CMS·2025-04-23 12:32Investment Rating - The report maintains a "Recommended" rating for the gaming sector, indicating a positive outlook for the industry [5]. Core Insights - In April 2025, the National Press and Publication Administration approved 118 domestic game licenses and 9 imported game licenses, with a stable frequency of issuance, which is expected to boost market confidence in the gaming industry [5]. - The report highlights key games that received licenses, including titles from major companies such as Tencent, NetEase, and Giant Network, indicating a diverse and competitive gaming landscape [5]. - The report emphasizes the strong performance of several companies, including Tencent's ongoing game operations, Kaiying Network's active share buybacks, and Giant Network's collaboration with Alibaba to embrace AI [5]. Summary by Sections Industry Scale - The gaming industry consists of 161 listed companies, with a total market capitalization of 1,653.7 billion and a circulating market capitalization of 1,494.6 billion [3]. Key Company Financial Metrics - Kaiying Network (002517.SZ): Market Cap 34.6 billion, 2023 EPS 0.68, 2024 EPS 0.83, 2024 PE 19.6, PB 5.7, Investment Rating: Strongly Recommended [3]. - Giant Network (002558.SZ): Market Cap 26.6 billion, 2023 EPS 0.56, 2024 EPS 0.74, 2024 PE 18.4, PB 2.2, Investment Rating: Strongly Recommended [3]. - Yaoji Technology (002605.SZ): Market Cap 10.7 billion, 2023 EPS 1.36, 2024 EPS 1.44, 2024 PE 17.9, PB 3.2, Investment Rating: Strongly Recommended [3]. - Shenzhou Taiyue (300002.SZ): Market Cap 22.7 billion, 2023 EPS 0.45, 2024 EPS 0.73, 2024 PE 15.9, PB 3.3, Investment Rating: Strongly Recommended [3]. - G-bits (603444.SH): Market Cap 15.6 billion, 2023 EPS 15.62, 2024 EPS 13.12, 2024 PE 16.6, PB 3.2, Investment Rating: Strongly Recommended [3]. Industry Index Performance - The absolute performance of the industry over the past month is -6.7%, with a 6-month performance of 13.5% and a 12-month performance of 22.5% [4].