Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 ETF Tianhong (159820), which experienced a decline of 2.59% to 1.391 yuan at midday, with a trading volume of 6.4037 million yuan [1] - The major holdings of the Zhongzheng 500 ETF Tianhong include stocks such as Yingweike, which fell by 2.51%, and Xinyi Communication, which rose by 1.49%. Other notable movements include Giant Network down 1.43%, and Chifeng Gold down 10.00% [1] - The performance benchmark for the Zhongzheng 500 ETF Tianhong is the Zhongzheng 500 Index return, managed by Tianhong Fund Management Co., Ltd. Since its establishment on August 7, 2020, it has achieved a return of 42.49%, with a monthly return of 12.28% [1]

2月2日消息，巨人网络(002558)宣布旗下《超自然行动组》日活跃用户(DAU)突破 1000 万。市场数据显 示，在用户规模持续增长的同时，该产品收入表现稳健，长期稳居 iOS 游戏畅销榜前列，展现出强劲 的商业化能力，并已具备长线运营的基础。 作为国内摸金搜打撤玩法的开创者，《超自然行动组》从立项到上线仅用较短周期完成产品验证。公开 信息显示，该项目在相对克制的投入条件下完成了核心玩法与系统搭建，并在上线后迅速跑通留存与增 长模型。《超自然行动组》以显著低于行业惯性的投入跑通大 DAU 模型，使其不仅成为一款现象级产 品，也被视为近年来少见的高 ROI 样本，引发了行业与资本市场对"非工业化增长路径"的重新讨论。 从行业视角看，《超自然行动组》的增长并非建立在短期爆发或单点营销之上。过去一年中，"搜打 撤"相关玩法持续升温，多家头部厂商与成熟产品相继尝试跟进与验证，产品密集入场，但《超自然行 动组》的用户规模稳步抬升，显示其增长并非依赖风口红利，而是在用户心智与玩法深度层面建立了真 实壁垒。 在技术层面，《超自然行动组》同样走在行业前沿。其"AI 假人"玩法将大模型能力直接引入核心对局 结构，让 AI ...

Genie3真的利空游戏吗？ ①Genie3定义了一种新的可交互内容，但是很难称之为游戏。 由于技术限制，过往游戏基本是唯一的可交互式内容；而Genie3能做到的事情是让用户"走进图片（step into a picture)"，创造了一种可交互式内容的新形式，而非做游戏。 游戏核心要素是可玩性，通过一系列玩法机制，让用户产生多巴胺；一个成功的商业游戏，还要搭配社区运营、 活动运营、商业化体系搭建等多个环节，是一个系统化的工程。 30日晚谷歌公测世界模型Genie3，用户可以通过图片上传（可选）+提示词输入，创造环境并控制角色自由活 动。 周五晚美股游戏产业链大跌，Unity（引擎+广告）-24%，Roblox（UGC平台）-13%，Take-Two（研发商）-8%，市 场交易AI颠覆游戏产业链的叙事。 观点：开拓了一种新的可交互内容范式，但无法颠 Genie3真的利空游戏吗？ 30日晚谷歌公测世界模型Genie3，用户可以通过图片上传（可选）+提示词输入，创造环境并控制角色自由活 动。 周五晚美股游戏产业链大跌，Unity（引擎+广告）-24%，Roblox（UGC平台）-13%，Take-Two（研发商） ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid development of AI applications in social media, gaming, and marketing, with significant growth potential in user engagement and monetization opportunities [3][4] - The emergence of AI social platforms like Moltbook and Tencent's Yuanbao indicates a shift towards more interactive AI-driven social experiences, which could lead to increased user traffic and revenue generation through various channels [3] - The gaming sector is expected to benefit from advancements in AI tools, such as Genie3 and Taptap Maker, which lower the barriers for game development and enhance content diversity [4] Industry Data Overview - The report notes that "Fashion Department City" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [10] - The film "Zootopia 2" achieved the highest box office revenue for the week, with a total of 4.453 billion yuan [20] - The gaming sector saw a high volume of game approvals in January, with "Supernatural Action Group" achieving over 10 million daily active users [23] Industry News Summary - Major AI models are entering a phase of intensive updates, with significant advancements in AI social, gaming, and film sectors [23] - Alibaba's Qwen3-Max-Thinking model has been released, boasting over a trillion parameters and achieving performance comparable to leading international models [24] - OpenAI launched Prism, a workspace designed for researchers, integrating various tools for collaborative scientific writing [25] - Kimi's K2.5 model supports visual understanding and code capabilities, enhancing user interaction with AI [26]

