11月24日，游戏板块午盘持续走强，游戏ETF（159869）现涨近3%，持仓股全线飘红，其中，名臣健 康领涨近8%，迅游科技跟涨超5%，神州泰岳、冰川网络、天舟文化、盛天网络、国脉文化等涨幅居 前。 11月17日，阿里巴巴正式上线基于通义Qwen3模型底座的千问App，为用户打造会聊天、会办事的AI助 手，后续千问App还将陆续覆盖办公、地图、健康、购物等多个生活场景，让AI成为用户"随叫随到"的 生活伙伴，七麦数据显示，千问App于11月19日进入国内iPhone总榜免费榜前3，下载量或持续高增；另 外，11月18 日，蚂蚁集团推出全模态通用AI助手"灵光"，支持自然语言30秒生成小应用，或输出3D数 字模型、音频、图标、动画、地图等全模态信息，首批主打三大功能"灵光对话、灵光闪应用、灵光开 眼"，分别对应文字对话、应用生成和多模态三种玩法，七麦数据显示，"灵光"11月23日已爬升至 iPhone总榜免费榜第6及工具类免费榜第1，并不断出圈。 开源证券认为，具备云基础设施、模型能力、用户流量优势的谷歌和阿里巴巴近期在模型和Agent方面 的进一步发力，或打造C端AI应用生态闭环，并将更多的垂直AI应用整合 ...

中信证券指出，游戏2025Q3延续上半年高景气态势，龙头公司带动下，行业收入、利润均延续高增长 态势。在游戏版号"一月一批"的常态化发行节奏下，游戏行业的优质内容供给节奏有望持续。展望后 续，一方面针对已发售游戏进行的精细化运营有望拉长相关游戏的流水贡献，延续产品动能，另一方面 目前行业龙头产品管线储备丰富，为后续业绩增长提供高确定性。 （文章来源：每日经济新闻） 11月13日，腾讯公布2025年第三季度业绩。财报显示，第三季度，腾讯网络游戏业务总收入达636亿 元。其中，本土市场游戏收入为428亿元，同比增长15%；国际市场游戏收入为208亿元，同比增长 43%。 11月20日，网易披露2025年第三季度财报。公司期内净收入为284亿元，同比增加8.2%。其中，游戏及 相关增值服务业务延续强劲表现，实现净收入233亿元，同比增长11.8%，占公司总营收比重升至82%， 成为拉动业绩增长的核心引擎。对比去年同期，网易游戏业务正在加速回暖。 11月24日午盘，游戏传媒板块持续冲高，游戏ETF（159869）现涨超3.5%，持仓股全线飘红，名臣健 康、迅游科技、神州泰岳、冰川网络、博瑞传播、盛天网络、国脉文化等涨 ...

Group 1 - The gaming sector showed strong performance on November 24, with the gaming ETF (159869) rising nearly 1%, and most constituent stocks experiencing gains, led by Mingchen Health with an increase of nearly 8% [1] - NetEase reported its Q3 2025 financial results on November 20, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year. The gaming and related value-added services segment generated net revenue of 23.3 billion yuan, up 11.8% year-on-year, accounting for 82% of total revenue [1] - The net profit attributable to shareholders for the period was 8.6 billion yuan, indicating a significant recovery in NetEase's gaming business compared to the same period last year [1] Group 2 - NetEase's overseas gaming expansion has accelerated significantly over the past two years, with the global user base for the game "Marvel Duel" exceeding 40 million as of December 2024 [1] - The international version of "Nirvana in Fire" mobile game launched on November 7, 2025, topping the free charts on the App Store in several countries including Japan, Malaysia, Thailand, Vietnam, Cambodia, and Brunei [1] - NetEase management indicated that the performance of games like "World of Warcraft" and "Hearthstone" has exceeded previous levels, with plans for deeper development of related products in the future [1] Group 3 - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on investment opportunities in the gaming ETF (159869) that tracks the performance of A-share listed companies in the animation and gaming industry [2]

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

11月21日，游戏板块拉升，富春股份涨超15%，巨人网络、游族网络、电魂网络跟涨，游戏ETF （159869）持续震荡上行，现涨近1.5%。截至11月20日，游戏ETF（159869）产品规模达110.77亿元， 助力投资者一键布局A股游戏龙头。 新游方面，2025年以来，网易游戏共上线约9款新游。其中，《燕云十六声》不仅在国内备受欢迎，还 于近期成功打入欧美主流市场，在未开放国区的情况下，Steam全球同时在线人数峰值超过19万，强势 冲入Steam全球最畅销游戏榜Top4。 11月20日，网易发布2025年第三季度财务报告。财报数据显示，第三季度网易净收入达284亿元，同比 增长8.2%，归母净利润达到86亿元，同比增长32%。研发投入达45亿元，研发投入强度达16%。 据网易官方披露，季度内，网易多款长青精品为业绩增长提供了坚实支撑。其中，运营22年的《梦幻西 游》通过不断革新迭代，于11月2日同时在线人数突破358万，这已是《梦幻西游》畅玩服上线后，第四 次在线人数创新高。此外，《梦幻西游》手游版还推出轻享服，让玩家更低门槛享受回合制战斗乐趣， 月活跃用户创两年以来新高。 具体到游戏业务，第三季度，游 ...

