Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Chemical Engineering and Construction - **Market Position**: Leading player in China's chemical engineering sector, handling 90% of domestic chemical and coal chemical projects, with chemical engineering business accounting for 80% of revenue and 85% of gross profit [2][4][12]. Key Insights Industry and Market Dynamics - **PPI Trends**: Benefiting from rising chemical PPI, leading to improved profitability for clients and accelerated order conversion, with new orders expected to grow by 19% in 2025, significantly above the industry average of 5% [2][4]. - **Global Expansion**: Approximately 30% of business comes from overseas, with a 29% increase in foreign revenue in H1 2025, capitalizing on the "Belt and Road" initiative and the shift of the global chemical industry to Southeast Asia and Africa [2][4][14]. Business Transformation - **New Materials Focus**: Transitioning towards new materials such as adiponitrile and propylene oxide, with adiponitrile production capacity of 200,000 tons already operational and a planned 600,000 tons of propylene oxide by 2026, expecting revenue growth of 30%-35% [2][5][10]. - **Coal Chemical Strategy**: Strong position in coal chemical market with leading gasification technology, particularly in Xinjiang, expected to contribute significantly to orders in 2025 [2][4][12]. Financial Performance and Valuation - **Valuation Metrics**: Currently at historical low valuation levels (PE at 40th percentile, PB at 25-30th percentile), with a target price of 13.46 CNY, indicating a potential upside of approximately 35% from current levels [3][6]. - **Profitability Forecast**: Projected net profit of 6.3 billion CNY in 2025, growing to 7 billion CNY in 2026 and 7.6 billion CNY in 2027, with growth rates of 11%, 10%, and 9% respectively [16]. Product and Capacity Insights - **Key Products**: Focus on adiponitrile, nylon 66, caprolactam, propylene oxide, and biodegradable materials, with significant production capacity planned [7][10]. - **Market Price Trends**: Adiponitrile prices have dropped significantly from over 40,000 CNY/ton to below 20,000 CNY/ton due to increased domestic production, while caprolactam prices are expected to rise due to demand recovery [8][9]. Risks and Challenges - **Project Execution Risks**: New material projects face risks related to construction progress and market demand, potentially delaying production or reducing profitability [17]. - **Capital Expenditure Risks**: Declining capital expenditure in the chemical industry could impact new order sizes and execution pace [18]. - **International Operations Risks**: Global operations expose the company to geopolitical risks, currency fluctuations, and local policy changes that could affect project execution and cash flow [18]. Conclusion - **Investment Logic**: The core investment rationale includes the value re-evaluation of new materials, benefits from rising PPI in chemical engineering, and strong growth in overseas business, supported by state-owned enterprise reform initiatives [19].

Summary of Silver Wheel Co., Ltd. Conference Call Company Overview - **Company**: Silver Wheel Co., Ltd. (银轮股份) - **Industry**: Automotive thermal management and digital energy solutions Key Points Transition to Full-Scene Thermal Management - Silver Wheel is transitioning from automotive thermal management to full-scene thermal management, with digital energy business revenue expected to reach nearly 10% by 2025, growing at an annual rate exceeding 50%, becoming a core growth engine [2][5][9] Growth in Power Generation Business - The company has achieved significant progress in the power generation sector, securing orders for generator set post-processing products from a leading international client, indicating an expansion of product categories within its core customer base [3] - The demand for distributed power sources is driven by power shortages in North America, with diesel generator orders expected to double from a low base between 2024 and 2025, projecting revenue growth from hundreds of millions to over 1 billion [3][8] Digital Energy Business Expansion - The digital energy business is focused on opportunities arising from the AI wave and increasing power demand, covering segments such as power generation, data centers, energy storage, and high-power fast charging [5] - In the data center sector, the power consumption of single cabinets is evolving from 4-6 kW to 120-200 kW, making liquid cooling a standard configuration, with orders for cooling liquids already increasing [5][6] - The energy storage segment is expected to see significant growth, with large-scale liquid cooling systems being adopted