游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF(159869)跟踪中证动漫游戏指数，反映动 漫游戏产业A股上市公司股票的整体表现，关注游戏ETF(159869)布局机会。 2025年全球手游收入总量同比增长0.5%，共有8款产品全球分成后收入突破10亿美元。其中，《王者荣 耀》再次蝉联榜首，《Whiteout Survival》(无尽冬日)年度收入增幅约50%，成为10亿美元梯队的增长冠 军。 中原证券（601375）认为，2025年国内游戏产业继续保持稳步增长，市场规模和用户规模再创新高，行 业供需两旺，游戏板块基本面改善以及产品周期兑现带来高景气度，AI技术加速渗透带来的研发、运 营等效率的降本增效在报表端或逐步验证。 1月6日盘中，游戏板块持续走强，游戏ETF(159869)现涨超0.5%。持仓股中，三七互娱（002555）、吉 比特（603444）、名臣健康（002919）、奥飞娱乐（002292）、国脉文化（600640）等涨幅靠前，完美 世界（002624）、迅游科技（300467）、冰川网络（300533）等小幅回调。游戏ETF(159869)近10个交 易累计"吸金"达13.06亿 ...

开源证券认为，供需共振下，游戏行业景气上行周期依然在延续，调整后估值性价比已凸显，机构持续 看好游戏板块。中信建投（601066）证券认为，游戏景气与利润率持续上行，供给端版号增长支撑后续 流水，腾讯网易米哈游新游密集，中型厂商创新品类(如SLG+消除、创意棋牌、新兴女性向等)潜力 足，渠道议价弱化+AI买量提效，利润率持续上行。 12月30日，短剧游戏等AI应用方向高开，游戏板块持续震荡攀升，游戏ETF(159869)现涨近1%。近期游 戏板块备受资金青睐，游戏ETF(159869)连续七个交易日获得资金净流入，净流额达13.32亿。截至12月 29日，游戏ETF(159869)规模已达125.29亿元，为投资者布局A股游戏龙头提供了便捷工具。 12月29日，腾讯天美工作室群琳琅天上团队研发、腾讯游戏发行的跨端战术射击大作《三角洲行动》官 宣2026年1月更新计划：1月1日率先上线"幸运鸟窝"福利活动及人气刀皮返场，当月还将推出全面战 场、烽火地带两大核心模式的全新版本，以玩法创新与福利回馈持续激活玩家热情。作为支持主机及手 机端同步运行的爆款作品，此次更新将进一步巩固其在射击赛道的领先地位。《三角洲行动》 ...

12月8日早盘，A股三大指数集体高开，沪指高开0.16%，深成指高开0.24%，创业板指高开0.32%。盘面 上，玻璃纤维股走强，商业航天，炒股软件、券商、大飞机指数涨幅居前。游戏板块早盘持续走强，游 戏ETF(159869)现涨近1.6%。持仓股全线飘红，富春股份（300299）、奥飞娱乐（002292）、巨人网络 （002558）、恺英网络（002517）、吉比特（603444）等涨幅居前。游戏ETF(159869)近5个交易日累 计"吸金"达3.10亿元，备受资金青睐，截至12月5日，产品规模达111.52亿元，助力投资者一键布局A股 游戏龙头。 12月7日，库洛游戏官宣旗下二次元动作手游《鸣潮》3.0版本前瞻通讯将于12月12日19点正式播出。本 次直播将集中揭晓新地图、新角色、战斗机制革新及卡池规划等核心情报，包括拉海洛地下绿洲地 图、"科考摩托"探索载具，以及具备"护盾转化""生命值借贷"等创新机制的新共鸣者信息，有望进一步 激活玩家社区热度，为版本上线后的流水表现奠定基础。 本次直播若能验证"状态交互深化""生存模型变革"等玩法突破，不仅将为《鸣潮》自身带来竞争壁垒， 也将为板块内其他厂商提供创 ...

Core Viewpoint - The A-share market opened lower on December 2, with all three major indices declining, indicating a mixed market sentiment and sector performance [1] Market Performance - The Shanghai Composite Index opened down by 0.14%, the Shenzhen Component Index by 0.13%, and the ChiNext Index by 0.04% [1] - Sectors such as lithium battery electrolyte, superhard materials, 6G, commercial aerospace, and CPO concepts showed weakness, while themes related to cross-strait integration and AI applications gained strength [1] Gaming Sector Insights - The gaming sector exhibited a fluctuating performance in the morning session, with a slight decline observed [1] - The gaming ETF (159869) has seen significant inflows, accumulating a total of 371 million yuan over the past two trading days, reflecting strong investor interest [1] - As of December, the product scale of the gaming ETF reached 11.451 billion yuan, facilitating investors in strategically positioning themselves in A-share gaming leaders [1] Regulatory Developments - The National Press and Publication Administration released approval information for domestic online games in November 2025, issuing a total of 184 licenses, with 178 being for domestic games, marking a monthly high for the year [1] - By November, a total of 1,624 game licenses had been issued in 2025, significantly surpassing the total for the entire year of 2024 [1] - Key products approved include titles from Bilibili, Perfect World, Xishanju, and Thunder Game, covering various genres and indicating a diversified supply structure [1] Related ETFs - The gaming ETF (159869) focuses on leading companies in the A-share IP gaming industry [1] - The Cultural and Entertainment Media ETF (516190) provides a balanced investment across marketing, film, tourism, and IP toy sectors [1]

