2025年全年版号发放正式收官，创下自2019年以来近七年新高，游戏行业持续回暖

Core Viewpoint - The gaming sector is experiencing a resurgence, with significant capital inflow into gaming ETFs and a record number of game licenses issued in 2025, indicating a positive outlook for the industry [1] Group 1: Market Performance - The gaming sector showed strength in midday trading on December 26, with gaming ETFs experiencing a slight increase [1] - Gaming ETFs have seen net inflows for five consecutive trading days, accumulating a total of 1.156 billion [1] - As of December 25, the total size of gaming ETFs reached 12.486 billion, providing investors with a convenient tool for exposure to leading A-share gaming companies [1] Group 2: Regulatory Developments - The National Press and Publication Administration announced the issuance of online game licenses for December, marking the end of the annual license issuance for 2025 [1] - The total number of game licenses issued this year reached 1,771, the highest in nearly seven years since 2019, representing an increase of over 20% compared to 2024 [1] Group 3: Industry Outlook - According to Open Source Securities, the gaming industry's upward cycle continues due to supply-demand resonance, with adjusted valuations becoming attractive [1] - CITIC Construction Investment Securities noted that the gaming industry's prosperity and profit margins are on the rise, supported by the growth in license supply [1] - Major companies like Tencent, NetEase, and miHoYo are launching new games, while mid-sized firms are innovating in categories such as SLG + elimination and creative card games, indicating strong potential [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with gaming ETFs tracking the CSI Animation and Gaming Index reflecting the overall performance of A-share listed companies in the animation and gaming industry [1]