传媒行业快报：10月版号持续发放，游戏市场回暖趋势显著

Investment Rating - The report maintains an investment rating of "Outperform" with expectations of leading the market by over 10% in the next six months [1]. Core Insights - The approval of 113 domestic online games in October 2024 indicates a significant recovery trend in the gaming market, with a steady increase in the issuance of game licenses [1]. - The total number of domestic game licenses issued this year has reached 1,072, surpassing the same period last year, while 90 imported game licenses have also been granted [1]. - The gaming industry is experiencing a notable recovery, particularly in mobile and esports games, with Q3 2024 revenue reaching 91.766 billion yuan, reflecting a quarter-on-quarter growth of 22.96% and a year-on-year growth of 8.95% [1]. Summary by Sections Investment Highlights - The report highlights that the issuance of game licenses is expected to support a new product cycle for various companies, with a consistent monthly issuance of over 100 domestic game licenses since April and May 2024 [1]. - Major gaming companies have received licenses for new products, including Tencent's key titles [1]. Market Performance - The report notes that the actual sales revenue of domestically developed games in Q3 2024 was 72.21 billion yuan, with a quarter-on-quarter increase of 23.69% and a year-on-year increase of 0.23% [1]. - The overseas market revenue for domestically developed games reached approximately 51.59 billion USD (about 367.61 billion yuan) in Q3 2024, showing a quarter-on-quarter growth of 15.40% and a year-on-year growth of 20.75% [1]. Recommendations - The report suggests focusing on companies such as Tencent, NetEase, Bilibili, and others, as the continuous issuance of game licenses and the support from leading games and policies are expected to drive industry growth [1].