Group 1 - The consumer electronics sector continues its recent upward trend, with notable stock performances including Pegatron reaching the daily limit and Transsion Holdings increasing by 8%, contributing to a 1.6% rise in the consumer electronics ETF, which has accumulated nearly 8% growth since November 25 [1] - The consumer electronics ETF has seen a net subscription of 12.8 million shares, with an estimated net inflow of 137 million yuan [1] - The gaming ETF also experienced a 1.14% increase, with a net subscription of 13.8 million shares and an estimated net inflow of 196 million yuan [1] Group 2 - The launch of the technical preview version of Doubao mobile assistant marks a collaboration between Doubao and mobile manufacturers in the AI assistant space [2] - Huawei's first AI emotional companion product "Hanhan" sold out immediately upon release, integrating Huawei's "Xiao Yi" large model for human-like voice interaction, positioned as an emotional "electronic partner" [2] - XREAL is set to release AR glasses Project Aura in collaboration with Google in December, highlighting the ongoing advancements in AI applications [3] Group 3 - The AI application sector is experiencing multiple short-term catalysts, with Google's launch of Gemini 3.0 accelerating AI application deployment and driving demand for computing power [3] - Domestic companies like Alibaba have officially released the public beta version of Qianwen, suggesting a bullish outlook on downstream AI applications as a "call option" for proactive investment [3] - The gaming ETF (159869) has a latest scale of 11.019 billion yuan, with a total net inflow of 3.8 billion yuan over the past 60 days, including major players like Gigabit, Kaiying Network, and Giant Network [3] - The consumer electronics ETF (159732) has tracked the National Consumer Electronics Index and has seen a total net inflow of 100 million yuan over three consecutive days, with key stocks including Luxshare Precision, Shenghong Technology, and Goertek [3]

Group 1 - The AI application sector, led by media and gaming, saw a strong rally with the largest gaming ETF rising by 3.5% and the robotics ETF increasing by 1% [1] - Google's Gemini 3 Pro and its image model Nano Banana Pro became the biggest tech highlights over the weekend [2] - Alibaba's AI assistant Qianwen App reached over 10 million downloads within a week of its public testing, surpassing ChatGPT and becoming the fastest-growing AI application in history [2] Group 2 - NetEase reported third-quarter total revenue of 28.4 billion yuan, a year-on-year increase of 8.2%, and a net profit of 8.6 billion yuan, up 32.3% year-on-year, leading to positive ratings from multiple major banks [2] - The Ministry of Industry and Information Technology announced the committee members for the standardization of humanoid robots, with notable figures from Yushu Technology and Zhiyuan Innovation appointed as deputy directors [2] - Open Source Securities' latest report suggests that Google's and Alibaba's advancements in models and agents, along with the integration of vertical AI applications into their traffic channels, could significantly accelerate the commercialization of AI applications [2] Group 3 - The largest robotics-themed ETF, with a current scale of 23.526 billion yuan, saw a 1.07% increase and a net inflow of 2.567 billion yuan over the past 20 days, featuring key stocks like Huichuan Technology and Stone Technology [3] - The AI + gaming sector ETF increased by 3.57%, with a current scale of 10.885 billion yuan and a net inflow of 668 million yuan over the past 20 days, including major players like Gigabit and 37 Interactive Entertainment [3]

Group 1 - The AI hardware sector faced significant declines due to a damaging report on Nvidia, while the release of Google's Gemini 3.0 boosted expectations for AI applications [1] - Alibaba's new AI application "Qianwen APP" quickly rose to third place in the Apple App Store's free app rankings just two days after its public testing [1] - Ant Group's AI product "Lingguang" achieved over 500,000 downloads within three days of its launch, causing server outages [1] - Tesla's upcoming mass production of robots is drawing market attention, particularly regarding notifications to domestic manufacturers expected between late November and December [1] - According to a recent report from Zhongjin International, AI application companies are showing signs of performance inflection, with Alibaba's "Qianwen" indicating the next stage of "ecological" development in AI applications [1] Group 2 - The largest robot-themed ETF, Robot ETF (562500), declined by 1.16%, with a net inflow of 2.152 billion in the last 20 days [2] - The AI + gaming ETF (159869) saw a slight increase of 0.3%, with a total scale of 11.077 billion and a net inflow of 787 million over the past 20 days [2] - Key stocks in the Robot ETF include leaders in industrial robots, harmonic reducers, and service robots [2] - The gaming ETF includes major players such as Gigabit, Kaiying Network, and Giant Network, as well as companies with strong IP advantages and leading AI technology [2]

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]