传媒：AI催化游戏板块，新游储备丰富

Investment Rating - Industry investment rating: Overweight [1] Core Insights - AI content continues to drive industry growth, with AI companion games set to launch soon [2][3] - The gaming policy environment remains stable, with a smooth issuance of game licenses [3] - The gaming market size shows optimistic growth, with a year-on-year increase of 8.92% in Q3 2024 [4] Summary by Sections AI Industry Development - Continuous advancement in AI content, with Apple's AI system expected to launch by the end of October [3] - AI companion products have seen a 94% month-on-month increase in downloads since Q2, with Character.AI reaching 34.32 million downloads on mobile by mid-year [3] Gaming Policy and Market - The gaming industry is experiencing stable policies, with 109 game licenses issued in September [3] - Notable new games include titles from companies like Kaiying Network and 37 Interactive Entertainment [3] Market Growth and Financial Health - The Chinese gaming market reached 91.8 billion yuan in Q3 2024, with a quarter-on-quarter growth of 22.96% [4] - Mobile gaming market size was 65.7 billion yuan, showing a year-on-year growth of 1.21% [4] - Gaming companies are in a healthy financial position, with good cash flow reserves to support growth during recovery periods [4] Investment Recommendations - The report suggests focusing on companies with strong self-research capabilities and high growth potential, including Shenzhou Taiyue, Kaiying Network, G-bits, and 37 Interactive Entertainment [5]