2026年初，游戏板块继续演绎2025年以来"困境反转"的整体逻辑。在经历了长时间的估值消化与行 业调整后，游戏行业正站在新一轮产业周期的起点。深入分析本轮行情的深层逻辑，主要得益于"政策 回暖+业绩兑现+AI落地"的三重共振。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及 预期风险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特 有风险，提请投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保 证。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 从供给端来看，行业政策环境显著改善，版号发放常态化且数量稳步增长。根据最新数据，2025年 全年国产网络游戏版号获批数量累计达到1771款，较2024年同比增长约25%。版号的稳定供给不仅为游 戏公司提供了丰富的产品储备，更极大地提振了市场对于行业确定性的信心。优质新游的密集上线，直 接带动了整个板块的流水大盘回升。 基本面上，游戏公司的盈利能力正在加速修 ...

Group 1 - The China Securities Association has drafted guidelines for the management of two types of subsidiaries of securities companies, clarifying the standards for temporary reporting of significant events, including changes in company entities and abnormal performance of senior executives [1] - The China Securities Regulatory Commission (CSRC) released revised regulations on major asset restructuring for listed companies, optimizing the phased payment mechanism and review procedures, with the number of disclosed restructuring plans in 2025 increasing by 3.3 times year-on-year [1] - With favorable financial policies gradually taking effect and the easing of the US-China tariff war, investor confidence is expected to recover, leading to a significant improvement in the performance of securities firms, which may drive the continuous recovery of their valuations and fundamentals [1] Group 2 - The Financial Regulatory Administration and eight other departments jointly issued measures to support financing for small and micro enterprises, proposing various initiatives to alleviate their funding pressures and support their listing on the New Third Board and Beijing Stock Exchange, which helps improve the multi-level capital market system [1] - The CSRC is focusing on serving technological innovation by proposing measures to optimize the listing environment for tech companies and support the issuance of tech innovation bonds, which is expected to accelerate the transformation of innovative achievements and create a virtuous cycle of "technology-capital-industry" [1] - Securities firms are actively issuing tech innovation bonds, with the first batch reaching a scale of 15.2 billion yuan, and the market subscription multiple being high, which helps optimize their asset-liability structure and enhance financial services for the real economy [1]