行 业 研 究 行 业 动 态 跟 踪 进口游戏版号按月发放，节奏稳定。过去三年，进口版号多按年 度或季度发放，而自 2024 年 10 月起，已实现按月发放，月均约 9 款， 全年控制在百款左右。 展望 2026 年：多款游戏储备上线。 根据 APP store 的预订信息，2026 年至少有 25 款新游戏计划上线。 从厂商来看，腾讯预计 8 款，网易、哔哩哔哩预计 2 款。从时间来看， 超半数产品预计在 2026 年 Q1 上线，时间较为集中。 传媒 2025 年 12 月 31 日 2026 年游戏行业前瞻：或迎来产品大年 投资要点： 回顾 2025 年：游戏版号发放数量创新高。 2025 年共发放 1771 款游戏版号，较 2024 年(1416 款）增长 25.07%， 创近五年新高。其中国产游戏 1676 款，进口游戏 95 款。 微信小程序新规：有效激励中小团队，或有望带来更多游戏产品 微信小游戏宣布将于 2026 年 1 月 1 日起正式升级 IAP 小游戏激励 政策。政策调整后，首发新游将成为重点激励对象。自 2026 年起，在 微信小游戏平台首发的新游将享受"新游期"与"成长期"的双重激 ...

而随着最新一批版号的出炉，2025年全年游戏版号发放数量也最终定格在1771个，包含1676个国内游戏 版号、95个进口游戏版号。 记者注意到，这一数据创下自2018年以来的新高，较去年的1416个增长约25%。而据近期发布的《2025 年中国游戏产业报告》，2025年国内游戏市场实际销售收入3507.89亿元，同比增长7.68%；用户规模 6.83亿，同比增长1.35%。两项数据均创历史新高。 值得注意的是，腾讯的《QQ经典农场》也在12月获得版号，其申报类别为移动－休闲益智类。记者注 意到，此前的12月8日，腾讯曾宣布经典版QQ回归，PC端QQ支持双模式切换，相关话题一度登上热 搜。 12月25日，国家新闻出版署网站公布了2025年12月国产网络游戏、进口网络游戏审批信息。12月共有 144个国产游戏、3个进口游戏获得版号。 （文章来源：上海证券报） 从类型上来看，本月版号仍以移动端游戏为主，多家上市公司产品在列，包括三七互娱的《荒漠沙 舟》、世纪华通旗下数龙科技的《轻松传奇》、恺英网络旗下杭州辰游网络的《梦境守望者》等。 ...

Group 1: Military Industry ETF (512710.SH) - The "14th Five-Year Plan" emphasizes high-quality advancement of national defense and military modernization, with a projected defense budget of 1.81 trillion yuan for 2025, a 7.2% increase year-on-year, marking a historical high [3][4] - The defense budget as a percentage of GDP remains below 1.3%, significantly lower than the US (3.5%) and Russia (6.3%), indicating potential for future increases in defense spending [3] - The ETF tracks the China Securities Military Leading Index, focusing on leading companies in aerospace equipment, military electronics, missiles, and drones, which are expected to benefit from a new round of military procurement cycles [4] Group 2: Healthcare Industry ETF (159892.SZ) - Domestic policies are increasingly supportive of innovative drug development, including a multi-tiered payment system and improved commercialization mechanisms, facilitating the transition from generic to innovative drugs [6][7] - As of January 2025, China has 7,041 drug pipelines under research, accounting for 29.5% of the global total, with a year-on-year growth of 15.1%, outpacing the global average [7] - The ETF tracks the Hang Seng Biotechnology Index, focusing on 30 biotech companies listed in Hong Kong, which are well-positioned to capture opportunities in the rapid development and globalization of Chinese innovative drugs [7] Group 3: Automotive Industry ETF (520600.SH) - Recent policies such as vehicle purchase tax exemptions and subsidies for electric vehicles have effectively boosted domestic demand for new energy vehicles, with cumulative domestic sales reaching 10.929 million units by October 2025, a 25.7% increase year-on-year [11] - Exports of new energy vehicles have also surged, with 2.014 million units exported by October 2025, reflecting a 90.4% year-on-year growth [11] - The Ministry of Commerce has introduced measures to regulate the export of second-hand cars, aiming to promote healthy and orderly development of the automotive industry [11] Group 4: Gaming Industry ETF (159869.SZ) - In November 2025, a record number of 178 domestic online games and 6 imported games were approved, with a total of 1,624 game licenses issued from January to November, indicating a stable foundation for industry growth [13] - Chinese self-developed games generated actual sales revenue of $9.501 billion in overseas markets in the first half of 2025, reflecting an 11.07% year-on-year increase, showcasing strong international competitiveness [13] - The application of AI technology in game development is expected to lower costs and enhance efficiency, potentially leading to innovative gameplay [13]

