Group 1 - The gaming sector experienced fluctuations on September 4, with the gaming ETF (159869) dropping to around 1%, creating a low-positioning opportunity [1] - Among the holdings, Fuchun Co., Huali Technology, Tianzhou Culture, and Aofei Entertainment saw significant gains, while Jibite, Giant Network, Kaiying Network, and Iceberg Network faced notable declines [1] - 37 Interactive Entertainment announced on September 3 that it has secured game adaptation rights for multiple IPs, including "Dou Po Cang Qiong," "Gui Mi Zhi Zhu," and "Dou Luo Da Lu," enhancing its diverse product matrix [1] Group 2 - The China Securities Association released a report on August 31 indicating that cultural consumption demand is continuously being released, with the gaming and film industries achieving revenue growth and net profit growth exceeding 70% in the first half of the year [1] - New emotional consumption scenarios, such as the pet economy and IP economy, have ignited enthusiasm among younger demographics, leading to significant performance growth for related listed companies, with net profit increases of 40.29% and 54.90% respectively [1] - Relevant ETFs include the gaming ETF (159869), which focuses on leading companies in the A-share IP gaming industry, and the cultural and entertainment media ETF (516190), which provides balanced exposure across marketing, film, cultural tourism, and IP toy sectors [1]

（文章来源：每日经济新闻） 华鑫证券指出，港股中报业绩持续落地，盈利能力与市值同频共振，A股中报业绩已在中报预告中逐步 演绎，中报落地后核心看下半年企业主业的经营进展。AI作为撬动传媒板块估值的支点之一，海外产 品（如2025年8月GPT-5推出）未带来较大情绪提振，但国产如DeepSeek的R2模型获新期待，AI硬件已 在演绎，AI应用落地游戏传媒场景仍可期。 相关ETF：游戏ETF（159869）聚焦A股IP游戏产业龙头；文娱传媒ETF（516190）均衡布局营销、影 视、文旅、IP潮玩等领域。 8月18日午盘，游戏传媒板块表现持续活跃，相关热门ETF中，文娱传媒ETF（516190）现涨超2.5%， 游戏ETF（159869）涨近1%。 消息面上，据海关新闻披露，2025年7月，我国游戏机及其零附件出口额初值达13.65亿美元，环比增加 4.75%，1至7月累计出口额初值达78.57亿美元，同比增加45.8%；当月出口量初值达20907吨，环比增加 4.65%，1至7月累计出口量初值达118325吨，同比增加20.1%。 此外，8月14日，腾讯全新开源游戏视频生成框架Hunyuan-GameCraft， ...

Group 1 - The three major indices opened higher on August 11, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index by 0.27%, and the ChiNext Index by 0.13% [1] - Lithium carbonate futures hit the daily limit, leading to a significant rise in the lithium mining sector, while the Xinjiang sector remained hot with multiple stocks, including Xinjiang Communications Construction, hitting the daily limit [1] - The TMT sector opened lower, with declines in photolithography machines, millet economy, and military information technology concepts [1] Group 2 - In the first half of 2025, domestic game revenue reached a record high of 168 billion yuan, marking a year-on-year increase of 14.08% [2] - The user base in the domestic game market grew to nearly 679 million, reflecting a year-on-year growth of 0.72% [2] - The industry is experiencing a qualitative and quantitative improvement under a stable policy environment, with significant R&D investment returns from leading companies and resilience in overseas markets [2]

8月10日，在穿越火线嘉年华上，由天美工作室开发、腾讯K1合作部发行的《穿越火线：虹》首次公布 了实机影片。 该作由Smilegate授权，基于Unreal Engine 5开发，支持移动端与客户端。《穿越火线》作 为知名射击游戏有着庞大玩家基础，此次《穿越火线：虹》公布新玩法，有望凭借创新内容吸引新老玩 家，为腾讯在射击游戏市场巩固优势。若游戏后续测试和上线表现良好，将提振投资者对腾讯游戏业务 的信心，也可能引发市场对射击类游戏赛道的更多关注和投资热情。 （文章来源：每日经济新闻） 华源证券指出，暑期档期新游产品上线以及存量产品也将陆续开启大版本更新，优质产品高频数据暂未 出现拐点，基于优质产品超预期表现的催化交易有望持续。同时，建议重视头部游戏公司在AI+陪伴 +游戏化范式探索上的示范效应，相关产品表现如果超预期有望推动相关上市公司的价值重估，同时部 分公司重点游戏陆续定档，关注新游产品周期的开启。 8月11日午盘，游戏板块持续震荡攀升，游戏ETF（159869）现小幅微涨近1%。持仓股中，北纬科技、 游族网络、顺网科技、国脉文化、富春股份等涨幅居前。 相关ETF：游戏ETF（159869）聚焦A股IP游 ...

