11月共178款国产网络游戏获批，游戏行业高景气度有望延续

Core Viewpoint - The gaming industry currently has a clear investment theme supported by policies, profitability, and valuation, with a total of 178 domestic games approved in November 2025 [1] Group 1: Policy Environment - Domestic regulatory policies are favorable and lenient, contributing to a positive outlook for the gaming sector [1] - The positioning of cultural exports is also seen as a beneficial factor for the industry [1] Group 2: Financial Performance - The third-quarter performance of the gaming industry significantly exceeded market expectations, effectively validating the profitability of the sector [1] - Most leading gaming companies are currently valued in the range of 15 to 20 times earnings [1] Group 3: Future Outlook - In the medium to long term, mid-tier gaming companies are expected to continue innovating in product gameplay and themes, driven by AI, which may lead to both valuation recovery and performance growth [1] - The entertainment attributes of gaming, supported by the "self-entertainment economy," are likely to sustain high levels of industry enthusiasm [1]