格隆汇11月24日｜午后，以传媒、游戏板块为首的AI应用板块强势拉升，规模最大的游戏ETF涨3.5%， 机器人ETF翻红上涨1%。 AI+游戏产能升级：游戏ETF(159869)，+3.57%，最新规模108.85亿，近20日合计净流入6.68亿元，权重 股涵盖囊括吉比特、恺英网络、巨人网络、三七互娱（维权）、神州泰岳等游戏头部玩家，以及光线传 媒（IP 优势突出）、昆仑万维（维权）（爆款游戏《梦幻星球》+AI 技术领先）等。 ③网易第三季度总营收284亿元，同比增长8.2%；净利润86亿元，同比增长32.3%，绩后获多家大行唱 好。 ④工信部公示人形机器人标准化技术委员会委员名单，宇树科技王兴兴、智元创新彭志辉等为副主任委 员。 开源证券最新研报认为，谷歌和阿里巴巴近期在模型和Agent方面的进一步发力，并将更多的垂直AI应 用整合进自身的流量入口，从而有望大幅加速AI应用商业化，其他同样具备优势的科技巨头（如微 软、Meta，腾讯、字节）相关举措也值得关注，AI应用或迎来黄金时代，继续布局商业化落地较快的 AI游戏/AI广告/AI电商等。 相关产品，及截至发稿涨跌幅： 市场规模最大的机器人主题ETF：机器 ...

中银国际最新研报称，当前AI应用垂类公司业绩已初现拐点，而阿里"千问"的推出，清晰地指向了AI应 用"生态化"的下一阶段。今年AI应用涨幅有限，仍具备较高配置性价比，产业拐点催化之下，或将迎来 补涨行情。 相关产品，及截至发稿涨跌幅： 格隆汇11月21日｜今日AI硬件和锂电产业链跌幅居前，人形机器人板块跌幅较少，AI应用午后率先翻 红，机器人ETF下跌1%，游戏ETF一度翻红上涨0.3%。 消息面上①今日一篇关于英伟达的"庞氏"报道重创AI硬件板块，而谷歌Gemini 3.0的发布带动了AI应用 端预期。 ②阿里巴巴新推出的AI应用"千问APP"，公测上线两天后冲入苹果App Store免费应用总榜第三位。蚂蚁 旗下AI产品"灵光"上线三日下载量超50万，服务器一度宕机。 ③由于特斯拉机器人明年将迎来量产，近期市场重点关注11月底至12月期间特斯拉对国内厂商的定点通 知。 市场规模最大的机器人主题ETF：机器人ETF(562500)，-1.16%，近20日合计净流入21.52亿元，权重股 包含汇川技术（工业机器人龙头）、绿的谐波（全球谐波减速器龙头）和石头科技（服务机器人龙头） 等。 AI+游戏产能升级：游戏 ...

Group 1 - The AI application sector experienced a decline on November 4, with the only billion-scale gaming ETF dropping by 2.7%, despite a net inflow of 150 million yuan during the session and a total net inflow of 2 billion yuan over the past 20 days [1] - The gaming industry reported a total revenue of 30.36 billion yuan in Q3, representing a year-on-year growth of 28.61%, while net profit attributable to the parent company increased by 111.65%, both outperforming the media industry [1] - A total of 1,441 game licenses were issued from January to October, surpassing the total for the entire year of 2024, indicating a rich product pipeline that is expected to drive industry growth [1] Group 2 - The domestic robotics supply chain has garnered attention, with companies like Leju Robotics, Yundongchu, Zhiyuan, and Yushu making progress in their IPOs [1] - The production timeline for Tesla's humanoid robot GEN3 has been confirmed, making the Tesla shareholder meeting on November 7 an important observation window [1] - The gaming ETF focused on AI and gaming capacity upgrades (159869) fell by 2.7%, with key stocks including G-bits and Kaiying Network, while the largest robotics-themed ETF (562500) dropped by 2.92%, featuring major stocks like Huichuan Technology and Green Harmony [1]

