传媒行业跟踪报告：手游、端游新品持续发力，游戏市场2月同比增长12.30%

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [4][33]. Core Insights - In February 2025, the Chinese gaming market achieved a revenue of 27.935 billion yuan, reflecting a year-on-year growth of 12.30% but a month-on-month decline of 10.11%. The mobile gaming sector generated 20.842 billion yuan, with a year-on-year increase of 14.18% [1][12][14]. - The global mobile gaming market saw a revenue of 6.34 billion USD in February 2025, down 2.46% year-on-year and 12.79% month-on-month. The top three markets by revenue are the United States, China, and Japan [2][16][17]. - Chinese self-developed games generated 1.505 billion USD in overseas revenue, marking an 11.79% year-on-year increase despite a 10.12% month-on-month decline [3][27]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China reported a revenue of 27.935 billion yuan in February 2025, with a year-on-year growth of 12.30% and a month-on-month decline of 10.11%. The mobile gaming market specifically saw a revenue of 20.842 billion yuan, with a year-on-year increase of 14.18% [1][12][14]. 2. Global Gaming Market - The global mobile gaming revenue in February 2025 was 6.34 billion USD, showing a year-on-year decrease of 2.46% and a month-on-month decrease of 12.79%. The United States leads the market, followed by China and Japan [2][16][17]. 3. Revenue Rankings - In February 2025, Tencent dominated the Chinese App Store revenue rankings with six titles in the top ten, including "Honor of Kings" and "Game for Peace." The top five games were primarily from Tencent and one from Point Interactive [2][22][25]. 4. Overseas Market - Chinese self-developed games achieved 1.505 billion USD in overseas sales, with "Whiteout Survival" leading the revenue charts. The overall overseas revenue reflects a year-on-year increase of 11.79% despite a month-on-month decline [3][27][31]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, and stable content output, as the industry shows robust growth potential [3][31].