TENCENT(HK:00700) Di Yi Cai Jing·2025-07-07 09:56Core Points - The Shanghai Municipal Government has issued measures to promote the high-quality development of the software and information service industry, including a pilot policy that treats games developed by foreign game companies in Shanghai as domestic products, which has sparked discussions in the gaming industry [1][4]. Group 1: Policy Implications - The new policy aims to support the digital content industry in Shanghai, encouraging the establishment of digital content industry clusters and facilitating the production and operation of various digital content sectors, including games [4]. - The pilot policy will be implemented from July 1, 2025, to June 30, 2028, and is expected to simplify the approval process for foreign game companies in Shanghai, potentially increasing the number of high-quality global games entering the Chinese market [4][6]. Group 2: Industry Impact - The gaming industry in Shanghai has seen significant growth, with total sales revenue exceeding 144.5 billion yuan in 2023, marking a year-on-year increase of approximately 13% [6]. - Shanghai is home to several successful game companies, such as miHoYo and Lilith Games, which have demonstrated strong self-research capabilities and contributed to the city's reputation as a global gaming hub [6][5]. Group 3: Future Outlook - Industry analysts believe that the new policy could attract foreign game companies to establish local R&D teams in Shanghai, fostering closer collaboration between foreign and local game developers [5][7]. - The trend of international AAA games being localized for the Chinese market is expected to accelerate, with foreign companies increasingly looking to adapt their products to meet local preferences [7].