Group 1 - The AI application sector experienced a significant decline, with the only game ETF of over 100 billion scale dropping by 2.7%, while it saw a net inflow of 150 million yuan during the session and a total net inflow of 2 billion yuan over the past 20 days [1] - The overall revenue of the gaming industry in Q3 reached 30.36 billion yuan, representing a year-on-year growth of 28.61%, and the net profit attributable to the parent company increased by 111.65% year-on-year, both exceeding the media industry [1] - The number of game licenses issued from January to October has reached 1,441, surpassing the total for the entire year of 2024, indicating a rich product reserve that is expected to continue driving industry growth [1] Group 2 - The robot industry is experiencing an "IPO wave," with companies such as Leju Robotics, Yundongchu, Zhiyuan, and Yushu making progress in their IPOs [1] - The Tesla humanoid robot GEN3 production timeline has been confirmed, making the Tesla shareholder meeting on November 7 an important observation window [1] - The largest robot-themed ETF saw a decline of 2.92%, with key stocks including Huichuan Technology, Lide Harmony, and Stone Technology [2]

Group 1 - In September, 32 Chinese companies entered the global mobile game publisher revenue ranking TOP100, collectively generating $1.95 billion, accounting for 36.1% of the total revenue of the global TOP100 mobile game publishers [1] - Tencent remains the top mobile game publisher in China, benefiting from the seasonal popularity of games like "Delta Action," which saw a 76% month-on-month revenue increase, along with strong performances from "Honor of Kings" and "Peacekeeper Elite" [1] - Guosheng Securities maintains a positive outlook on the gaming sector and other fundamentals-driven segments as the third-quarter report disclosure period approaches, focusing on the potential recovery of the film and television sector under new policy drivers [1] Group 2 - The gaming sector is seen as having multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on AI applications that can realize data monetization [1] - The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities [1] - The emphasis on IP monetization targets companies with IP advantages and full industry chain potential, particularly in the area of traditional cultural IP value exploration [1]

Group 1 - The gaming sector has shown strong performance recently, driven by new product release expectations and industry recovery, with the gaming ETF (159869) gaining nearly 1.5% [1] - Major stocks in the gaming ETF include Xunyou Technology (300467) leading with over 10% increase, followed by Beiwai Technology (002148) with nearly 6% rise, and others like Kaiying Network (002517), G-bits (603444), Baotong Technology (300031), and Giant Network (002558) also showing significant gains [1] - The gaming ETF has seen a net inflow of funds for two consecutive days, accumulating a total of 5.92 billion yuan [1] Group 2 - In the first half of 2025, the gaming sector achieved revenue of 54.452 billion yuan, a year-on-year increase of 22.17%, with net profit rising 74.95% to 8.052 billion yuan [2] - The profit increase is attributed to leading companies like Perfect World (002624) focusing on core product operations and self-developed IP iterations, alongside contributions from hit games and new game version updates [2] - The overall profitability of the gaming sector improved, with gross margin and net margin rising by 0.37 percentage points and 4.13 percentage points to 67.80% and 14.74%, respectively [2] Group 3 - Wanlian Securities notes that the media sector's overall performance is recovering, with significant improvement in the gaming sector's performance in Q2 2025 [3] - The long-term outlook for the industry is positive, with expectations of recovery in industry prosperity driven by gradual restoration of content supply, deepening AI technology empowerment, policy support, and consumer recovery [3] - Companies in the film and television industry, as well as those in the gaming sector showing strong performance, are recommended for attention, along with those involved in digital assets and AIGC-related technologies [3]

Core Insights - The A-share market saw a rebound driven by the technology sector, with the Shanghai Composite Index rising by 0.04% and the ChiNext Index increasing by 0.68% [1] - The robot concept stocks experienced a surge, leading to a significant increase in the robot ETF (562500), which rose by 3.75% and reached a historical net value high [1] - Gold prices have increased over 11% since August 20, with the gold stock ETF (159562) showing a remarkable 23% rise during the same period [1] Group 1: Market Performance - The A-share market showed a clear high-low shift, with AI hardware experiencing a pullback while gaming and film sectors gained momentum [1] - The gaming ETF (159869) led the market with a strong increase of 4.38% [1] Group 2: Investment Opportunities - The robot ETF (562500) has seen a net inflow of 11.417 billion yuan this year, with a total size of 18.788 billion yuan, featuring key stocks like Huichuan Technology and Stone Technology [3] - The gaming ETF (159869) includes major players such as Light Media and Kunlun Wanwei, indicating a potential for growth driven by AI applications [3] - The gold stock ETF (159562) comprises leading companies like Zijin Mining and Shandong Gold, representing a low-cost option for gold-related investments [3] Group 3: Industry Trends - The AI sector is experiencing a rotation of funds as investors seek new leading themes, with humanoid robots and gaming becoming focal points [1] - Recent developments, such as Elon Musk's $1 billion investment in Tesla and the IPO preparations by Yushu Technology, are catalyzing interest in the robotics industry [1][2]