Group 1 - The gaming sector is experiencing a downturn, with the gaming ETF (159869) dropping over 1% during midday trading on November 20. Notable declines were seen in stocks such as Fuchun Co., Mingchen Health, Xinghui Entertainment, Youzu Network, and Yaoji Technology, while Aofei Entertainment saw an increase [1] - Despite the recent volatility, there is a trend of increased buying as prices drop, with a net inflow of 926 million yuan into the gaming ETF over the past five trading days, bringing the total product scale to 11.461 billion yuan [1] - The nomination of "Ningchao" by Kuro Games for "Best Mobile Game" at the TGA 2025 has led to a reward distribution of "Star Voice*1000" to players, highlighting the recognition of domestic games in areas such as open-world design and narrative depth [1] Group 2 - According to a report by CICC, a favorable policy environment is fostering a new content cycle, accelerating the development of the cultural industry. The 15th Five-Year Plan emphasizes the importance of cultural prosperity as a hallmark of modernization in China [2] - The gaming industry has demonstrated potential for growth during this policy-friendly period, with a normalization in the issuance of game licenses leading to a recovery in supply-side dynamics and an increase in content richness [2] - The gaming sector is catalyzed by advancements in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities [2]

11月20日，游戏板块早盘高开后震荡下挫，游戏ETF（159869）现跌超0.5%。持仓股中，富春股 份、名臣健康、星辉娱乐、游族网络、姚记科技等跌幅居前，仅奥飞娱乐、北纬科技、三七互娱等逆势 上涨。截至11月19日，该ETF规模已达114.61亿元，为投资者布局A股游戏龙头提供了便捷工具。 当前游戏行业景气度持续攀升，龙头公司业绩表现强劲：完美世界三季度营收与利润大幅增长且前 三季度扭亏为盈；世纪华通单季收入突破百亿，移动游戏业务实现高速增长；腾讯游戏业务增速亮眼， 国际市场表现尤为突出。行业驱动力充沛：四季度新游密集上线，腾讯、网易、字节等大厂重磅产品集 中亮相；政策环境友好，文化出海受鼓励；AI技术催化产品创新，助力估值修复。 招商证券认为，当前游戏龙头公司（如世纪华通、三七互娱等）估值处于低位（明年预估市盈率不 足15倍），安全边际高；同时，预计明年一季度业绩将保持高增长，成为短期催化剂，加之AI技术有 望在游戏领域实现应用突破，机构坚定看好该板块的投资价值。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠 ...

Group 1 - The gaming sector is experiencing fluctuations, but there is a trend of increasing investment as evidenced by a net inflow of 734 million yuan into the gaming ETF (159869) over the last five trading days, reaching a total product scale of 11.568 billion yuan [1] - The flagship open-world mobile game "Infinite Warmth" by Paper Games is set to launch its 2.0 version in late December 2025, with over 500,000 pre-registrations within the first hour, indicating strong market interest and performance potential [1] - The media and internet industry, particularly the gaming sector, is expected to maintain high growth, driven by AI technology innovations and successful new game releases such as "Delta Action" and "Valorant" [1] Group 2 - 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, highlighting investment opportunities in this sector [2]

Group 1 - The gaming sector experienced fluctuations, with the gaming ETF (159869) dropping over 1% in early trading, while individual stocks like Xinghui Entertainment and Beiwai Technology saw significant declines, except for Fuchun Co., which performed positively [1] - The gaming ETF (159869) attracted a net inflow of 192 million yuan yesterday, bringing its total scale to 11.568 billion yuan as of November 18, indicating strong investor interest in A-share gaming leaders [1] - NetEase's martial arts open-world game "Yanyun Sixteen Sounds" achieved over 500,000 players within 40 minutes of its global release on platforms like Steam and PlayStation, reaching a peak concurrent player count of over 140,000 on Steam [1] Group 2 - The success of "Yanyun Sixteen Sounds" in overseas bookings, with over 10 million global reservations, exemplifies the effective collaboration between national strategies for "game exports" and local support policies, showcasing a significant achievement in game quality [2] - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 11月18日早盘，游戏板块震荡走强，游戏ETF（159869）现涨近1.5%，其主要持仓股中，富春股 份、巨人网络、恺英网络、奥飞娱乐、吉比特、三七互娱等涨幅居前，游族网络、天舟文化等跌幅居 前。截至11月17日，游戏ETF（159869）规模已达112.42亿，为投资者布局A股游戏龙头提供了便捷工 具。 政策面来看，在"深圳市文化产业推进会"上，南山区正式发布《深圳市南山区推动游戏电竞产业高 质量发展扶持政策》，以真金白银支持区内游戏产业迈向高质量发展新阶段。根据政策，对符合一定规 模与增速条件的软件和信息服务业游戏企业，最高可给予1亿元奖励。 华创证券指出，当前游戏板块估值已进入合理区间。中期来看，游戏作为高性价比娱乐消费的价值 依然突出，叠加头部大厂手游产品空窗期与中腰部公司产品创新不断，预计A股游戏公司有望维持高 ...