国家新闻出版署公布2025年11月份国产网络游戏审批信息，11月共178款游戏获批。国家新闻出版署公 布2025年进口网络游戏审批信息，11月共6款进口网络游戏获批。 金融街证券认为，游戏行业当前具备明确投资主线，政策、盈利与估值形成三重支撑。国内监管政策利 好宽松，叠加文化出海定位；三季度业绩远超市场预期，有效验证游戏行业盈利能力；当前多数头部游 戏公司估值仍普遍处于15—20倍区间。中长期看，AI催化下中腰部游戏公司在产品玩法、题材上持续 创新，有望带动估值修复与业绩增长的双重红利，游戏凭借悦己经济的娱乐属性，高景气度有望延续。 国泰海通证券认为，1)游戏行业景气度高，供需结构改善。由于版号供给增加，行业供需结构改善，今 年来A股游戏公司迎来景气周期，前三季度营收和利润实现加速修复。2)2025年三季度主动型基金大幅 加仓高景气度游戏板块，游戏成为基金配置传媒的主要持仓方向。 ...

New Stock Subscription - A new stock subscription for Bai'ao Saitou is available with a subscription code of 787796 and an issue price of 26.68 yuan per share, with a subscription limit of 0.75 thousand shares [3] Industrial Profit Data - From January to October, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, reflecting a year-on-year increase of 1.9%. However, in October alone, profits decreased by 5.5% year-on-year due to high base effects and rising financial costs [3] Infrastructure REITs Development - Since the launch of infrastructure Real Estate Investment Trusts (REITs) in 2020, the National Development and Reform Commission (NDRC) has expanded the market to include 12 major industries and 52 asset types, with 18 asset types from 10 industries having completed their first issuance [3] Price Competition Regulation - The NDRC is addressing issues of disorderly price competition in various industries, emphasizing the need for compliance with price competition regulations to maintain market order and support high-quality development [4] Consumer Policy Measures - The Ministry of Commerce plans to promote reforms in automotive consumption, including expanding the second-hand car market and enhancing automotive aftermarket services to stimulate consumer spending [4] Fair Competition Initiatives - The State Administration for Market Regulation is enhancing antitrust enforcement and fair competition reviews, aiming to create a market-oriented and law-based business environment [5] Capital Market Reforms in Shaanxi - Shaanxi Province has introduced 16 measures to deepen capital market reforms, focusing on the role of state-controlled listed companies in resource integration and reducing related party transactions [6] Low-altitude Economy Development - Chongqing's government has implemented policies to support the growth of low-altitude economy enterprises, offering financial incentives for recognized companies in this sector [6] Gaming Industry Approvals - In November, the National Press and Publication Administration approved 178 domestic online games and 6 imported online games, indicating ongoing regulatory activity in the gaming sector [7] Company News Highlights - More Thread initiated a callback mechanism with a final online issuance success rate of 0.03635054%, with investors subscribing for 16.77 million shares totaling 1.917 billion yuan, while 29,302 shares were abandoned [9] - Tianpu Co. will suspend trading for verification starting November 28, having seen a cumulative increase of over 1000% this year [9] - FAW Jiefang plans to increase capital by 191 million yuan in Jiefang Times, with Ningde Times and Telepower also participating [10] - Mindray Medical's chairman intends to increase his stake in the company by 200 million yuan [11] - Dongxin Co. signed a strategic cooperation framework agreement with a cloud computing service provider [12] - Jinfu Technology is planning to acquire equity in Lanyuan Technology, which involves new business areas and carries certain industry integration risks [13] - Chen'an Technology is planning to issue shares to specific investors, which may lead to a change in control, with stock suspension effective immediately [14] - *ST Songfa's subsidiary signed shipbuilding contracts worth approximately 1.1 to 1.6 billion US dollars [15]

此外，国家新闻出版署公布，2025年11月共6款进口网络游戏获批。其中，5个为"移动端"版号、1个 为"客户端"版号、有1款游戏同时拿到了"移动端"和"客户端"版号。 北京商报讯（记者 卢扬 程靓）11月27日，国家新闻出版署公布2025年11月份国产网络游戏审批信息， 11月共178款游戏获批。其中，"移动端"类别175个（含"移动-休闲益智"类别69款）、"客户端"类别11 个、"网页"类别1款、"游戏机"类别1款。 ...

人民财讯11月27日电，国家新闻出版署公布2025年11月份国产网络游戏审批信息，11月共178款游戏获 批。国家新闻出版署公布2025年进口网络游戏审批信息，11月共6款进口网络游戏获批。 ...

