2026年游戏行业前瞻：或迎来产品大年

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - In 2025, the number of game licenses issued reached a record high of 1,771, representing a 25.07% increase from 1,416 in 2024, marking the highest number in the past five years. Among these, 1,676 were domestic games and 95 were imported games [2]. - The import game license issuance has stabilized to a monthly rhythm since October 2024, averaging about 9 licenses per month, with an annual cap of around 100 licenses [3]. - For 2026, at least 25 new games are planned for release, with Tencent expected to launch 8 titles and NetEase and Bilibili each planning 2 titles. More than half of these products are anticipated to launch in Q1 2026, indicating a concentrated release schedule [4]. - The new regulations for WeChat mini-games, effective January 1, 2026, will provide significant incentives for small and medium-sized teams, potentially leading to an increase in game products. The new policy includes a dual incentive structure for newly launched games, with a maximum incentive of 4 million yuan for each title [5]. Company Focus - The report suggests paying attention to the following gaming-related companies: Tencent, NetEase, Bilibili, Giant Network, Gibit, Kying Network, 37 Interactive Entertainment, Shenzhou Taiyue, Baotong Technology, Century Huatong, Shunwang Technology, Sheng Tian Network, Yaoji Technology, and Zhangqu Technology [6].