证券研究报告|传媒 [Table_Title] 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 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业事件： Table_Summary] 2025 年 8 月 25 日国家新闻出版署公告 8 月份国产游戏版号及进口游戏版 号，共有 166 款国产游戏和 7 款进口游戏过审。 投资要点： ⚫ 8 月游戏版号发放量创新高，涵盖多类型产品与知名厂商。年初至今国产 游戏合计通过审批 1050 款，8 月份游戏版号发放量创今年新高，通过审 批 166 款，环比增加 39 款，包括网易《天下：万象》、bilibili《逃离 鸭科夫》、灵犀互娱《宗师之上》、恺英网络《熊猫大作战》、三七互娱 《超牛英雄》、四三九九《弹弹小队》、冰川网络《超能战机》、中青宝 《出动吧！库鲁》、益世界《九州百业录》、游卡网络《三国杀：智定乾 坤》等；年初至今进口游戏合计通过审批 69 款，8 月份通过审批 7 款， 其中包括了腾讯《卡厄思梦境》、哔哩哔哩《嘟嘟脸恶作剧》等。8 月份 游戏版号中，以下作品受到市 ...

从游戏出海来看，政策对于出海扶持和激励，使得全球化产品占比持续增长，"出海"从权宜之计转为长 期战略方向，中国游戏公司正逐步摆脱对本土市场的依赖。全球市场份额的扩张，不仅带来新增利润空 间，也在优化行业的收入结构和估值体系。 8月26日，游戏板块表现居前，8月版号供给再创新高，游戏ETF（516010）上涨2.12%。 从成本角度来看，在AI技术的持续赋能下，投放素材生成速度加快，老游戏版更速度加速，使得老游 戏留存和生命周期延长，同时大模型推理成本指数级下降，游戏厂商有望通过AI实现降本增效，AI+游 戏逐步进入落地期。 从版号发放来看，8月25日，新闻出版署发布8月游戏版号供给173款，刷新年内新高，版号供给丰富度 持续提升。其中国产版号166款，进口版号7款，包括网易《天下：万象》、三七《超牛英雄》，中青宝 《猫岛派对》、《出动吧！库鲁》、《萌兽特工队》等。 综合而言，随着游戏公司陆续进入新游周期及AI+游戏的持续催化，游戏赛道有望实现估值提振和基本 面持续向好，投资者可通过游戏ETF（516010）把握当前阶段文化传媒板块的结构性机会。 （文章来源：每日经济新闻） ...

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].

股票研究 /[Table_Date] 2025.08.26 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 [Table_Industry] 传播文化业 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.com | S0880524020001 | 本报告导读： 8 月国产游戏版号下发 166 个，创下历史新高，多家上市公司有产品获批，在政策 支持、供给丰富的背景下，持续看好行业发展。 投资要点： [Table_Report] 相关报告 传播文化业《迈入景气周期，关注产业趋势与产 品潜力》2025.08.25 传播文化业《DeepSeek 发布 V3.1 模型，可灵 25Q2 营收超 2.5 亿元》2025.08.23 传播文化业《点点互动表现持续强劲，3 款游戏 同时上榜 ...

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]

（原标题：166+7！8月游戏版号来了） 8月25日，国家新闻出版署官网公布了2025年8月国产网络游戏审批信息，166款国产游戏获得版号。 同时披露的进口网络游戏审批信息显示，8月共有7款进口游戏获得版号。 据统计，此次166款国产网络游戏中，包括移动类别游戏107款，移动—休闲益智类39款，移动、客户端游戏17款，游戏机（PS5）游戏1款，客户 端游戏2款。 龙头大厂依旧"收获颇丰"。进口游戏中，哔哩哔哩的《嘟嘟脸恶作剧》、腾讯（和小明太极）的《卡厄思梦境》、世纪华通的《大航海时代：起 源》等在列。国产游戏中，网易的《天下：万象》、哔哩哔哩的《逃离鸭科夫》等在列。 A股游戏公司中，吉比特的《出动吧！库鲁》、三七互娱《超牛英雄》、恺英网络的《熊猫大作战》等产品顺利取得版号。 本月国产166款国产游戏获得版号，创下近几年来单月国产游戏版号新高。据证券时报记者统计，截至2025年8月，2025年获得版号的游戏达到 1119款，其中国产游戏版号1050个，进口游戏版号69个，同比增长明显。 近期，多家A股游戏公司披露2025年半年报，多家公司提及版号发放对行业带来利好。如宝通科技在互动平台表示，版号发放增加对国内 ...

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]