Group 1 - The gaming sector experienced fluctuations with a slight recovery, as the gaming ETF (159869) saw a near 1.5% decline but attracted a net inflow of 272 million yuan over the last five trading days, indicating strong investor interest [1] - miHoYo's announcement of the UGC gameplay "Thousand Star Realm" for Genshin Impact marks a shift from being a content provider to a platform ecosystem builder, enhancing user engagement and community activity [1] Group 2 - The China Listed Companies Association reported that cultural consumption demand has been released in the first half of the year, with significant revenue growth in the gaming and film industries, and net profit growth exceeding 70% [2] - New emotional consumption scenarios, such as the pet economy and IP economy, have ignited enthusiasm among younger demographics, leading to notable performance increases for related listed companies, with net profit growth rates of 40.29% and 54.90% respectively [2] - 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 [2]

Group 1 - The gaming sector is experiencing a significant rebound, with the gaming ETF (159869) showing a slight increase and potentially achieving a "six consecutive days" rise [1] - The gaming ETF has seen a net inflow of funds for four consecutive trading days, accumulating a total of 311 million yuan, indicating strong investor interest [1] - The Chinese government has released opinions on the deep implementation of "Artificial Intelligence +" actions, aiming for extensive integration of AI with six key areas by 2027, and a significant growth in the scale of the AI core industry [1] Group 2 - Tianfeng Securities indicates a positive trend in the Chinese AI sector, highlighting the continuous evolution of domestic model capabilities and the dual resonance of models and applications [2] - The release of DeepSeek's V3.1 version showcases breakthroughs in code understanding and task execution, reflecting the collaborative optimization of the industry by domestic AI companies [2] - The overall outlook for long-term investment opportunities in the Chinese AI sector remains optimistic [2] Group 3 - Companies like G-bits (603444) and K-Game Network (002517) are leveraging AI to enhance efficiency and reduce costs in game development [3] - Giant Network (002558) is integrating AI into gameplay, introducing a mixed competition mechanism between players and intelligent agents [3] - The implementation of AI technology is driving a comprehensive upgrade across the gaming industry, enhancing both competitive strength and player experience [3]

Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index fell by 0.39%, the Shenzhen Component Index rose by 0.26%, and the ChiNext Index decreased by 0.75% [1] Sector Performance - The gaming, chemical fiber, and fertilizer sectors showed strong gains, while small metals, medical services, and bioproducts sectors faced declines [1] - Major capital inflows were observed in optical electronics, gaming, and power grid equipment sectors [1] ETF Performance - Agricultural, gaming, and chemical ETFs performed well, likely influenced by recent news [2] - The National Development and Reform Commission (NDRC) is initiating central frozen pork reserves to stabilize the pig market, with the average pig-to-grain price dropping below 6:1, entering a warning zone [2] - China Galaxy Securities predicts a downward trend in pig prices year-on-year for 2025, with stable operations expected throughout the year, highlighting the importance of quality pig farming companies [2] Gaming Industry Insights - The gaming industry continues to show high prosperity, with 166 domestic games approved in August, indicating sustained growth [2][3] - AI technology is expected to enhance applications in the gaming sector, with multi-modal AI models and agent tools likely to drive further development [3] Chemical Industry Developments - Multiple titanium dioxide companies have announced price increases, with domestic prices rising by 500-800 yuan per ton, signaling a potential recovery in the chemical sector [4] - The "anti-involution" policy is seen as a significant guiding principle for the manufacturing sector, aiming to eliminate unfair competition and stabilize the chemical industry [4]