传媒：1月游戏版号发放数量递增，关注重磅新游发布周期

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][6] Core Insights - The number of game approvals in January 2025 has increased, with a total of 136 games receiving licenses, marking a recent high. This includes 123 domestic games and 13 imported games, indicating a strong start to the year for the gaming industry [5] - The approval of multiple game licenses across various platforms supports a diversified gaming ecosystem, catering to diverse player needs. This trend is expected to drive growth in the gaming sector [5] - The report emphasizes the importance of high-quality content and IP in driving the gaming industry forward, with a focus on the upcoming release cycles of significant new games [5] Summary by Sections Industry Performance - The report highlights the relative and absolute performance of the industry over different time frames, showing a relative return of -9.52% over 1 month, 7.4% over 3 months, and -5.44% over 12 months. Absolute returns were -11.94% for 1 month, 4.79% for 3 months, and 11.77% for 12 months [4] Game Approval Insights - The January 2025 game approvals include notable titles such as Tencent's "Honor of Kings World" and NetEase's "Ice Age: Last Home," which are expected to enhance the gaming landscape significantly [5] - The report notes that the approval of 123 domestic games surpasses the previous record of 122 in December 2024, reflecting a robust pipeline for the gaming industry [5] Investment Recommendations - The report suggests focusing on companies such as Tencent Holdings, NetEase, Bilibili, and others, which are well-positioned to benefit from the favorable licensing environment and upcoming game releases [5]