华创证券表示，扩盘+格局改善逻辑有望延续，看好4大细分方向。游戏行业大盘回归中速增长，中腰 部公司持续扩张，A股游戏公司市占率历史新高，目前行业处于估值回归合理区间，具体关注以下细分 方向：1）IP战略的双轨发展模式。中国IP改编游戏市场预期维持增长态势，且情怀复古IP和创新品类 IP符合当下IP游戏用户核心需求。2）Z世代游戏需求变革。Z世代新兴娱乐需求对娱乐属性要求较高， 尤其是能够展现创意自由度和及社交感的游戏品类。3）PC游戏强势回归。供给端，PC游戏丰富；需求 端，PC端设备渗透率上行，同时PC端具备天然渠道和买量优势，易形成协同效应。4）女性向游戏赛道 转型。女性向游戏产品是女性在"情感失位"+"社会压力会高压"双重困境下的一种"幻想代偿"，本质 是"悦己"的情绪消费。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及动画制作、游戏 开发与运营、IP衍生品销售等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的 整体表现，能够较好地体现动漫游戏行业的市场动态。 游戏ETF（516010）近5日资金净流入超2.2亿元，扩盘+格局改善逻辑有望延续 ...

Core Insights - The gaming industry in China is experiencing a significant increase in game license approvals, with 134 licenses issued in July, including 127 domestic and 7 imported games. The total number of licenses issued from January to July reached 946, marking a 19% year-on-year growth [1] Industry Developments - Multiple supportive policies from central and local governments are being implemented to foster the long-term development of the gaming industry [1] - Major traditional gaming companies like Tencent, NetEase, and miHoYo have not released any blockbuster titles this year, creating a user gap that provides an opportunity for mid-sized companies to launch new products [1] - Non-headline gaming companies are beginning to benefit from new product cycles, showing a clear trend of performance recovery [1] Market Dynamics - Recent adjustments in the gaming sector are primarily driven by structural market changes rather than fundamental factors. If capital shifts from high to low valuations, the adjusted gaming sector may demonstrate higher cost-effectiveness in terms of valuation and growth potential [1] - The gaming ETF (516010) tracks the anime and gaming index, selecting listed companies in the A-share market related to the anime, gaming, and associated industries, serving as an important indicator of the development of China's anime and gaming industry [1]

Group 1 - The gaming industry has entered a new prosperity cycle this year, with strong supply and demand, and high user activity [1] - From January to May, the domestic mobile gaming market grew by 20% year-on-year, with leading companies maintaining stable revenue from evergreen games, and mid-sized companies exceeding expectations with new product launches [1] - The number of domestic game licenses increased by 21% year-on-year from January to June, with June reaching a new high since 2022 [1] Group 2 - User activity remains high, and vertical platforms are emerging as new promotional and content community arenas beyond traditional user acquisition methods [1] - Game community platforms are benefiting from the industry's high prosperity, with accelerated commercialization [1] - As platform traffic grows and advertising spending shifts towards communities, the commercialization potential of game communities continues to be released [1] Group 3 - The gaming ETF tracks the animation and gaming index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the animation, comics, and gaming sectors from the A-share market [1] - This index reflects the overall performance of listed companies in the animation and gaming industry, showcasing significant industry characteristics and growth potential, providing investors with a convenient tool for investing in this emerging cultural industry [1]

Group 1 - The core viewpoint of the articles highlights the structural growth opportunities in the media industry driven by policy support and technological advancements, particularly in gaming product cycles, AI multimodal applications, and short dramas going overseas [1] - Huatai Securities reports that the number of game approvals reached a recent high in June, with 158 games approved, including 147 domestic online games and 11 imported games, indicating ongoing regulatory support for the healthy development of the industry [1] - The stability of policies enhances the predictability of domestic manufacturers' R&D and distribution plans, promoting a shift of resources towards high-quality and long-term development [1] Group 2 - The gaming industry is experiencing policy incentives that boost domestic demand, while technological empowerment strengthens product competitiveness, creating significant growth potential in overseas markets [1] - The game ETF tracks the animation and gaming index, which is compiled by China Securities Index Co., and reflects the overall performance of listed companies in the animation and gaming industry [1] - The index serves as an important indicator for measuring the development of China's animation and gaming industry, characterized by distinct industry features and style configurations [1]