开源证券：当下游戏的行业边际变化较大 游戏投资ROE或显著提升

Group 1 - The gaming industry is undergoing significant marginal changes, shifting from "one-off skin products" to "long-cycle projects," leading to an increase in cash flow duration [1] - AI is reforming the business operation models and content of games, which may significantly enhance the return on equity (ROE) for game investments [1] - Changes in consumer habits are moving from material consumption to emotional consumption, impacting performance [1] Group 2 - The long-term trend for the market remains optimistic, with a bullish mindset and room for upward valuation based on current securities rates [2] - The market structure is characterized by a "dual-driven" approach, with strong elasticity provided by growth categories under global technology collaboration and a recovery in cyclical and pro-cyclical trading [2] - The focus should be on growth sectors, particularly in a high-risk appetite market, where growth is more likely to yield excess returns [2] Group 3 - In the tech market, hardware leads while software follows, with gaming being a highly elastic category within the software domain [3] - The gaming industry's business model is marked by high investment, high risk, high return, and long cycles, reflecting a pattern seen in past tech revolutions [3] Group 4 - Gaming is compared to the innovative pharmaceutical industry due to similarities in business models, including high investment and long revenue cycles [4] - Both sectors exhibit high second-order profit derivatives during their revenue realization phases, with significant growth potential once they enter harvest periods [4] - However, gaming currently lacks strong catalysts compared to innovative pharmaceuticals, leading to a more moderate growth trajectory [4]