due to the limitations of traditional air cooling, particularly in large energy storage stations [5] Embodied Intelligence Initiatives - Since 2020, Silver Wheel has been focusing on embodied intelligence, establishing a robotics research institute to create a "1+4+N" product system, covering key components such as joints and thermal management modules [7] - Collaborations with several well-known overseas clients and domestic manufacturers have been initiated, with a joint venture established in June 2025 to enhance competitive advantages in the market [7] Long-Term Investment Perspective - The core investment highlights for Silver Wheel include: - Continued order growth in the power generation business providing revenue and performance upside in the short term [8] - Mid-term growth potential in the digital energy sector, particularly in data centers and energy storage, expected to support performance growth from 2027 to 2028 [8] - Global expansion efforts leading to profitability in overseas factories by 2025, enhancing global order capabilities [9] - Improvement in overall profitability driven by high-margin new businesses and optimized cost management [9] - 2026 is anticipated to be a pivotal year for the company, marking a phase of simultaneous growth in volume and profit [9]

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot industry is facing significant challenges, particularly in terms of stability and reliability, with a Mean Time Between Failures (MTBF) of only around 100 hours, primarily due to manual manufacturing and an immature supply chain [1][3][8]. - The industry is expected to shift focus from mere demonstrations of robot capabilities to the development of the "brain" technology by 2026, with industrial applications, particularly in logistics, being the primary breakthrough area [1][3][8]. Core Insights and Arguments - **Technological Divergence**: There are notable differences in technological approaches between companies like Yuzhu and Xiaopeng, with Yuzhu focusing on dynamic control and Xiaopeng on static humanoid walking. The "brain" technology is currently at a low level of intelligence (L0.1-L0.2) with no significant breakthroughs achieved [1][4][12]. - **Commercialization Stage**: The humanoid robot market is still in its early stages, with Yuzhu projected to generate approximately 1.5 billion yuan in revenue by 2025, driven mainly by research, education, and data collection services [1][15]. - **Data Collection Challenges**: The industry is grappling with high costs and low efficiency in real machine data collection, leading to a shift towards using human-worn devices for data gathering, although the effectiveness of this approach remains unproven [1][19][20]. Market Dynamics - **Competitive Landscape**: The automotive industry has advantages in engineering and supply chain management but struggles to attract top AI talent. The financing environment is expected to tighten in the second half of 2026, leading to a phase of elimination among companies [2][17][21]. - **Commercialization Scenarios**: Key markets for humanoid robots include research institutions, performance events, data collection services, government projects, and corporate value management [14][15]. Technical Challenges - **Stability and Reliability**: Current humanoid robots lack the stability required for practical applications, with significant improvements expected only as production scales up and automation is introduced into manufacturing processes [3][8][9]. - **Core Component Costs**: The cost of key components, such as joint motors and chips, is currently high but is expected to decrease significantly with mass production. The ultimate goal is to bring the cost of humanoid robots down to around 10,000 yuan [9][10]. Future Outlook - **Technological Breakthroughs**: The success of humanoid robots hinges on breakthroughs in "brain" technology, with the potential for startups led by top scientists to emerge as leaders in the field [17][21]. - **Data Collection Evolution**: The industry is exploring various data collection methods, including real machine data, simulation data, and human-worn devices, but consensus on the most effective approach has yet to be reached [19][20]. Additional Important Insights - **Market Size Estimates**: The research market is dynamic and uncertain, while the performance market is estimated to be around 10 billion yuan, with potential upper limits of 50 billion yuan [16]. - **Industry Fragmentation**: The humanoid robot industry is likely to see fragmentation, with a few companies emerging as leaders while others may struggle to survive due to the competitive landscape and technological challenges [17][21].

