机构：游戏行业高景气度有望延续

Core Insights - The approval of 178 domestic games and 6 imported games in November 2025 indicates a positive trend in the gaming industry [1] - The gaming sector is experiencing a high level of prosperity, with improved supply-demand dynamics due to an increase in license approvals [1] - Active funds significantly increased their holdings in the high-prosperity gaming sector during Q3 2025, making gaming a primary focus for media fund allocations [1] Group 1: Industry Outlook - The gaming industry is currently supported by favorable policies, strong profitability, and reasonable valuations, creating a clear investment theme [1] - Domestic regulatory policies are becoming more lenient, which, combined with the cultural export strategy, enhances the industry's growth potential [1] - Q3 2025 earnings exceeded market expectations, validating the profitability of the gaming sector [1] Group 2: Valuation and Growth Potential - Most leading gaming companies are currently valued in the range of 15-20 times earnings, indicating room for valuation recovery [1] - Mid-tier gaming companies are expected to innovate in gameplay and themes under the influence of AI, potentially driving both valuation recovery and earnings growth [1] - The gaming sector is likely to maintain its high prosperity due to its entertainment attributes aligned with consumer preferences [1]