Market Overview - A-shares experienced a slight stabilization today, with the Shanghai Composite Index rising by 0.05% to 3836.77 points and the Shenzhen Component Index increasing by 0.37% to 12585.08 points, amidst a total trading volume of 1.7 trillion yuan [1] - The military and media sectors led the market, while the dividend style saw a pullback, indicating a recent adjustment phase influenced by external economic pressures and high valuations [1] Gaming Sector - The gaming sector showed strength today, with the gaming ETF (516010) rising by 3.15%, recovering from last week's losses, indicating a "post-pullback offensive window" for investment [3] - In Q3 2025, the gaming industry's revenue reached 30.362 billion yuan, marking a year-on-year growth of 28.6% and a quarter-on-quarter increase of 9.48%, with profits growing by 112% to 5.777 billion yuan, reflecting strong profitability and continued industry momentum [3] - AI's impact on cost reduction is significant, with management expense ratios decreasing from 10% in Q1 2023 to 7% in Q3 2025, and R&D expense ratios dropping from 12% to 11% in the same period, enhancing profit margins [3] Media and Internet Sector - In Q3 2025, public funds increased their holdings in the media and internet sector, with the market value proportion rising to 2.50%, and the gaming sub-sector's allocation increasing to 1.68%, indicating a positive outlook for valuation and liquidity recovery [4] - The gaming industry remains resilient due to high fundamental growth, ongoing AI cost reduction trends, and a favorable supply of game licenses, suggesting improved investment opportunities [4] Hong Kong Market - The Hong Kong market rebounded significantly, with the Hang Seng Index rising by 1.97% to 25716.50 points, and the Hang Seng Tech Index increasing by 2.78% to 5545.56 points, indicating a systemic recovery in the internet sector [6] - Despite recent volatility due to hawkish signals from the Federal Reserve and concerns over AI valuations, there is potential for marginal improvement in risk appetite following upcoming policy meetings [6][5] Gold and Innovation Drug Sectors - The gold ETF (518800) saw a slight increase of 0.31%, supported by fluctuating interest rate expectations and geopolitical tensions, which have bolstered safe-haven demand [6] - The innovation drug sector reported a revenue of 48.56 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 21.41%, with a significant reduction in net profit losses, indicating a positive trend in the industry [8] - The establishment of a commercial insurance directory for innovative drugs is expected to create a potential funding pool of approximately 20 billion yuan, enhancing the financial landscape for the sector [8]

Group 1 - The gaming sector has shown a strong rebound, with the gaming ETF (516010) rising over 3.3% [1] - Citic Securities reports that Google has launched the Nano Banana Pro, which integrates the multimodal understanding capabilities of Gemini 3 Pro and Google's knowledge base [1] - The Nano Banana Pro has improved text rendering capabilities compared to its predecessor and supports 2K and 4K high-definition resolutions, catering to professional production needs [1] Group 2 - There has been a continuous enhancement in multimodal capabilities of large models both domestically and internationally this year, with decreasing usage thresholds and invocation costs [1] - Ordinary users and professional creators are expected to leverage the improved model capabilities for creative applications, leading to cost reduction and efficiency improvement in content production across marketing, film, gaming, and e-commerce sectors [1]

（文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从市场中选取涉及动漫制作、游戏开发 及相关产业链的上市公司证券作为指数样本，以反映数字娱乐产业相关上市公司证券的整体表现。动漫 游戏指数聚焦于内容创作、发行及衍生品开发等环节，行业配置上侧重文化传媒和信息技术领域，充分 体现了市场对创新娱乐形式的关注与认可。 国信证券指出，AI技术革新持续推动行业变革。李飞飞团队推出的Marble3D世界模型支持多模态输入 生成可交互3D虚拟环境，可灵2.5 Turbo模型在视频生成效果上显著提升，月之暗面开源Kosong框架优 化AI代理开发效率，这些技术突破为影视、游戏、动漫等内容生产提供新工具。游戏领域，点点互动 旗下《Whiteout Survival》等产品表现突出。AI应用加速落地将重构内容生产流程，影视行业供给端改 善与游戏板块新品周期形成共振。 ...

（文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及动漫制作、游戏 开发运营等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的整体表现。动漫游 戏指数主要涵盖与动漫、游戏相关的上市公司股票，成分股包括但不限于动漫制作、游戏开发运营等领 域的企业。该指数反映了动漫游戏行业的整体表现和发展趋势，具有较高的成长性和波动性特征。 招商证券指出，游戏行业龙头公司估值普遍低于15倍，安全边际较高，明年一季度业绩有望维持高增 长，AI应用预计将在游戏行业实现突破。 ...

