报告导读： 9 月国产及进口版号下发，腾讯、网易、恺英、巨人、星辉等公司有产品获 批； 8 月国内游戏行业整体稳健，头部产品表现突出。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 9月国产游戏版号下发，优质产品表现突出；报告日期：2025.09.25 报告作者： 陈筱（分析师），登记编号：S0880515040003 杨昊（分析师），登记编号：S0880524020001 ss 事件： 9 月 24 日，国家新闻出版署官网发布 2025 年 9 月国产网络游戏审批信息，共 145 款游戏获批；同时下发新一批进口网络游戏审批信息，包括 11 款游戏。 版号供给充足，年内国产版号数量已经达到 1195 个，远超去年同期。 9 月批次国产游戏版号共 145 款，今年以来 9 个月已经发放国产版号共 1195 个， 远高于去年同期的 959 个，月均发放数量从 2023 年的 88.8 个、 2024 年的 108.8 个，增长到今年 1-9 月的 132.8 个。具体产品来看，本月国产版号中 包括腾讯（萨罗斯）《归环》、网易《星绘友晴天》、点点（ ST 华通）《海滨美食乐》、巨人《热血王朝：篮球》 ...

Core Viewpoint - The gaming sector in A-shares has seen significant gains following the approval of multiple domestic and imported game licenses, indicating a positive trend for the industry [1][3]. Group 1: Market Performance - On September 25, several gaming stocks surged over 5%, including Kunlun Wanwei (300418.SZ), Icefire Network (300533.SZ), and Gigabit (603444.SH) [1]. - The gaming sector's valuation recovery is attributed to various factors, including the continuous issuance of game licenses, with 145 domestic games and 11 imported games approved recently [1][3]. - As of September 25, 2025, the A-share gaming sector comprises 24 listed companies, with some stocks achieving remarkable performance this year [7][8]. Group 2: Regulatory Environment - The National Press and Publication Administration has approved a total of 1,275 games in 2025, significantly higher than the 959 games approved in the same period last year, with an average monthly issuance increasing from 88.8 in 2023 to 132.8 in 2025 [3]. Group 3: Financial Performance - The domestic gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, marking a 14.08% year-on-year increase, setting a historical record [5]. - The A-share gaming sector reported a 22.8% year-on-year revenue growth in the first half of 2025, indicating a strong industry fundamental [5]. Group 4: Company Highlights - ST Huatuo's stock price has increased over 300% this year, making it the highest market cap company in the A-share media sector, with a total market value exceeding 160 billion yuan [9]. - Gigabit's stock rose by 5.67%, with a market value of approximately 47.69 billion yuan, and the company reported a 28.49% year-on-year revenue growth in the first half of 2025 [10][11].

Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index down 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58% [1] - The total trading volume in A-shares reached 2.39 trillion yuan, compared to 2.35 trillion yuan the previous day [1] Game Sector Performance - The game sector has rebounded significantly since September 24 of last year, driven by valuation recovery and a new growth cycle [1] - The game ETF (159869) has seen a year-to-date increase of over 67% and a 108% increase over the past year [9][10] Growth Drivers in the Game Sector - The game sector is experiencing a threefold growth impetus, including new game approvals, advancements in AI, MR (Mixed Reality), cloud gaming, and international expansion [10][15] - From January to August this year, the number of game approvals increased by 21% year-on-year, with a total of 1,119 licenses issued [12] - AI applications in gaming are becoming widespread, enhancing user engagement and monetization potential [13] - The cloud gaming infrastructure is improving, making it more accessible and changing distribution channels [13] Financial Performance - In the first half of 2025, the game sector achieved revenue of 54.45 billion yuan, a year-on-year increase of 22.17%, with net profit rising by 74.95% to 8.05 billion yuan [18] - The leading companies in the A-share game sector have rolling P/E ratios mostly between 20-35 times, indicating a significant recovery from previous years [21] Investment Opportunities - The game ETF (159869) tracks the China Animation and Game Index, including major players like Giant Network, Keai Network, and others, and has seen significant capital inflow, reaching nearly 10.62 billion yuan in the last 10 days [23][26] - The ETF provides a convenient way for investors to participate in the game sector without needing extensive knowledge of individual companies [22][26] Conclusion - The game industry is evolving into a growth-oriented sector, driven by technological advancements and global market expansion, requiring investors to adopt a forward-looking perspective to identify quality companies [28]

Group 1 - The A-share gaming stocks have shown strong performance, with companies like Iceberg Network rising nearly 10%, and others such as Electric Soul Network, Perfect World, and 37 Interactive Entertainment also experiencing gains. The gaming ETF (159869) has surged over 3.5% [1] - In the past 10 trading days, the gaming ETF (159869) has seen a net inflow of funds amounting to 1.062 billion yuan, indicating strong investor interest [1] - The National Press and Publication Administration announced the approval of 156 games in September, including 145 domestic games and 11 imported games, marking the third month this year with over 150 game approvals [1] Group 2 - Among the newly approved games, notable titles include Tencent's "Return to the Ring," NetEase's "Starry Friends," and Mihayou's "Honkai: Inheritance Spirits," which has over 4.07 million pre-registrations [2] - The total number of game approvals this year has reached 1,275, maintaining a stable monthly issuance frequency and high approval numbers [2]

股票研究 /[Table_Date] 2025.09.25 9 月国产游戏版号下发，优质产品表现突出 [Table_Industry] 传播文化业 | | | 传播文化业《国务院发布《关于扩大服务消费的 若干政策措施》，关注国庆档定档及票房情况》 2025.09.20 传播文化业《《盛世天下》人气攀升，《梦幻西 游》再创新高》2025.09.14 传播文化业《营收承压，归母净利润受益于税收 优惠显著改善》2025.09.09 传播文化业《营收利润均高速增长，看好优秀产 品三季度业绩贡献》2025.09.07 传播文化业《25H1 IP 产业持续高增，看好 IP 消 费持续性》2025.09.06 股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.c ...

