传媒：游戏市场稳中向好，IP赋能移动游戏

Investment Rating - The report maintains an investment rating of "Outperform" with expectations of leading the market by over 10% in the next six months [1]. Core Insights - The gaming market is showing steady growth, with a reported actual sales revenue of 24.346 billion yuan in January 2024, reflecting a year-on-year increase of 1.22% [1]. - The report highlights the approval of 111 game licenses in February, marking three consecutive months of over 100 approvals, indicating a positive regulatory environment [1]. - The mobile gaming sector generated 17.687 billion yuan in actual sales revenue, up 0.39% year-on-year, while the client game market saw revenues of 5.600 billion yuan, with a month-on-month increase of 1.95% [1]. - The esports gaming market achieved actual sales revenue of 12.254 billion yuan, with a month-on-month growth of 11.47% and a year-on-year increase of 6.29% [1]. - The report emphasizes the increasing importance of IP (Intellectual Property) in mobile gaming, with a notable example being the game "Black Myth: Wukong," which is considered the closest domestic game to international AAA titles [1]. Summary by Sections Market Performance - In January, multiple segments of the gaming market performed well, with mobile games, client games, and esports all showing positive revenue trends [1]. - Specific games like "League of Legends" and "Dungeon & Fighter" had significant paid activity during the Spring Festival, boosting consumption [1]. IP Empowerment - The report discusses the global trend of IP-driven mobile games, with "MONOPOLY GO!" being the highest-grossing IP mobile game globally [1]. - In 2023, the total in-app purchase revenue from IP-based mobile games reached 16 billion USD, with RPG games accounting for 36% of the total revenue [1]. Investment Recommendations - The report suggests focusing on diversified gaming companies such as Perfect World (002624.SZ), Zhongqingbao (300052.SZ), and others, as the gaming market continues to evolve positively [1].