11月版号数量再创年内新高，关注游戏ETF(516010)

Core Insights - The gaming sector is experiencing a rebound, with the gaming ETF (516010) rising by 1.64% on December 1st, driven by the issuance of 184 gaming licenses in November 2025, marking a new high for the year [1] - The normalization and stabilization of gaming license approvals have significantly reduced supply-side uncertainties, allowing major companies to launch high-quality products, which in turn boosts revenue and performance [1] - The public fund's heavy holdings in the media and internet sector increased to 2.5% in Q3 2025, with the gaming sub-sector's allocation rising to 1.68%, indicating a shift in investment focus [1] - Many leading companies in the A-share gaming sector exhibit strong cash flow characteristics, with some blue-chip gaming stocks offering dividend yields of 3%-4%, providing defensive value in a low-interest-rate environment [1] - The introduction of AI tools has enhanced cost efficiency in the gaming industry, with production efficiency for 2D art assets improving by 40%-50% and outsourcing costs reduced by over 30%, directly increasing product gross margins [1] Industry Outlook - Given the sustained high fundamentals, increased license issuance, and AI-driven cost efficiencies, the gaming sector is positioned as a dual-cycle investment target combining technology and consumer trends [2] - After a period of adjustment, the overall cost-performance ratio of the gaming sector has improved significantly, suggesting potential for both earnings and valuation growth [2] - The gaming ETF (516010) is recommended for investors looking to capitalize on these opportunities [2]