Group 1 - The gaming sector is experiencing a strong upward trend, with the gaming ETF (159869) rising nearly 2.5%, and stocks like Beiwai Technology hitting the daily limit, while Perfect World and Giant Network increased by nearly 5% [1] - The 2025 ChinaJoy event set a new attendance record with 410,300 visitors, an increase of nearly 50,000 from last year, representing a year-on-year growth of 11.8%, including 14,700 overseas attendees [1] - The National Press and Publication Administration approved 127 domestic games and 7 imported games in July, with notable titles like NetEase's "Diablo IV" and Tencent's "Ultimate Showdown" receiving approval [1] Group 2 - The 22nd ChinaJoy, themed "Gathering What You Love," featured 800 well-known companies and covered an exhibition area of 135,000 square meters, with 220 foreign enterprises accounting for 27.5% of the total [2] - The gaming and trendy toy sectors continue to show high growth potential, with recommendations to focus on the sustainability of quality content products [2] - Related ETFs include the gaming ETF (159869), which focuses on leading companies in the A-share IP gaming industry, and the cultural and entertainment media ETF (516190), which balances investments across marketing, film, tourism, and trendy toy sectors [2]

Core Insights - The animated film "Wang Wang Mountain Little Monster" premiered on August 2 and quickly surpassed 100 million yuan in box office revenue within the first day, indicating strong market demand and popularity [1] - The film's success has led to the launch of over 400 licensed derivative products, which are also experiencing significant sales, highlighting the potential for IP monetization in the cultural industry [1] - The film is produced by Shanghai Film and co-produced by China Film, suggesting a strong backing from major industry players, which may invigorate the film and entertainment sector [1] Industry Impact - The success of "Wang Wang Mountain Little Monster" is expected to inject momentum into the film industry, potentially enhancing the performance of related companies through diversified IP monetization strategies [1] - The investment value of IP licensing and derivative product development is becoming increasingly prominent, indicating a shift in the cultural industry's value chain [1] - The film's popularity serves as a catalyst for the entertainment sector, similar to the impact of "Ne Zha" earlier in the year, which positively influenced market trends for companies like Light Media [1] Investment Opportunities - The film's success provides a new catalyst for the entertainment sector, offering investors convenient tools to engage with related industries through entertainment media ETFs, such as the one covering major film companies [1]

Group 1 - The A-share market showed a mixed performance with the Shanghai Composite Index up by 0.07%, Shenzhen Component Index up by 0.05%, and the ChiNext Index up by 0.5%, while the North Star 50 and Sci-Tech 50 indices fell by 0.38% and 0.12% respectively, with a half-day trading volume of 793.75 billion yuan [1] - The IP economy is gaining traction, with companies that have strong IP product development and operation capabilities expected to benefit from increased IP traffic, as highlighted by Guotai Junan's research report [1] - The media sector is experiencing a surge in AI applications, with 2023 anticipated to be a pivotal year for the explosion of open-source large models in China, reshaping the application landscape [1] Group 2 - The Entertainment and Media ETF (516190) closely tracks the China Securities Entertainment and Media Index, covering emerging sectors such as gaming, advertising, film and animation, tourism, and digital publishing, with nearly 70% of its mainboard components and over 30% from the ChiNext board, showcasing both stable performance and high growth potential [2] - The entertainment and media sector is driven by multiple factors including policy support, technological innovation, and cultural export, presenting significant investment value [2]

Group 1 - The A-share gaming sector experienced a significant rise, with the gaming ETF (159869) increasing by over 4% in early trading on June 3rd, 2023 [1] - Key stocks such as Zhangqu Technology surged over 15%, while Giant Network, Dihun Network, and Borui Communication approached their daily limit, indicating strong market performance [1] - April gaming revenue saw a year-on-year growth of over 20%, driven by long-term products, with the Chinese gaming market projected to reach 273.51 billion yuan by April 2025, reflecting a 21.93% increase [1] Group 2 - Mobile gaming revenue is expected to grow by 28.41% year-on-year, while overseas revenue is projected to increase by 9.62%, primarily fueled by long-term products like "Honor of Kings" and "Genshin Impact" [1] - Huaxi Securities highlights that the long-term revenue growth underscores a healthy development trend in the industry, with leading companies leveraging IP operations and content iteration for sustained profitability [1] - The issuance of domestic game licenses has increased, with 130 domestic and 14 imported licenses granted in May 2025, contributing to improved industry confidence [1] Group 3 - The approval of game licenses across multiple platforms indicates a normalization trend in the regulatory environment, with a total of 610 domestic and 44 imported licenses issued in 2023, significantly higher than the same period in 2024 [1] - The industry's fundamentals are gradually improving due to the continuous optimization of license supply, strong overseas performance, and the launch of new games [1] - The application of AI technology and long-term operational capabilities are becoming key competitive advantages for companies in the gaming sector [1]

Group 1 - The A-share gaming sector is experiencing strong performance, with the gaming ETF (159869) rising nearly 2% as of May 29, 2023, and several stocks such as Zhejiang Shuju Culture and Shunwang Technology seeing significant gains [1] - The Chinese gaming industry is projected to achieve a record revenue of 455.06 billion yuan in 2024, with a compound annual growth rate (CAGR) of 26.8% over the past two decades, indicating robust growth potential [1] - The user base for the gaming industry is expected to exceed 750 million by 2024, with a CAGR of 18.6% over the last twenty years, providing a solid foundation for ongoing industry development [1] Group 2 - In May 2025, a total of 130 domestic game licenses and 14 import licenses were issued, reflecting an increase in quantity and frequency, with 610 domestic and 44 import licenses issued year-to-date, significantly higher than the same period in 2024 [1] - The types of licenses cover multiple platforms, including mobile, client, and console games, indicating a trend towards normalization in the approval process [1] - The industry's fundamentals are gradually improving due to optimized license supply, strong overseas performance, and a surge in new game launches, with AI technology application and long-term operational capabilities becoming key competitive factors for companies [1]