招商证券指出，传媒互联网行业中游戏板块业绩有望延续高增长，AI技术驱动行业创新，如百度智能 云推出基于昆仑芯P800的双模式算力调度方案，为智能客服、营销辅助等AI业务提供灵活算力支持。 游戏领域新品表现亮眼，如《三角洲行动》《无畏契约》等推动收入增长，国际市场拓展加速。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从市场中选取涉及动画制作、游戏开发 运营及衍生品销售等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的整体表 现。该指数具有较高的成长性和波动性特征，能够较好地体现动漫游戏行业的整体发展趋势。 （文章来源：每日经济新闻） ...

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 gaming sector continues to show strong growth, with quarterly revenue reaching approximately 30 billion yuan, a year-on-year increase of 29.98% and a quarter-on-quarter increase of nearly 8.65% [1] - The film and television sector is stabilizing, with quarterly revenue of 9.3 billion yuan, a slight year-on-year decrease of 0.24%, but a net profit of 79 million yuan, indicating a turnaround from previous losses [1] Gaming Sector - The gaming industry is experiencing robust demand and supply growth, with the number of domestic game approvals exceeding 160 per month, doubling from over 80 at the beginning of 2023 [2] - The approval cycle for game licenses has significantly shortened from six months to about three months, enhancing the supply side's upward trend [2] - User engagement in gaming is increasing, with the share of gaming time in mobile internet rising to 6.5% in March 2025, up from 6.1% year-on-year [2] - The average revenue per user (ARPU) is projected to reach 248 yuan in the first half of 2025, a 13% year-on-year increase, indicating a shift in entertainment spending towards gaming [2] International Expansion - The profitability of the gaming industry is expected to improve as Apple and Google open third-party payment options and reduce commission rates starting in 2025, providing new momentum for domestic companies' overseas performance [3] Film and Television Sector - The film and television industry is seeing favorable policy changes, with the "21 Measures" from the National Radio and Television Administration aimed at enhancing content supply [4] - The film industry is expected to recover with increased imports and the release of major films like "Zootopia 2" in November 2025, which could boost box office performance [4] - The sector is still in a recovery phase, requiring high-quality content to drive demand [5] Outlook - The gaming industry's high growth is expected to continue, with stable supply and a favorable policy environment, leading to high revenue certainty [5] - The film and television sector is in a bottoming phase, awaiting quality content to confirm recovery trends, with new content forms showing over 30% growth [5] Investment Opportunities - The gaming ETF (516010) has surpassed 3 billion yuan in scale, while the film ETF (516620) is gaining attention as a potential investment window [6][7]

Core Insights - The gaming industry is experiencing a high level of prosperity, with improved supply-demand dynamics leading to a strong recovery in revenue and profits for A-share gaming companies in 2023 [1] Industry Overview - The increase in license supply has contributed to the improved supply-demand structure within the gaming sector, resulting in a prosperous cycle for the industry this year [1] - In Q3 2025, the gaming sector is projected to achieve revenue of 33 billion yuan, representing a year-on-year growth of 27.1%, with net profit attributable to shareholders reaching 5.88 billion yuan and a profit margin of 17.8% [1] Investment Recommendation - The report recommends investing in leading companies within the industry that are experiencing strong growth [1] ETF Information - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development, animation production, and IP operation to reflect the overall performance of the animation and gaming sector [1] - This index focuses on the animation and gaming industry chain, showcasing the overall development trends and innovative vitality of China's animation and gaming industry, characterized by significant growth potential [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 media and gaming industry is showing multiple positive signals, with a focus on the gaming sector's new product cycle and the popularity of IP-driven toys [1] - The recent launch of the game "Escape from Duckville" achieved over 1 million sales in its first week, indicating significant market potential [1] - AI technology breakthroughs are notable, with the University of Science and Technology of China and ByteDance releasing the MoGA long video generation model, capable of producing high-quality videos in minutes [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 the anime and gaming sector [1] - This index focuses on the anime and gaming industry chain, characterized by high growth potential and volatility [1] - OpenAI and Oracle have initiated a $15 billion Lighthouse park construction project to strengthen AI infrastructure [1]