On the morning of September 25, the gaming sector showed active strength, and the Gaming ETF (159869) maintained its upward trend in the afternoon, still up nearly 3%. Over the past 10 trading days, the Gaming ETF (159869) has seen a cumulative net inflow of 1.062 billion yuan, indicating strong investor favor.

On the news front, on September 24, the National Press and Publication Administration released the approval information for domestic online games in September 2025, with 145 domestic online games receiving licenses in this batch. The approval information for imported online games was also updated, with 11 imported online games obtaining licenses.

Kaiyuan Securities believes that, globally, whether PC, mobile, console, or interactive video games, as key representatives of emotional consumption that meet user needs for stress relief and social interaction, gaming demand remains robust. With continuous releases of new products, the synergy between supply and demand will sustain the industry’s high growth. Moreover, the length of this boom cycle may exceed market expectations, while the sector’s current valuation advantage remains prominent.

The gaming sector is driven by multiple catalysts, including AI, content innovation, and business model transformations. The Gaming ETF (159869) tracks the CSI Anime and Game Index, reflecting the overall performance of A-share listed companies in the anime and gaming industry. Investors are advised to watch for opportunities in the Gaming ETF (159869).