[CITIC Media] Gaming Sector Leads Gains, Fund Style Shift Plus Interim Report Catalysts, AI Application Direction Continues to Attract Attention

English summary

Today A-share gaming sector was active, leading gains. We believe this rally is more driven by trading-level fund rotation: after AI hardware direction accumulated large gains earlier, market funds begin switching to AI applications, and gaming sector with low valuation, interim report earnings certainty, and AI empowerment logic becomes key allocation direction. From fundamentals, recent gaming industry catalysts continue accumulating: July game version approvals hit new high for the year, industry supply remains high; Shiji Huatong, Giant Network, Kaiying Network, G-bits and others posted generally good interim report forecasts, verifying product cycle and profitability continuous improvement; meanwhile, AI technology iteration promotes efficiency improvement in game R&D, content production, and operations, and directions like AI games, AI companions, and Agents continue to heat up, providing new valuation logic for the sector. From market trading, recent fund style has changed somewhat, AI investment mainline gradually shifting from earlier infrastructure directions like computing power, servers, optical modules, to application side. ...