传媒行业快评报告：1月国产、进口版号齐发放，《王者荣耀：世界》等136款过审

Investment Rating - The industry investment rating is "Outperform the Market" indicating a potential increase of over 10% in the industry index relative to the broader market within the next six months [9]. Core Insights - The approval of 136 game titles in January, including 123 domestic and 13 imported games, signals a positive trend for the gaming sector, with notable titles like Tencent's "Honor of Kings: World" and NetEase's "Frostpunk: Last Shelter" expected to drive market growth [1][2]. - "Honor of Kings: World" is anticipated to leverage its strong IP foundation and development expertise, potentially revitalizing the open-world gaming market in China and competing with successful titles like miHoYo's "Genshin Impact" [1]. - "Frostpunk: Last Shelter" aims to adapt a popular single-player game into a mobile format, facing challenges in maintaining gameplay quality while ensuring sustainable operations [2]. - The sustained high issuance of game licenses is expected to benefit the gaming sector, with a projected increase in domestic market growth in 2024 due to a robust pipeline of new games [2]. Summary by Sections Game Approvals - In January, 123 domestic games and 13 imported games received approval, with significant titles including "Honor of Kings: World" and "Frostpunk: Last Shelter" [1][2]. Market Potential - "Honor of Kings: World" is positioned to become a hit in the open-world genre, supported by Tencent's strong user base and development capabilities [1]. - "Frostpunk: Last Shelter" faces competition but has a solid fan base from its original game, which could drive initial interest [2]. Investment Recommendations - The report suggests focusing on leading companies with strong license reserves and development capabilities, as the gaming sector is expected to see continued growth and valuation recovery [2].