游戏板块调整到位，建议买入

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector continues to attract attention, with a recommendation to buy [3] - The normalization of game license issuance reflects ongoing regulatory support for the gaming industry, with 1,195 domestic game licenses issued from January to September 2025, a year-on-year increase of 24.61% [3] - The domestic gaming market revenue in August 2025 was 29.263 billion yuan, a year-on-year decrease of 13.01%, primarily due to a high base effect from the previous year [4][5] - The overseas sales revenue of self-developed games in August 2025 was 1.68 billion USD, a year-on-year decrease of 10.66% [5] Summary by Sections Industry Performance - The relative performance over the last 12 months shows a 30.22% increase, while absolute performance indicates a 48.4% increase [2] - The gaming market experienced a revenue decline in August 2025, attributed to the lack of new blockbuster products and the fading popularity of last year's hit [4][5] Regulatory Environment - The National Press and Publication Administration issued 156 game licenses in September 2025, including 145 domestic and 11 imported games [3] - The issuance of game licenses has been consistent, with 79 imported game licenses issued in 2025 compared to 75 in the same period of 2024 [3] Investment Recommendations - The gaming sector is viewed positively due to strong cash flow, ongoing policy support, and deepening AI game development [7] - Key companies to focus on include Kyeing Network, Giant Network, G-bits, Tencent Holdings, and Xindong Company [7]