中金 | 游戏赛道深度之SLG：策略远征，全球化的东方叙事

Core Viewpoint - The global mobile game market is entering a phase of stock competition, with SLG games showing structural growth potential due to their high lifecycle, strategic depth, and innovative integration [2][3]. Market Overview - The SLG genre is one of the highest revenue-generating categories in the global mobile game market, with 4X SLG mobile game in-app purchase revenue expected to exceed $8 billion in 2024, representing a 16% year-on-year increase and accounting for 10% of the global mobile game market [2][5]. - The evolution of SLG games is categorized into three phases: 1.0 (heavy investment modeling), 2.0 (integration of Rate Land and COK gameplay), and the current 3.0 phase (sub-gameplay and thematic differentiation), indicating ongoing content evolution [2][3]. Commercialization and User Ecosystem - SLG games naturally possess high retention, high ARPU, and long lifecycles, making them suitable for long-term operations and high-frequency version updates [3][4]. - The global share of SLG in mid-to-heavy mobile games is stable, exceeding 15%, with a counter-cyclical growth in downloads [3][4]. - The integration of sub-gameplay in SLG broadens user demographics and enhances commercialization efficiency [3][4]. Team Strategy and R&D Paradigm - Chinese manufacturers leverage strong advertising and operational capabilities, focusing on diversified themes, numerical commercialization, and mature user acquisition strategies to build a successful paradigm [4][28]. - The domestic SLG market has formed regional clusters, enhancing collaborative effects and talent integration [4][28]. Competitive Landscape - The domestic market is characterized by a concentration of leading products, with companies like 点点互动 and 哔哩哔哩 rapidly gaining market share through successful titles [11][13]. - The overseas market is less concentrated, with the top 20 4X games corresponding to 15 different companies, indicating a fragmented competitive landscape [11][13]. User Demographics and Payment Behavior - Traditional SLG games have a concentrated audience primarily consisting of male hardcore players, but recent trends show a gradual broadening of the user base [15][21]. - The proportion of female players is increasing, driven by the simplified gameplay and cartoonish art styles of integrated SLG games [21][22]. - SLG users exhibit higher payment levels compared to the overall market, with a significant portion of players seeking achievement and social interaction through gameplay [24][25]. Product and Manufacturer Insights - Chinese manufacturers are focusing on a combination of self-developed and agency models, with companies like 三七互娱 and IGG emphasizing long-term revenue potential through established titles [36][38]. - The agile development and operational logic of companies like 点点互动 allow for rapid iteration and product diversification in the SLG space [34][35].