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Core Viewpoint - The gaming sector in the A-share market has quietly risen, with an overall increase of over 60% expected by 2025, amidst a focus on precious metals, AI, and computing power concepts in the past year [2][3]. Group 1: Industry Growth and Policy Support - The gaming industry has seen significant growth, with the number of approved games reaching a historical high of 1,771 in 2025, a 25.07% increase from 1,416 in 2024 [5]. - The revival of game approvals is attributed to a combination of factors, including the gradual relaxation of policies and improved social attitudes towards the industry [7]. - In April 2025, the government introduced three measures to support game development, including tax incentives and support for IPOs and mergers [8]. - The approval process for game licenses has been optimized, reducing the time to under a year, with some approvals taking as little as three months [9]. Group 2: Investment in Game Development - Leading gaming companies have significantly increased their R&D expenditures, with Century Huatong, Giant Network, and G-bits reporting R&D costs of 76 million, 34 million, and 28 million yuan respectively, all showing over 45% growth year-on-year [11]. - The gaming user base has grown by 1.35% to 683 million, marking a historical high, indicating increased user engagement and spending [14]. - The domestic console game market has seen a sales revenue of 8.362 billion yuan in 2025, reflecting an 86.33% year-on-year growth [15]. Group 3: Market Trends and Future Directions - The gaming industry is experiencing a shift towards high-quality games, with a notable increase in the success rate of projects among leading companies [20]. - The variety of game genres is expanding, with new trends emerging, such as the rise of party games and the anticipated popularity of auto-chess games in 2026 [24]. - The mini-game market on WeChat has rapidly grown, with revenues reaching 53.535 billion yuan in 2025, a 34.39% increase, and a significant rise in active users [25]. - The gaming market is expected to continue expanding, driven by improved game quality, the growth of mini-games, and the integration of AI in game development and operations [29]. Group 4: Competitive Landscape - The gaming industry is becoming increasingly competitive, with companies investing in mergers and expanding into international markets to address challenges [33]. - While most companies focus on the domestic market, there is a growing emphasis on global expansion, leading to a significant increase in R&D investments [34]. - The industry's future growth will likely depend on companies that can innovate gameplay and develop platform-based gaming enterprises [36].