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 ...

相较起来，游戏行业的「平淡」或许已经是一个不错的消息。Sensor Tower数据显示，今年春节档游戏iOS端收入约为4.4亿美元，和去年春节档相比仅下 滑0.03%，变化幅度微乎其微。 游戏新知根据Sensor Tower数据整理了春节假期前后（2月14日~2月23日共10天）的游戏产品表现，当中仅统计了国内iOS端的数据。 今年春节档刚刚结束了。 娱乐行业的市场发生了些许变化。拿电影院线举例，今年春节电影票房为57.52亿元，观影人次为1.20亿，相比2025年的116.34亿元和2.4亿人次下滑了整整 一半。人们似乎不再无脑为电影掏钱，而是想要为更好的内容而消费。 通过春节档，一方面能够看到一些强势的新品依旧在发力，比如《无畏契约：源能行动》《超自然行动组》《我的花园世界》。另一方面，伴随着春节假 期的社交场景、流量爆发，也为部分产品带来了创收的窗口期。 从春节档的收入表现来看，排名前30名的产品中出现了4款新品，另外有12款产品相比去年春节档出现了收入上涨。 | | | | | 2026年春节档游戏收入排名(国内iOS) | | | | | | | --- | --- | --- | --- | -- ...

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].

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]

Core Insights - The report indicates that in January 2026, China's domestic game market achieved actual sales revenue of 32.468 billion yuan, with a month-on-month growth of 2.99% and a year-on-year growth of 4.47%, signaling new trends in the gaming industry for the year [1] Client Game Market Performance - In January, the client game market in China generated actual sales revenue of 8.236 billion yuan, reflecting a month-on-month increase of 7.77% and a year-on-year surge of 23.46%, significantly outperforming the overall market growth of 4.47% [2] - The growth is attributed to new product launches, such as "Arknights: End of the World" and "Crossfire: Future," which contributed over 500 million yuan in revenue each within the month [2] - The data suggests a shift in the client market from being a supplementary channel to becoming a primary battleground, as high-configuration games provide experiences that mobile platforms cannot replicate [2] Mobile Game Market Trends - The mobile game market in January recorded actual sales revenue of 22.621 billion yuan, with a month-on-month increase of 1.8% but a year-on-year decline of 1.52% [3] - The month-on-month growth was driven by new and existing products, with "Honor of Kings" returning to the top of the global mobile revenue chart [3] - The year-on-year decline is attributed to the high base from January 2025, which coincided with the Spring Festival, while deeper structural issues in the mobile market are highlighted by the rise of social party games like "Duck Duck Goose" [3] Overseas Market Performance - In January, China's self-developed games achieved actual sales revenue of 2.077 billion USD in overseas markets, showing a slight month-on-month decrease of 2.50% but a year-on-year increase of 24.05% [4] - The growth is driven by mature products like "Genshin Impact" and new releases such as "Arknights: End of the World," which generated over 20 million USD in just three days [4] - The report emphasizes a shift from a "single product" approach to a "matrix strategy," allowing companies to leverage the same IP across multiple markets and platforms simultaneously [4] Industry Trends - The report reflects three emerging trends in the gaming industry: 1. Multi-platform integration is becoming the new norm, as evidenced by the significant PC revenue share of "Arknights: End of the World," indicating a blurring of lines between mobile and PC gaming [5] 2. In a competitive landscape, game companies are focusing on operational precision, as seen with the success of "Honor of Kings" and "Peacekeeper Elite," which rely on stable updates and engaging content to retain players [5] 3. The overseas market remains promising, with a 24% year-on-year growth indicating that there is still room for expansion, necessitating a global perspective in game design from the outset [6]

