Core Viewpoint - The issuance of game licenses in the first half of 2025 shows significant growth, with a total of 757 domestic game licenses and 55 imported game licenses, indicating a positive trend for the gaming industry [2][6]. Group 1: License Issuance Data - In the first half of 2025, a total of 757 domestic game licenses were issued, representing an increase of over 20% compared to 628 licenses in the first half of 2024 [6]. - The number of domestic game licenses issued in June 2025 reached 147, marking a monthly high in recent years [3][4]. - The total number of imported game licenses issued in the first half of 2025 was 55, slightly down from 60 in the first half of 2024, but still showing a stable monthly issuance trend [6]. Group 2: Major Companies and Titles - Notable companies such as Kying Network, Tencent, and NetEase have successfully obtained multiple game licenses, with Kying Network securing over 10 titles recently [3][9]. - Tencent's and NetEase's imported games include titles like "Crossfire: Rainbow" and "Masterless Star Abyss," contributing to the overall growth in the number of imported licenses [3][9]. - The continuous issuance of licenses and the accelerated launch of new products are driving a recovery in the gaming industry, with domestic game market sales exceeding 140 billion yuan in the first five months of the year, a year-on-year increase of 16.99% [9]. Group 3: Market Trends and Stock Performance - The stock prices of A-share gaming companies have been rising, with 28 out of 35 companies seeing price increases this year, and 17 companies experiencing gains of over 20% [10]. - The stable issuance of game licenses is improving the supply side of the industry, benefiting high-quality content and driving a recovery in the sector [10]. - The domestic gaming industry's market demand remains solid, with high market sentiment and performance gradually being released as product cycles progress [11].