12月游戏版号发放量虽有所回落，但仍维持高位，涵盖多类型产品与知名厂商 风险因素：政策监管风险、版号核发节奏不及预期、新游延期上线及表现不及预期、新游流水不及预 期、出海业务风险加剧、商誉减值风险。 智通财经APP获悉，万联证券发布研报称，2025年12月25日国家新闻出版署公告12月份国产游戏版号及 进口游戏版号，共有144款国产游戏和3款进口游戏过审。2025年12月游戏版号发放量维持高位，结构覆 盖多类型产品。整体来看，供给端延续释放，版号常态化趋势稳固，行业修复节奏持续推进。建议关注 具备产品储备、研发能力及题材多样化布局能力的头部厂商。 《七界梦谭》主打国风仙诡题材，仙侠MMO赛道竞争将会较为激烈 万联证券主要观点如下： 《七界梦谭》由前《一梦江湖》核心策划田力组建的飞光阁工作室研发的MMO赛道产品，该作品主 打"国风仙诡"题材，结合新颖的"化形"战斗系统，支持玩家在战斗中策略切换输出、承伤、辅助形态， 并结合格挡、断招、弹反等ACT机制，强调操作手感与战术深度。该行认为在2026年，古风、仙侠 MMO赛道竞争将持续白热化，完美、网易等大厂均有同类产品布局，例如网易的《燕云十六声》《逆 水寒》、完美 ...

Core Viewpoint - The article discusses the approval of 184 gaming titles in November 2025, indicating a stable trend in the issuance of gaming licenses in China, with a notable increase in domestic game approvals compared to previous years [3][6]. Group 1: Approval Statistics - A total of 184 gaming licenses were issued in November 2025, comprising 178 domestic and 6 imported games [3][4]. - The number of domestic game licenses approved has shown a phase-wise increase, reaching a new high this month, continuing the stable trend observed throughout the year [4][6]. - As of November 2025, a total of 1,624 gaming licenses have been issued, with 1,532 being domestic and 92 imported, surpassing the total of 1,416 licenses issued in 2024 [6]. Group 2: Industry Impact - The regular issuance of gaming licenses is seen as a positive development for the gaming industry, particularly as the proportion of multi-platform products increases, prompting domestic companies to accelerate their global distribution and cross-terminal experiences [6]. - The upcoming traditional peak season for the gaming market at the end of the year is expected to drive further growth in industry performance, with the concentration of new game launches likely to enhance fourth-quarter results [6]. Group 3: Notable Titles - Notable games included in this batch of approvals are Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Lume," and other titles from major developers like Kingsoft and G-bits [5].

Core Insights - The issuance of game licenses in 2025 has reached a total of 1,624, marking the highest number in recent years [6] - In November 2025, a total of 184 game licenses were approved, including 178 for domestic games and 6 for imported games [1] Group 1: License Issuance Trends - The monthly issuance of domestic game licenses has shown a phase of growth, achieving a new high this month, continuing the stable trend observed in the game industry throughout the year [5] - The frequency of imported game licenses has shifted from bi-monthly to monthly issuance starting this year [5] Group 2: Notable Game Titles - Notable titles in the latest batch of approved games include Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Luming," and Kingsoft's "Star Sand Island" [5] - Additionally, 7 games have undergone license information changes, including Tencent's "Peace Elite" with a new client addition [5] Group 3: Industry Implications - The normalization of license issuance is seen as a boost for the gaming industry, especially as the proportion of multi-platform products increases, prompting domestic game companies to accelerate global distribution and cross-terminal experiences [6] - With the traditional peak season for the gaming market approaching, the concentration of new game launches may further drive industry performance growth in the fourth quarter [6]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [4][7]. Core Insights - The approval volume of game licenses in October remains high, with a total of 159 domestic games and 7 imported games approved, contributing to a total of 1,354 domestic games approved year-to-date [2]. - The launch of the client version of "Arknights" by Eagle Dynamics is expected to strengthen its leading position in the two-dimensional tower defense genre, having generated nearly 600 million yuan in revenue in its first month and achieving a download count of 30.92 million [2]. - The overall supply side continues to release, with a normalization trend in license issuance, indicating a sustained recovery in the industry [3]. Summary by Sections Game License Approval - In October, 159 domestic games and 7 imported games received approval, maintaining a high issuance volume [2]. - Year-to-date, 1,354 domestic games and 87 imported games have been approved [2]. Market Performance - The client version of "Arknights" has achieved significant market success, ranking in the top 15 of the iOS bestsellers shortly after launch and maintaining a high rating on platforms like TapTap and App Store [2]. - The game is noted for its unique art style and rich narrative, contributing to its popularity and extensive fan engagement [2]. Investment Recommendations - The report suggests focusing on leading companies with product reserves, R&D capabilities, and diverse thematic layouts, as the industry continues to recover and expand [3].