Group 1 - The core viewpoint of the report indicates that the Chinese gaming market is showing steady growth, with actual sales revenue reaching 32.468 billion yuan in January 2026, reflecting a month-on-month increase of 2.99% and a year-on-year increase of 4.47% [1][2] - The client game market generated actual sales revenue of 8.236 billion yuan, with a month-on-month growth of 7.77% and a year-on-year growth of 23.46%, driven primarily by the launch of new products [5][10] - The mobile game market achieved actual sales revenue of 22.621 billion yuan, with a month-on-month increase of 1.8% but a year-on-year decrease of 1.52%, indicating a mixed performance influenced by new releases and high competition [10][9] Group 2 - The overseas market for self-developed games saw actual sales revenue of 2.077 billion USD, with a month-on-month decrease of 2.5% but a year-on-year increase of 24.05%, highlighting the dual engine of mature products and new games driving growth [27][30] - The top-performing mobile games in January 2026 included "Peacekeeper Elite" and "Dungeon & Fighter: Origin," which saw significant revenue increases due to new content and updates [14][16] - The new game "Arknights: Endfield" achieved over 500 million yuan in its first month, showcasing the effectiveness of innovative gameplay and strong IP influence in attracting players [24][26]

Core Insights - The Chinese gaming market showed a steady performance in January 2026, with actual sales revenue reaching 32.468 billion yuan, reflecting a month-on-month growth of 2.99% and a year-on-year growth of 4.47%, indicating a continuous positive growth trend [1] - The overseas sales revenue of domestically developed games in January was 2.077 billion USD, marking a significant year-on-year increase of 24.05% [1][12] Market Overview - The overall gaming market in China is stabilizing, supported by both established games and new releases, with a focus on policy adaptation, product iteration, and enhanced user operations [1] - The client game segment emerged as the largest growth highlight, with actual sales revenue of 8.236 billion yuan, showing a month-on-month increase of 7.77% and a year-on-year increase of 23.46% [5] Mobile Gaming Insights - The mobile gaming market experienced a "steady month-on-month increase but year-on-year pressure," with actual sales revenue of 22.621 billion yuan, reflecting a month-on-month growth of 1.8% but a slight year-on-year decline of 1.52% [7] - Major titles like "Honor of Kings" and "Peacekeeper Elite" contributed to revenue growth through content updates and new features, while competition and changing user demands led to declines in some older games [7][8] New Game Performance - New games performed well in January, with "Arknights: Endfield" leading the new game revenue chart with over 500 million yuan, leveraging its classic IP and innovative gameplay [10][12] - "Counter-Strike: Future" also performed strongly, benefiting from its established IP and cross-platform design, topping the iOS free chart on its launch day [12] International Market Dynamics - The overseas market for self-developed games remains a significant growth engine, with January's revenue at 2.077 billion USD, despite a slight month-on-month decline of 2.5% [12] - Successful titles like "Genshin Impact" and "Victory Peak" highlight the global competitiveness and innovation of Chinese games [12][14] Industry Trends - The gaming industry in China is characterized by "internal stability and external growth," with a resurgence in PC games and strong overseas performance injecting new momentum into the sector [16] - Product innovation, IP management, and refined user services are becoming core competitive elements across various segments [16]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - Claude Work has launched 13 plugins covering core business areas such as law, sales, and finance, significantly enhancing the efficiency of non-software developers by automating workflows like research, drafting, and review [2][22] - The competition in AI has shifted from providing foundational model capabilities to controlling specific industry workflows, indicating that AI applications can now offer "out-of-the-box" vertical solutions across multiple sectors [2][22] - During the Spring Festival, major AI applications invested over 1.5 billion yuan in marketing, with notable activities like Alibaba's "milk tea free order" campaign achieving over 10 million orders in just 9 hours, highlighting the potential for AI applications to connect online intelligence with offline consumption [3][23] - Current investment opportunities include: 1) Hong Kong internet leaders, 2) gaming industry benefiting from policy incentives and technological empowerment, and 3) film and cultural tourism sectors recovering due to consumer policies [3][6][23] Industry Data Film Industry - The top three films by box office for the week are: "Zootopia 2" with 30.02 million yuan (19.90% market share), "Water Pipe" with 19.28 million yuan (12.80%), and "Killing" with 17.48 million yuan (11.60%) [24][25] Gaming Industry - The top three iOS games are: "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle," while the top three Android games are: "Heartfelt Town," "Arknights: End of the World," and "Duck Duck Goose" [26][27] TV Series Industry - The top three TV series by broadcast index are: "Tang Palace Mystery" (77.3), "Young and Promising" (70.9), and "The Peaceful Year" (69.4) [28][29] Variety and Animation - The top three variety shows are: "Weibo Night 2025" (75.5), "Voice of the Flow Season" (63.4), and "Wonderful Night Season 2" (63.1) [30][31] - The top three animated shows are: "Happy Hammer" (230.9), "Immortal Reverse" (213.4), and "Time Beyond" (179.9) [32]