Summary of Conference Call for Nanya Technology Corporation Industry Overview - The CCL (Copper Clad Laminate) segment shows significant profit elasticity, with each 10% price increase contributing an additional 1-3 percentage points to gross/net profit after accounting for costs [2][3]. - The price increase cycle is expected to continue until the first half of 2026, with substantial price hikes observed in copper foil and standard electronic fabrics [2][3]. Key Insights and Arguments - Nanya has a first-mover advantage in the overseas N customer M-series product line, with sample submission progress ahead of competitors by one quarter [2][4]. - Domestic H customer market share for the 950PR model has declined due to competition from Huazheng and others, but the 950DT model remains strong, with overseas growth as a core driver [2][4]. - The traditional FR-4 business has seen unit prices approach 120 RMB, benefiting from multiple rounds of price increases, indicating a high certainty of performance recovery by 2026 [2][5]. - The market capitalization of Nanya has surpassed 30 billion RMB, with a critical observation window for growth expected in April-May 2026, focusing on the supply chain integration and volume ramp-up for N customers [2][6]. Additional Important Points - From a qualitative perspective, despite rising upstream raw material prices starting in 2025, the cost transmission in the CCL segment has been smooth, supported by high industry operating rates and strong demand in the PCB market [3]. - Quantitatively, domestic CCL manufacturers can achieve a gross margin and net profit elasticity increment of about 1-3 percentage points with each 10% price increase, indicating significant profitability in the current inflationary environment [3]. - Nanya's traditional CCL business is expected to continue contributing to performance elasticity due to the clear price increase theme in the CCL industry through the first half of 2026 [5]. - The core investment logic for Nanya revolves around the expected performance recovery of traditional business in 2026 and rapid advancements in high-end 400G materials, with strong recognition of its technical capabilities within the industry [6].

Summary of Conference Call Records Company and Industry Overview - The conference call focuses on **China Electric Power Construction (中国电建)** and the broader **electricity and AI industry** in China, particularly the concept of "算电协同" (power-computing synergy) [2][3]. Core Insights and Arguments - The essence of global AI competition is fundamentally linked to electricity, with projections indicating that by **2030**, China's AI electricity consumption will reach **500-700 billion kWh**, increasing its share of total electricity consumption from **1.7%** in **2024** to **5-7%** [2][3]. - The construction of domestic computing centers is expected to peak in **2026**, driven by a **4 trillion yuan** investment plan for the power grid, ensuring a definite growth in electricity infrastructure demand [2][3]. - The "算电协同" strategy has been elevated to a national level, aiming to address the mismatch between computing demand in the eastern regions and renewable energy resources in the central and western regions, potentially reducing electricity costs for computing centers by **20%** [2][3][4]. - The investment logic prioritizes green electricity operations, with companies like **JinKai New Energy** and **Yuan Energy Holdings** being highlighted for their resource exclusivity and low valuations compared to high-expectation computing firms [2][4]. Key Players and Investment Logic - The "算电协同" industry chain includes: - **Green electricity operators** (priority for investment) - **Software and scheduling system suppliers** - **Hardware manufacturers** - **Engineering contractors** [4]. - Green electricity operators are favored due to their low market expectations and potential for significant profit improvements, while data center companies are already priced high [4]. Unique Value of China Energy Construction - **China Energy Construction (中国能建)** plays a leading role in planning and has integrated "算电协同" into its strategy ahead of the government, indicating strong industry positioning [5]. - The valuation difference between China Energy Construction and China Electric Power Construction is attributed to the higher proportion of energy-related business in China Energy Construction's order structure, with a price-to-book ratio of **1.44** compared to **0.75** for China Electric Power Construction [5]. Market Position and Recognition - China Electric Power Construction is a dominant player in the green electricity engineering sector, holding over **65%** of large and medium-sized hydropower projects and **90%** of pumped storage planning [6]. - The company is also a significant player in wind and solar energy, with over **60%** of planning and construction tasks [6]. - Despite its leading position, the market undervalues China Electric Power Construction's role in green electricity construction and planning, which is crucial for securing quality renewable energy resources [6]. Green Electricity Investment and Data Center Business - China Electric Power Construction has a total installed capacity of **35.16 million kW** in green electricity, including **10.83 million kW** from wind, **13.04 million kW** from solar, and **7.09 million kW** from hydropower [6][7]. - The company has rapidly expanded its data center business, with over **10 billion yuan** in orders for data centers in **2024** and **21 billion yuan** in new digital contracts signed in the first half of **2025** [7]. - Notable projects include the **Beijing Fangshan Data Center** and the **Xinjiang Yiwuzhizuan Center**, indicating a strong market position in the computing sector [7].

