新游戏加快发行，游戏市场日渐复苏，聚焦游戏ETF（159869）布局机会

Group 1 - The gaming sector showed slight fluctuations in early trading on November 26, with the gaming ETF (159869) experiencing a minor decline, while stocks like Borui Communication and Xunyou Technology saw gains [1] - As of November 25, the gaming ETF (159869) had a product scale of 11.276 billion yuan, facilitating investors in easily accessing leading A-share gaming companies [1] - The "Guiding Opinions on Promoting High-Quality Development of the Gaming Industry" aims to cultivate 3 to 5 globally competitive gaming companies by 2027, with an acceleration in the issuance of gaming licenses [1] Group 2 - By October 2025, a total of 1,440 gaming licenses were issued, including 1,354 for domestic games and 86 for imported games, indicating a stable growth trend in the approval of domestic gaming licenses [1] - The Chinese gaming market is showing signs of recovery, with Q3 2025 revenues reaching 88.026 billion yuan, a quarter-on-quarter increase of 6.96%, ending a continuous decline since Q4 2024 [1] - The esports sector demonstrated significant growth, with actual sales revenue for the first three quarters of this year at 44.835 billion yuan, reflecting a quarter-on-quarter increase of 10.46% and a year-on-year increase of 25.37% [1] Group 3 - Looking ahead, the Chinese gaming market is projected to exceed 400 billion yuan by 2025, with a notable increase in personalized content driven by AIGC technology [2] - New forms such as cloud gaming and VR/AR are expected to create additional market growth, while the overseas revenue share of Chinese gaming companies is also anticipated to rise significantly [2] - The A-share gaming sector is transitioning from "scale expansion" to "quality improvement," with the potential for valuation recovery and performance growth to create a "Davis Double-Click" effect [2]