Industry Dynamics - The first batch of game licenses for 2026 has been officially issued, totaling 182 games, including 177 domestic games and 5 imported games, marking a high value for recent years [3][4] - Notable games that received licenses include NetEase's "Yao Yao Chess," 37 Interactive's "Douluo Dalu: Qicheng," and Giant Network's "Moonlight Night: Master Duel" [4] Company Updates - NetEase's "Yanyun Sixteen Sounds" won multiple awards at the 2025 TapTap Annual Game Awards, including Best Game and Best Narrative [5] - Century Huatong forecasts a revenue of approximately 38 billion yuan for 2025, representing a year-on-year growth of about 68%, with net profit expected to surge by 357.47% to 475.34% [6] - Perfect World anticipates turning a profit in 2025, projecting a net profit of 720 million to 760 million yuan [7] - Gigabit expects a net profit of 1.69 billion to 1.86 billion yuan, a year-on-year increase of 79% to 97% [8] - Glacier Network predicts a turnaround with a net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan in the previous year [9] - Electric Soul Network forecasts a loss of 160 million to 230 million yuan for 2025, marking its first annual loss since going public [10] - NetEase's Montreal studio has reportedly undergone layoffs, primarily affecting the quality assurance department [11] Overseas and Compliance - Valve, the parent company of Steam, is facing a collective lawsuit in the UK, accused of abusing its dominant position in the PC gaming market, with claims for damages amounting to 6.56 billion pounds (approximately 62.40 billion yuan) [12] - Google has launched a new interactive world AI creation tool, Project Genie, which allows users to generate playable 3D environments [13] - Ubisoft plans to lay off up to 200 employees at its Paris headquarters following a restructuring announcement [14]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [3][9]. Core Insights - In January 2026, the National Press and Publication Administration issued a total of 182 game licenses, significantly exceeding the average of 148 licenses per month in 2025. This includes 177 domestic licenses and 5 imported licenses, with a notable focus on mobile games [1][7]. - The issuance of game licenses has shown a consistent increase, with 1,306 domestic licenses and 110 imported licenses issued in 2024, and 1,676 domestic licenses and 95 imported licenses in 2025. The trend is expected to continue in 2026 [7]. - Key games that received approval include titles from major companies such as NetEase, Tencent, and Giant Network, indicating strong performance and potential for revenue growth in the gaming sector [7]. Industry Overview - The industry comprises 160 listed companies with a total market capitalization of 2,251.6 billion and a circulating market value of 2,071.2 billion [3]. - The absolute performance of the industry over 1 month, 6 months, and 12 months is 15.4%, 19.2%, and 36.0% respectively, while the relative performance is 12.9%, 4.7%, and 11.5% [5]. - The report highlights several companies with strong prospects, including Tencent, Giant Network, and others, which are expected to benefit from ongoing game releases and international expansion [7].

Core Insights - The National Press and Publication Administration announced the approval of 177 domestic games and 5 imported games in January 2026, indicating a significant activity in the gaming industry [1][2][4]. Domestic Game Approvals - A total of 177 domestic games received approval, with 175 categorized as "mobile" games, including 64 in the "mobile-casual puzzle" category. Only 2 games were approved in the "client" category, while no approvals were granted for "web" or "console" categories this month [2]. - Notably, 10 games received both mobile and client approvals, highlighting a trend towards multi-platform availability [2]. - In 2025, the total number of domestic game approvals was 1,676, with 96 imported games and 86 changes in game approvals. The 177 approvals this month represent the second-highest monthly total in the past year [2]. Imported Game Approvals - Five imported games were approved this month, with an average of 8 imported games receiving approval monthly over the past year [4]. Notable Games and Changes - Prominent domestic games approved include titles from well-known companies such as NetEase's "Yao Yao Qi," 37 Interactive's "Douluo Dalu: Qicheng," and Giant's "Yue Yuan Zhi Ye: Da Shi Dui Yi" [6]. - The approved imported games include Tencent's "Rainbow Six: Siege" and two titles from Kingsoft's "Angry Birds" series [7]. - A name change was noted for NetEase's game "Endless Lagrange," which has been renamed to "Interstellar Hunter" [8].

Core Viewpoint - In January 2026, the National Press and Publication Administration approved a total of 177 domestic online games, including notable titles such as "Dimension War Chronicle" and "Douluo Continent: Journey" [1]. Group 1: Game Approvals - A total of 177 games were approved in January 2026 [1]. - Notable approved games include "Dimension War Chronicle," "Douluo Continent: Journey," and "Night Round: Master Duel" [1]. Group 2: Game Categories - The approved games include various categories such as mobile, casual, and puzzle games [3][5]. - Specific titles in the mobile-casual category include "Shadow Bow General," "Super Omission," and "Balloon: Street Blood Throw" [5][7]. Group 3: Publishing and Operating Companies - The games are published and operated by various companies, including Tianjin New Creation Technology Co., Ltd., and Shanghai 37 Interactive Entertainment Technology Co., Ltd. [3][5]. - The approval documents include specific registration numbers for each game, indicating compliance with regulatory standards [3][5].