Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][10] Core Insights - The report highlights a steady release of game licenses in February, indicating a continued recovery in the domestic gaming market [2][7] - The number of approved game licenses in February remains stable, with a year-on-year increase compared to February of the previous year [7] - The domestic gaming market shows signs of recovery, with notable performance in PC and cross-platform products [7] Summary by Sections License Approval - In February, a total of 152 games received approval, including 146 domestic and 6 imported games, covering several key gaming companies [7] - The approval includes various game types, with 122 being mobile games, indicating a strong focus on mobile gaming [7] Market Performance - In January 2026, the actual sales revenue of the Chinese gaming market reached 32.468 billion yuan, with a month-on-month growth of 2.99% and a year-on-year growth of 4.47% [7] - The client game segment saw a revenue of 8.236 billion yuan, with a month-on-month increase of 7.77% and a year-on-year increase of 23.46% [7] Investment Recommendations - The report suggests focusing on companies such as Tencent, NetEase, and others, as the scale of license issuance remains stable and the domestic gaming market continues to recover [7]

Group 1 - The National Press and Publication Administration announced the approval of 146 domestic games in February 2026, including titles such as "Forest Fun" by Lingxi Interactive Entertainment and "Tata Adventure Team" by Lilith [1] - Additionally, 11 imported games received approval, including "Angry Birds: Classic Return" and "Angry Birds: Dream Blast," operated by Kingsoft [1]