（来源：淘金ETF） 教育ETF 1. 金现代 300830 公司专注行业数字化与低代码开发，主营电力、化工等领域信息化解决方案，拥有垂直领域专用大模型 与AI智能取数、AI配料智能体等核心产品，深度服务央企与工业企业数智化转型。在AI应用全面爆发 背景下，公司依托低代码+AI开发优势，可快速对接阿里云、华为云开放工具与大模型能力，大幅缩短 项目交付周期、降低研发成本，AI赋能工业生产、设备管理、质量管控等场景落地加速，订单与交付 效率同步提升，充分受益于全行业AI应用普及与企业数字化需求扩张，成长空间持续打开。公司在电 力信息化领域具备深厚积累，AI技术与行业Know-How深度融合，可快速响应客户智能化升级需求，随 着AI开发成本下降与落地效率提升，其在能源、化工等行业的AI解决方案有望加速复制，进一步巩固 市场地位，打开业绩增长新空间。 2. 赛意信息 300687 公司是国内领先的企业数智化服务商，聚焦智能制造、工业软件与ERP实施，为电子、光伏等行业提供 MES与工业互联网解决方案，自研谷神工业大模型与PCB行业垂直模型，AI解决方案已实现规模化订单 落地。作为华为MetaERP核心合作伙伴，公司深 ...

责任编辑：小浪快报 民生加银智选成长股票A（021316）成立日期2024年6月28日，最新规模1939.27万。今年以来收益 10.86%，同类排名1022/5570；近一年收益34.85%，同类排名1576/4305；成立以来收益68.76%。 民生加银智选成长股票A（021316）基金经理为何江。 截至发稿，何江累计任职时间14年281天，现任基金资产总规模7.52亿元，任职期间最佳基金回报 86.23%， 任职期间最差基金回报-49.3%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月25日，巨人网络跌1.5%，截至发稿，报38.64元/股，成交23.32亿元，换手率3.13%，总市值747.59亿 元。巨人网络股价已经连续4天下跌，区间累计跌幅7.78%。 资料显示，巨人网络集团股份有限公司位于上海市松江区中辰路655号，成立日期1997年7月22日，上市 日期2011年3月2日，公司主营业务涉及互联网游戏的研发和 ...

来源：新浪基金∞工作室 2月25日，截止午间收盘，中证500ETF泰康（515530）涨1.54%，报4.630元，成交额349.93万元。中证 500ETF泰康（515530）重仓股方面，英维克截止午盘涨0.65%，信维通信跌0.12%，巨人网络跌 2.47%，中矿资源涨7.67%，航天电子涨1.58%，中国卫星涨1.02%，先导智能涨2.67%，卧龙电驱跌 0.80%，赤峰黄金涨0.48%，兴业银锡涨4.38%。 中证500ETF泰康（515530）业绩比较基准为中证500指数收益率，管理人为泰康基金管理有限公司，基 金经理为魏军，成立（2020-09-18）以来回报为42.61%，近一个月回报为-2.33%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

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 ...

来源：新浪基金∞工作室 中证500成长ETF银华（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基 金管理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为39.20%，近一个月回报为 3.00%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，中证500成长ETF银华（562340）涨1.73%，报1.415元，成交额45.79万元。中 证500成长ETF银华（562340）重仓股方面，巨人网络截止午盘跌4.69%，西部矿业涨2.60%，天山铝业 涨1.05%，厦门钨业涨0.82%，通富微电涨2.12%，宏发股份涨2.38%，杰瑞股份涨5.15%，睿创微纳涨 0.17%，豪迈科技涨0.16%，金诚信涨2.94%。 ...

Summary of Conference Call Records Industry Overview: Gaming Industry Key Companies and Highlights - **Century Huatong**: Achieved notable rankings in the global mobile game export list for January, with "Whiteout Survival" at second, "Kingshot" at third, "TTM" at tenth, and "Truck Star" at twenty-ninth. The company has a high overseas game revenue share, with new games "TTM" and "Truck Star" showing significant growth in December and January [1][2] - **Giant Network**: The game "Supernatural Action Group" is expected to innovate during the Spring Festival, with a daily active user (DAU) surpassing 100 million by January 31. The new game "Famous Generals Kill" was launched on December 19 [2] - **37 Interactive Entertainment**: The mini-program game "Survival for 33 Days" has consistently ranked in the top five, with the RO in Hong Kong and Macau launched on January 15. The company has a rich pipeline of new products [2] - **Kongzhong Network**: The "Legend Box" is expected to create platform growth, and the AI companion application "EVE" is scheduled for launch on March 14 [2] - **G-bits**: Launched a new Three Kingdoms-themed SLG game "Nine Muwu" on December 18 [2] - **Perfect World**: The key game "Yihuan" has completed its third test with high ratings on Bilibili and Taptap [2] - **Xindong Company**: Launched "Xindong Town" overseas on January 8 and "Diver Dave" on February 6 [2] Market Opportunities - **Overseas Expansion and Female Market Growth**: The Chinese market is projected to generate sales revenue of 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, with a user base of 679 million, up 0.72% year-on-year [2] - **Global Market Trends**: The mobile gaming market is shifting from user growth to consumption power enhancement, with projected revenues of $81.7 billion in 2024, reaching a three-year high. Chinese self-developed games are expected to generate $9.5 billion in overseas revenue in the first half of 2025, an 11% year-on-year increase [3] - **Female-oriented Games**: The market size for female-oriented games is expected to reach 8 billion yuan in 2024, with a growth rate of 124.1%, significantly outpacing the overall market [3] Policy and Technological Impact - **Regulatory Environment**: By 2025, the issuance of domestic game licenses is expected to exceed 140 per month, with a shift towards industry support and encouragement for game exports and gaming as a new consumption driver [3] - **AI and Technology Integration**: The application of AI in gaming has progressed significantly since 2023, enhancing product development and advertising efficiency. Emotional companion games are highlighted as a promising direction for AI gaming, with a focus on "EVE" from Kongzhong Network [3][4] - **Investment in Emerging Technologies**: Companies like 37 Interactive Entertainment and Century Huatong are investing in brain-machine interface technologies, while Giant Network collaborates with Volcano Engine on AI NPCs [4]

