The underlying index valuation of the Game and Media ETF Puyin (517770) is at a historical low.

As of 10:02, among the constituent stocks of the SHS Gaming and Media Index tracked by the Gaming and Media ETF Puyin (517770), G-bits, Heartbeat, and Quzhi Group rose over 2%.

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 over 6.7 million in net inflows in the past 3 days.

In terms of gaming, the recent new game release cycle continues. Tencent's "Honor of Kings World" launched on mobile on April 17th. The game has built high-density social scenarios, introducing a "platformization" strategy to the open-world genre, and has remained at the top of the iOS free download chart since launch. Perfect World's "Yihuan" public beta preview special program was completed on April 18th. The game continues to enjoy high reputation and popularity, achieving a milestone of 35 million pre-registrations. The full-platform public beta will officially start on April 23rd, with pre-downloads available from 9:00 AM on April 21st.

Changjiang Securities stated that several new games will see positive progress in the near term. They are optimistic about the long-term empowerment of new technologies like AI on the gaming industry. The subsequent new game releases and industry catalysts are intensive, and the gaming sector's product cycle sustainability and earnings certainty for 2026 remain strong.

In terms of media, recently, the media leader BlueFocus released its Q1 2026 report. The report shows the company achieved operating revenue of 18.807 billion yuan, a year-on-year increase of 31.91%; net profit attributable to the parent company was 126 million yuan, a year-on-year increase of 32.04%.

With the continued rapid growth in Token consumption in Q1, AI is accelerating its upgrade from an auxiliary tool to BlueFocus's core business infrastructure. Currently, the company has established in-depth cooperation with leading platforms such as Volcano Engine, Alibaba Cloud, and Kuaishou Keling, focusing on marketing scenarios to promote the commercial implementation of large models, and using AI technology to comprehensively reconstruct the content production system and service delivery model.

Guosen Securities' research report points out that AIAgents are developing rapidly, and OpenClaw continues to break out of its niche, accelerating the improvement of AI capabilities and penetration. They remain optimistic about opportunities in the AI application end; they also highlight opportunities in the marketing industry benefiting from competition for traffic entry points, with entities from marketing intermediaries to high-quality data and large model platforms expected to continue benefiting.

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 19.51 times, at the 3.45% percentile since the index's inception, meaning the valuation is lower than 96.55% of the periods since the index was established.

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 are involved in gaming, film and television, broadcasting, advertising and marketing, publishing, education, and cultural performances, covering the cultural entertainment industry chain; especially regarding gaming and media companies covering the Hong Kong market, leading companies such as Kuaishou, Tencent Holdings, and Bilibili serve as heavyweight constituents.