2025年我国小游戏市场收入达535.35亿元，同比大幅增长34.39%，聚焦游戏板块布局机会

Group 1 - The gaming sector experienced slight fluctuations, with the gaming ETF (159869) rising approximately 0.3% in early trading on January 6, 2023, and accumulating 1.306 billion yuan in inflows over the last 10 trading days, bringing its total scale to 13.116 billion yuan as of January 5, 2023 [1] - WeChat Mini Games announced an upgrade to its IAP incentive policy effective January 1, 2026, focusing on newly launched games, which will receive dual incentives during their initial and growth periods, with a maximum incentive cap raised to 4 million yuan per game [1] Group 2 - The China Audio-Video and Digital Publishing Association's report indicates that the domestic gaming market is projected to achieve actual sales revenue of 350.789 billion yuan in 2025, a year-on-year increase of 7.68%, with a user base of 683 million, marking a 1.35% growth [2] - The mini-games market is expected to reach 53.535 billion yuan in revenue in 2025, representing a significant year-on-year growth of 34.39%, and accounting for 15% of the overall gaming market revenue [2] - Huafu Securities notes that WeChat Mini Games currently has 500 million monthly active users and has served over 400,000 developers, with 80% being small teams of fewer than 30 people, suggesting that the upgraded incentive policy may further stimulate the development of more gaming products [2] - Dongfang Securities highlights that key projects in the Chinese market are significantly contributing to PC revenue, indicating potential growth in both product supply and traffic demand for PC channels, with an expectation of abundant new product supply in 2026 [2]