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， AI应用含量全市场领先，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块正受到政策利好+产品 周期+AI赋能的多重催化热潮，或可聚焦游戏赛道布局窗口。 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 2月26日，游戏板块早盘高开低走，游戏ETF（159869）窄幅震荡，现跌超0.5%，打开低位布局窗 口，截至发稿，盘中成交额已突破亿元。节后开市以来，游戏ETF（159869）已累计"吸金"达1.1亿元， 备受资金青睐。截至2月25日，游戏ETF（159869）规模已达128.81亿元。 游戏方面，春节期间多端流水数据表现健康，行业高景气延续。头部方面，腾讯超7款游戏位列 iOS畅销Top10，《王者荣耀》马年限定皮肤微博超话冲至游戏总榜第一，《和平精英》除夕DAU超 90 ...

也是欢迎大家参加我们今天晚上的这场电话会议今天的话我们也是想利用这样一个机会跟大家来总结梳理一下整个春节假期期间包括AI像包括大模型的迭代以及整个游戏行业的一些情况观点进行那些梳理我们也 详细准备了一个PPT的这么一个内容整个春节期间行业应该是值得关注的点还是非常多的我们对于年内超级助手的爆发式增长的判断还是非常有信心的超级助手之争也是会成为今年观察产业的一个风向标和投资的锚顶 我们看到头部AI应用届时春节全面爆发跨越这种一级别的MAU的门槛寻求差异化的破局包括像字节腾讯阿里这些等大厂也都将核心模型能力深度嵌入到节目制作包括社交互动和真实的消费场景未来可能会渗透到越来越多的场景像字节独家赞助的春晚期间也是 展现了顶级的多模态能力田区元宝依托它的微型生态构建起来的AI衍生的社交空间像阿里千万通过31个免单在真实商业场景中也是验证了智能体的实行力大档的AI营销投入让AI也是成功下沉到三四线城市以及中老年群体所以国内的这些AI应用也有望成为 国民级的生活方式另外我们看到假期长期游戏的还是呈现出了非常强劲的这么一个态势整体供给偏弱的这样一个背景之下头部场上凭借这种各种福利包括IP联动和大版本的更新的组合拳的拉新的触活 ...

巨人网络：超自然 春节表现超预期，DAU再创新高【东吴传媒互联网 张良卫团队】 事件：根据Sensor Tower，《超自然》2月前21天流水已达12月/1月流水的193%/135%弹性显著，iOS畅销榜基本维 持在6-9名水平；DAU持续创新高。 我们于25年初以来坚定看好巨人网络的强产品周期，作为我们团队标签标的，率先挖掘《超自然行动组》大DAU 强流水的爆款潜质，认知和跟踪持续领先市场， 巨人网络：超自然 春节表现超预期，DAU再创新高【东吴传媒互联网 张良卫团队】 事件：根据Sensor Tower，《超自然》2月前21天流水已达12月/1月流水的193%/135%弹性显著，iOS畅销榜基本维 持在6-9名水平；DAU持续创新高。 我们于25年初以来坚定看好巨人网络的强产品周期，作为我们团队标签标的，率先挖掘《超自然行动组》大DAU 强流水的爆款潜质，认知和跟踪持续领先市场，并在多次市场分歧时坚定强call，当前我们继续重申看好观点： #《超自然》稳健运营，业绩弹性显著。 1月9日品牌代言人赵露思亮相，社交裂变驱动用户破圈；寒假期间用户回流，2月新赛季、新角色临云与宠物系统 上线，春节假期DAU再创新 ...