Summary of Key Points from the Conference Call on Modern Coal Chemical Industry Industry Overview - The modern coal chemical industry focuses on coal gasification/liquefaction, producing clean fuels and basic chemical raw materials, which is crucial for national energy security and reducing reliance on imported crude oil, currently at 73.36% [1][5][6]. Core Insights and Arguments - **Cost Advantages in Xinjiang**: Coal prices in Xinjiang range from 120-230 RMB/ton, significantly lower than the port price of 725 RMB/ton. Profit margins for coal-to-olefins can reach 20%, and for coal-to-gas, over 10% [1]. - **Technological Advancements**: The third-generation MTO technology has reduced methanol consumption to 2.65 tons. When crude oil prices exceed 60 USD/barrel, Xinjiang's coal-to-olefins cost competitiveness becomes evident [1][8]. - **Environmental Improvements**: From 2019 to 2024, coal-to-oil/gas/olefins' unit coal and water consumption have significantly decreased, indicating a shift towards green low-carbon and green hydrogen coupling [1][9]. - **Policy Support**: A series of policies from 2021 to 2024 emphasize the urgency of modern coal chemical construction, with major project environmental assessments expected to be approved in the second half of 2025 [1][4][12]. Industry Development and Economic Viability - **Production Capacity**: By 2024, coal-to-natural gas capacity is 7.45 billion cubic meters, coal-to-oil is 823,000 tons, coal-to-olefins is 13.42 million tons, and coal-to-ethylene glycol is 1.14 million tons, with significant shares in domestic production [7]. - **Economic Analysis**: The total cost for coal-to-olefins in Xinjiang is approximately 5,779 RMB/ton, with a profit margin of 20% compared to the market price of 7,260 RMB/ton. Coal-to-natural gas and coal-to-oil projects also show competitive cost structures [13][16]. Environmental and Technological Progress - **Efficiency Improvements**: Key operational indicators such as coal and water consumption have improved significantly, with coal-to-oil consumption dropping from 4.9 tons to 3.7 tons and water consumption from 8.8 tons to 6.6 tons from 2019 to 2024 [9]. - **Technological Maturity**: Coal-to-oil and coal-to-gas technologies have reached a mature stage with stable operations, while coal-to-ethylene glycol technology is still developing [7][8]. Regional Advantages - **Resource Richness**: Xinjiang has abundant coal resources, with predicted reserves of 2.19 trillion tons, accounting for over 40% of the national total. The region also benefits from low coal prices and a growing transportation network [10][11]. - **Policy and Infrastructure Support**: Continuous policy support and infrastructure improvements enhance the economic viability of coal chemical projects in Xinjiang [12]. Key Players and Market Position - **China Chemical**: Holds a dominant position in the coal chemical engineering sector, expected to capture over 90% market share in Xinjiang's coal chemical construction [1][16]. - **Other Beneficiaries**: Companies like Donghua Technology, Sinopec Engineering, and 3D Chemical are also positioned to benefit from the growth in the modern coal chemical industry [16]. Conclusion - The modern coal chemical industry in China, particularly in Xinjiang, is poised for significant growth driven by technological advancements, favorable policies, and economic viability, with key players well-positioned to capitalize on these trends [1][5][16].

Summary of Conference Call Transcript Company Overview - **Company**: Shaanxi Coal and Chemical Industry Co., Ltd. (陕西煤业) - **Industry**: Coal and Power Generation Key Points Coal Industry Insights - **Average Coal Cost**: The average coal cost for 2025 is approximately 289 RMB/ton, remaining stable year-on-year. In January-February 2026, the average price dropped to around 430 RMB/ton, with expectations of stabilization in March [2][20]. - **Long-term Contract Pricing**: In 2026, long-term coal contracts will adopt a "price limit + market-based" dual pricing model, varying by customer to balance performance and premium revenue [2][7]. - **Chemical Coal Sales**: Chemical coal accounts for about 40% of total sales, with a strategic shift from fuel to raw material usage, benefiting from rising oil prices and improved downstream demand [2][5]. - **Electricity Price Trends**: The electricity price is expected to decline further in 2026, potentially by 10 RMB/MWh, due to increased competition from renewable energy and market pressures [2][8]. Financial Performance - **2025 Performance Decline**: