Yamato: The market's reaction to the disruption of the gaming industry by AI has been excessive, with Tencent, Bilibili, and NetEase being the top choices.

Daiwa released a research report stating that the market's reaction to artificial intelligence disrupting the gaming industry is excessive, and believes that the ultimate creative control still belongs to humans. They reiterated their positive rating on the Chinese online gaming industry, with top picks including Tencent, Bilibili, and NetEase, as they believe these companies have comprehensive capabilities, visionary advantages, and strong real-time operational strength. Daiwa believes that AI's application in games mainly improves efficiency, scalability, and real-time operational capabilities, while core creation is still led by humans. As AI shifts the value focus to creativity, distribution, and user management, the value of pure production capacity will decrease, while creative vision, long-term franchise rights, and strong user acquisition and retention capabilities will become more valuable. Content-driven and mechanically simple game types face higher disruptive risks, while social-driven and real-time service games are more stable.