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - In September, the issuance of game licenses remained high, with 145 domestic games and 11 imported games approved, contributing to a total of 1,195 domestic games approved year-to-date [2]. - The newly approved game "Honkai: Star Rail" by miHoYo is a notable addition, focusing on a large world and creature collection, combining exploration with RPG elements, and featuring a PVE auto-battler gameplay [2]. - The game has garnered significant interest, with over 4.09 million pre-registrations by September 25, indicating strong market potential [2]. Summary by Sections Industry Overview - The game license issuance continues to show a stable upward trend, with a diverse range of products and well-known manufacturers involved [2][3]. - The overall supply side is consistently releasing new titles, reinforcing the normalization of license issuance and ongoing industry recovery [3]. Market Trends - Major companies are increasingly focusing on creature-raising games, with competitive titles emerging from Tencent and other developers, suggesting a crowded market landscape [2]. - The unique ecological design and gameplay of "Honkai: Star Rail" may allow it to carve out a niche in this competitive environment [2]. Investment Recommendations - It is advised to focus on leading companies with strong product pipelines, research capabilities, and diverse thematic layouts [3].

Core Insights - The issuance of game licenses in September remains high, with 145 domestic games and 11 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2] Group 1: Game License Issuance - In 2023, a total of 1,195 domestic games have been approved, with 145 approved in September alone, including titles from major companies like Tencent and miHoYo [2] - For imported games, 80 have been approved year-to-date, with 11 approved in September, featuring titles from companies such as Chuangmeng Tiandi and Xinghui Games [2] Group 2: Market Trends and Competitive Landscape - miHoYo's new game, "Honkai: Inheritance Spirit," combines world exploration with pet-raising elements and features a PVE auto-chess gameplay, which is expected to enhance player engagement [3] - The game has garnered significant interest, with over 4.09 million pre-registrations by September 25, indicating strong market potential [3] - The competition in the pet-raising game segment is intensifying, with several major players like Tencent and other developers also launching similar titles [3]

Core Viewpoint - The gaming sector continues to show strong performance, with significant gains in stock prices and a robust increase in game approvals, indicating a positive outlook for the industry. Group 1: Stock Performance - The gaming sector saw notable stock price increases, with companies like Xinghui Entertainment and Perfect World hitting the daily limit up, while others like 37 Interactive Entertainment and Giant Network also experienced gains [1] - The gaming ETF rose over 4%, with the Huatai-PB gaming ETF increasing by 3.5%, and both ETFs showing over 58% growth year-to-date [2][4] Group 2: Game Approvals and Market Growth - From January to August, the National Press and Publication Administration reported a 23.53% year-on-year increase in the issuance of domestic online game licenses, reflecting ongoing regulatory support for the gaming industry [6] - In August, a record number of 166 domestic games and 7 imported games were approved, contributing to a total of 1,119 game licenses issued from January to August, marking a 20.8% year-on-year increase [9][10] Group 3: Game Releases and Performance - Domestic mobile games are thriving, with the upcoming launch of "Iser" by Xindong Company generating significant anticipation, ranking 4th on Taptap's reservation list [7] - Giant Network's "Supernatural Action Group" has seen a rise in rankings and revenue following the introduction of new gameplay features, indicating strong ongoing performance [7] - Several mobile games from Century Huatong's subsidiary, including "Whiteout Survival," achieved record revenues in August, contributing to a 11% month-on-month increase in global revenue for the subsidiary [8] Group 4: Industry Outlook - Open Source Securities suggests that the gaming industry will continue to experience high demand and a favorable supply-demand dynamic, with the current valuation offering attractive investment opportunities [9] - Guoxin Securities highlights that the gaming market's revenue grew steadily in the first seven months, with a positive outlook driven by policy support, market conditions, and AI applications [9][10]

