【券商聚焦】中国银河:游戏市场有望获得持续的产品供给支撑 行业高质量发展格局将进一步巩固

金吾财讯
Jan 07

金吾财讯 | 中国银河证券发研报指,游戏:国内用户收入同创新高,游戏出海持续进行?2025年全年,国内游戏市场实际销售收入3507.89亿元,同比增长7.68%;用户规模6.83亿,同比增长1.35%,同为历史新高点。从细分市场来看:2025年,国内移动游戏市场实销收入2570.76亿元,同比增长7.92%。国内客户端游戏市场实销收入781.6亿元,同比大幅增长14.97%。2025年内国产游戏版号发放数量为1676款,对比去年同期的1306款增长近30%。游戏市场有望获得持续的产品供给支撑,行业高质量发展格局将进一步巩固。该机构认为,业绩驱动+AI赋能仍是传媒互联网行业增长的核心驱动力。建议关注AI投入不断增加、多重利好长期加持的港股互联网核心资产、AI赋能不断深化的AI应用及产业链相关相关子板块,以及优质内容不断产出、业绩释放确定性较高的内容板块。1)港股互联网:业务稳健增长且基本面稳固的公司,盈利水平持续改善的互联网视频平台,国内AI视频工具产品力领先公司;2)AI应用及产业链相关;3)内容板块;此外,临近农历春节,建议关注具有红利属性,传统主营稳健的同时积极探索新业务的出版公司。

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