传媒行业快评报告：3月国产版号发放量环比增长，腾讯《雪中悍刀行》过审

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][8]. Core Insights - In March 2025, the number of approved domestic game licenses increased month-on-month, with 129 domestic games and 5 imported games approved. A total of 362 domestic games have been approved since the beginning of the year, with a month-on-month increase of 19 games in March [2]. - Notable games include Tencent's "Snow in the Knife" and NetEase's "Mountain and Sea Journey," which are expected to perform well in the market due to their strong IP backing and innovative gameplay [2][3]. - The approval pace of game licenses has significantly accelerated, with a diverse range of game types and major developers involved, indicating a stable market environment and promising new game performances [3]. Summary by Sections Game License Approvals - In March 2025, 129 domestic games were approved, marking a month-on-month increase of 19 games. Year-to-date, 362 domestic games have been approved, while 21 imported games have been approved, including 5 in March [2]. Notable Game Releases - Tencent's "Snow in the Knife" is based on a popular IP and is developed by Tencent's Photon Studio, featuring a high-fidelity open world using Unreal Engine 4. The game is expected to attract a large audience due to its strong fan base and high-quality production [2]. - NetEase's "Mountain and Sea Journey" is a simulation management game that draws from traditional cultural elements, currently holding a high rating of 9.3 on TapTap. The game is positioned in a less competitive segment of the mobile market, suggesting significant user expansion potential [3]. Investment Recommendations - The report suggests focusing on quality developers with strong product pipelines, research capabilities, and diverse thematic layouts, as the industry continues to release a robust lineup of new games [3].