AI应用研究感思录（十）：游戏行业在AI时代的发展推演研究

Investment Rating - The report maintains a "Recommended" rating for the gaming industry, indicating a positive outlook for the sector's fundamentals and an expectation that the industry index will outperform the benchmark index [3]. Core Insights - The gaming industry is expected to capture a portion of user time from the short video sector, which has seen significant growth, with a projected penetration rate of 91.2% and an average monthly usage time of 65.5 hours by December 2025 [6]. - In the AI era, leading gaming companies are anticipated to focus more on IP operations, game publishing, and overall game design, while utilizing AI or outsourcing for production, operations, and customer service [6]. - The report suggests that large games will become increasingly dominant, attracting more players and making it difficult for new games to disrupt the existing market, thereby expanding the survival space for traditional gaming leaders [6]. - Investment recommendations include strong support for leading companies such as Century Huatong, Giant Network, and Perfect World, among others [6].