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 ...

Market Overview - On the first trading day of 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, while the Shenzhen Component Index increased by 2.24% and the ChiNext Index by 2.85%. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion yuan. The leading sectors included media, pharmaceuticals, and electronics, while oil and petrochemicals, banking, and transportation lagged behind [2][7] - The Hong Kong Hang Seng Index saw a slight increase of 0.03%, closing at 26347.24 points, while the U.S. major indices all closed higher, with the Dow Jones Industrial Average rising by 1.23% to a record high of 48977.18 points [2][7] Important News - Premier Li Qiang emphasized the need to enhance innovation and development advantages during his research in Guangdong, advocating for the improvement of industrial ecosystems and the exploration of effective business models for new technologies such as robots and drones [3][8] - A joint announcement from nine departments, including the Ministry of Commerce, implemented actions to promote green consumption, focusing on enhancing the supply of green products and encouraging the purchase of electric vehicles and certified green appliances [3][8] Industry Insights Media Industry - The New Year's Day box office exceeded 740 million yuan, marking a significant increase of 61.01% compared to the previous year. The extended holiday period allowed for a diverse range of films to cater to audience preferences, with major sequels leading the box office [9][10] - The total number of screenings during the New Year's holiday reached 1.417 million, with a notable increase in audience attendance, particularly on January 1, which saw a 14.20% year-on-year increase [10][12] - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office resilience, contributing significantly to the overall market performance [12] Gaming Industry - In December 2025, a total of 147 game titles received approval, with 144 domestic and 3 imported games. The total number of game approvals for the year reached 1771, a 25.07% increase from 2024 [13][14] - The game "Seven Realms Dream" is highlighted for its unique "national style" theme and innovative gameplay mechanics, indicating a competitive landscape in the MMO sector for 2026 [14][15] Tourism Industry - The 2026 New Year's holiday saw 142 million domestic trips and total spending of 847.89 billion yuan, benefiting from the extended holiday period compared to the previous year [16][17] - The tourism market experienced a boost due to various factors, including the popularity of winter sports, the appeal of Hainan's free trade zone, and increased interest in outbound travel [18][19] - The outlook for 2026 remains positive, with expectations for further growth in the tourism sector driven by favorable policies and consumer confidence [19]