（责任编辑：董萍萍 ） 华鑫证券指出，游戏行业方面，2025年11月国产及进口游戏版号正常发放，供给充沛加剧内容竞 争，新势力企业产品力提升为行业带来新看点，游戏行业景气度拐点后持续向上，2025Q3行业归母净 利同比增速达88.6%，较Q2提升13.7个百分点。AI在游戏开发中具有显著降本增效作用，如缩短角色场 景开发时间、生成游戏关卡等。传媒领域，AI大模型快速迭代推动应用创新，如OpenAI发布的Sora 2视 频生成模型实现音画同步生成等技术突破，软件应用作为AI重要落地场景持续受益。此外，算力需求 增长带动光模块、液冷等基础设施高景气，2025年全球光模块市场规模同比增速有望达32%，液冷服务 器市场未来五年CAGR预计为46.8%，为游戏行业提供底层技术支持。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 游戏ETF（5 ...

Group 1 - The core viewpoint is that 2023 is expected to be a year of explosive growth and reshaping of the application landscape for China's open-source large models, progressing in three steps: public cloud value reshaping, platform enterprises empowering large models, and C-end scenario implementation [1] - The gaming sector maintains strong fundamentals with low valuation levels, focusing on new product launches and IP derivative commercialization [1] - Continuous advancements in the AI field are noted, with marginal innovations in multimodal and reasoning directions, such as the Kimi-k2 model supporting long text processing and tool invocation [1] Group 2 - The game ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in game development, operation, anime production, and derivative sales to reflect the overall performance of related securities [1] - The anime and gaming index focuses on the cultural and creative industry, covering anime, gaming, and related industry chains, effectively reflecting the development trends and market characteristics of China's anime and gaming industry [1]

Core Insights - The media industry in Q3 2025 reported revenues of 135.28 billion yuan, representing a year-on-year growth of 8.6%, with net profit attributable to shareholders reaching 10.4 billion yuan, up 43.7% [1] - The gaming sector showed exceptional performance, with revenue of 33.02 billion yuan (up 27.1% year-on-year) and net profit of 5.88 billion yuan (up 111% year-on-year), becoming the main growth driver for the media sector [1] - Active funds significantly increased their holdings in the high-growth gaming sector, with 7 out of the top 10 media stocks being gaming companies, indicating a shift in fund allocation towards gaming within the media industry [1] - Policy support for the development of gaming and esports as new consumer scenarios continues to enhance industry enthusiasm [1] - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development, animation production, and IP operation, reflecting the overall performance of the animation and gaming sector [1] Industry Trends - The animation and gaming index highlights the overall development trend and innovative vitality of China's animation and gaming industry, showcasing significant growth characteristics [1]

Group 1 - The core viewpoint of the article highlights that the approval volume of game licenses in September remains high, covering various types of products and well-known manufacturers [1] - From the beginning of the year to date, a total of 1,195 domestic games have been approved, with 145 games approved in September, including titles from Tencent, miHoYo, NetEase, and others [1] - For imported games, a total of 80 games have been approved this year, with 11 games approved in September, including titles from Chuangmeng Tiandi and Xinghui Games [1] Group 2 - The game ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in animation production, game development, platform operation, and related industry chains to reflect the overall performance of the sector [1] - The index focuses on innovation and growth in the animation and gaming field, covering the entire industry chain from content creation to distribution channels, showcasing distinct industry representation and market vitality [1]

Group 1 - The gaming industry shows positive high-frequency data and good mid-term report expectations, indicating a sustained outlook for the sector [1] - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development, animation production, and related services to reflect the overall performance of the animation and gaming industry [1] - The animation and gaming index focuses on the animation and gaming industry, covering companies with innovative capabilities and market competitiveness, with a bias towards information technology and media entertainment sectors [1] Group 2 - Investors without stock accounts can consider the Guotai Zhongzheng Animation and Gaming ETF Connect A (012728) and Connect C (012729) [1]

