Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - In September, the issuance of game licenses remained high, with 145 domestic games and 11 imported games approved, contributing to a total of 1,195 domestic games approved year-to-date [2]. - The newly approved game "Honkai: Star Rail" by miHoYo is a notable addition, focusing on a large world and creature collection, combining exploration with RPG elements, and featuring a PVE auto-battler gameplay [2]. - The game has garnered significant interest, with over 4.09 million pre-registrations by September 25, indicating strong market potential [2]. Summary by Sections Industry Overview - The game license issuance continues to show a stable upward trend, with a diverse range of products and well-known manufacturers involved [2][3]. - The overall supply side is consistently releasing new titles, reinforcing the normalization of license issuance and ongoing industry recovery [3]. Market Trends - Major companies are increasingly focusing on creature-raising games, with competitive titles emerging from Tencent and other developers, suggesting a crowded market landscape [2]. - The unique ecological design and gameplay of "Honkai: Star Rail" may allow it to carve out a niche in this competitive environment [2]. Investment Recommendations - It is advised to focus on leading companies with strong product pipelines, research capabilities, and diverse thematic layouts [3].
传媒行业快评报告:9月游戏版号发放量维持高位,米哈游崩坏IP新作《崩坏:因缘精灵》获批
Wanlian Securities·2025-09-29 11:31