智通财经APP获悉，万联证券发布研报称，9月游戏版号发放量维持高位，结构覆盖多类型产品，其中 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。从市场趋势来看，各大厂商纷纷布 局精灵养成赛道，腾讯《洛克王国：世界》、蛮啾《蓝色星原：旅谣》、杭州爪印《伊莫》等均备受关 注，未来竞争较为激烈。整体来看，9月游戏供给端延续释放，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 从市场趋势来看，各大厂商纷纷布局精灵养成赛道，腾讯《洛克王国：世界》、蛮啾《蓝色星原：旅 谣》、杭州爪印《伊莫》等均备受关注，未来竞争较为激烈，《崩坏：因缘精灵》有望通过其独特的生 态设计，大世界、自走棋等玩法融合占有一席之地。 风险因素 政策监管风险、版号核发节奏不及预期、新游延期上线及表现不及预期、新游流水不及预期、出海业务 风险加剧、商誉减值风险。 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 (00700)《归环》、米哈游《崩坏：因缘精灵 ...

Core Viewpoint - The summer gaming season of 2025 is set to be unprecedentedly competitive, with over 20 new domestic games scheduled for release in July, highlighting the industry's peak period due to increased user engagement during student vacations [2][11]. Group 1: Market Dynamics - The summer season is traditionally a golden period for the gaming industry, with significant competition expected as major players like Tencent and NetEase launch products around the same time [2][4]. - The global gaming market also experiences a peak during this period, with Chinese game developers focusing on key products for overseas markets, particularly in Asia [2][9]. Group 2: Major Releases and Strategies - Tencent's strategy includes a dual approach with the launch of "Carbon Island" on July 2, which integrates low-carbon concepts into gameplay, and "Star Resonance" on July 17, a major title in the anime genre [5][6]. - NetEase is heavily investing in PC and overseas markets, with the release of "Uncharted Star Abyss" on July 17, developed by a studio founded by Blizzard's co-founder [5][6]. - The direct competition between NetEase's "Uncharted Star Abyss" and Tencent's "Star Resonance" on the same day is anticipated to be a significant highlight of the July gaming market [6]. Group 3: Trends in Game Development - The new game lineup for July reflects two major industry trends: the continued focus on core categories by major companies and a notable recovery in the PC gaming market [9][10]. - The revival of the PC gaming market is attributed to factors such as the normalization of game licensing, the recovery of internet cafes, and the increase in cross-platform games [2][9]. - The emergence of several new PC titles indicates a shift towards differentiated product offerings, as companies seek to provide stronger gaming experiences compared to the saturated mobile gaming market [9][10]. Group 4: Competitive Landscape - The competition among major gaming companies is expected to intensify as they launch multiple products, leading to increased marketing efforts and potential user acquisition challenges [8][9]. - The upcoming releases from both large and small developers aim to capture user attention through innovative gameplay, technological upgrades, and thematic breakthroughs [11].

Core Insights - The report highlights a positive outlook for MEMS inertial navigation, X-ray detection, and the export of air separation equipment, driven by growth in downstream applications such as low-altitude economy, autonomous driving, and robotics [3][6] - The industrial X-ray detection market is expected to experience structural growth due to strong demand from the electronics and semiconductor industries, as well as recovery in the lithium battery sector [3][6] - The air separation equipment market, primarily used in coal chemical, petrochemical, metallurgy, and nuclear power industries, has a market space exceeding 100 billion yuan, with increasing export activities under the Belt and Road Initiative [3][6] Industry Performance - The report notes that the new housing transaction area has increased month-on-month, while year-on-year comparisons show a decline in 20 cities for second-hand housing transactions [5][14] - The land transaction area has decreased year-on-year, but the premium rate has increased month-on-month, indicating a competitive land market in certain regions like Tianjin [5][14][16] - The issuance of domestic credit bonds has increased significantly, with a year-on-year rise of 606% and a month-on-month increase of 63%, reflecting improved market conditions [17] Market Trends - The gaming industry is expected to benefit from innovative gameplay and a surge in demand for new titles, with the monthly issuance of game licenses projected to reach 135 in the first half of 2025 [11][12] - The report emphasizes the potential for AI virtual social applications, particularly with the development of AI companions, which could lead to significant commercial opportunities [12] - The three-dimensional visual digitization market is projected to reach 40.01 billion yuan by 2027, with a compound annual growth rate of 26.6%, driven by the shift from 2D to 3D applications in various industries [8]