Summary of Conference Call Notes Industry Overview - The gaming industry has shown strong performance due to the Spring Festival holiday, with significant growth in daily active users (DAU) for major products. The overall valuation of games has returned to a range of 16-17x, indicating a high safety margin for investments and the potential for individual stock catalysts [1][2]. Key Companies and Insights - **Giant Network**: The performance during the Spring Festival was impressive, meeting expectations. Attention will be on whether the lower limit of performance improves post-holiday [2]. - **Kongzhong**: The AI social game ELYS gained traction before the Spring Festival, with a new game EVE scheduled for release on March 14, which is expected to catalyze growth in March and April [2]. - **Xindong**: The collaboration with My Little Pony in February exceeded expectations, indicating strong overseas performance [2]. - **Huatuo**: The company continues to see significant growth in overseas casual gaming, with a notable valuation advantage [2]. - **Perfect World**: The third testing phase for the game "异环" has raised expectations, with a formal launch anticipated in Q2 [2]. - **37 Interactive Entertainment**: New game catalysts are expected in March and April, with two overseas SLG games projected for release in the first half of the year [2]. - **Huya**: The game "鹅鸭杀" has maintained its position at the top of the iOS free charts, indicating strong user engagement [2]. - **Tianyu**: The game "龙迹X渣渣辉" is expected to see an increase in revenue in February [2]. Additional Insights - The overall sentiment in the gaming sector is positive, with a focus on individual stock performance and upcoming game releases as potential catalysts for growth. The emphasis on high DAU products suggests a trend towards games that can maintain user engagement over time [1][2].

Group 1 - The gaming sector is experiencing a strong upward trend, with the gaming ETF (159869) rising nearly 2% as of December 19, and key stocks like Xinghui Entertainment, Giant Network, and Huali Technology leading with over 3% gains [1] - The total product scale of the gaming sector reached 111.32 billion yuan as of December 18, facilitating investors to easily invest in A-share gaming leaders [1] - The "Ten Measures for Gaming in Shanghai" will be released during the 2025 China Gaming Industry Annual Conference, focusing on key areas such as support for small and medium enterprises, intellectual property protection, and esports event development, with an annual support fund totaling 50 million yuan [1] Group 2 - CITIC Securities indicates that the gaming industry is experiencing high prosperity, achieving nearly 20% growth in the first half of the year on a base of over 100 billion yuan [2] - The supply of gaming licenses is expected to improve in 2026, with a significant number of popular new games having received their licenses before 2024, and the number of licenses continuing to increase in the first ten months of 2025 [2] - The gaming sector is benefiting from multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Summary of Conference Call Records Industry Overview - The conference call discusses the **media and internet industry** in 2025, highlighting ongoing recovery and accelerated differentiation within the sector [1][2]. Key Points and Arguments Game Sector Performance - The **game sector** showed remarkable performance in the first half of 2025, with mobile game revenue growth nearing **20%**, driven by increased game license approvals and a new game cycle [1][2][3]. - **Huatuo** reported a **26%** year-on-year growth for its product **Kingsoft**, achieving nearly **$100 million** in revenue. Despite initial performance drag from the domestic version "Dream Kingdom," the company expects a profit of **27 billion RMB** in 2025 and **80-100 billion RMB** in 2026, indicating a two-year compound growth rate of **100%** [1][5]. - **Giant Network** plans to launch new games "Famous General Kill" and "Five Thousand Years" in Q4, with existing product "Supernatural" expected to generate **22-23 billion RMB** in revenue for the year, potentially reaching **35-40 billion RMB** next year [1][5]. Revenue and Orders - The company signed three orders in July and August totaling **4.5 billion RMB**, surpassing half of last year's total revenue, indicating significant progress in integrating **Legend Box** [1][7]. - The **open-world game** from **Perfect World** is anticipated to launch in Q1 2026, with a potential annual revenue of **50 billion RMB**, which could significantly boost next year's performance [1][9][10]. Policy and Market Dynamics - The increase in game license approvals has synchronized market demand and supply growth. The new game cycle began in late May or June, with expectations for acceleration in Q3 [4]. - The **21 policies** from the broadcasting authority are beneficial for platform and production sides, with **Mango Super Media** being a key beneficiary due to improved advertising performance [12]. Other Notable Companies - **Kain** and **Perfect World** are also recommended for long-term investment, with Kain's IP games "Tomb Raider" and "Douluo" expected to launch next year [6]. - **Xindong**'s upcoming domestic version of "Ys" is seen as a significant growth factor, with the company achieving unexpected growth due to increased game licenses and AI integration [11]. Advertising and AI Integration - **Kuaishou** is rapidly developing in the AI video sector, enhancing marketing efficiency and reducing costs, making it a recommended company [13]. - **Dianzi Media** achieved an **18%** growth in Q2, driven by effective integration and new initiatives, with future revenue expectations significantly raised [14]. - **Yidian Tianxia** reported over **30%** revenue growth in Q2, with programmatic advertising growing by **60%** and operating profit increasing by **95%** [15]. Film and Publishing Sectors - The **film industry** is performing well, with box office revenues exceeding **400 billion RMB** this year, indicating a strong recovery [16]. - The **publishing sector** is seeing stable growth, particularly in IP-based publications, with companies like **Guomai Culture** and **Rongxin Culture** showing significant potential [17]. Conclusion - The media and internet industry is experiencing a robust recovery, particularly in the gaming sector, with several companies poised for significant growth driven by new product launches and favorable policies. Investors are encouraged to monitor key players and emerging opportunities within this dynamic landscape.