Semiconductor and New Energy Sector - The semiconductor industry saw a significant intraday surge, positively impacting technology stocks, with companies like Chengdu Huamei and Yuanjie Technology experiencing substantial gains [1] - The new energy sector was also active, with leading stocks such as CATL (300750), Sungrow Power (300274), and EVE Energy (300014) rising [1] Historical Highs in Leading Stocks - Several leading stocks, including Seres (601127), Zijin Mining (601899), Fuyao Glass (600660), and Shandong Gold (600547), reached historical highs, each with a market capitalization exceeding 100 billion [2] - Hengrui Medicine (600276) also achieved a stage high, closing up 4.33% after receiving approval for clinical trials of HRS-7172 tablets and SHR-A2009 injections [2] Cultural and Media Sector Performance - The cultural media sector showed strong performance, particularly in the gaming segment, with companies like Giant Network (002558) and Shenzhou Taiyue (300002) leading the gains [3] Gaming Industry Trends - The gaming sector is transitioning from a "license recovery" phase to a dual-driven model of "supply increase + AI implementation," focusing on content quality and operational efficiency [6] - The domestic gaming market reported a sales revenue of 168 billion yuan in the first half of the year, reflecting a year-on-year growth of 14.08% [6] Investment Insights - Analysts suggest that the gaming industry is entering a favorable cycle, with trends indicating increased payments on mini-game platforms and innovations in gameplay attracting diverse user groups [7] - The integration of AI technology is expected to enhance production and gaming experiences, providing growth opportunities for the industry [7]

Core Viewpoint - The issuance of game licenses in August 2025 reached a record high, with 166 domestic games and 7 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2]. Group 1: Game License Issuance - A total of 1,050 domestic games have been approved since the beginning of the year, with 166 games approved in August alone, marking a month-on-month increase of 39 games [2]. - The approved domestic games include titles from well-known companies such as NetEase, Bilibili, and others, showcasing a diverse range of products [2]. - For imported games, 69 have been approved this year, with 7 approved in August, including Tencent's "Kaeas Dreamland" [2]. Group 2: Notable Game Titles - "Kaeas Dreamland," developed by South Korea's Smilegate, is expected to perform well due to its unique gameplay mechanics and high-quality 2D animation [3]. - "Escape from Duckov," developed by Bilibili's "Carbonated Squad," has received positive feedback during its Steam testing phase, with over 200,000 players and a 93% "very positive" rating [4]. - The game combines tactical gameplay with a cute art style, filling a niche in the "light tactical game" market [4].

Investment Rating - The industry investment rating is "Outperform the Market" indicating a potential increase of over 10% relative to the market index in the next six months [3][6]. Core Insights - In August 2025, the number of game approvals reached a record high, with 166 domestic games and 7 imported games approved, marking a year-to-date total of 1,050 domestic games and 69 imported games [1][2]. - Notable games that received approval include Tencent's "Kareus Dream" and bilibili's "Escape from Duckov," both of which are expected to perform well in the market due to their unique gameplay and strong development teams [1][2]. - The report emphasizes the ongoing normalization of game approvals, suggesting a steady recovery in the industry, and recommends focusing on leading companies with diverse product portfolios and strong R&D capabilities [2]. Summary by Sections Industry Events - The National Press and Publication Administration announced the approval of 166 domestic and 7 imported games in August 2025, with significant titles like "Kareus Dream" and "Escape from Duckov" gaining attention [1][2]. Game Performance - "Kareus Dream," developed by Smilegate's SUPER CREATIVE, combines dark fantasy elements with innovative gameplay mechanics, while "Escape from Duckov" offers a unique blend of cute aesthetics and tactical gameplay, achieving over 200,000 players and a 93% positive rating during its Steam testing phase [1][2]. Investment Recommendations - The report suggests that the industry is on a recovery path with a consistent release of game approvals, and it advises investors to pay attention to top-tier companies with strong product reserves and diverse thematic strategies [2].