报告导读： SLG赛道因其高用户付费、长生命周期、全球化适配性，具备结构性投资机 会。中国厂商在出海领域的快速发展，以及SLG轻量化、融合化的转型，为其带来新的 发展机会，建议关注拥有成熟产品矩阵、全球化发行能力及融合玩法储备的优质公司 。 建议关注拥有成熟产品矩阵、全球化发行能力及融合玩法储备的优质公司。 在当前全球手游市场增速放缓 的背景下， SLG 赛道因其高用户付费、长生命周期、全球化适配性，仍具备结构性投资机会。 SLG 厂家 切入玩法创新赛道， SLG+ 模拟经营等玩法吸引轻度用户，降低买量成本，副玩法买量通过塔防、肉鸽等 机制提升转化率； SLG 与小游戏的结合已经涌现成功案例，未来有望进一步成为赛道主流发展方向之 一。头部厂商具备长线运营能力和技术壁垒，叠加技术降本能力和本地化深度，护城河较为稳固，成熟产 品有望为厂商持续提供盈利支撑。 热门单品表现强势，国内厂商出海优势显著。 SLG （ Simulation Game ，策略游戏）具有长生命周 期、高用户付费（ ARPU ）和强社交粘性等特点。 2024 年全球策略游戏以 175 亿美元收入位居手游品 类榜首，中国厂商发行的《 Last W ...

Group 1 - The global mobile game market is experiencing a slowdown, but the SLG (Simulation Game) segment presents structural investment opportunities due to high user spending, long lifecycle, and global adaptability [1][2] - In 2024, the global strategy game revenue is projected to reach $17.5 billion, making it the top category in mobile games, with significant contributions from Chinese titles like "Last War: Survival" and "Whiteout Survival" [2] - The proportion of strategy games among the top 100 self-developed mobile games in overseas markets is 41.38%, indicating a strong presence and growth potential for SLG games [2] Group 2 - SLG developers are innovating gameplay to attract lighter users and reduce user acquisition costs, with successful cases emerging from SLG+ simulation and mini-games [1][3] - The industry is focusing on two main strategies: maintaining core SLG features while reducing player investment ("降肝降氪") and integrating lighter gameplay elements to broaden user appeal [3] - The enduring popularity of Three Kingdoms themes and the combination of new themes and IPs are helping SLG games to explore new market spaces [3] Group 3 - Notable products are successfully entering overseas markets, providing stable revenue support, such as "Whiteout Survival," which has generated $2.25 billion globally by March 2025 [4] - The games "Age of Origins" and "War and Order" have shown stable growth in ARPU and revenue, contributing 96.83% to the total revenue of Shenzhou Taiyue's gaming business [4] - New games like "Stellar Sanctuary" and "Next Agers" are undergoing commercialization testing overseas, potentially offering new revenue streams for the company [4]