Core Insights - The National Press and Publication Administration announced the approval of 178 domestic game licenses and 6 imported game licenses on November 26, indicating a stable monthly issuance of licenses, which is expected to boost market confidence in the gaming industry [1][3]. Industry Overview - As of November, a total of 1,532 domestic game licenses and 92 imported game licenses have been issued this year, showing a significant increase compared to the same period in 2024 [1][3]. - The distribution of the 178 domestic licenses includes 167 mobile games, 7 games for both mobile and client platforms, 3 client-only games, and 1 game available on mobile, client, and web platforms [1]. Company Highlights - Key games approved in this round include titles from major companies such as: - Ksyun Network's "Ice and Snow King" - Iceberg Network's "Little Guardian" - Perfect World's "Dream New Zhu Xian: Light Enjoy" - Other notable titles from various developers [2]. - Tencent continues to maintain a strong portfolio with 14 evergreen games, while Giant Network's "Supernatural Action Group" has exceeded expectations [4]. - Companies like 37 Interactive Entertainment and Perfect World are also expected to contribute to profit growth with their new game launches and existing titles [4].

相关ETF：游戏ETF（159869）聚焦A股IP游戏产业龙头；文娱传媒ETF（516190）均衡布局营销、 影视、文旅、IP潮玩等领域。 每日经济新闻 11月28日，A股开盘，上证指数跌0.11%，深证成指跌0.04%，创业板指跌0.04%。贵金属、星闪概 念、猪肉板块涨幅居前；小金属、短剧游戏、光纤概念跌幅居前。游戏板块早盘低开后震荡，游戏ETF （159869）现小幅微跌，持仓股巨人网络、华立科技、光线传媒、恺英网络等涨幅居前，完美世界、迅 游科技、三七互娱等跌幅居前。 国内游戏版号发放近期一直保持着稳定增长态势。截至11月，年内共计下发游戏版号1624个，其中 国产游戏版号1532个，进口游戏版号92个，远超2024年全年1416款的数量。进口游戏版号的下发频率也 从过去的每两月一发转变为今年开始的每月一发。 中国音像与数字出版协会发布的报告显示，2025年上半年，中国游戏市场实际销售收入达1680亿 元，同比增长14.08%，用户规模近6.79亿，同比增长0.72%。在细分市场中，移动游戏实际销售收入同 比升高，占比74.59%，仍稳居主导地位；客户端游戏实销收入持续升高，占比21.07%；网页游戏 ...

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 within the next six months [4][7]. Core Insights - The number of game approvals in November reached a record high, with 178 domestic games and 6 imported games approved, contributing to a total of 1,532 domestic games approved year-to-date [2][3]. - The game "Star Sand Island," developed by SEED LAB, is positioned in the life simulation genre and has garnered significant market attention, with over 400,000 wish list entries on Steam as of November 13 [2]. - The competitive landscape for life simulation games is expected to intensify in 2026, with major developers like miHoYo and Tencent entering the market, making differentiation crucial for success [2]. Summary by Sections Game Approval Statistics - In November, 178 domestic games and 6 imported games received approval, marking a significant increase in the approval rate [2]. - Year-to-date, 1,532 domestic games and 93 imported games have been approved [2]. Market Trends - The approval of diverse game types indicates a stable trend in the normalization of game approvals, contributing to the ongoing recovery of the industry [3]. - The report highlights the importance of product reserves, R&D capabilities, and diverse thematic layouts for leading companies in the industry [3]. Competitive Landscape - "Star Sand Island" is highlighted as a key title in the life simulation genre, with its success dependent on differentiation and leveraging multi-platform advantages [2]. - The report anticipates a competitive environment with several major players entering the life simulation market, emphasizing the need for unique offerings [2].

Core Insights - The National Press and Publication Administration released information on the approval of domestic online games for November 2025, issuing a total of 184 licenses, including 178 domestic and 6 imported games [1] - The number of game licenses issued in November set a new annual high, with a total of 1,624 licenses granted in 2025 so far, surpassing the total of 1,416 licenses issued in 2024 [1] - Notable companies such as Tencent, Perfect World, Bilibili, and others received approvals for key products, including Tencent's "No Man's Land" and Perfect World's "New Zhu Xian: Light Enjoy" [1] Group 1: Game Approvals - A total of 184 online games received licenses in November, marking a significant increase in the number of approvals compared to previous months [1] - The cumulative number of game licenses issued in 2025 reached 1,624, with 1,532 for domestic games and 92 for imported games [1] - The approval of 184 games includes several key products from well-known companies, indicating a robust market for new game releases [1] Group 2: Specific Game Insights - Bilibili's new game "Shining! Luming" is likely a pet-catching and nurturing game, marking Bilibili's entry into the pet game segment [2] - The competitive landscape for pet-catching games is intense, with major players like miHoYo and NetEase also launching similar titles [4] - "Star Sand Island," developed by Seed Lab, is a farming simulation game set to release in February 2026 on multiple platforms, highlighting the popularity of life simulation games [4] Group 3: Imported Games - The imported game "Rhythm Source Point" is the domestic version of the popular music game "Arcaea," known for its unique 3D gameplay and high reputation among players [5]

