游戏持续高增，影视盈利扭亏——从三季报看游戏影视如何布局？

Core Insights - The gaming sector continues to show strong growth, with quarterly revenue reaching approximately 30 billion yuan, a year-on-year increase of 29.98% and a quarter-on-quarter increase of nearly 8.65% [1] - The film and television sector is stabilizing, with quarterly revenue of 9.3 billion yuan, a slight year-on-year decrease of 0.24%, but a net profit of 79 million yuan, indicating a turnaround from previous losses [1] Gaming Sector - The gaming industry is experiencing robust demand and supply growth, with the number of domestic game approvals exceeding 160 per month, doubling from over 80 at the beginning of 2023 [2] - The approval cycle for game licenses has significantly shortened from six months to about three months, enhancing the supply side's upward trend [2] - User engagement in gaming is increasing, with the share of gaming time in mobile internet rising to 6.5% in March 2025, up from 6.1% year-on-year [2] - The average revenue per user (ARPU) is projected to reach 248 yuan in the first half of 2025, a 13% year-on-year increase, indicating a shift in entertainment spending towards gaming [2] International Expansion - The profitability of the gaming industry is expected to improve as Apple and Google open third-party payment options and reduce commission rates starting in 2025, providing new momentum for domestic companies' overseas performance [3] Film and Television Sector - The film and television industry is seeing favorable policy changes, with the "21 Measures" from the National Radio and Television Administration aimed at enhancing content supply [4] - The film industry is expected to recover with increased imports and the release of major films like "Zootopia 2" in November 2025, which could boost box office performance [4] - The sector is still in a recovery phase, requiring high-quality content to drive demand [5] Outlook - The gaming industry's high growth is expected to continue, with stable supply and a favorable policy environment, leading to high revenue certainty [5] - The film and television sector is in a bottoming phase, awaiting quality content to confirm recovery trends, with new content forms showing over 30% growth [5] Investment Opportunities - The gaming ETF (516010) has surpassed 3 billion yuan in scale, while the film ETF (516620) is gaining attention as a potential investment window [6][7]