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。 每日经济新闻 （责任编辑：张晓波 ） 1月9日，游戏板块早盘震荡攀升，游戏ETF（159869）由跌转涨，现涨超0.5%。持仓股中，博瑞传 播、浙数文化、富春股份、国脉文化、完美世界、顺网科技等涨幅靠前，仅三七互娱、北纬科技等逆势 下跌。截至1月8日，该ETF规模已达141.03亿元，为投资者布局A股游戏龙头提供了便捷工具。 消息面上，八部门联合印发《"人工智能+制造"专项行动实施意见》，从政策维度推动人工智能与 制造业的深度融合，该政策落地有望催化AI应用在B端市场加速渗透。同时，国内各大互联网企业加速 布局C端应用。互联网龙头企业凭借庞大的C端用户基数与成熟的AI大模型技术储备，有望将智能体深 度嵌入现有产品及业务体系，推动AI商业闭环的全面构建。华泰证券研报表示，AI应用端进展提速， 游戏、软件景气改善，算力端存储、被动元件等景气爬坡。 广发证券指出，传媒行业中，游戏行业景气度有望在2026年延续，持续看好基本面驱动下的板 ...

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 【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 广发证券指出，传媒行业中，游戏行业景气度有望在2026年延续，持续看好基本面驱动下的板块表 现。腾讯游戏基本面边际向上，《三角洲行动》有望成为继《王者荣耀》和《和平精英》之后的第三大 长青游戏；哔哩哔哩自研捉宠游戏《闪耀吧！噜咪》开启测试招募，预计26年逐步释放游戏新品，产品 储备更为丰富。恺英网络等公司产品长线能力突出，业绩增长具备持续性；三七互娱、完美世界等新游 储备丰富，新产品上线有望带动业绩提 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector shows strong performance with leading companies demonstrating significant revenue generation, particularly Tencent and Century Huatong, which ranked first and second in global mobile game publisher revenue [3][4] - The number of domestic game licenses issued in 2025 has increased by 29.39% year-on-year, indicating a supportive regulatory environment for the gaming industry [4] - The gaming sector is characterized by strong cash flow, ongoing policy support, and deepening AI game development, making it an attractive investment opportunity [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -3.47% compared to the CSI 300 index, with an absolute return of 12.26% [2] Market Developments - In November 2025, 33 Chinese companies made it to the global top 100 mobile game publishers, collectively generating $1.95 billion, which accounts for 35.8% of the total revenue of the top 100 publishers [3] - The flagship game "Whiteout Survival" from Century Huatong contributed 54% of its revenue in November, with total earnings exceeding $3.8 billion [3] Regulatory Environment - The National Press and Publication Administration issued 1,532 domestic game licenses from January to November 2025, reflecting a 29.39% increase compared to the same period in 2024 [4]

Group 1 - The A-share market opened lower on December 3, with the Shanghai Composite Index down 0.14%, the Shenzhen Component down 0.13%, and the ChiNext Index down 0.04. The sectors showing weakness included lithium battery electrolyte, superhard materials, 6G, commercial aerospace, and CPO concept stocks, while themes related to cross-strait integration and AI applications showed strength [1] - As of December 2, the game ETF (159869) reached a product scale of 11.221 billion, facilitating investors to easily invest in leading A-share gaming companies [1] - The number of game approvals in November reached a new high for the year, with a total of 178 games approved, including titles from well-known manufacturers such as Bilibili and Perfect World. Year-to-date, 1,532 domestic games have been approved, while 93 imported games have been approved, with 6 in November [1] Group 2 - Among the games approved in November, "Star Sand Island," a life simulation game set in a subtropical island, has gained market attention. It features activities like fishing, livestock farming, and exploration. The game has previously appeared at major gaming events and has over 400,000 wish list entries on Steam as of November 13 [2] - Wanlian Securities predicts that competition in the life simulation game sector will intensify by 2026, with major game developers like miHoYo and Tencent entering the market. The success of "Star Sand Island" will depend on its differentiation and leveraging multi-platform advantages [2] - Related ETFs include the game 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, tourism, and IP toy sectors [2]

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: Gaming Industry Insights - In November 2025, a total of 178 domestic games received approval from the National Press and Publication Administration, marking a new high for the number of approvals in a single batch [1] - Six imported games also received approval in November, with notable domestic titles like Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend" showing strong performance, potentially enhancing the profitability of related listed companies [1] - The gaming industry is expected to maintain a favorable outlook, with recommendations to focus on companies with key product launches or reserves, as well as high-quality overseas game content companies [1] Group 2: AI Application Development - The Qianwen App, launched by Alibaba Group, surpassed 10 million downloads within a week of its public beta, indicating strong user interest and potential for building a comprehensive AI application ecosystem [2] - The app allows users to generate complete and well-formatted research reports and presentations with a single command, showcasing its advanced capabilities [2] - The company plans to integrate various life scenarios such as maps, food delivery, ticket booking, and shopping into the Qianwen App, aiming to create a smart task execution hub [2]