2026年春节假期前后，游戏板块不论是港美股上市公司如腾讯控股、虎牙、金山软件，A股上市公司如 世纪华通、巨人网络，非上市公司如鹰角网络等旗下游戏运营数据均有较好表现或突破，彰显当前宏观 经济环境下游戏板块的韧性以及前期强调的2026年游戏产品大年逻辑的持续兑现。 浙商证券认为，A股方面，世纪华通休闲类游戏布局收获初现，《异环》预约数破2500万。巨人网络旗 下《超自然行动组》2月2日宣布DAU突破1000万。《超自然行动组》具备"搜打撤"和Party Game概念， 同时用户画像以学生为主，寒假叠加春节是其优势档期，春节期间DAU有望创新高，后期应重视其大 DAU单品带来的业绩弹性。 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。 （文章来源：每日经济新闻） ...

Summary of Conference Call Records Industry Overview - The conference call focuses on the gaming industry, highlighting the impact of AI and new technologies on industry development and the anticipation of upcoming annual and quarterly reports [1][2]. Key Companies and Highlights - **Century Huatong**: Achieved notable rankings in the global mobile game export list for January, with "Whiteout Survival" at second, "Kingshot" at third, "TTM" at tenth, and "Truck Star" at twenty-ninth. The company has a high overseas game revenue share, with new games "TTM" and "Truck Star" showing significant growth in December and January [1]. - **Giant Network**: The game "Evergreen" is expected to innovate during the Spring Festival, having launched in Hong Kong and Macau on November 27. As of January 31, the daily active users (DAU) surpassed 100 million, with upcoming Valentine's Day and Spring Festival events anticipated [1]. - **37 Interactive Entertainment**: The mini-program game "Find the Book" has consistently ranked in the top five, with a launch in Hong Kong and Macau on January 15. The company has a rich pipeline of new products [1]. - **Kying Network**: The "Legend Box" is expected to create platform growth, with the AI companion application "Find the Book" scheduled for release on March 14 [1]. - **G-bits**: Launched a new Three Kingdoms-themed SLG game "Find the Book" on December 18 [1]. - **Perfect World**: The key game "Find the Book" has completed its third testing phase, receiving high ratings on Bilibili and Taptap [1]. - **Xindong Company**: Launched "Find the Book" overseas on January 8, with another release planned for February 6 [1]. Market Opportunities - The overseas market and the female gaming segment present significant opportunities for the industry. In the Chinese market, sales revenue is projected to reach 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, with a user base of 679 million, up 0.72% year-on-year [2]. - The global mobile gaming market is shifting from user growth to consumption power enhancement, with expected revenue of $81.7 billion in 2024, reaching a three-year high. Chinese self-developed games are projected to generate $9.5 billion in overseas revenue in the first half of 2025, a year-on-year increase of 11% [2]. - The market for female-oriented games is expected to reach 8 billion yuan in 2024, with a growth rate of 124.1%, significantly outpacing the overall market [2]. - Policy changes are supporting the industry, with over 140 domestic game licenses expected to be issued monthly by 2025, promoting game exports and positioning gaming as a new consumer driver [2]. Technological Impact - The application of AI and other technologies in the gaming industry is showing promising results. Since 2023, AI has been integrated into game production and advertising, leading to significant cost reductions and efficiency improvements, particularly in art production [3]. - Emotional companion games are identified as a key area for AI application in the short term, with Kying Network's product "Find the Book" set for public testing on March 14 [3]. - Other technological advancements, such as brain-machine interface technology, are seen as potential commercial applications for the gaming sector, with companies like 37 Interactive Entertainment investing $20 million in related technologies [3]. - Marketing strategies like GEO marketing are expected to influence game distribution, with 37 Interactive Entertainment investing in leading domestic tech companies [3]. - Giant Network is collaborating with Volcano Engine on AI NPCs [3].

有券商表示，在全球视角下，游戏市场正处于上升周期，不论从营收的角度还是玩家数量的角度，未来都将保持 长期乐观增长态势。另外，DeepSeek强大的生成能力或显著提高游戏开发效率，并可生成更能满足用户需求的 虚拟角色、地图、剧情等内容，丰富游戏玩法，培育付费场景。 （文章来源：每日经济新闻） 游戏概念股走低，光线传媒跌20%，浙数文化跌超8%，巨人网络、恺英网络跌超5%。 受盘面影响，游戏相关ETF跌约5%。 | 代码 | 名称 | 现价 | 涨跌 | | | --- | --- | --- | --- | --- | | 516010 | 游戏ETF | 1.531 | -0.081 | -5.02% | | 516770 | 游戏ETF华泰柏瑞 | 1.604 | | -0.083 -4.92% | | 159869 | 游戏ETF | 1.543 | -0.080 | -4.93% | ...

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]