证券研究报告 | 行业点评报告 2026 年 01 月 30 日 26 年首月发放 182 款版号，大幅超过 25 年月均 148 款 游戏行业 1 月版号点评 TMT 及中小盘/传媒 1 月 26 日，国家新闻出版署公布了 177 款国产版号、5 款进口版号。177 款国产 版号中，其中"移动"类 101 款，"移动-休闲益智"类 64 款，"移动、客户端"10 款，"客户端"2 款；5 款进口版号中，"移动"4 款，"客户端"1 款。同时还发布 了 14 款游戏的审批变更信息。 ❑ 风险提示：游戏上线时间不及预期；流水不及预期等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 2251.6 | 2.0 | | 流通市值（十亿元） | 2071.2 | 2.0 | 行业指数 相关报告 1、《传媒互联网行业周报—阿里千 问做出重大更新，泡泡玛特持续回购》 2026-01-29 2、《互联网行业周报—春节 AI 应用 活动陆续上线，关注大厂布局情况》 2026-01-29 3、《AI 应用研究感思 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - In 2025, the number of game licenses issued reached a record high of 1,771, representing a 25.07% increase from 1,416 in 2024, marking the highest number in the past five years. Among these, 1,676 were domestic games and 95 were imported games [2]. - The import game license issuance has stabilized to a monthly rhythm since October 2024, averaging about 9 licenses per month, with an annual cap of around 100 licenses [3]. - For 2026, at least 25 new games are planned for release, with Tencent expected to launch 8 titles and NetEase and Bilibili each planning 2 titles. More than half of these products are anticipated to launch in Q1 2026, indicating a concentrated release schedule [4]. - The new regulations for WeChat mini-games, effective January 1, 2026, will provide significant incentives for small and medium-sized teams, potentially leading to an increase in game products. The new policy includes a dual incentive structure for newly launched games, with a maximum incentive of 4 million yuan for each title [5]. Company Focus - The report suggests paying attention to the following gaming-related companies: Tencent, NetEase, Bilibili, Giant Network, Gibit, Kying Network, 37 Interactive Entertainment, Shenzhou Taiyue, Baotong Technology, Century Huatong, Shunwang Technology, Sheng Tian Network, Yaoji Technology, and Zhangqu Technology [6].

Core Insights - In December 2025, the National Press and Publication Administration announced the approval of 144 domestic games and 3 imported games, with a focus on mobile games [1] - Tencent's "QQ Classic Farm" received approval, coinciding with the announcement of the classic version of QQ returning, which gained significant media attention [1] - The total number of game approvals for 2025 reached 1771, marking a 25% increase from 1416 in the previous year, the highest since 2018 [1] Industry Performance - The actual sales revenue of the domestic game market in 2025 is projected to be 350.79 billion yuan, reflecting a year-on-year growth of 7.68% [1] - The user base for the domestic game market is expected to reach 683 million, with a growth rate of 1.35% year-on-year [1] - Both sales revenue and user numbers are at historical highs for the industry [1]

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].

Group 1 - The A-share market opened on November 28, with the Shanghai Composite Index down 0.11%, Shenzhen Component Index down 0.04%, and ChiNext Index down 0.04% [1] - The gaming sector showed mixed performance, with the gaming ETF (159869) slightly declining, while stocks like Giant Network, Huayi Brothers, and Light Media saw gains, whereas Perfect World and 37 Interactive Entertainment experienced losses [1] - As of November, a total of 1,624 game licenses have been issued in 2023, significantly surpassing the 1,416 licenses expected for the entire year of 2024 [1] Group 2 - The report from the China Audio-Video and Digital Publishing Association indicates that the actual sales revenue of the Chinese gaming market is projected to reach 168 billion yuan in the first half of 2025, representing a year-on-year growth of 14.08% [1] - The user base in the gaming market is expected to approach 679 million, with a slight year-on-year increase of 0.72% [1] - Mobile games continue to dominate the market, accounting for 74.59% of actual sales revenue, while client games and web games account for 21.07% and 1.31%, respectively [1] Group 3 - The concentration of the Chinese gaming industry is gradually increasing, with major companies like Tencent, NetEase, and miHoYo dominating the mobile gaming market due to their financial, technological, and brand advantages [2] - The increase in the number of game licenses and the upcoming traditional peak season for the gaming market are expected to intensify competition within the industry [2] - Relevant ETFs include the gaming ETF (159869), which focuses on leading companies in the A-share IP gaming sector, and the entertainment and media ETF (516190), which diversifies across marketing, film, tourism, and IP toy sectors [2]

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]