Summary of the Conference Call on the Gaming Sector Industry Overview - The gaming sector in A-shares has shown strong performance in August 2025, continuing a positive trend since the beginning of the month, significantly outperforming other sectors in September [2][3][5]. Key Companies and Products - **ST Huatuo**: - "Wild Survival" achieved over $200 million in global revenue in August, a 17% month-over-month increase, with overseas iOS and Google Play contributing over $150 million, up 21% [1][2]. - "King Shot" generated $77.6 million in August, a 26% increase [2]. - "Tasty Travels" maintained a steep growth trajectory, reaching nearly $10 million in August, with a 24% month-over-month increase [2]. - **Giant Network**: - "Supernatural" has shown outstanding performance since the first half of 2025, with domestic iOS revenue in August increasing by 73% [4]. - **G-bits**: - "Sword of the Hero" performed well in overseas markets, with a 62% month-over-month increase in Hong Kong, Macau, and Taiwan, and a 116% year-over-year increase in Japan [4]. - **Xindong Company**: - The performance was driven by older games, with "Xindong Town" reaching a new high in July due to anniversary celebrations and IP collaborations [1][4]. - **Perfect World**: - "P5X Persona" exceeded expectations in Japan, contributing significantly to revenue growth, with overseas revenue in July between 140 million to 150 million RMB, and around 80 million RMB in August [1][8]. Financial Performance - In Q2 2025, 25 major A-share gaming companies reported total revenue of 27.9 billion RMB, a 23% year-over-year increase and a 4% quarter-over-quarter increase, significantly outperforming the overall domestic gaming industry growth of 10% year-over-year and -4% quarter-over-quarter [11]. - Net profit attributable to shareholders totaled 4.6 billion RMB, a 100% year-over-year increase and a 25% quarter-over-quarter increase [11]. Profitability Metrics - The gaming sector's gross margin was 68% in Q2 2025, up 3 percentage points year-over-year and 2 percentage points quarter-over-quarter, attributed to high-quality products reducing reliance on traditional channels [3][12]. - Sales expense ratio remained stable at 33%, indicating that revenue growth was not solely dependent on user acquisition spending [3][13]. Future Outlook - The gaming sector is expected to continue its growth trajectory in the second half of 2025 and into 2026, driven by several factors: - Continued strong performance of existing popular games and new product launches [5][6]. - Expansion into international markets and new game releases, such as ST Huatuo's upcoming titles [5][6]. - Increasing demand for digital entertainment and technological advancements enhancing user experience [6]. - The valuation of the sector remains reasonable, with a central estimate below 20 times earnings, suggesting potential for continued outperformance [15]. Noteworthy Trends - The application of AI in game development and marketing is expected to enhance efficiency and quality, with significant portions of advertising content being produced by AI [15]. - Companies with strong product lines and forward-looking AI strategies, such as ST Huatuo, Giant Network, G-bits, and Perfect World, are recommended for attention [17]. Additional Insights - Older games have shown resilience, with several maintaining stable revenue streams, indicating a potential for sustained performance [7][10]. - The competitive landscape has improved, with companies leveraging community marketing and content-driven strategies to reduce traditional user acquisition costs [14]. This summary encapsulates the key points from the conference call regarding the gaming sector, highlighting the performance of specific companies, financial metrics, and future outlooks.