游戏板块继续演绎“困境反转”，关注游戏ETF（516010）

Core Viewpoint - The gaming sector is experiencing a "turnaround" since 2025, driven by a combination of improved policies, performance realization, and the integration of AI technology [1][2] Group 1: Policy Environment - The regulatory environment for the gaming industry has significantly improved, with a normalization in the issuance of game licenses, which increased by approximately 25% in 2025 compared to 2024, totaling 1,771 approved titles [1] - The stable supply of licenses has boosted market confidence and provided a rich product pipeline for gaming companies, leading to a recovery in overall industry revenue [1] Group 2: Financial Performance - Gaming companies are witnessing accelerated recovery in profitability, with a net profit growth rate of about 49% for the first three quarters of 2025 among the constituents of the Shenwan Gaming Index, with some leading firms achieving even higher growth [1] - The ongoing implementation of cost reduction and efficiency enhancement strategies, along with the contribution of high-margin new products, has supported this impressive profit growth [1] Group 3: AI Integration - The practical application of AI technology is reshaping productivity and interaction experiences in the gaming industry, moving beyond cost reduction to include innovative applications like intelligent NPCs and dynamic storyline generation [2] - The deep integration of "AI + gameplay" is expected to create new blockbuster game categories, further expanding the industry's valuation ceiling [2] Group 4: Market Outlook - The gaming sector is anticipated to maintain high allocation value against a backdrop of improving macro liquidity and ongoing positive fundamentals [2] - Investors are advised to consider gaming ETFs (516010) and adopt a phased investment approach to capitalize on the long-term benefits of industry recovery and technological transformation [2]