机构：游戏行业景气度高 供需结构改善

Core Insights - The Chinese gaming industry is experiencing a high level of prosperity, with improved supply-demand dynamics and significant revenue growth in October 2025 [1][2] - The gaming sector is becoming a primary focus for active funds, indicating strong investor interest and confidence in the industry's future [1] - The shift from a project-based model to a quality-driven approach is enhancing the valuation potential of gaming companies [2] Group 1: Market Performance - In October 2025, the domestic gaming market revenue reached 31.359 billion yuan, reflecting a month-on-month growth of 5.66% and a year-on-year growth of 7.83% [1] - The gaming industry is currently in a favorable cycle, with A-share gaming companies experiencing accelerated revenue and profit recovery in the first three quarters of the year [1] Group 2: Investment Trends - Active funds significantly increased their holdings in the high-prosperity gaming sector during the third quarter of 2025, making gaming a major component of media investment portfolios [1] - The gaming industry benefits from supportive regulatory policies, strong earnings performance, and reasonable valuation levels, with most leading gaming companies valued between 15 to 20 times earnings [1] Group 3: Industry Evolution - The gaming market in China has matured, leading to longer project cycles and a shift from a "channel-driven" to a "quality-driven" approach, resulting in a focus on fewer but higher-quality games [2] - The currently popular SLG genre is characterized by long-term operational potential, which may further enhance the industry's valuation as it moves away from traditional project-based models [2]