上半年游戏行业重回增长曲线，游戏作为文化载体的定位正加速落地，聚焦游戏ETF（159869）布局窗口

Core Viewpoint - The gaming industry in China is experiencing a recovery, with several companies returning to profitability and a significant increase in the issuance of game licenses, indicating a positive trend for future growth [1][2]. Group 1: Industry Performance - The gaming sector has shown signs of recovery, with at least 7 companies turning losses into profits in the first half of the year [1]. - The total number of game licenses issued in the first half of the year reached 757 for domestic games and 55 for imported games, exceeding 800 in total, reflecting a continuous upward trend [1]. - In June alone, 158 new games were approved, indicating a faster pace of new game approvals and launches [1]. Group 2: Market Dynamics - The overseas market is becoming a new growth engine for gaming companies, with Chinese self-developed games generating $9.501 billion in overseas revenue in the first half of 2025, marking an over 11% year-on-year increase [1]. - The gaming industry is positioned to lead the global market's growth trajectory, returning to the peak growth rates seen in 2021 [1]. Group 3: Future Outlook - The gaming sector is supported by three driving forces: ongoing policy support, industry recovery, and accelerated AI implementation [2]. - Short-term performance is expected to be bolstered by the normalization of license releases and the launch of new products during the summer season [2]. - Mid-term, AI technology is anticipated to reshape research and development, enhancing efficiency and content quality [2]. - Long-term growth opportunities will arise from global expansion efforts [2].