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in November 2025, with a total of 184 game licenses issued, including 178 domestic and 6 imported games [1] - The number of domestic game licenses has shown a phase-wise increase, reaching a new high this month, indicating a stable trend in the issuance of game licenses throughout the year [1] - The frequency of imported game licenses has shifted from bi-monthly to monthly since the beginning of this year [1] Summary by Category Domestic Game Licenses - Among the 178 domestic game licenses, there are 98 mobile games, 69 mobile-casual puzzle games, 7 mobile and client games, 2 client games, 1 client and console game, and 1 mobile, client, and web game [1] - Notable companies such as Perfect World, Bilibili, Kingsoft's Xishanju, and G-bits' Thunder Game have received approvals for their games [1] - Specific games approved include Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Lume," Kingsoft's Xishanju's "Star Sand Island," G-bits' Thunder Game's "Rebirth of Immortals," and 4399's "Dream Journey to the West: The Catastrophe of Li You" [1] Overall Game License Trends - As of November, a total of 1,624 game licenses have been issued in 2025, with 1,532 being domestic and 92 imported [2] - The total number of game licenses issued in 2024 was 1,416, indicating that 2025 has already surpassed last year's total and is on track to be the year with the highest number of licenses in recent years [2] - The normalization of license issuance is seen as a boost for the gaming industry, especially with the increasing proportion of multi-platform products, prompting domestic game companies to accelerate their global distribution and cross-terminal experiences [2] - The upcoming traditional peak season for the gaming market may lead to further growth in industry performance in the fourth quarter due to the concentrated launch of new games [2] Market Dynamics - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations [2] - The gaming ETF (159869) tracks the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

Core Viewpoint - The article discusses the approval of 184 gaming titles in November 2025, indicating a stable trend in the issuance of gaming licenses in China, with a notable increase in domestic game approvals compared to previous years [3][6]. Group 1: Approval Statistics - A total of 184 gaming licenses were issued in November 2025, comprising 178 domestic and 6 imported games [3][4]. - The number of domestic game licenses approved has shown a phase-wise increase, reaching a new high this month, continuing the stable trend observed throughout the year [4][6]. - As of November 2025, a total of 1,624 gaming licenses have been issued, with 1,532 being domestic and 92 imported, surpassing the total of 1,416 licenses issued in 2024 [6]. Group 2: Industry Impact - The regular issuance of gaming licenses is seen as a positive development for the gaming industry, particularly as the proportion of multi-platform products increases, prompting domestic companies to accelerate their global distribution and cross-terminal experiences [6]. - The upcoming traditional peak season for the gaming market at the end of the year is expected to drive further growth in industry performance, with the concentration of new game launches likely to enhance fourth-quarter results [6]. Group 3: Notable Titles - Notable games included in this batch of approvals are Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Lume," and other titles from major developers like Kingsoft and G-bits [5].

Core Insights - The National Press and Publication Administration announced the approval of 178 domestic games in November 2025, including titles from major companies like Bilibili, Perfect World, and Xishanju [1] - Additionally, 6 imported games received approval in the same month [1] Group 1 - A total of 178 domestic games were granted licenses, indicating a robust approval process for the gaming industry [1] - Notable titles include Bilibili's "Shining! Lume," Perfect World's "Dream New Zhu Xian: Light Enjoy," and Xishanju's "Star Sand Island" [1] - The approval of 6 imported games suggests ongoing opportunities for foreign game developers in the Chinese market [1]

Core Insights - The issuance of game licenses in 2025 has reached a total of 1,624, marking the highest number in recent years [6] - In November 2025, a total of 184 game licenses were approved, including 178 for domestic games and 6 for imported games [1] Group 1: License Issuance Trends - The monthly issuance of domestic game licenses has shown a phase of growth, achieving a new high this month, continuing the stable trend observed in the game industry throughout the year [5] - The frequency of imported game licenses has shifted from bi-monthly to monthly issuance starting this year [5] Group 2: Notable Game Titles - Notable titles in the latest batch of approved games include Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Luming," and Kingsoft's "Star Sand Island" [5] - Additionally, 7 games have undergone license information changes, including Tencent's "Peace Elite" with a new client addition [5] Group 3: Industry Implications - The normalization of license issuance is seen as a boost for the gaming industry, especially as the proportion of multi-platform products increases, prompting domestic game companies to accelerate global distribution and cross-terminal experiences [6] - With the traditional peak season for the gaming market approaching, the concentration of new game launches may further drive industry performance growth in the fourth quarter [6]