genshin Impact," and "PUBG MOBILE," with estimated revenues of $56.71 million (approximately 404 million yuan), $40.65 million (approximately 290 million yuan), and $32.31 million (approximately 230 million yuan) respectively [7][8] - The number of games on the "Evergreen List" decreased by 2 compared to the end of Q3, while the "Potential Evergreen List" saw an increase of 3 games, totaling 18 [1] Group 2: Potential Evergreen Games - The "Potential Evergreen List" includes 18 games, with Century Games having the highest representation with 3 titles, while Tencent and miHoYo each have 2 [8] - "Whiteout Survival" from Century Games led the estimated revenue for October at $81.93 million (approximately 584 million yuan), surpassing "Gossip Harbor" [9] - Other notable games on the "Potential Evergreen List" include "Top Heroes," "Dark War: Survival," and "Honkai: Star Rail," each exceeding $20 million in estimated revenue [9] Group 3: Industry Trends - Chinese game developers are increasingly showcasing maturity and stability in their globalization efforts, focusing on innovative gameplay and content expression [10] - The industry is adopting more diverse commercialization strategies, including refined operations and localized marketing approaches [10]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report emphasizes the strong performance of leading mobile games in overseas markets, with notable revenue increases and new game launches driving industry growth [3][29] - The integration of AI in content creation, particularly in AI-generated comics and advertising, is highlighted as a key area for investment, with significant advancements in domestic AI models [3][29] - The report suggests a continued focus on high-growth areas such as AI applications, gaming, and IP collaborations, recommending specific companies for investment [3][29] Industry Data Overview - The game "Delta Force" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Predator: Hunting Grounds" achieved the highest box office for the week, grossing 0.36 billion [25][29] Industry News Summary - OpenAI has reached 1 billion monthly active users, enhancing its product distribution capabilities [25] - The gaming market saw continued growth in October, with Bilibili's game "Escape from Duckkov" surpassing 3 million in sales [29] - The report notes the ongoing high growth in the comic market, with significant collaborations involving popular artists [25][29] Company Performance - Heartbeat Company saw a 30% increase in global revenue in October, with its game "Etheria: Restart" contributing significantly [3][29] - Century Huatong's games "Whiteout Survival" and "Kingshot" also reported strong revenue growth, with a 6% increase in October [3][29] - Bilibili's self-developed game "Escape from Duckkov" achieved sales of over 3 million copies [3][29]