Gaming & Media ETF Puyin (517770) Attracts Capital for 2 Consecutive Days

As of 10:12, among the constituent stocks of the SHS Gaming and Media Index tracked by the Gaming and Media ETF Puyin (517770), China Science Publishing & Media Ltd. rose over 6%, while Huace Film & TV, BlueFocus Communication Group, Zhejiang Daily Digital Culture Group, etc., gained over 3%. Provincial Advertising Group, Leo Group, Mango Excellent Media, etc., also traded in the green.

Wind data shows that the latest size of the Gaming and Media ETF Puyin (517770) ranks first among ETFs tracking the same underlying index. The fund has attracted a total of over 6.7 million in net inflows for two consecutive days.

The Chinese gaming industry got off to a strong start in 2026, with market size achieving double-digit growth and reaching a new historical high. According to the latest quarterly report released by the China Game Industry Committee of the China Audio-Video and Digital Publishing Association, the actual sales revenue of China's gaming market in Q1 2026 reached 97.172 billion yuan, up 2.54% quarter-on-quarter and a significant 13.38% year-on-year. Meanwhile, overseas business performed equally impressively, with self-developed games generating sales revenue of 6.331 billion USD in overseas markets, a 6.23% increase quarter-on-quarter and a 31.76% surge year-on-year.

Behind the industry's booming development, AI is becoming the next driving force for industry transformation.

Recently, Tencent's Hunyuan team officially released and open-sourced the "Hunyuan 3D World Model 2.0". This breakthrough technology can directly generate 3D asset files that are available for secondary editing and can be seamlessly imported into game engines or embodied simulation engines, truly enabling rapid transformation from concept to playable and usable assets, which will greatly enhance game development efficiency.

A latest Morgan Stanley report reveals that generative AI has the potential to cut AAA game development costs by 44%, unlocking 22 billion USD in incremental profits—but this pie is not evenly divided. Tencent, Roblox, and AppLovin were named as the top beneficiaries, while homogeneous content providers face pressure to exit. IP accumulation, core gameplay design, and real-time operations will be the three major barriers difficult for AI to replicate in the short term.

Zhongtai Securities stated that AI consumption is accelerating its implementation, with marketing strategies evolving towards "ACO (Agent Commercial Optimization) Brand Power". AI service providers with customer resources, data accumulation, and technology-driven capabilities in the e-commerce field are more likely to leverage first-mover advantages to capture the growth dividends brought by the evolution of AI consumption. At the same time, the value of programmatic advertising with pan-entertainment applications like gaming as core scenarios is expected to steadily increase.

From a valuation perspective, the latest P/E ratio of the SHS Gaming and Media Index tracked by the Gaming and Media ETF Puyin (517770) is only 19.81 times, at the 3.74% percentile since the index's inception, meaning the valuation is lower than 96.26% of the historical range.

The Gaming and Media ETF Puyin (517770) closely tracks the CSI Shanghai-Hong Kong-Shenzhen Gaming and Cultural Media Index. This index selects 50 high-quality listed company securities from the Shanghai, Hong Kong, and Shenzhen markets whose businesses involve gaming, film and television, broadcasting and television, advertising and marketing, publishing, education, and cultural performances, covering the cultural entertainment industry chain. Particularly regarding gaming and media companies covering the Hong Kong market, leading enterprises such as Kuaishou, Tencent Holdings, and Bilibili serve as weighted components.