The decline in 2025 performance was primarily due to a nearly 100 RMB/ton drop in average coal prices compared to 2024. Special factors included the liquidation of two asset management plans and the disposal of a long-term equity investment [3][4]. - **Fourth Quarter Performance**: The fourth quarter did not achieve expected profits due to higher costs (approximately 30 RMB/ton higher than the average of the first three quarters) and asset impairment provisions totaling around 300 million RMB [3][13]. - **Dividends**: The company maintains a stable dividend policy with a minimum payout ratio of 30%, historically reaching up to 60% [2][12]. Operational Developments - **New Power Generation Capacity**: In 2026, the company plans to add three new power generation units with a total capacity of 5.3 million kW, contributing to increased electricity generation [2][9]. - **Asset Management**: By the end of 2025, the company significantly reduced its trading financial assets, primarily due to the liquidation of two asset management plans totaling approximately 6 billion RMB [2][10]. Regulatory and Market Environment - **Safety Inspections**: Current safety inspections and overproduction checks have not significantly impacted the company's production levels, although regional effects may vary [2][11]. - **Resource Approval**: The approval process for the Yushen 47 project is ongoing, with resource estimates increasing but no confirmed timeline for development [2][16]. Market Outlook - **Chemical Product Price Trends**: Recent geopolitical tensions have led to expectations of rising chemical product prices, which may increase demand for raw coal and fuel coal from chemical plants [2][19]. - **Electricity Market Competition**: The electricity market is expected to face intense competition in 2026, with a potential decrease in overall electricity prices due to the influx of renewable energy projects [2][20]. Cost Projections - **Cost Stability**: The average cost for 2025 is projected to remain stable at around 289 RMB/ton, with minor fluctuations expected. However, the "subsidence governance compensation" fee is anticipated to increase by 10-20 million RMB annually due to new standards [2][20].

Summary of the Conference Call for Three Gorges Tourism Company Overview - Three Gorges Tourism is a listed platform under the state-owned assets of Yichang City, primarily focusing on tourism services after divesting from low-relevance transportation businesses, including a 40% stake in an automotive sales company and 100% of a logistics subsidiary [2][3]. Key Points Business Structure and Revenue Forecast - From 2024, tourism comprehensive services will become the primary business, with the core product being the "Two Dams and One Gorge" sightseeing cruise [2]. - The forecasted net profit attributable to shareholders for 2025 is between 56 million to 72 million yuan, representing a year-on-year decline of 39% to 52% due to tax payments and impairment losses affecting 50 million to 60 million yuan [2][3]. - Excluding non-operating factors, the operating profit for 2025 is estimated to be around 120 million to 130 million yuan, providing a low base for future growth [2][3]. New Developments in Interprovincial Cruise Business - The company plans to launch its first two luxury interprovincial cruise ships in 2026, with two additional ships expected in 2028 [2][4]. - The interprovincial cruise industry is characterized by strict regulatory policies, leading to stable supply, with approximately 50 vessels currently in operation [4]. - The company’s cruise model includes a capacity of over 600 passengers, with ticket prices ranging from 4,000 to 5,000 yuan, and projected annual revenue per ship in the range of 100 million to 200 million yuan, with a net profit margin of about 20% [2][4]. Industry Trends and Competitive Landscape - The industry is experiencing a trend of mergers and acquisitions, with potential consolidation of underperforming private enterprises by state-owned platforms [4]. - The current operational landscape includes 13 entities, with Three Gorges Tourism being one of the two state-owned enterprises in the sector [4]. - The company anticipates that the four new ships could contribute an additional 200 million yuan in profits, alongside existing business profits, targeting a mid-term performance goal of 350 million yuan [2][5]. Important Considerations - The actual operational metrics such as occupancy rates and ticket prices post-launch will be critical for validating the business model and future profitability [5].

