Core Insights - The article highlights the stable approval process for domestic game licenses in China, with a significant increase in the number of licenses issued in 2025 compared to the previous year [1][3] - The gaming market in August 2025 showed stable performance, with notable revenue contributions from high-quality products, indicating a positive outlook for game development companies [2][3] Group 1: License Approval and Supply - On September 24, 2025, the National Press and Publication Administration approved 145 domestic games and 11 imported games, indicating a robust supply of game licenses [1] - The total number of domestic game licenses issued in 2025 has reached 1,195, significantly higher than the 959 licenses issued in the same period last year, with an average monthly issuance of 132.8 licenses [1] Group 2: Market Performance - In August 2025, the domestic gaming market generated revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% due to a high base from the previous year [2] - Mobile game revenue was 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decrease of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decline of 1.11% but a year-on-year increase of 17.59% [2] Group 3: Investment Outlook - The stable approval rhythm for game licenses and the rich supply of game products lead to a favorable investment outlook for companies with strong content reserves and solid fundamentals [3]

转自：腾讯游戏 9月25日，腾讯游戏以及网易游戏分别发布国庆及中秋假期前后未成年人游戏限玩通知。 腾讯游戏 腾讯游戏发布关于国庆及中秋假期前后未成年人游戏限玩的通知，结合国家新闻出版署《关于进一步严格管理 切实防止未成年人沉迷网络游戏的通知》 （国新出发〔2021〕14号）与实际放假调休安排，2025年国庆及中秋假期前后，腾讯游戏旗下在中国大陆地区运营的网络游戏面向未成年人的游戏限玩执 行如下： 网易游戏 网易游戏发布《网易游戏关于国庆节、中秋节假期未成年人游戏限时的通知》。 根据国家新闻出版署《关于进一步严格管理 切实防止未成年人沉迷网络游戏的通知》（国新出发〔2021〕14 号）要求，结合国务院办公厅《关于 2025 年 部分节假日安排的通知》的规定，2025 年国庆节、中秋节假期期间和前后，网易游戏对未成年人游戏时间的限制如下： 一、未成年人可以在当日 20 时至 21 时体验游戏的日期： 10 月 1 日至 8 日（国庆节、中秋节假期） 10 月 10日、12 日（星期五、星期日） 二、未成年人无法体验游戏的日期： 9 月 28 日（星期日，工作日） 10 月 11 日（星期六，工作日） 请各位玩家合 ...

Group 1 - The Hong Kong stock market saw mixed performance with the Hang Seng Technology Index slightly down by 0.13%, while the National Enterprises Index rose marginally by 0.01% [2] - The Hang Seng Technology Index experienced a peak increase of 2% during the trading session before closing with a minor decline [2] Group 2 - Major technology stocks generally maintained an upward trend, with Xiaomi rising by 4.48%, JD.com by 3.46%, and Baidu by 2.33% [4] - Automotive stocks collectively increased, with Chery Automobile seeing a significant rise of nearly 14% on its first trading day, while other companies like Li Auto, NIO, and BYD also posted gains [4] - Copper prices surged due to supply tightness following an accident at the world's second-largest copper mine, leading to strong performances in the copper sector, with China Daye Non-Ferrous Metals soaring by 25% [4]

Core Viewpoint - Tencent and NetEase have announced restrictions on gaming hours for minors during the upcoming National Day and Mid-Autumn Festival holidays, reflecting ongoing regulatory measures in the gaming industry in China [1][3]. Group 1: Tencent Gaming Restrictions - Tencent's gaming restrictions for minors will be in effect from September 26-27 (Friday, Saturday) and October 1-8 (National Day and Mid-Autumn Festival), allowing access only from 8 PM to 9 PM. Other weekdays and the adjusted workday on September 28 (Sunday) and October 11 (Saturday) will be prohibited gaming periods [3]. Group 2: NetEase Gaming Restrictions - NetEase's restrictions state that minors can play games from 8 PM to 9 PM on October 1-8 (National Day and Mid-Autumn Festival) and on October 10 and 12 (Friday, Sunday). However, gaming will be prohibited on September 28 (Sunday, a workday) and October 11 (Saturday, a workday) [3].

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].

Investment Rating - The report assigns an "Increase" rating for the gaming industry, indicating a positive outlook compared to the CSI 300 index, with expected growth exceeding 15% [13]. Core Insights - In September, a total of 145 domestic games received approval, contributing to a total of 1,195 domestic game licenses issued this year, significantly higher than the 959 licenses issued in the same period last year [6][8]. - The gaming market in August showed stability, with a total revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% [6][8]. - The report highlights the strong performance of leading products, such as Tencent's "Delta Action," which reached 30 million daily active users in September, and the anticipated revenue of over 300 million yuan for the new game "Valorant: Energy Action" in its first month [6][8]. Summary by Sections Game License Approvals - In September, 145 domestic games and 11 imported games received approval, with notable titles from Tencent, NetEase, and others included in the list [6][8]. - The approval rate for domestic game licenses has increased, with an average monthly issuance of 132.8 licenses in 2023, up from 88.8 in 2021 and 108.8 in 2022 [6][8]. Market Performance - The gaming market's revenue for August was 29.263 billion yuan, with mobile games generating 21.521 billion yuan and client games 6.563 billion yuan [6][8]. - The report notes that client games are experiencing growth due to cross-platform products, which enhances their profitability compared to mobile games [6][8]. Investment Recommendations - The report recommends companies with strong content reserves and solid fundamentals, including Kain Network, 37 Interactive Entertainment, Giant Network, Perfect World, and others [6][8]. - Specific stock recommendations include Kain Network (28.94 yuan), 37 Interactive Entertainment (22.49 yuan), and Giant Network (44.87 yuan), all rated for "Increase" [7][8].

