Daiwa has released a research report stating that the application of artificial intelligence (AI) in the gaming industry enhances efficiency, scalability, and operational capabilities, though core creative development remains human-driven. The firm believes AI will expand content supply but cautions that user attention and profitability may become further concentrated among top-tier platforms. Daiwa maintains that strong project pipelines are key catalysts for near-term stock re-ratings. Given TENCENT (00700), BILIBILI-W (09626), and NTES-S (09999) possess comprehensive capabilities, strategic vision, robust operational strength, and solid project reserves in the era of AI disruption, the firm identifies these three stocks as its preferred choices. However, Daiwa also highlights several primary risks, including potential delays in new game launches or underwhelming performance, as well as the emergence of new disruptive tools or user acquisition methods at a faster-than-expected pace. The firm assigns a "Buy" rating to TENCENT with a target price of HKD 517. For BILIBILI-W, both its Hong Kong and US-listed shares receive a "Buy" rating with target prices of HKD 199.2 and USD 24.95, respectively. Similarly, NTES-S's Hong Kong and US-listed shares are both rated "Buy" with target prices of HKD 186.6 and USD 115.87, respectively.