Group 1 - The China Securities 500 Growth ETF (562340) opened down 1.00% at 1.388 yuan [1] - Major stocks in the ETF include Giant Network up 1.55%, Western Mining down 10.00%, Tianshan Aluminum down 7.27%, and Xiamen Tungsten down 4.99% [1] - The ETF's performance benchmark is the return of the CSI 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the fund has returned 40.67%, with a return of 9.44% over the past month [1]

Group 1 - On January 30, Giant Network's stock increased by 0.18%, with a trading volume of 1.439 billion yuan [1] - The financing data shows that on the same day, Giant Network had a financing purchase amount of 67.51 million yuan and a financing repayment of 125 million yuan, resulting in a net financing outflow of 57.41 million yuan [1] - As of January 30, the total balance of margin trading for Giant Network was 718 million yuan, with a financing balance of 699 million yuan, accounting for 0.82% of the circulating market value, which is above the 70th percentile level over the past year [1] Group 2 - As of September 30, the number of shareholders of Giant Network reached 61,000, an increase of 21.47% compared to the previous period [2] - For the period from January to September 2025, Giant Network achieved an operating income of 3.368 billion yuan, a year-on-year increase of 51.84%, and a net profit attributable to shareholders of 1.417 billion yuan, a year-on-year increase of 32.31% [2] - The total cash dividends distributed by Giant Network since its A-share listing amounted to 3.499 billion yuan, with 1.516 billion yuan distributed in the last three years [2]

2月2日消息，巨人网络（002558）(002558.SZ)旗下《超自然行动组》日活跃用户(DAU)正式突破1000万，成为当前A股市场唯一拥有单款日活过千万产品的 游戏公司。在中国游戏行业整体进入存量竞争的背景下，一款新产品能够在上线一年内持续拉升用户规模，并长期占据畅销榜，属极为罕见的现象。 市场数据显示，在用户规模持续增长的同时，该产品收入表现稳健，长期稳居iOS游戏畅销榜前列，显示出强劲的商业化能力。这一成绩不仅刷新了市场对 新游戏成长速度的认知，也为近年来备受关注的"摸金搜打撤"玩法赛道，提供了一个清晰、可验证的成功范本。 作为国内摸金搜打撤玩法的开创者，《超自然行动组》从立项到上线仅用较短周期完成产品验证。公开信息显示，该项目在相对克制的投入条件下完成了核 心玩法与系统搭建，并在上线后迅速跑通留存与增长模型。《超自然行动组》以显著低于行业惯性的投入跑通大DAU模型，使其不仅成为一款现象级产 品，也被视为近年来少见的高ROI样本，引发了行业与资本市场对"非工业化增长路径"的重新讨论。 从行业视角看，《超自然行动组》的增长并非建立在短期爆发或单点营销之上。过去一年中，"搜打撤"相关玩法持续升温，多家头 ...

