Citi released a research report stating that the National Press and Publication Administration announced the ninth batch of game licenses for 2026 on September 30, approving a total of 209 licenses, including 206 domestic titles and 3 imported ones. This marks the second-largest batch this year and the second consecutive month exceeding 200 approvals, including Tencent Holdings (00700)'s "Dream Cleanup Squad."

Cumulatively, 621 licenses were approved in the third quarter, setting a new single-quarter high since the resumption of regular approvals, surpassing 463 in the same period last year, as well as 467 in the first quarter and 483 in the second quarter of this year.

The bank noted that a total of 1,571 game licenses have been approved in the first nine months of this year, equivalent to 89% of last year's full-year total of 1,771. It reiterated its expectation of 1,900 to 2,100 licenses for the full year and believes this target is highly likely to be met and will exceed last year's figure.

The bank expects monthly approvals to potentially continue exceeding 200 in the remaining three months.

Benefiting from high-quality content supply, evergreen games, and efficiency gains brought by artificial intelligence, the expansion of license supply helps support healthy industry fundamentals.