游戏行业点评：游戏行业催化频发，建议关注具备AI优势品种

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700) and NetEase-S (09999), while suggesting "Hold" for Perfect World (002624) and other companies remain un-rated [4][12]. Core Insights - The gaming industry is expected to experience a dual uplift in fundamentals and valuations due to improved policy environments and the innovative application of AI in gaming [4][8]. - Significant events in the gaming sector include the launch of AI-native games and government initiatives aimed at boosting cultural integration and consumption in the entertainment industry [8]. Summary by Sections Industry Overview - The report highlights the recent catalysts in the gaming market, including the unveiling of AI-native games and supportive government policies aimed at enhancing the cultural and economic landscape of the gaming industry [8]. Investment Recommendations - The report recommends focusing on gaming companies with rich new product pipelines and active AI applications, including Tencent Holdings, NetEase-S, and others [4][8]. - The report emphasizes the importance of AI in transforming game development and user experience, marking a new phase of efficiency in the industry [8]. Recent Developments - Key developments include the introduction of AI-native games that utilize natural language processing and generative AI for dynamic storytelling, enhancing player immersion [8]. - The government's action plan aims to integrate traditional culture into digital products and support the development of original IPs, which is expected to drive growth in the gaming sector [8].