传媒行业:产品从换皮到长周期 游戏行业增长确定性提升

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游戏行业长期抗宏观逆风韧性强:随着经济增长,边际上物质消费增长对于人类的多巴胺分泌逐渐衰减,我们发现无论是在发达国家日本这“失去的十年”还是美国这类经济上行的发达国家市场,游戏产业增速都会显著高于GDP 和社零增速。25Q1 中国国内游戏行业同比增长18%,大幅跑赢社零的4.6%。国内市场:优选长周期赛道具备研发优势的企业。中国游戏市场较为特殊,在供给端是政策主导市,版号数量直接决定了行业增速和...

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