Huaxi Securities: The value of the game industry has been established, and the version number is normal.

© Reuters Huaxi Securities: The value of the game industry has been affirmed, and the version number is normal.

Zhitong Finance APP has learned that on November 16, People’s Daily Online published an editorial titled “People’s Financial Review: It is an opportunity to dig deep into the value of video games”; A total of 70 editions were published this time. Huaxi released a research report saying that the official media affirmed the technological and cultural significance of the game industry. The number and pace of version numbers is expected to gradually stabilize under the stabilization of regulatory expectations. The subsequent approval of new products by major manufacturers and the gradual start of the product cycle will push the industry valuation to repair. The target beneficiaries are Tencent Holdings (00700), Netease-W (09999) and Xindong Company (02400).

The importance of science, technology and culture has been affirmed, and the main line of supervision and development has not changed

People’s Daily Online pointed out that electronic games have become an industry of great importance to a country’s industrial layout and technological innovation. Game technology has become an important tool to promote the digital transformation of different industries, move towards integrating digital and real and building the digital twins; games are improving chinese civilization. The power of communication and influence plays an important role in promoting Chinese culture to the world. The technological and cultural significance of play is fully recognized and greater social value is realized through digital empowerment and cultural communication.

Additionally, People’s Daily Online reiterated its emphasis on the problem of video game addiction, made it clear that supervision and development should be equal, and promoted its continued release of new value into the economy, culture and technology. child addiction prevention remains unchanged, and the video game industry is expected to usher in a standardized and healthy development.

It is worth looking forward to the normalization of the version number, and the diversification of mobile games dominate the style

The number of game version numbers released this time is 70, and a total of 384 version numbers have been released since the beginning of the year; among them, the version numbers 45/60/67/69/73 were released in April/June/July/August/September, the interval between each round is 57/35/20/43/65 days, and the number of each batch of version numbers is gradually stable. This batch of version numbers will be released again during the October window to increase market confidence. The normalization of the pace of distribution is worth waiting for.

In terms of game types, there are 63, 5 and 2 mobile games, 5 mobile client games and 2 client games in this batch. Mobile games accounted for 97% and the number of client games increased by +75% month-on-month The round is lost. In terms of product style, there are a total of 7 mobile casual puzzle games, and the diversification of product styles is improved.

The version number distribution is evenly distributed, and all the major manufacturers have won, and Tencent and NetEase’s new classic IP game has been approved

In terms of the manufacturer structure, the number of products of manufacturers with version numbers in this round is evenly distributed: key manufacturers such as Tencent, NetEase,, China Mobile Games, iQiyi, Perfect World, Thunder Games, Xishanju, etc. . each has 1 approved new product; among them, Tencent’s well-known new IP adaptation “Metal Slug: Awakening” authorized by SNK and created by Tianmei Studio, and the new IP adaptation of Netease’s classic client game “Journey to the West: Return” were approved in this round , which will help stabilize market expectations. Lots will also drive the start of the product cycle.

risk warning

Industry regulation has become stricter; the release of version numbers was not as fast as expected; the pace of game product launches has not been as expected.

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