On September 9, the three major stock indices opened lower collectively. The Shanghai Composite Index opened at 3,816.66 points, down 0.27%; the Shenzhen Component Index opened at 12,598.29 points, down 0.54%; and the ChiNext Index opened at 2,901.29 points, down 1.09%. In terms of sector performance, gold, precious metals, and real estate sectors were active. The gaming sector continued to climb in early trading, with the Gaming ETF (159869) rising over 1%, demonstrating a notable rebound and upward trend.

On the news front, the gaming sector achieved significant overall performance growth in the first half of 2025. According to Wind data, the sector’s average revenue reached RMB 2.083 billion, a year-on-year increase of 14.36%; the average net profit was RMB 365 million, surging 118.64% year-on-year, primarily benefiting from a strong performance in the second quarter. In Q2 2025, the media industry’s revenue reached RMB 128.9 billion, of which the gaming industry’s revenue was RMB 27.7 billion, a year-on-year increase of 22.7%, making it the fastest-growing sub-sector. The net profit attributable to parent company shareholders was RMB 4.57 billion, a year-on-year increase of 101.9%, contributing 125.5% of the net profit growth in the media industry. The overall net profit growth of the media industry was RMB 1.84 billion, with the gaming sector contributing RMB 2.31 billion.

It is worth noting that leading companies in the gaming industry delivered outstanding profitability. Among them, Kingnet Network achieved revenue of RMB 2.578 billion and a net profit of RMB 950 million in the first half of the year, with an ROE of 11.58%, mainly due to the expansion of Legend IP operations and gaming box business. Glacier Network achieved revenue of RMB 1.257 billion and a net profit of RMB 336 million in the first half of the year, with an ROE as high as 20.92%, ranking first in profitability in the sector, benefiting from stable revenue from long-term products like the "Expedition" series and AI technology optimizing R&D costs.

The gaming sector is driven by multiple catalysts, including AI, content, and business model transformations. The Gaming ETF (159869) tracks the CSI Animation & Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry. Investors are advised to pay attention to the layout opportunities of the Gaming ETF (159869).