Core Insights - The National Press and Publication Administration issued approval for 166 game licenses in October 2025, with 159 for domestic games and 7 for imported games, marking the second-highest number of approvals this year [1] - As of October, a total of 1,440 game licenses have been issued in 2025, including 1,354 for domestic games and 86 for imported games [1] Industry Distribution - As of October 23, 2025, there are 564,500 existing companies related to online gaming in China, primarily located in new first-tier and first-tier cities, accounting for 27.49% and 25.76% respectively [4][5] - Over 40% of these companies belong to the information transmission, software, and information technology services sector, making up 43.24% of the total, followed by scientific research and technical services at 18.17% [5][4] Registration Trends - The annual registration of online gaming-related companies has shown an upward trend over the past decade, with 2022 seeing the first-time registration surpassing 100,000, reaching 105,400 [8] - By 2024, the registration is projected to reach 132,000, and as of now, 139,300 companies have registered this year, exceeding last year's total [8] - The registration volume for the first nine months of this year reached 130,800, reflecting a year-on-year growth of 31.98% [8]

Core Viewpoint - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) showing a near 1% decline, despite significant net inflows of 1.421 billion yuan over the past 10 trading days, indicating strong investor interest [1][1][1] Group 1: Market Performance - As of October 22, the gaming ETF (159869) has reached a total scale of 11.048 billion yuan, facilitating investors in strategically positioning themselves in A-share gaming leaders [1][1] - The Shenwan secondary gaming index has seen a notable increase of approximately 66% year-to-date, ranking eighth among all Shenwan secondary industries [1][1] Group 2: Regulatory Developments - On October 22, the National Press and Publication Administration announced the approval of 159 domestic games for October 2025, alongside 7 imported games, totaling 166 games approved for the month, maintaining a high approval level [1][1] - Cumulatively, 1,440 games have received approval in 2025, with 1,354 being domestic and 86 imported [1][1] Group 3: Industry Catalysts - The gaming sector is poised for growth driven by multiple catalysts, including advancements in AI, content innovation, and changes in commercialization models [1][1]

Core Insights - The National Press and Publication Administration announced the approval of 159 domestic games and 7 imported games in October 2025, indicating a stable regulatory environment for the gaming industry [1] Industry Analysis - The gaming sector is transitioning from a project-based model to a focus on quality, with longer project cycles reflecting the maturity of the market and elevated player expectations [1] - The current trend emphasizes "quality over quantity," leading to a product line characterized by fewer but more refined games, resulting in extended game lifecycles [1] - The SLG (Simulation Game) genre, particularly SLG+X, is gaining traction as a long-term operational category, suggesting a shift away from traditional project-based approaches [1] Investment Outlook - Jianghai Securities highlights the strong cash flow within the gaming sector, ongoing policy support, and advancements in AI game development as positive indicators for investment [1] - Recent adjustments in the gaming sector have made valuations more attractive, reinforcing a positive outlook for investment opportunities in the gaming industry [1]

Core Insights - The National Press and Publication Administration has announced the latest approval information for imported online games in 2025, with a total of 7 games approved in October [1] Group 1 - The approval of 7 games in October indicates a potential increase in the variety of online gaming options available in the Chinese market [1] - This development may signal a gradual easing of regulatory restrictions on imported games, which could benefit both domestic and international gaming companies [1] - The news reflects ongoing trends in the gaming industry, where regulatory approvals are crucial for market entry and expansion [1]

Core Viewpoint - The gaming sector is experiencing significant growth, driven by the approval of new domestic and imported games, indicating a robust demand for gaming as a form of emotional consumption [1] Group 1: Market Activity - On September 25, the gaming sector showed strong performance, with companies like Glacier Network and Xinghui Entertainment rising over 8%, while Sheng Tian Network, 37 Interactive Entertainment, Dianhun Network, and G-bits increased by more than 4% [1] Group 2: Regulatory Updates - On September 24, the National Press and Publication Administration announced that 145 domestic online games received approval for September 2025, along with 11 imported games also gaining approval [1] Group 3: Industry Outlook - According to Open Source Securities, the gaming industry is expected to maintain high prosperity due to continuous strong demand and the release of new products, with the current valuation offering significant cost-performance advantages [1]

Core Viewpoint - The approval of 145 domestic online games and 11 imported games indicates a robust demand in the gaming industry, with expectations of sustained high prosperity and potential for longer-than-expected growth cycles [1] Industry Analysis - The gaming industry is characterized by strong demand across various segments, including PC games, mobile games, console games, and interactive entertainment, driven by emotional consumption needs such as stress relief and social interaction [1] - The current valuation of the gaming sector remains attractive, suggesting a favorable investment opportunity [1] Company Insights - Game companies are transitioning from a project-based model to a focus on quality, reflecting the maturation of the Chinese gaming market and the elevated aesthetic standards of players [1] - The lifecycle of individual games has significantly increased, with a trend towards producing fewer but higher-quality titles [1] - The popular genre of SLG (Simulation and Strategy Games) is expected to benefit from long-term operational strategies, moving away from traditional project-based labels, which may enhance overall sector valuations [1]