游戏版号常态化供给，跨端与出海需求保持韧性

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the gaming industry is expected to experience high-quality development in 2026 due to the stable issuance of game licenses, which provides a solid policy foundation for recovery and growth [5] - The domestic gaming market showed steady growth in January, with actual sales revenue reaching 32.468 billion yuan, reflecting a month-on-month increase of 2.99% and a year-on-year increase of 4.47% [6] - The report emphasizes the importance of focusing on gaming companies with sustainable product supply capabilities, such as Tencent, NetEase, and others [7] Summary by Sections Industry Basic Situation - The closing index is at 825.13, with a 52-week high of 1021.75 and a low of 591.71 [1] Recent Developments - The National Press and Publication Administration approved 146 domestic and 6 imported game licenses in February 2026, indicating a normalization in the issuance of game licenses [5] Market Performance - The report notes that the domestic cross-platform games are experiencing rapid growth driven by new product launches, with the client game market revenue reaching 8.236 billion yuan in January, a month-on-month increase of 7.77% and a year-on-year increase of 23.46% [6] Investment Recommendations - The report suggests paying attention to gaming companies with strong product supply capabilities, including Tencent Holdings, NetEase, and others [7]