游戏版号常态化

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传媒行业快评报告:9月游戏版号发放量维持高位,米哈游崩坏IP新作《崩坏:因缘精灵》获批
Wanlian Securities· 2025-09-29 11:31
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].
万联证券:9月游戏版号发放量维持高位 行业修复节奏持续推进
智通财经网· 2025-09-29 07:29
智通财经APP获悉,万联证券发布研报称,2025年9月24日国家新闻出版署公告9月份国产游戏版号及进 口游戏版号,共有145款国产游戏和11款进口游戏过审。9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。 万联证券主要观点如下: 9月游戏版号发放量维持高位,涵盖多类型产品与知名厂商 年初至今国产游戏合计通过审批1195款,9月份游戏版号发放量维持高位,通过审批145款,包括腾讯 《归环》、米哈游《崩坏:因缘精灵》、网易《星绘友晴天》、三七互娱《无尽黑夜》、灵犀互娱《篮 球少女:飞跃巅峰》、恺英网络《黑猫警长:守护》、4399《铛铛大冒险》等;年初至今进口游戏合计通 过审批80款,9月份通过审批11款,其中包括了创梦天地《超级洞洞乐》、星辉游戏《冒险岛:枫之新 篇》等。 米哈游崩坏IP系列《崩坏:因缘精灵》获批,主打大世界精灵搜集 《崩坏:因缘精灵》是一款米哈游制作发行的"崩坏"IP旗下精灵养成冒险策略游戏,将大世界探索与精 灵元素结合,并融入CRPG元素,赋予玩家高自由度及宠物 ...
星辉娱乐20cm涨停,完美世界涨停,游戏ETF涨超4%,游戏ETF华泰柏瑞涨3.5%
Ge Long Hui A P P· 2025-09-15 03:50
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]
多只千亿级A股龙头,盘中创历史新高
Zhong Guo Zheng Quan Bao· 2025-09-03 04:28
今天上午,半导体产业链盘中一度直线拉升,带动科技主线修复,成都华微、源杰科技等个股大涨。新能源赛道表现活跃,宁德时代(300750)、阳光电 源(300274)、亿纬锂能(300014)等龙头股上涨。 截至上午收盘,上证指数下跌0.96%,深证成指下跌0.63%,创业板指接近平盘报收。 多只龙头股盘中创历史新高 今天上午,赛力斯(601127)、紫金矿业(601899)、福耀玻璃(600660)、山东黄金(600547)等个股上涨,盘中股价均创历史新高,上述个股的总市 值均在千亿元以上。 阳光电源、亿纬锂能上午大涨,盘中股价均创阶段新高。 截至午间收盘,亿纬锂能上涨11.05%。亿纬锂能官方微信公众号今天发布消息称,9月2日,亿纬锂能固态电池研究院成都量产基地正式揭牌,"龙泉二 号"全固态电池成功下线。此次下线的"龙泉二号"为10Ah全固态电池,能量密度高达300Wh/kg、体积能量密度为700Wh/L,主要面向人形机器人、低空飞 行器以及AI等高端装备应用领域。 文化传媒板块上涨 今天上午,文化传媒板块表现活跃,游戏板块领涨,巨人网络(002558)、神州泰岳(300002)等个股涨幅居前。影视院线等板块上 ...
万联证券:8月游戏版号发放量创新高 行业修复节奏持续推进
智通财经网· 2025-08-27 07:36
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].
传媒行业快评报告:8月游戏版号发放量创新高,腾讯《卡厄思梦境》及bilibili《逃离鸭科夫》获批
Wanlian Securities· 2025-08-27 07:32
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].