Core Insights - The gaming industry is witnessing a significant influx of new titles, with 124 games either launched or in testing in Q1 2026, of which 84.7% have obtained approval numbers [1][44] - A notable trend is the migration of 21 games from the Steam platform to mobile, indicating a shift towards innovative gameplay and artistic styles that may rejuvenate the mobile gaming market [1][44] - Several new games have shown promising market performance, including "Survival 33 Days," "Crazy Water World," "Goose Duck," "Counterattack: Future," and "Arknights: End of the World," which have all achieved strong rankings in various app stores [6][10][15][17] Game Launches and Performance - Five standout games have performed well at the start of 2026, with "Survival 33 Days" leading the charge, achieving top rankings on both WeChat and Douyin mini-game platforms shortly after launch [6][8] - "Crazy Water World," a survival simulation game, has also maintained a strong presence in the top 10 of mini-game rankings and is showing upward momentum in the iOS charts [10][11] - "Goose Duck," a social deduction game, has rapidly gained a large user base, surpassing 1 million users within six days of its mobile launch [13] - "Counterattack: Future," a PvE shooter, has successfully positioned itself within the top 20 of the iOS game rankings shortly after its release [15] - "Arknights: End of the World," a strategy RPG, has also made a strong debut, reaching the top ranks in the iOS charts [17] Upcoming Titles and Trends - The upcoming quarter is set to feature several high-potential titles, including Tencent's "Kingdom of Rock," NetEase's "Forgotten Sea," and FunPlus's "Imo," all of which are expected to enter testing soon [19][30] - The trend of porting games from PC to mobile is gaining traction, with complex genres like SOC and Roguelike also being adapted for mobile platforms, indicating a broader acceptance of diverse gameplay styles in the mobile market [44][48] - The industry is experiencing a renewed sense of optimism, with the potential for quality products to thrive despite challenges, suggesting a possible turnaround in market sentiment [47]

Core Viewpoint - The company is expected to see a quarter-on-quarter improvement in performance for Q4 2025, with revenue projected to decline year-on-year but increase sequentially, driven by stable gaming and robust office segments [1][2] Gaming Segment - Revenue for gaming in Q4 2025 is forecasted to decline by 32% year-on-year and by 2% quarter-on-quarter, with the rate of decline narrowing for both comparisons [1] - The new game "Goose Duck" has exceeded expectations, with over 10 million new players within six days of its launch, ranking in the top 2 for iOS game downloads and around 60th in the revenue rankings [1] - The company will continue to monitor the game's popularity and subsequent commercialization process, alongside other IP games like "Angry Birds" [1] Office Segment - The office segment is projected to see a 19% year-on-year revenue increase in Q4 2025, continuing its recovery trend [1] - Growth in the software business is primarily driven by accelerated bidding and acceptance of government and enterprise projects, with WPS 365 benefiting from enhanced collaboration and AI product lines [1] - WPS 365 has been upgraded to a global all-in-one AI collaborative office platform, integrating various functionalities to support enterprise operations [1] Cloud Segment - For the cloud segment, revenue is expected to grow by 20% year-on-year in Q4 2025, with adjusted operating profit slightly in the negative [2] - High capital expenditures are anticipated to continue into 2026, exceeding levels seen in 2025 [2] Financial Forecast and Investment Recommendation - The company has slightly raised its revenue forecast for gaming in 2025 and anticipates around 10% growth for 2026-2027, while maintaining previous predictions for the office segment and reducing losses in the cloud segment [2] - Revenue projections for 2025 and 2026 are -5.7% and +19% year-on-year, respectively, with net profits estimated at 1.74 billion yuan and 1.6 billion yuan [2] - Based on comparable company valuations, the company is assigned a price-to-earnings ratio of 13 for gaming, 35 for office, and 3 for cloud, leading to a target value of 50.25 HKD per share, maintaining a "buy" rating [2]