版号稳增、AI赋能与出海共振，游戏产业结构性复苏

Investment Rating - The industry is rated as "Overweight," indicating that the growth level is expected to be higher than the Shanghai and Shenzhen 300 Index over the next six months [28]. Core Insights - The game industry is experiencing a structural recovery driven by stable issuance of game licenses, AI empowerment, and overseas expansion. The regulatory environment is improving, with a significant increase in the number of game licenses issued, which supports the introduction of quality content and boosts industry sentiment [5][18]. - In Q1 2025, the actual sales revenue of China's game market reached 857.04 billion yuan, marking a year-on-year growth of 17.99%. Major companies like Century Huatong and Youzu Network reported substantial revenue increases, indicating robust growth in the sector [2][18]. - The game industry is entering a new development phase characterized by content refinement, AI industrialization, and systematic overseas expansion. The current valuation of the sector remains attractive, with leading companies offering a combination of growth and dividends [5][21]. Summary by Sections Market Review - The social service industry index experienced a weekly decline of 1.60%, ranking 25th among 31 sectors. The performance of sub-industries varied, with sports showing a positive increase of 2.25% while others like tourism and professional services faced declines [4][6]. Core Insights - The stable issuance of game licenses continues, with 654 domestic and 44 imported licenses granted in 2025, significantly improving the supply side of the industry. This trend is expected to enhance the quality and quantity of new content [17][18]. - The integration of AI in game development is enhancing production efficiency and user experience, with major companies adopting AI technologies across various stages of game creation [20][21]. - The overseas revenue of Chinese self-developed games grew by 13.4% in 2024, with significant growth in key markets such as the US, Japan, and South Korea, indicating a strong competitive position for Chinese game developers in international markets [20][21]. Investment Recommendations - The report suggests focusing on companies that are upgrading content and leveraging AI for efficiency, as well as those that are successfully expanding overseas. Key companies to watch include Giant Network, Perfect World, and 37 Interactive Entertainment [21].