Group 1 - The gaming industry shows positive high-frequency data and good mid-term report expectations, indicating sustainability with impressive DAU and commercialization performance during the summer [1] - The media sector is experiencing a rise in AI applications and cultural confidence from content output, with expectations for the Chinese open-source large model explosion and industry restructuring, projected to undergo three phases: public cloud value reshaping, B-end empowerment, and C-end scenario implementation [1] - The film and television industry benefits from a marginally relaxed policy on series production, with the "21 Guidelines for TV Drama Creation" optimizing aspects like themes and reviews, which is favorable for capacity and content innovation [1] Group 2 - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in animation production, comic publishing, game development, and related services to reflect the overall performance of the digital entertainment sector [1] - The animation and gaming index focuses on the animation and gaming industry, showcasing the development trend of cultural and technological integration, appealing to investors interested in emerging industry growth [1] - Investors without stock accounts can consider the Guotai CSI Animation and Gaming ETF Connect C (012729) and Guotai CSI Animation and Gaming ETF Connect A (012728) [1]

Group 1 - The gaming industry shows positive high-frequency data and good mid-term report expectations, indicating sustained growth potential [1] - The gaming sector's commercial flexibility is demonstrated by the continued performance of popular titles after updates, reflecting an increase in Daily Active Users (DAU) [1] - The media sector is experiencing a rise in AI applications, with a focus on cultural confidence through content output, suggesting a transformative year for China's open-source large models [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which includes listed companies involved in anime production, game development, and related operations [1] - The index reflects the overall performance of companies in the anime and gaming industry, covering key areas such as content creation, technology development, and platform operation [1] - Investors without stock accounts can consider the Guotai Zhongzheng Anime and Gaming ETF Connect C (012729) and A (012728) for investment opportunities [1]

Group 1 - The media and gaming industry is showing signs of bottom improvement, with a focus on product cycles and performance in the gaming sector [1] - Long-term optimism is noted for high-demand IP toys and AI applications that are in the early stages of development, driven by continuous breakthroughs in AI technology [1] - The summer gaming performance has been strong, indicating robust content consumption demand [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in game development, operation, and anime production to reflect the overall performance of digital entertainment-related securities [1] - The anime and gaming index focuses on the cultural creative industry, highlighting market attention towards investment in this sector and effectively tracking industry trends [1] - Investors without stock accounts can consider the Guotai CSI Anime Gaming ETF Connect C (012729) and Guotai CSI Anime Gaming ETF Connect A (012728) [1]

Group 1 - The gaming ETF (516010) has risen over 2% during trading, driven by improvements in the industry fundamentals and technological innovations [1] - Guosen Securities indicates that the media and gaming industries are showing signs of bottoming out, with the gaming sector needing to focus on product cycles and performance [1] - The media sector is benefiting from increased advertising spending due to economic recovery, while the film and television content sector is expected to see improvements on the supply side [1] Group 2 - The ChinaJoy exhibition has seen high attendance, with 743 participating companies and a foreign investment ratio of 31.8%, reflecting the industry's enthusiasm [1] - The mobile game "Whiteout Survival" has maintained its position at the top of the revenue charts, indicating sustained high industry sentiment [1] - Overall, the media and gaming industries are showing positive signals in terms of performance recovery, technological innovation, and market enthusiasm [1] Group 3 - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development and operation, animation production, and related businesses [1] - This index reflects the overall performance of listed companies in the digital entertainment industry, highlighting the growth potential and innovative vitality of the animation and gaming sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng Animation and Gaming ETF Connect C (012729) and A (012728) [1]

Group 1 - The gaming ETF (516010) saw a net inflow of over 70 million yuan in the last trading day, indicating increased institutional interest in the industry [1] - Wanlian Securities highlighted that the media and gaming industry will be active in June 2025, with six key new games launching, reflecting a stable issuance of game licenses and a steady market environment [1] - The gaming ETF tracks the Animation and Gaming Index (930901), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in animation production, game development, and related services to reflect the overall performance of the industry [1] Group 2 - The index has significant cultural and creative industry attributes, focusing on high-growth investment opportunities within China's animation and gaming sector [1] - Investors without stock accounts can consider the Guotai CSI Animation and Gaming ETF Connect C (012729) and A (012728) [1]