2025.09. 25 本文字数：865，阅读时长大约1分钟 作者 | 第一财经 刘晓洁 9 月 25 日 ， A 股 游 戏 股 开 盘 大 涨 ， 截 至 发 稿 ， 星 辉 娱 乐 （ 300043.SZ ） 涨 超 12% ， 冰 川 网 络 （300533.SZ）涨近10%，完美世界（002624.SZ）涨超5%，盘中股价创近两年新高。此外，三七 互娱（002555.SZ）、电魂网络（603258.SH）、吉比特（603444.SH）等涨幅超过4%。A股游戏 指数（BK1046）总体涨幅超3%，盘中再次突破历史新高（1751）。 昨日晚间，国家新闻出版署公布2025年9月份游戏审批信息，共145款国产新游获批，其中较为重点 的公司产品包括腾讯的《归环》，网易的《星绘友晴天》，阿里旗下灵犀互娱《篮球少女：飞跃巅 峰》，冰川网络的《点兵布阵》，三七互娱的《无尽黑夜》等。 此外，业界较为关注的米哈游《崩坏：因缘精灵》也在获批名单中，该游戏是崩坏IP的第五部作 品，即一款全新精灵养成冒险策略游戏。目前官网预约人数超过407万。 截至9月，2025年内国家新闻出版署累计发放游戏版号（包括国产和进口网络游戏）已 ...

此外，业界较为关注的米哈游《崩坏：因缘精灵》也在获批名单中，该游戏是崩坏IP的第五部作品，即 一款全新精灵养成冒险策略游戏。目前官网预约人数超过407万。 9月25日，A股游戏股开盘大涨，截至发稿，星辉娱乐（300043.SZ）涨超12%，冰川网络（300533.SZ） 涨近10%，完美世界（002624.SZ）涨超5%，盘中股价创近两年新高。此外，三七互娱（002555.SZ）、 电魂网络（603258.SH）、吉比特（603444.SH）等涨幅超过4%。A股游戏指数（BK1046）总体涨幅超 3%，盘中再次突破历史新高（1751）。 昨日晚间，国家新闻出版署公布2025年9月份游戏审批信息，共145款国产新游获批，其中较为重点的公 司产品包括腾讯的《归环》，网易的《星绘友晴天》，阿里旗下灵犀互娱《篮球少女：飞跃巅峰》，冰 川网络的《点兵布阵》，三七互娱的《无尽黑夜》等。 开源证券表示，当下游戏行业边际变化较大，游戏行业正经历从"一波流换皮产品"转向"长周期项目"， 供需共振下，游戏行业此轮景气周期长度或超市场预期，而板块当前估值性价比仍突出，研报建议继续 加码布局游戏板块，持续关注核心新游及长青游戏表现。 ...

晨会纪要（R3） 晨会纪要 2025 年 09 月 25 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3853.64 | 0.83 | | 深证成指 | 13356.14 | 1.80 | | 创业板指 | 3185.57 | 2.28 | | 科创 50 | 1456.47 | 3.49 | | 北证 50 | 1578.92 | 2.03 | | 沪深 300 | 4566.07 | 1.02 | 上证指数-沪深 300 走势图 0% 10% 20% 30% 40% 2024-09 2024-12 2025-03 2025-06 上证指数 沪深300 | 一、财信研究观点 | | --- | | 【市场策略】大盘缩量上涨，半导体设备板块强势 | | 【基金研究】基金数据日跟踪 | | 【债券研究】债券市场综述 | | 二、重要财经资讯 | | 【宏观经济】国务院总理李强出席全球发展倡议高级别会议 | | 【宏观经济】央行公开市场开展 4015 亿元 7 天期逆回购操作 | 【财经要闻】《"一港一策"推进集装箱铁水联运深度融 ...

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in September 2025, granting a total of 156 licenses, including 145 domestic and 11 imported games [1] Group 1: Game Approvals - A total of 156 online games received approval, with significant contributions from major companies such as Tencent, NetEase, miHoYo, Lingxi Interactive, 37 Interactive Entertainment, and Kaiying Network [1] - Notable products that received approval include Tencent's "Return Ring," miHoYo's "Honkai: Inheritance Spirit," and NetEase's "Starry Friends Sunny Day" among others [1] Group 2: Changes in Approval Information - Nine games had changes in their approval information, including Game Science's "Black Myth: Wukong," which received an Xbox version license, and Shanghai Shulong Technology's "Legendary World: Unmatched," which added a client version [1] Group 3: Imported Games - The list of approved imported games includes notable titles such as Hazelight Studios' "It Takes Two," Nexon's "Dave the Diver," and Sony's "Astro Bot" [1]

Group 1 - The National Press and Publication Administration issued approval for 156 game titles in September, including 145 domestic and 11 imported games [1] - Notable companies receiving approvals include Tencent, NetEase, miHoYo, Lingxi Interactive, and 37 Interactive Entertainment [1] - Key products approved include Tencent's "Return," miHoYo's "Honkai: Resonance Spirit," and NetEase's "Starry Sky: Sunny Day" among others [1][3] Group 2 - Tencent's "Return" is the first time-loop RPG in China, featuring an open world and high narrative freedom, with over 8 million views on its first trailer [3] - MiHoYo's "Honkai: Resonance Spirit" is a new adventure strategy game under the "Honkai" IP, with over 4.07 million pre-registrations [5] - NetEase's "Starry Sky: Sunny Day" is a new life simulation game that supports cross-platform play and features over 120 mini-party games [5]