Core Viewpoint - Tencent is entering the life simulation game market with its new title "Little People Country," which aims to create a microcosm for players to explore and enjoy a relaxing gaming experience [1][8]. Group 1: Game Features and Appeal - "Little People Country" features a unique micro-world where players shrink in size and interact with NPCs, collect items, and customize their homes, emphasizing a light-hearted and social gaming experience [5][6]. - The game incorporates elements of home building, exploration, and social interaction, allowing players to visit friends' homes and engage in cooperative activities without competitive pressure [5][8]. - The game's artistic style and whimsical reinterpretation of everyday objects are designed to attract players, making it visually appealing and engaging [6][7]. Group 2: Market Context and Strategic Importance - The life simulation genre has seen a surge in interest following the global success of titles like "Animal Crossing," prompting major developers like Tencent to explore this relatively untapped market in China [8][9]. - Tencent's focus on "Little People Country" reflects a strategic shift towards diversifying its game offerings, particularly in light of the growing demand for non-competitive, casual gaming experiences among younger audiences [9][12]. - The game is positioned to leverage Tencent's social networking strengths, aiming to foster intimate player relationships through low-pressure interactions [8][12]. Group 3: Commercial Potential and Future Outlook - "Little People Country" has potential for diverse monetization strategies, including cosmetic purchases and merchandise based on in-game characters, which could provide long-term revenue opportunities [11][12]. - The game's success will depend on its ability to maintain player engagement through ongoing content updates and sustainable gameplay experiences, especially in a competitive landscape with other major developers entering the genre [11][12]. - The increasing focus on life simulation games indicates a broader trend in the gaming industry towards diversification, which could benefit players through a wider variety of gaming experiences [12].

Core Insights - NetEase's martial arts MMO game "The Legend of the Condor Heroes" will officially cease operations on November 24, 2025, after less than two years of operation [1] - The game, which cost 1 billion to develop, aimed for a "150-year long-term operation" vision but failed to achieve market success [1] - Reasons for the shutdown include the expiration of the IP licensing agreement with Minghe Company and adjustments in NetEase's operational strategy [1] Financial and Operational Summary - The game was launched on March 28, 2024, and despite a major overhaul with the release of version 2.0, it could not reverse its poor market performance [1] - The closure of the game has led to the shutdown of download and recharge channels, with the company offering compensation in the form of equivalent points for unused in-game currency and exclusive benefits in seven other NetEase games [1]

Group 1 - The gaming sector is experiencing growth, with the approval of 145 domestic games and 11 imported games in September 2025, indicating a positive regulatory environment [4][5] - Major gaming companies like Tencent and NetEase received approvals for new games, which is expected to enhance their product lines in the ACG and social gaming sectors [5] - In the first half of 2025, 23 A-share gaming companies reported total revenue of 53.841 billion yuan, a year-on-year increase of 22.78%, with net profits reaching 8.027 billion yuan, significantly higher than previous years [5][6] Group 2 - The overseas revenue from self-developed games exceeded 9.5 billion USD in the first half of 2025, showing a growth of over 11%, highlighting the global expansion of Chinese gaming companies [6] - 32 Chinese companies ranked in the global top 100 mobile game publishers, collectively generating 2.04 billion USD, which accounted for 35.1% of the total revenue of the top 100 publishers [6] - The gaming industry is expected to maintain high prosperity due to three driving factors: AI empowerment, high growth from overseas markets, and favorable supply-side policies [6][7] Group 3 - The media sector is witnessing a rise in AI applications, which is expected to reshape the industry landscape and enhance cultural confidence through content output [7] - The gaming sector is anticipated to see continued high demand and supply resonance, with a focus on companies that show high growth potential in their upcoming quarterly reports [7]

Group 1 - NetEase has integrated AI into its game production process, achieving a 70% increase in scene design efficiency and a 30% improvement in animation production efficiency through over 1000 new production pipelines [1] - AI code generation tools have enhanced development efficiency by 50%, with AI logic quality reaching expert-level standards [1] - AI-driven user profiling and intelligent customer service have led to a 250% increase in marketing efficiency, indicating a significant boost in operational capabilities [1] Group 2 - Sega announced the latest installment of the "Yakuza" IP, titled "Yakuza 3: Dark Ties," which will be released alongside "Yakuza: Kiwami 3" on February 12, 2026, across multiple platforms [2] - The pricing for the standard and deluxe editions of "Yakuza 3: Dark Ties" has been set at 268 yuan and 338 yuan, respectively, which may enhance investor confidence in Sega's IP management capabilities [2] - The continuous development of mature IPs is becoming a crucial path for stable revenue generation in the gaming industry, highlighting the importance of long-term content value and brand extension potential [2] Group 3 - NetEase's MMORPG "The Legend of the Condor Heroes" will cease operations on November 24, 2025, less than two years after its launch, which was initially promoted as a "150-year long-term operation" [3] - The termination of "The Legend of the Condor Heroes" underscores the risks associated with IP collaborations and the challenges of lifecycle management in the gaming industry [3] - The reliance on IP and effective lifecycle management remain critical challenges for game developers, prompting the exploration of more sustainable content and business models [3]