中信证券：10月版号发放，题材多元驱动景气度提升

Core Viewpoint - The approval of game licenses by the National Press and Publication Administration has increased, with a total of 166 game licenses issued in October, indicating a stable approval rhythm and a diverse content supply in the gaming industry [1] Industry Summary - A total of 166 game licenses were issued in October, comprising 159 domestic and 7 imported games, showing a month-on-month increase in license numbers [1] - The approval pace remains steady, allowing for a batch approval of new products across various genres, including anime, Three Kingdoms, RPG, and casual games, leading to a more diversified content supply [1] - The approval of the client version of "Arknights" signifies the deepening of head IP's cross-platform layout, while mid-tier manufacturers are accelerating innovation in lightweight, idle, and narrative-driven products [1] - The stable issuance of licenses and a relaxed approval environment are expected to promote the launch of new products, thereby enhancing the industry's overall prosperity [1] Company Recommendations - Companies are recommended based on the continuous easing of license approvals and the trends of AI and IP commercialization, which are anticipated to drive performance improvements through new product cycles [1]