机构：持续看好游戏板块投资机会

Core Insights - The National Press and Publication Administration announced the approval of 159 domestic games and 7 imported games in October 2025, indicating a stable regulatory environment for the gaming industry [1] Industry Analysis - The gaming sector is transitioning from a project-based model to a focus on quality, with longer project cycles reflecting the maturity of the market and elevated player expectations [1] - The current trend emphasizes "quality over quantity," leading to a product line characterized by fewer but more refined games, resulting in extended game lifecycles [1] - The SLG (Simulation Game) genre, particularly SLG+X, is gaining traction as a long-term operational category, suggesting a shift away from traditional project-based approaches [1] Investment Outlook - Jianghai Securities highlights the strong cash flow within the gaming sector, ongoing policy support, and advancements in AI game development as positive indicators for investment [1] - Recent adjustments in the gaming sector have made valuations more attractive, reinforcing a positive outlook for investment opportunities in the gaming industry [1]