智通财经APP获悉，2月2日消息，巨人网络(002558.SZ)旗下《超自然行动组》日活跃用户(DAU)正式突破 1000 万，成为当前 A 股市场唯一拥有单款日活过 千万产品的游戏公司。在中国游戏行业整体进入存量竞争的背景下，一款新产品能够在上线一年内持续拉升用户规模，并长期占据畅销榜，属极为罕见的现 象。 市场数据显示，在用户规模持续增长的同时，该产品收入表现稳健，长期稳居 iOS 游戏畅销榜前列，显示出强劲的商业化能力。这一成绩不仅刷新了市场 对新游戏成长速度的认知，也为近年来备受关注的"摸金搜打撤"玩法赛道，提供了一个清晰、可验证的成功范本。 作为国内摸金搜打撤玩法的开创者，《超自然行动组》从立项到上线仅用较短周期完成产品验证。公开信息显示，该项目在相对克制的投入条件下完成了核 心玩法与系统搭建，并在上线后迅速跑通留存与增长模型。《超自然行动组》以显著低于行业惯性的投入跑通大 DAU 模型，使其不仅成为一款现象级产 品，也被视为近年来少见的高 ROI 样本，引发了行业与资本市场对"非工业化增长路径"的重新讨论。 从行业视角看，《超自然行动组》的增长并非建立在短期爆发或单点营销之上。过去一年中，"搜打撤 ...

Core Insights - Giant Network's product "Supernatural Action Group" has surpassed 10 million daily active users (DAU), making it the only game company in the A-share market with a single product achieving this milestone [1] - The game has shown strong revenue growth while maintaining a leading position in the iOS game sales rankings, recently reaching the 4th position, indicating robust commercialization capabilities [3] Company Performance - "Supernatural Action Group" has achieved significant user growth and revenue increase, reflecting a strong commercial performance and setting a new benchmark for new game growth expectations [3] - The game has successfully implemented a low-investment model to achieve high DAU, breaking away from traditional high-investment growth strategies [7][8] Industry Context - The game's user growth is not reliant on short-term spikes or single marketing events, but rather on deep gameplay, user engagement, and long-term content supply capabilities [8] - The competitive landscape has intensified with multiple leading companies entering the "search and attack" gameplay segment, yet "Supernatural Action Group" has maintained steady user growth [8] Content and Community Engagement - Continuous and predictable content updates have been crucial for sustaining the game's active user base, with the introduction of a global brand ambassador and community engagement on platforms like Douyin and Xiaohongshu [9] - The game design incorporates frequent gameplay and system iterations, enhancing player experience and retention [9] Technological Innovation - "Supernatural Action Group" is the first domestic game to integrate large model capabilities into its core gameplay, collaborating with major cloud platforms for system testing [10] Strategic Positioning - The emergence of a product with over 10 million DAU reinforces Giant Network's leading position in the A-share gaming sector, with further growth potential anticipated [11] - The game’s growth is attributed to systematic capabilities in gameplay innovation and community engagement rather than reliance on single variables, allowing it to maintain a clear market distinction [11]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - Google's experimental research prototype, Project Genie, and TapTap's AI game creation agent are expected to reshape the game development chain and build a new content ecosystem. The integration of AI is anticipated to enhance the gaming industry significantly [2][4]. - The core competitive advantages in the gaming industry remain IP, quality content, gameplay innovation, and platform capabilities. Companies that actively embrace AI and possess mature game development capabilities are viewed positively [2][4]. - The gaming sector is expected to experience a strong product cycle and performance certainty through 2026, with a focus on investment opportunities in the gaming sector [2][4]. Summary by Sections Event Description - Google has officially launched Project Genie, an experimental research prototype powered by Genie 3, which allows users to create and explore interactive 3D environments based on text prompts or uploaded images. This technology represents a significant breakthrough in AI world simulation [9]. - TapTap has introduced the AI game creation agent "TapTap Manufacturing," which aims to lower the technical barriers for game creation, promoting a "zero-threshold creation" era. This product allows creators to develop and launch games through natural language dialogue without leaving the chat interface [9]. Investment Recommendations - The report expresses optimism about the long-term empowerment of the gaming industry by AI, with a focus on new game releases and industry catalysts. The gaming sector's product cycle and performance certainty through 2026 are expected to remain strong, highlighting investment opportunities in companies such as Giant Network, Kaixin Network, Perfect World, and Tencent [2][9].