传媒：11月多家公司获批版号，品类多元化助力市场

Investment Rating - The industry investment rating is "Leading the Market," indicating an expected performance that exceeds the relevant market index by over 10% in the next 6-12 months [5]. Core Insights - The recent approval of 112 domestic online games by the National Press and Publication Administration, including 58 mobile games and 46 mobile-casual puzzle games, signals a new product cycle for various companies in the industry [2]. - The overall game market is experiencing steady growth, with the market size reaching 29.083 billion yuan in October 2024, reflecting a year-on-year increase of 14.4% [2]. - The growth in the game market is primarily driven by new game releases, with significant revenue contributions from various game genres, including MOBA, shooting, strategy, and card games [2]. Summary by Sections Game Approval and Market Dynamics - In November, multiple companies received game approvals, contributing to a diverse product lineup that supports market growth [2]. - A total of 1184 domestic and 97 imported online games have been approved in 2024, compared to 1075 domestic games approved in the entire year of 2023 [2]. Market Performance and Trends - The mobile game segment is showing stable growth, with the revenue from top genres increasing, indicating a diversification trend away from traditional role-playing games [2]. - Monthly active users for WeChat mini-games exceeded 570 million in Q3 2024, with significant fluctuations observed during holiday periods [2]. Company Performance - Tencent's gaming revenue reached 51.8 billion yuan in Q3 2024, marking a year-on-year increase of 12.6%, driven by strong performances from established titles like "Honor of Kings" and "Peacekeeper Elite" [2]. - Net income from NetEase's gaming and related services was 20.9 billion yuan, with a quarter-on-quarter increase of 4.0% [2]. - Bilibili's gaming revenue surged by 84% year-on-year to 1.82 billion yuan, showcasing the potential for long-term operational games [2]. Investment Recommendations - The report suggests maintaining a focus on leading companies such as Tencent, NetEase, Bilibili, and others, as their strong performance is expected to enhance industry sentiment [2].