Core Viewpoint - The approval of game licenses by the National Press and Publication Administration has increased, with a total of 166 game licenses issued in October, indicating a stable approval rhythm and a diverse content supply in the gaming industry [1] Industry Summary - A total of 166 game licenses were issued in October, comprising 159 domestic and 7 imported games, showing a month-on-month increase in license numbers [1] - The approval pace remains steady, allowing for a batch approval of new products across various genres, including anime, Three Kingdoms, RPG, and casual games, leading to a more diversified content supply [1] - The approval of the client version of "Arknights" signifies the deepening of head IP's cross-platform layout, while mid-tier manufacturers are accelerating innovation in lightweight, idle, and narrative-driven products [1] - The stable issuance of licenses and a relaxed approval environment are expected to promote the launch of new products, thereby enhancing the industry's overall prosperity [1] Company Recommendations - Companies are recommended based on the continuous easing of license approvals and the trends of AI and IP commercialization, which are anticipated to drive performance improvements through new product cycles [1]

Core Insights - The gaming industry has unexpectedly performed well this year, with both product performance and stock price trends exceeding expectations [1] - The A-share gaming sector has seen a significant rise since last year, driven by continuous issuance of game licenses, strong performance of new games, and effective expansion into overseas markets [1][2] Industry Performance - From 2017 to 2024, China's gaming market revenue is projected to grow from 203.6 billion to 325.8 billion yuan, with a notable turnaround beginning in the second half of last year [2] - As of September 17, the Shenwan gaming industry index closed above 4000 points, marking a new high since 2017, with a year-to-date increase of nearly 80% [2] - Individual stocks have shown remarkable performance, with companies like ST Huatuo and Giant Network seeing increases of over 100% this year, and ST Huatuo's market value surpassing 140 billion yuan [2][5] Factors Driving Growth - The continuous issuance of game licenses has been a significant policy support for the industry, with 1,119 licenses granted by August, a substantial year-on-year increase [3] - The gaming sector's recovery is attributed to several factors, including overall industry performance improvement, cost reduction and efficiency gains from AI technology, high-revenue product disclosures, and the explosion of mini-game ecosystems [3][4] - In the first half of the year, the domestic gaming market achieved actual sales revenue of 168 billion yuan, a year-on-year increase of 14.08%, with the user base reaching 679 million [3] Product and Market Dynamics - The successful launch of high-revenue games has bolstered investor confidence, particularly in validating the business models of mobile games going overseas [4] - The performance of domestic games in international markets has also been strong, with overseas sales reaching 9.5 billion USD (approximately 68 billion yuan), a year-on-year increase of 11% [3][4] Future Outlook - The gaming industry is expected to maintain its positive trajectory due to the deep accumulation of resources in terms of IP, products, and technology by domestic game manufacturers [6] - Companies are diversifying their strategies, focusing on both mature product operations and key projects to find new growth points [7] - The ongoing technological advancements, particularly in AI, are anticipated to enhance the ability of gaming companies to produce high-quality content efficiently [7]

Group 1 - The National Press and Publication Administration announced the approval of 166 domestic games and 7 imported games in August 2025, marking a new monthly high for domestic game approvals this year [1] - Among the 166 domestic games, 107 are mobile games, 39 are mobile casual puzzle games, 17 are mobile and client games, 1 is a console game (PS5), and 2 are client games [1] - Major companies like NetEase and Bilibili have successfully obtained approvals for their games, indicating strong performance among leading firms in the industry [1] Group 2 - Several A-share game companies reported positive impacts from the issuance of game approvals, with Baotong Technology highlighting the role of approvals in the recovery of the domestic game industry [2] - Tom Cat mentioned that the game industry is experiencing a dual drive of policy support and technological innovation, with 757 domestic and 55 imported game approvals issued in the first half of 2025, reflecting an 18% year-on-year increase [2] - The domestic game market achieved a sales revenue of 168 billion yuan in the first half of 2025, a 14.08% year-on-year growth, with the user base reaching nearly 679 million, marking a historical high [2]