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 Insights - The Tokyo Game Show (TGS) 2025 has set a record with over 1,100 exhibitors and more than 4,100 booths, marking the largest scale in its history [3] - Chinese game developers showcased significant advancements, with many titles gaining attention even before reaching the main venue [5][6] - The event highlighted the growing competitiveness of Chinese games in the global market, particularly in the anime-style game sector [9][10] Group 1: Event Scale and Attendance - TGS 2025 is the largest ever, with over 1,100 exhibitors and 4,100 booths, indicating a substantial increase in participation [3] - The number of attendees has also surged, with long queues observed before the event's opening [3] Group 2: Chinese Game Developers' Performance - Chinese games have made a strong impression at TGS 2025, with titles like "Endless Winter" and "Infinite" prominently displayed [5][6] - The success at both TGS and Gamescom 2025 suggests that Chinese developers are now capable of competing on a global scale [8][9] Group 3: Upcoming Titles and Market Trends - Many new titles are set to launch in 2026, indicating a potentially explosive year for the anime game market [10][11] - Notable games like NetEase's "Infinite" generated significant interest, with long wait times for hands-on experiences [13][15] Group 4: Diverse Game Offerings - The event featured a variety of genres beyond anime games, with Tencent showcasing titles like "Fate Trigger" and "Chasing Kaleido" [25][27] - Other popular titles included "Tomorrow's Ark: End of the World" and "Dual Spiral," which also attracted considerable attention [19][23] Group 5: Cultural Impact and Market Penetration - The presence of Chinese games at TGS reflects a broader trend of increasing cultural exchange and market penetration in Japan [45][47] - The success of titles like "Nirvana in Fire" and "Fifth Personality" demonstrates the appeal of Chinese games to Japanese audiences [41][43]

用"奇波"串联出的大世界故事 在游戏序章的剧情中，玩家随星辰坠入了未知世界并结识了精灵少女西芙莉雅和小妖精露米；在随后对战序章BOSS"暗焰兽"中，露米口中的伙伴、本体 是碧羽灵龙的"阿比"前来协助；危险时刻，玩家觉醒了"星临者"的强大力量最终击败了"暗焰兽"；随后动身前往未知地"洛斯兰瑟"的旅途中，突然撞上半 空中的神秘结界，一行人自空中坠落并失散，而玩家也陷入了昏迷之中。 再次醒来时，便已身在兽人村落"夏露露村"一个名为璐璐卡的粉毛少女床上。随后得知是璐璐卡的姐姐，自认"夏露露村第一猎人"的元气少女忒拉拉和她 的奇波乌尔救下了玩家。 捉宠游戏、二次元大世界，两个词拆开看我都认识，也都体验过不少产品，但没接触《蓝色星原：旅谣》（以下简称蓝色星原）前，我从没想过它们可以 严丝合缝的一体共存。 蓝色星原是《碧蓝航线》开发商蛮啾网络的最新作品，在2024年3月首曝时就备受关注，其在B站的首个视频目前播放量已超1000万。但当时实机是各板 块拆分展示，后来如BW上的试玩也只有十分钟，难以系统完整地了解究竟是什么样的游戏体验。 8月15日上午11点，蓝色星原正式开启了首测，我一口气玩了5个多小时，然后就被"圈粉"了。 ...

Group 1 - The recruitment for the first online public test of "Blue Star Origin: Travel Song" by Manju Network has begun, with a limited number of 1500 slots available on Bilibili, and the test will be conducted on PC only [1] - The game is positioned as an open-world 2D RPG, which may attract core players and potentially strengthen investor confidence in the 2D sector's development capabilities [1] - If the feedback is positive, it could encourage similar companies to enhance their open-world and cross-platform strategies, leading to a focus on innovation in the 2D category [1] Group 2 - The Pokémon Company has scheduled a new Pokémon presentation for July 22, 2023, with the latest game "Pokémon Legends: Z-A" set to release on October 16, 2023 [2] - There are market speculations about a new generation of Pokémon games being exclusive to the upcoming Nintendo Switch 2, which could boost market expectations for the next-gen console [2] - The ongoing iteration of top IPs like Pokémon may intensify content competition and drive smaller developers to pursue differentiated strategies [2] Group 3 - Microsoft's "COD: Black Ops 7" will debut at the Cologne Game Show, marking the first time two Black Ops-themed games are released consecutively [3] - This strategy indicates a shift towards a more intensive IP development approach, which may enhance Xbox's content ecosystem and increase market expectations for user growth in Microsoft's gaming subscription services [3] Group 4 - The total revenue of Shanghai's gaming industry for the first half of 2025 reached 83.283 billion yuan, reflecting a year-on-year growth of 10.80% [4] - Both domestic and overseas sales revenues for Shanghai's online games have shown growth, with the esports sector generating 3.254 billion yuan, up 6.91% [4] - The report highlights the continuous innovation and global expansion of Shanghai's gaming companies, which may boost investor confidence, particularly in leading firms with strong R&D and overseas operational capabilities [4]