价值重估：游戏行业迈向新繁荣 2026年如何定义新周期？

Core Insights - The gaming industry is experiencing a strong recovery with a significant increase in game license approvals, reaching 1,624 by November 2025, surpassing the total for the previous year, and achieving a record high of 184 licenses in November alone [1][2] - The industry is transitioning from "scale expansion" to "quality enhancement," driven by a focus on premium, global, and intelligent gaming experiences [1][2] Policy and Market Dynamics - The stable issuance of game licenses has boosted industry confidence, marking a maturation phase for the gaming sector [2] - The approval normalization trend is facilitating the development and launch of high-quality new games, leading to a focus on innovation and sustainable growth among gaming companies [2] Financial Performance - The gaming industry saw a significant performance surge in Q3 2025, with Century Huatong's revenue exceeding 10 billion yuan for the first time, reaching 10.016 billion yuan, a 60.19% year-on-year increase, and a net profit of 1.701 billion yuan, up 163.78% [3] - Other companies like 37 Interactive Entertainment and Gigabit Network also reported strong financial results, with notable profit growth rates [3] Market Diversification - The Chinese gaming market has entered a phase of comprehensive diversification, with various game types and platforms gaining traction [4] - Mini-games on platforms like WeChat and Douyin have seen substantial growth, with actual sales revenue reaching 23.276 billion yuan in the first half of 2025, a 40.2% increase [4] - The overseas market has become a crucial growth driver, with domestic game companies generating 9.501 billion USD in sales revenue from international markets in the first half of 2025, an 11.07% increase [4] Technological Innovation - The integration of AI technology in gaming is reshaping industry valuation logic, with many companies investing in AI capabilities [5] - AI is expected to reduce development costs and improve efficiency by 20%-30%, enhancing both game development and user experience [6] Valuation and Growth Outlook - Despite the strong performance in 2025, the gaming sector's current valuation remains low, with expectations of reaching a 20x P/E ratio by 2026 [7] - Companies like 37 Interactive Entertainment are positioned for valuation recovery due to significant profit growth and improved fundamentals [7] - The gaming industry's long product lifecycle supports sustained performance, with a robust pipeline of new products anticipated [7] Institutional Confidence - There is a noticeable increase in institutional investment in the gaming sector, with public funds holding a market value of 21.503 billion yuan in the gaming sector by Q2 2025, accounting for 59.17% of the media sector's total [8] - The return of key companies to indices is expected to further bolster this trend [9]