行业深度报告：“赋能+重构”，AI游戏扬帆起航

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The gaming sector is expected to see a performance turning point due to stable game license issuance and new product supply [4][15] - In 2024, 1,416 new game licenses were issued, a year-on-year increase of 31.72%, with a stable frequency of approvals for both domestic and imported games [4][15] - The gaming industry scale is projected to reach 325.8 billion in 2024, with a year-on-year growth of 7.5% [4][15] - The integration of AI in gaming is anticipated to reshape development, interaction, and commercialization [5][35] Summary by Sections 1. Policy Support and New Product Supply - The stable issuance of game licenses and supportive policies are expected to boost the gaming sector [15] - Policies in cities like Hangzhou and Shanghai are encouraging AI technology development in gaming [15] - The gaming industry's growth is projected to positively impact the revenue of AI-listed companies, with a 1% growth in gaming translating to an average increase of 142 million in AI company revenues [15] 2. AI's Role in Reshaping Gaming - AI is transforming game development processes, enhancing efficiency and content supply [5][35] - Intelligent NPCs and dynamic storylines are set to revolutionize player interaction, increasing replayability and monetization opportunities [5][35] - AI-driven business models, such as subscription services and targeted in-game purchases, are expected to gain traction [5][41] 3. Next-Generation AI Games - Native AI games are projected to exceed 30 billion in revenue by 2027, driven by advancements in large language models [6][58] - The integration of AI in narrative-driven games is expected to enhance player engagement and experience [6][58] - The anticipated growth in AI native games is expected to attract a broader user base and increase average revenue per user (ARPU) [6][58] 4. Recommended Companies and Beneficiaries - Key recommended companies include: - Xindong Company (02400.HK): Expected to see significant growth in 2024 due to new game releases and TapTap platform performance [61] - Tencent Holdings (00700.HK): Anticipated to maintain high growth rates, leveraging AI across its business lines [65] - NetEase (09999.HK): Expected to benefit from global expansion and a diverse product cycle [68] - Other notable mentions include ShengTian Network, Shenzhou Taiyue, and Perfect World [61][65][68]