机构称游戏行业当前具备明确投资主线，政策、盈利与估值形成三重支撑

Core Viewpoint - The gaming sector is experiencing a positive trend, with a notable increase in the gaming ETF and strong performance from leading companies, supported by favorable policies and robust earnings growth [1] Group 1: Market Performance - On November 27, the gaming sector saw an early rise followed by slight fluctuations, with the gaming ETF increasing nearly 1% [1] - As of November 25, the gaming ETF product size reached 11.058 billion yuan, facilitating investors in accessing A-share gaming leaders [1] Group 2: Industry Insights - According to the report released by the China Audio-Video and Digital Publishing Association and Gamma Data, the domestic gaming market revenue in October 2025 is projected to be 31.359 billion yuan, reflecting a month-on-month growth of 5.66% and a year-on-year growth of 7.83% [1] - Financial Street Securities believes the gaming industry has a clear investment theme, supported by favorable policies, profitability, and valuation [1] Group 3: Future Outlook - The current regulatory environment is favorable, and the third-quarter performance has exceeded market expectations, validating the profitability of the gaming sector [1] - Most leading gaming companies are currently valued in the range of 15 to 20 times earnings, indicating potential for valuation recovery [1] - In the medium to long term, AI-driven innovations in mid-tier gaming companies are expected to enhance product gameplay and themes, leading to dual benefits of valuation recovery and earnings growth [1] - The gaming sector is poised for continued high demand due to its entertainment attributes and the evolving landscape of AI, content, and commercialization [1]