Summary of China Merchants Bank (3968.HK) Conference Call Company Overview - **Company**: China Merchants Bank (CMB) - **Ticker**: 3968.HK - **Market Cap**: HK$1.3 trillion / $159.9 billion - **Current Price**: HK$49.62 - **12m Price Target**: HK$53.44 - **Upside Potential**: 7.7% [1] Financial Performance - **2025 Preliminary Results**: Revenue of Rmb 338 billion and net profit of Rmb 150 billion, with 4Q25 net profit at Rmb 36 billion [1] - **Growth Forecasts**: - 2025 net profit growth of 1% and 3% for 4Q25, aligning with forecasts for the Big Four banks [1] - 2026 revenue and net profit forecasts of Rmb 355 billion and Rmb 163 billion, representing YoY growth of 7% and 8%, respectively, compared to the Big Four average of 5% and 3% [1][18] - **Dividend Yield**: CMB offers a high dividend yield of 5.2% for A shares and 4.4% for H shares, compared to the Big Four average of 4.2% and 5.3% for 2025E [1][14] Key Growth Drivers 1. **Net Interest Income (NII)**: Projected at Rmb 230 billion for 2026, with a YoY growth of 6.5% [19] - Expected Net Interest Margin (NIM) of 1.71% for 2026E [19] - Anticipated growth in interest-earning assets at 8.0% YoY [19] 2. **Fee Income**: Estimated at Rmb 81 billion for 2026, with a growth of 8.8% YoY, driven by capital market-related businesses [25][23] 3. **Bond Investment Income**: Forecasted at Rmb 32 billion for 2026, growing modestly by 5% YoY [28] Risk Factors - **Credit Costs**: CMB's profit growth is expected to outperform the Big Four banks due to lower credit costs [33] - **Property Loan Risks**: Concerns regarding property credit risk exposure, particularly following liquidity stress in Vanke [42] - Current property loan NPL ratio at 4.24%, with sufficient provisions in place [44] - **Retail Loan Risks**: Anticipated upward trend in retail loan NPLs, but with a potential deceleration in growth due to short maturities [54] Valuation and Recommendations - **Rating**: Maintain Buy rating with slightly revised target prices of Rmb 54.71 for A shares and HK$ 53.44 for H shares [1][61] - **Key Risks**: Include potential declines in NIM, asset quality deterioration, and management changes [62] Conclusion CMB is positioned for growth with strong revenue and profit forecasts, supported by a robust dividend yield and effective management of credit risks. The upcoming 2025 annual report will be critical in assessing the bank's performance and addressing investor concerns regarding property and retail loan exposures.

Summary of Key Points from Conference Call Records Industry and Companies Involved - **Companies**: Tencent, Minimax, Kunlun Wanwei, Shunwang Technology - **Industry**: AI, Gaming, Cloud Services Core Insights and Arguments Tencent's AI Strategy - Tencent has shifted its AI strategy from defensive to offensive, launching products like Workbody, QQbot, and Qcloud in March 2026, which integrate deeply into user workflows [1][5] - The company aims to capture three key AI entry points: desktop office (Workbody), social communication (QQbot), and cross-device control (Qcloud) [4][3] Tencent's Gaming Business - Tencent's gaming business is robust, with a major product cycle starting in 2026, including the anticipated launch of "Kingdom of Rock: World" with over 40 million pre-registrations and expected annual revenue exceeding 5 billion RMB [1][8] - The gaming pipeline for 2026 includes 5-8 new titles, expected to maintain double-digit revenue growth [8][6] Minimax's Market Position - Minimax holds a 34% market share in programming scenarios as of March 2026, with a cost advantage where its input price is only 0.3 USD per million tokens, significantly lower than competitors [1][9] - The company has shown a steep growth trend in token usage on third-party API platforms, indicating strong market competitiveness [9] Kunlun Wanwei's AI Applications - Kunlun Wanwei's AI applications are entering a harvest phase, with monthly revenues from Skywork, Linky, and Mirika reaching millions of dollars, and its overseas short drama business achieving over 8 million MAU and doubling monthly revenue to over 4 million USD [1][16] - The company is also expanding its AI chip business through investment in Aixin Yuan Zhi, which could positively impact its valuation and performance [16] Shunwang Technology's Cloud Business - Shunwang Technology's cloud business is rapidly expanding, with revenue targets set to double by 2027, aiming for 480-640 million RMB, driven by demand from 3A games and Sora computing needs [1][17] - The company is also exploring potential revenue from traditional business and new game developments, such as "Three Kingdoms: Strategizing the World" [20][19] Other Important Insights - Tencent's gaming titles are expected to generate substantial revenue, with a focus on leveraging existing IPs for new game launches [7][8] - Minimax's competitive edge lies in its efficient model iteration and organizational structure, allowing it to stay ahead in technology advancements [10][12] - Kunlun Wanwei's diverse AI product offerings and strong performance in specific areas like music generation position it well for future growth [14][15] - Shunwang Technology's cloud services are designed to provide flexible solutions for B-end clients and personal users, enhancing its market appeal [17][18] This summary encapsulates the key points from the conference call records, highlighting the strategic directions and market positions of the involved companies in the AI and gaming industries.