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]

↑点击上面图片 加雪球核心交流群 ↑ 创业板太强了，续创3年多新高，突破3200点。截至收盘，沪指跌0.01%，深成指涨0.67%，创业板指涨1.58%。 沪深两市成交额2.37万亿 ， 较上一个交易日放量443亿 。板块方面 ， 游戏 、 AI应用 、 可控核聚变等板块涨幅居前 ， 港口航运 、 贵金属 、 油气等板块跌幅居前 。 此外，值得一提的是，10倍牛股上纬新材正式易主，再度走出20%涨停。 01 上纬新材 再度20% 涨停 9 月 25 日， " 十倍股 " 上纬新材盘初迅速拉升，股价达到 132.1 元 / 股，再次走出 20% 涨停，实现2连板，总市值达到 533 亿元。 上纬新材也是年内A股市场涨幅冠军及年内第一只"10倍股"，截至今日盘中，年度涨幅达到令人咋舌的1892%，逼近19倍。 上纬新材此番大涨，与智元机器人入主密相关。昨日晚间，上纬新材发布公告称，公司收到相关股东通知，获悉其协议转让公司股份事宜已完成过 户登记手续。 该次股份转让完成及表决权放弃后，智元恒岳、致远新创合伙合计拥有上纬新材 29.99% 的股份及该等股份对应的表决权，上纬新材控股股东由 SWANCOR 萨摩亚变更为 ...

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 ...

Group 1: Market Performance - The ChiNext Index surged past 3200 points, reaching a new three-year high with an annual increase of over 50% [1] - The ChiNext ETF (Guangfa) rose by 2.13%, marking its fourth consecutive increase, with significant gains in constituent stocks such as Kunlun Wanwei (up 10.99%) and Aosheng Technology (up 9.49%) [3] Group 2: Energy Storage Sector - The U.S. is expected to see a new installed capacity of 5.5 GW/18.8 GWh in new energy storage for the first half of 2025, reflecting a year-on-year growth of 35%-40% [1] - European and emerging markets are projected to experience growth rates of 1-2 times in the energy storage sector [1] - Citic Securities highlights that the acceleration of electricity reform will transform energy storage from a cost item to a profit item, with improved capacity compensation mechanisms providing a profit "safety net" [1] Group 3: Photovoltaic Industry - The photovoltaic industry is currently at the bottom of the cycle, with recent government actions aimed at capacity integration and price regulation in the silicon material segment [1] - The industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [1] Group 4: Gaming Industry - In September, 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [2] - The gaming sector is experiencing a dual increase in supply and demand, leading to an overall rise in gaming hours and market expansion [2] - The trend indicates a more favorable competitive landscape, with major companies focusing on long-lasting games and mid-sized companies targeting niche markets [2] Group 5: ETF Overview - The ChiNext ETF (Guangfa) closely tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries [4]

以下文章来源于数据宝 ，作者张智博 9月份获批的进口网络游戏则有11款。其中，6款为移动游戏、3款移动兼客户端游戏、2款为复合载体游戏。 其中，上市公司及相关产品主要包括：A股冰川网络出版的《点兵布阵》、巨人网络出版的《热血王朝：篮球》、三七互娱出版的《无尽黑夜》、恺英网络出 版的《黑猫警长：守护》等等。 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）已达到1275个，保持每月一次的发放频率，发放版号数量维持高位。此 前，江海证券研报指出，游戏版号的常态化发放体现监管政策对于游戏产业发展的支持力度在持续加大。 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 9月获批游戏版号出炉！ 9月获批游戏版号出炉！ 9月24日，国家新闻出版署公布2025年9月份游戏审批信息，共计145款国产网络游戏获批。其中，93款为移动游戏、42款为移动-休闲益智类游戏、7款移动 兼客户端游戏、2款客户端游戏以及1款移动兼网页游戏。 这些游戏 ...

Group 1 - The gaming sector is experiencing a significant rise, with the gaming ETF (159869) increasing nearly 3% in early trading, and notable stocks such as Glacier Network, Perfect World, and Star Shine Entertainment showing strong gains [1] - In September, a total of 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [1] - Open Source Securities suggests that the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and recommends increasing investments in the gaming sector [1] Group 2 - The gaming sector is undergoing multiple catalysts including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2] - Citic Construction Investment is optimistic about the gaming sector's performance for the year, highlighting that the overall gaming landscape is improving, with leading companies like Tencent and mid-sized firms performing well [1][2]

华创传媒团队指出，游戏市场扩容与格局改善共振，技术革新与政策支持打开空间，产业侧关注未来核 心趋势:PC、Z时代、女性向、IP。市场侧看好游戏"文化出海+科技创新"前瞻大方向。竞争格局改善 下，产品创新成功率高，确定性较强，看好EPS&PE的双击持续。 数据显示，截至2025年8月29日，中证沪港深游戏及文化传媒指数(931580)前十大权重股分别为快手- W(01024)、腾讯控股(00700)、分众传媒(002027)、岩山科技(002195)、哔哩哔哩-W(09626)、巨人网络 (002558)、恺英网络(002517)、昆仑万维(300418)、利欧股份(002131)、三七互娱(002555)，前十大权重 股合计占比54.14%。 消息面上，9月游戏版号出炉，145款国产游戏、11款进口游戏，共计156款游戏获批，是年内第三次单 月版号发放数量超过150个。涉及上市公司相关产品主要有：冰川网络《点兵布阵》；恺英网络《黑猫 警长：守护》；三七互娱《无尽黑夜》；巨人网络《热血王朝：篮球》等。 截至2025年9月25日 10:08，中证沪港深游戏及文化传媒指数(931580)强势上涨1.76%，成分股昆 ...