传媒：Steam全年发行游戏数量创新高，精品游戏和IP驱动市场

Investment Rating - The industry investment rating is "Outperform" with a maintained outlook for leading the market [2][12]. Core Insights - In 2024, the Steam platform released a record 18,825 new games, surpassing the previous year's 14,311, indicating a thriving gaming ecosystem [4]. - The game "Black Myth: Wukong" was awarded the "Game of the Year" at the NYX Game Awards, highlighting the impact of quality content and IP on market growth [4]. - The online user count on Steam reached a peak of over 39.2 million, an increase of approximately 8 million from the previous year, reflecting strong user engagement [4]. - Classic games and high-quality IP continue to dominate player engagement, with 47% of Steam users' time spent on games released in the last 1-7 years and 37% on games over 8 years old [4]. Summary by Sections Industry Performance - The gaming industry is experiencing steady growth, driven by high-quality content and IP, with a significant increase in both game releases and user engagement [4]. - The performance of new games, such as "Black Myth: Wukong" and "Jedi Survivor," has been notably strong, contributing to the industry's positive outlook for 2025 [4]. Investment Recommendations - The report suggests focusing on leading companies in the gaming sector, including Tencent, NetEase, Bilibili, and others, as they are expected to benefit from the ongoing industry expansion [4].