互联网行业动态点评： 1Q游戏抗周期性凸显，腾讯新游发布会亮点纷呈

Investment Rating - The industry investment rating is "Overweight" [7] Core Insights - The gaming industry demonstrates strong anti-cyclical properties, with significant new game releases from major players like Tencent and NetEase expected to drive revenue growth [1][3] - The domestic iOS gaming revenue in Q1 2025 reached 19.31 billion yuan, reflecting a year-on-year increase of 2.8%, with notable growth during the Spring Festival period [3] - AI is reshaping the gaming ecosystem, enhancing development efficiency and player experience, which is expected to expand user bases [2] - Tencent's game pipeline for 2025 is robust, with several anticipated releases including "King of Glory World" and "Fearless Contract" [24] Summary by Sections Section 1: Market Performance - In Q1 2025, the domestic iOS gaming market revenue was 19.31 billion yuan, with January, February, and March showing changes of +23%, -9%, and -4% respectively [3] - The number of domestic game licenses issued in Q1 2025 was 362, an increase of 29 compared to the same period last year [3] Section 2: New Game Releases - NetEase's new games "Seven Days World" and "Frostpunk" are set to launch on April 24 and May respectively, with "Seven Days World" already surpassing 30 million pre-registrations [4] - Tencent's "Fearless Contract" mobile game opened for official pre-registration on April 21, with its PC version's annual revenue already exceeding that of "League of Legends" [3][24] Section 3: AI Integration - AI applications in gaming are enhancing skin production and player interaction, significantly improving user experience and engagement [2] - The development efficiency is expected to improve as AI engines cover 3D modeling and level design, reducing traditional production times from days to minutes [2] Section 4: International Developments - Nintendo launched the Switch 2, featuring significant upgrades in performance and social functionalities, which is expected to enhance user engagement [19][20] - Roblox introduced the Cube 3D AI tool, which aims to lower the barriers for developers and improve the quality of user-generated content [21]