传媒行业事件点评报告：游戏行业低点已过，当前建议积极布局

Investment Rating - The industry rating is "Overweight" (maintained) [2] Core Insights - The game industry has reached a low point, and it is recommended to actively invest in the sector as the approval of game licenses has accelerated, indicating clear policy support [2] - In March 2024, the actual sales revenue of China's game market was 23.417 billion yuan, a month-on-month decrease of 5.86% but a year-on-year increase of 7.18% [2] - The number of approved domestic online games in the first four months of 2024 was 428, a year-on-year increase of 23.70% compared to the same period in 2023, reflecting a clear intention of policy support [2] Summary by Sections Market Performance - In March 2024, the mobile game market generated 16.953 billion yuan, down 7.13% month-on-month but up 8.75% year-on-year [2] - The client game market generated 5.528 billion yuan, down 2.02% month-on-month and down 0.39% year-on-year [2] - Domestic game sales in March reached 19.023 billion yuan, down 6.34% month-on-month but up 4.30% year-on-year [2] - The overseas market generated 1.427 billion USD, up 5.98% month-on-month and up 11.34% year-on-year [2] Company Insights - In March 2024, 39 Chinese companies entered the global mobile game publisher revenue TOP 100, collectively earning 2.130 billion USD, accounting for 38.40% of the total revenue of the global TOP 100 mobile game publishers [2] - Tencent, NetEase, and miHoYo ranked as the top three mobile game publishers in March 2024 [2] - miHoYo's game "Honkai: Star Rail" saw a month-on-month revenue increase of 56.00% in March [2] Policy Developments - In April 2024, 95 domestic online games were approved, with a significant number being mobile casual games [2] - The approval numbers for domestic online games in the first four months of 2024 were 115, 111, 107, and 95 respectively, showing a consistent increase in approvals compared to the previous year [2]