今年4月至今共计241款游戏获批 老款游戏贡献业绩 重启新批版号未发力
Xin Hua Wang· 2025-08-12 05:55
据了解,今年4月开始国家游戏版号时隔8个月重新发放,截至目前,共计241款游戏获得版号。记者留 意到,截至今年8月获得新游戏版号的以中小型游戏厂商为主,不少是未上市的游戏公司。四轮审批信 息中,腾讯与网易等头部的游戏产品未见踪影。三七互娱、完美世界、恺英网络等知名游戏厂商,或其 旗下子公司的游戏相继获得版号。不过,据已公布上半年业绩预告的游戏公司数据来看,多家归母净利 润同比增加的游戏企业,主要靠"老牌"游戏贡献业绩,版号的影响力尚未充分凸显。 近段时间,多家A股游戏上市公司陆续发布上半年业绩预告。记者不完全统计,截至8月8日,15家A股 游戏上市公司公布业绩预告,其中,9家预计盈利,6家业绩预亏。 15家A股游戏公司半年报预告9家盈利6家预亏 记者梳理发现,15家公布上半年业绩预告的游戏公司,9家预计盈利为正,当中5家的归属于上市公司股 东的净利润比去年同期上升,4家是同比下降。其中,三七互娱、完美世界、恺英网络等知名公司,均 预计上半年业绩增长。数据显示,三七互娱归属于上市公司股东的净利润比上年同期增长 87.42%~99.13%;完美世界归属于上市公司股东的净利润同比增长330.84%~350.25%; ...
传媒行业快评报告:7月游戏版号发放量维持高位,点点互动《奔奔王国(Kingshot)》获批
Wanlian Securities· 2025-07-25 08:43
Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% in the industry index relative to the broader market within the next six months [9]. Core Insights - The report highlights that the issuance of game licenses remains high, with 127 domestic games and 7 imported games approved in July 2025. This reflects a robust supply side and a stable trend towards normalization in license issuance [2][7]. - Key titles that received approval include "Kingshot" by Diandian Interactive, which is expected to leverage its success in overseas markets to become a significant product in the domestic SLG (Simulation and Strategy Game) sector [2][3]. - Tencent's "The Finals," a PC-based FPS game, is also noted for its potential to become a dark horse in the FPS market, given its unique gameplay and adaptation for domestic players [3]. - The report emphasizes the strong performance of established IPs like "Diablo IV" and "Marvel's Secret Wars," which are anticipated to perform well in the domestic market due to their established fan bases and innovative gameplay mechanics [4][7]. Summary by Sections Industry Events - In July 2025, the National Press and Publication Administration announced the approval of 127 domestic games and 7 imported games, maintaining a high issuance rate [1][2]. Investment Highlights - The report indicates that 884 domestic games have been approved year-to-date, with July's approvals slightly down from June but still at a high level. Notable titles include "Kingshot," "The Finals," and "Diablo IV" [2][4]. - The report suggests that the gaming industry is on a recovery path, with a consistent release of licenses and a focus on diverse product offerings from leading companies [7]. Company-Specific Insights - Diandian Interactive's "Kingshot" is highlighted for its innovative gameplay that combines tower defense and simulation elements, aiming to cater to domestic players' preferences [2]. - Tencent's adaptation of "The Finals" is expected to enhance player experience through new modes and anti-cheat systems, positioning it well in the competitive FPS market [3]. - "Marvel's Secret Wars" is noted for its unique blend of strategy card and chess elements, leveraging its strong IP to attract players [4][7].
游戏板块集体飙升!投资价值是否迎来兑现窗口?
