AI application breakthroughs and commercialization acceleration, seize opportunities in the gaming sector that offer both performance and valuation growth.

On April 1, the gaming sector remained strongly bullish throughout the trading session. The Huaxia Gaming ETF (159869) was up more than 3.7% at one point. All its holdings were in the green. Perfect World and Shunwang Technology both rose by more than 8%, Giant Network was up more than 6%, while Kingsoft Network, Icecloud Network, and Three-Seven Mutual Entertainment all rose by more than 3%. The Huaxia Gaming ETF (159869) has seen net fund inflows for two straight days, with cumulative “capital attracted” reaching 0.64 billion yuan, drawing strong attention from investors.

On March 25, the National News and Publication Administration released the latest batch of game approvals for March, totaling 133 titles. Of these, 130 are domestic games and 3 are imported games. Well-known publishers and products include: Tencent Beiguang’s “Little Men of the Particle World,” Kingsoft Network’s “Legends of the Everlasting,” Xinghui Tiantuo’s “A Journey Through Ming: Southern Lord,” Three-Seven Mutual Entertainment’s “Big Adventure of the Little Helmets,” and Hangzhou Youka’s “King of Hell: Return of the King,” among others. As of March, a total of 467 game approvals have been issued in 2026. CICC said that the issuance cadence is stable, and the supply side continues to remain normalized. Structurally, mobile gaming still dominates, the share of casual and puzzle products is increasing, and cross-platform layouts and new formats such as VR continue to be explored. Overall, both product reserves at leading firms and those of smaller and mid-sized companies are being steadily advanced, with long-term IP operations; industry mid-term fundamentals and cyclical conditions appear steady.

Guosen Securities noted that AI applications breaking out of their niche and commercialization are accelerating. AI Agents are developing rapidly. OpenClaw continues to break out, and the “self-evolving agent” MuleRun has been released, which can generate digital employees with zero threshold, accelerating the improvement of AI capabilities and penetration rates. Watch for opportunities in the marketing industry under competition among beneficial traffic entry points—from marketing intermediaries to high-quality corpora and large-model platforms, which are expected to continue benefiting. At the same time, seize opportunities for a bottom-up layout in the gaming sector that has both performance and valuation. The cycle of new flagship releases is expected to drive further upward revisions to gaming sector performance and valuations. In addition, the report also mentioned continuing to like AI application opportunities and IP trend collectibles.

The gaming sector has multiple catalysts, including AI, content, and business model transformation. The Huaxia Gaming ETF (159869) tracks the CSI Dongyou Game Index. With AI application content leading across the market, it precisely covers the overall performance of China’s A-share animation and gaming industry. At present, the gaming sector is being swept by multiple waves of catalysts from policy tailwinds + product cycles + AI empowerment. Investors may be able to focus on the opportunity window for allocating to the gaming track.

（责任编辑：董萍萍 ）

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