传媒行业：12月游戏版号下发，继续维持推荐

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector shows significant valuation attractiveness, continuing to be a key recommendation for investment [3] - In 2024, the total number of online game approvals reached 1,416, marking a year-on-year increase of 31.72% [4] - The actual sales revenue of China's gaming market in 2024 reached 325.783 billion, with a year-on-year growth of 7.53% [5] - The domestic revenue growth of self-developed games has slowed, while overseas revenue growth has turned upward, with overseas sales reaching 18.557 billion USD, a year-on-year increase of 13.39% [7] - The console gaming market in China experienced a significant surge, with sales revenue growing by 55.13% to 4.488 billion [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -11.29% compared to the CSI 300 index [2] Game Approvals - In December 2024, 122 domestic game approvals were issued, contributing to a total of 1,306 domestic game approvals for the year, which is a 33.67% increase [4] Market Revenue and User Growth - The gaming market's actual sales revenue and user base both reached new highs in 2024, with user numbers at 674 million, a growth of 0.94% [5] Revenue Breakdown - The domestic market for self-developed games generated 260.736 billion, a growth of 1.70%, while the overseas market saw a significant increase [7] - The mobile gaming market generated 238.217 billion, a growth of 5.01%, while the console gaming market saw a remarkable growth of 55.13% [8] Investment Recommendations - The report suggests focusing on investment opportunities in companies such as Kaiying Network, Iceberg Network, and Changyu Technology [10]