Sou Hu Cai Jing· 2025-07-23 12:52
Market Overview - On July 23, both the Hong Kong Hang Seng Index and the A-share Shanghai Composite Index rose, with the former stabilizing above 25,500 points, reaching a new high since November 2021, while the latter touched the critical 3,600 points [2] - The gaming sector in Hong Kong saw significant capital inflow, rising by 4%, with Tencent (00700.HK) being the largest contributor, increasing by 4.94% to HKD 552.0 per share, marking a new high since June 2021 [2][3] Company Performance - Tencent's stock performance was notable, with a significant increase in market capitalization, while other gaming stocks like Kingsoft (03888.HK), NetEase (09999.HK), Bilibili (09626.HK), and Xindong Company (02400.HK) also saw gains of 3.89%, 2.59%, 2.33%, and 1.56% respectively [2][3] - Flying Fish Technology (01022.HK) experienced the highest single-day increase of 49.15% following a profit announcement, projecting a net profit of approximately RMB 55 million to 70 million for the first half of 2025, compared to a loss of RMB 2 million in the same period last year [3][7] A-share Market - In the A-share market, the gaming sector also performed well, with ST Huatuo (002602.SZ) rising by 4.22%, and other companies like Gigabit (603444.SH) and 37 Interactive Entertainment (002555.SZ) also recording gains [4] Regulatory Environment - The National Press and Publication Administration approved 127 domestic games and 7 imported games in July, contributing to the positive sentiment in the gaming sector [5] - Notable approvals included Tencent's "Summon Adventure" and NetEase's "Diablo IV," indicating a steady release of new content in the market [5] Industry Trends - Analysts noted a solidifying trend of regular game approvals, coupled with domestic gaming innovations, suggesting a recovery in the industry's growth pace [6] - The summer season is a critical period for game developers, with many launching new titles aimed at enhancing player engagement through strong narratives and social elements [6] Financial Outlook - Market expectations for Tencent's Q2 2025 revenue and gross profit are optimistic, with projected year-on-year growth of 12% and 17% respectively, driven by an 18% increase in online gaming revenue [7] - HSBC forecasts NetEase's Q2 performance to be stable, with an expected revenue growth of 11%, supported by a significant increase in PC game revenue [8] - Analysts express a positive outlook for the gaming sector, citing improvements in supply and the emergence of quality content, alongside the impact of AI technology on cost reduction and efficiency [8]
版号管够,游戏大厂先慌了
3 6 Ke· 2025-07-03 11:50
Core Viewpoint - The summer gaming season of 2025 is expected to be highly competitive, with a record number of new game releases and significant industry changes driving this intense environment [2][4]. Group 1: Game Releases and Competition - A total of 26 new games are scheduled for release in July, along with 15 limited tests, marking one of the most competitive summer seasons in history [2]. - Tencent plans to launch two new games: the eco-friendly casual game "Carbon Island" on July 2 and the multiplayer RPG "Star Resonance" on July 17 [2]. - NetEase is set to release the highly anticipated PC game "No Master Star Abyss" on July 17, which has already gained significant attention by topping the global trial rankings during a recent Steam event [2]. Group 2: Regulatory Environment and Market Growth - The issuance of game licenses has significantly increased, with 158 games approved in June alone, marking a peak for the year and the highest monthly total since 2003 [5]. - From the beginning of the year to June, 757 domestic games and 55 imported games have received approval, indicating a trend towards regular issuance of licenses that supports industry growth [6]. - The Chinese gaming market showed a positive growth trend, with a market size of 28.051 billion yuan in May 2025, reflecting a year-on-year increase of 9.86% [6]. Group 3: International Expansion and Challenges - The global mobile gaming market is projected to reach 635.57 billion yuan in 2024, with Chinese mobile games accounting for 37.5% of the market, up from 32% in previous years [8]. - However, competition in overseas markets is intensifying, with companies like NetEase making significant cuts to their international operations, including layoffs in Japan and North America [8][9]. - Regulatory changes, such as the FTC's fine against miHoYo for its game "Genshin Impact," have added uncertainty to the industry, impacting revenue and market positioning [9][11]. Group 4: Domestic Market Dynamics - Despite the challenges in international markets, the domestic gaming market continues to show potential, with a focus on high-quality content leading to successful titles like "Honor of Kings" maintaining top revenue positions globally [15]. - The competitive landscape remains fierce, with companies needing to adapt their strategies to thrive in both domestic and international arenas, emphasizing the importance of quality and innovation [14][15].