Core Insights - The gaming sector is performing well, with the August game license supply reaching a new high, leading to a 2.12% increase in the gaming ETF (516010) [1] License Supply - On August 25, the National Press and Publication Administration issued 173 game licenses for August, marking a record high for the year, with 166 domestic and 7 imported licenses [1] - Notable titles include NetEase's "Tianxia: Wanxiang," 37 Interactive's "Chao Niu Ying Xiong," and others [1] Global Expansion - Policies supporting overseas expansion have led to an increasing share of global products, transforming "going abroad" from a temporary measure to a long-term strategic direction [1] - Chinese gaming companies are gradually reducing their reliance on the domestic market, which is expected to enhance profit margins and optimize revenue structures and valuation systems [1] Cost Efficiency - The integration of AI technology is accelerating the generation of marketing materials and extending the lifecycle of older games [1] - The cost of large model inference has decreased exponentially, allowing game manufacturers to achieve cost reduction and efficiency improvement through AI [1] Overall Outlook - As gaming companies enter a new game cycle and continue to leverage AI, the gaming sector is likely to see valuation uplift and sustained improvement in fundamentals [1] - Investors can capitalize on structural opportunities in the cultural media sector through the gaming ETF (516010) [1]

Core Insights - The National Press and Publication Administration approved 166 domestic online games in August 2025, including three games from Zhongqingbao and titles from NetEase and 37 Interactive Entertainment [1] Company Highlights - Zhongqingbao (300052.SZ) received approval for three games: "Let's Go! Kulu," "Cat Island Party," and "Cute Beast Attack" [1] - NetEase (09999) has its game "Tianxia: Myriad Forms" approved [1] - 37 Interactive Entertainment (002555.SZ) also had its game "Super Cow Hero" approved [1] Industry Overview - A total of 166 games were approved, indicating a continued growth and regulatory support for the domestic gaming industry in China [1]