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政策持续加码、行业景气回升、AI落地加速,聚焦游戏ETF(159869)布局窗口
Sou Hu Cai Jing· 2025-08-28 03:03
Group 1 - The gaming sector experienced fluctuations but is currently on an upward trend, with the gaming ETF (159869) seeing a slight decline while attracting significant capital inflow of 206 million yuan over the past five trading days [1] - In August, the number of game licenses issued reached a record high, with a total of 1,050 domestic games approved this year and 166 games approved in August alone, marking an increase of 39 games from the previous month [1] - Notable games approved in August include titles from major developers such as NetEase, Bilibili, and Tencent, indicating a diverse range of products being released [1] Group 2 - According to Zhonghang Securities, the gaming sector is being driven by three main factors: ongoing policy support, industry recovery, and accelerated AI implementation [2] - In the short term, the normalization of license releases and the launch of new products during the summer will support performance realization [2] - The long-term growth potential is bolstered by global expansion opportunities, with the gaming sector undergoing transformations in AI, content, and commercialization models [2]
传媒行业快评报告:8月游戏版号发放量创新高,腾讯《卡厄思梦境》及bilibili《逃离鸭科夫》获批
Wanlian Securities· 2025-08-27 07:32
Investment Rating - The industry investment rating is "Outperform the Market" indicating a potential increase of over 10% relative to the market index in the next six months [3][6]. Core Insights - In August 2025, the number of game approvals reached a record high, with 166 domestic games and 7 imported games approved, marking a year-to-date total of 1,050 domestic games and 69 imported games [1][2]. - Notable games that received approval include Tencent's "Kareus Dream" and bilibili's "Escape from Duckov," both of which are expected to perform well in the market due to their unique gameplay and strong development teams [1][2]. - The report emphasizes the ongoing normalization of game approvals, suggesting a steady recovery in the industry, and recommends focusing on leading companies with diverse product portfolios and strong R&D capabilities [2]. Summary by Sections Industry Events - The National Press and Publication Administration announced the approval of 166 domestic and 7 imported games in August 2025, with significant titles like "Kareus Dream" and "Escape from Duckov" gaining attention [1][2]. Game Performance - "Kareus Dream," developed by Smilegate's SUPER CREATIVE, combines dark fantasy elements with innovative gameplay mechanics, while "Escape from Duckov" offers a unique blend of cute aesthetics and tactical gameplay, achieving over 200,000 players and a 93% positive rating during its Steam testing phase [1][2]. Investment Recommendations - The report suggests that the industry is on a recovery path with a consistent release of game approvals, and it advises investors to pay attention to top-tier companies with strong product reserves and diverse thematic strategies [2].
国泰海通|传媒:国产游戏版号数量新高,看好政策鼓励、供给优质的游戏行业
Core Insights - The article highlights a record high of 166 domestic game approvals in August, indicating strong policy support and a rich supply of products, leading to a positive outlook for the industry [1][2]. Group 1: Approval Statistics - In August, the National Press and Publication Administration approved 166 domestic games, marking a historical peak; a total of 1,050 domestic game approvals have been issued in the first eight months of the year, significantly higher than the 850 approvals during the same period last year [2]. - The average monthly issuance of domestic game approvals has increased from 88.8 in 2023 and 108.8 in 2024 to 131 in the first eight months of this year [2]. Group 2: Market Performance - The gaming industry in China continued to show positive growth in July 2025, with a domestic market size reaching 29.084 billion yuan, a year-on-year increase of 4.62%; mobile gaming grew by 0.92%, while client-based gaming surged by 16.56% [3]. - Notable game performances include Tencent's "Delta Action" achieving 20 million daily active users in July, and the mobile game "Valorant" launched on August 19, which boosted user engagement [3]. Group 3: Investment Recommendations - The stable approval rhythm and abundant game supply lead to a favorable outlook for companies with quality content reserves and solid fundamentals [4].
国产游戏版号数量新高,看好政策鼓励、供给优质的游戏行业
Investment Rating - The report assigns an "Overweight" rating to the gaming industry [1] Core Insights - In August, the number of domestic game approvals reached a record high of 166, with several listed companies receiving product approvals, indicating a positive outlook for the industry supported by favorable policies and abundant supply [3] - The domestic gaming market size in July 2025 was 29.084 billion yuan, showing a year-on-year growth of 4.62%, with mobile gaming growing by 0.92% and client-based gaming by 16.56% [5] Summary by Sections Approval Data - In August 2025, the National Press and Publication Administration approved 166 domestic games, marking a historical high. A total of 1,050 domestic game approvals have been issued in the first eight months of the year, significantly higher than the 850 approvals in the same period last year [5] - The report highlights specific games that received approvals, including titles from companies like NetEase, Bilibili, and 37 Interactive Entertainment [5] Market Performance - The gaming industry continues to show positive growth, with notable performances from games like Tencent's "Delta Action" achieving 20 million daily active users in July [5] - The report maintains a positive outlook for the gaming industry in the third quarter, particularly during the summer peak season, due to stable approval rhythms and rich product supply [5] Investment Recommendations - The report recommends companies with solid fundamentals and quality content reserves, including Kying Network, 37 Interactive Entertainment, Giant Network, Perfect World, Shenzhou Taiyue, and others [5][6]
国泰海通:国产游戏版号数量新高 看好政策鼓励、供给优质的游戏行业
智通财经网· 2025-08-26 06:00
Group 1 - The core viewpoint is that the approval of domestic game licenses has reached a historical high, with 166 games approved in August, contributing to a total of 1,050 licenses issued in the first eight months of the year, significantly higher than the 850 licenses in the same period last year [1][2] - The monthly average of domestic game licenses issued has increased from 88.8 in 2023 and 108.8 in 2024 to 131 in the first eight months of 2025, indicating a stable approval rhythm and a rich supply of game products [2] - Notable approved products include titles from major companies such as NetEase, Bilibili, and Tencent, showcasing a diverse range of offerings in the market [2] Group 2 - The gaming industry continues to show positive growth, with the domestic market size reaching 29.084 billion yuan in July 2025, a year-on-year increase of 4.62%, driven by strong performance in both mobile and client games [3] - The industry is expected to perform well in the third quarter, particularly during the summer peak season, supported by favorable policies and abundant supply [3] - Key games contributing to user engagement include Tencent's "Triangular Action" and the recently launched mobile game "Valorant," indicating a healthy consumer interest in gaming [3]