1月17晚，中国国家新闻出版署官网公布了新一轮的国产网络游戏审批信息。本次公布的审批信息中，共有88款国产网游顺利获得版号。其中，客户端游戏有3款、1款任天堂Switch游戏、5款移动兼客户端游戏，剩余79款为移动游戏。两大头部的游戏厂商腾讯和网易均有收获。获得游戏版号的其它香港上市公司还包括心动公司、哔哩哔哩和祖龙等。
　　预期未来中国的游戏供应将在质和量上持续提升，游戏行业复苏有望。中国网络游戏版号在暂停8个月的审批后，自2022年4月重启，所发放的版号从2022年4月份的45款提升至此次的88款。从数量而言，已经可以明显反映出游戏行业政策环境的边际改善。更具意义的是，这次新一批的游戏版号信息中，包含了多个行业领先游戏公司的重点游戏。尽管2022年下半年游戏版号发放已逐渐恢复常态化，但是来自龙头公司的优质游戏较少。从本次游戏版号发放的信息来看，能体现出行业监管的边际改善。但我们认为市场并未充分反映监管边际改善的空间，游戏公司的估值仍处于低位。游戏公司获批版号到实际在营收上反映存在一定的滞后，我们预期本次获批的游戏版号很大程度会在2023年中体现。
　　行业观点：本次游戏版号公布中，多家著名游戏公司的重点游戏均有收获，进一步印证了版号持续恢复常态化，行业逐渐恢复增长。结合海外游戏版号的恢复发放以及游戏出海的增量市场，我们认为游戏行业收入和盈利有望在2023年上修，估值的提升空间仍具有很高期待。我们认为龙头游戏公司将最先受惠于行业复苏，推荐腾讯(00700 HK)和网易(09999 HK)。
　　

研究报告全文：股票Research研究EquityFlashTableBasicInfoNoteMediaCultureSectorTeddyLin林荣叶快讯传播文化行业8675523976692rongyelingtjascomhk19January2023TableMainInfoChinasGameCopyrightApprovalListReleasedinJanuaryQuantityandQualityofGamesContinuesto快ImproveNote讯1月新一批国内游戏版号下发数量质量持续提升FlashFlashTheofficialwebsiteoftheNationalPressandPublicationAdministrationofChinareleasedanewroundofapprovalinformationfordomesticonlinegamesontheeveningofJanuary17Inthislatestapprovalinformationpublishedatotalof88domesticonlinegamessuccessfullyobtainedapprovalofcopyrightAmongthecopyrightedgamesthereare3PCgames1NintendoSwitchgame5mobileandPCgamesand79mobilegamesTencentandNetEasetwoleadinggamemanufacturershaveachievedgoodresultsingamecopyrightapprovalOtherHongKong-listedcompaniesthathavereceivedapprovalforgamecopyrightsincludeXDIncBilibiliandArchosaurGamesWeexpectthesupplyofgamesinChinatocontinuetoimproveinbothquantityandqualityinthefutureandcertaintyofgameindustryrecoverycontinuestoincreaseAfteraneight-monthsuspensionofapproval证theissuanceofgamecopyrightsinChinawasrestoredinApril2022andthenumberofcopyrightsissued告increasedfrom45inApril2022to88thistimeThenumberofapprovalsclearlyreflectthegradualimprovement券ofthestrictregulatoryenvironmentinthegameindustryWhatsmorethisnewbatchofgamecopyrights研报releasedincludeskeytitlesfromseveralleadinggamecompaniesAlthoughapprovalofgamecopyrightshas究究graduallyreturnedtonormalinthesecondhalfof2022thenumberofqualitygamesfromleadingcompanieswasResearchReportactuallysmallTheinformationofgamesapprovedisasignthattheindustrystightregulatoryenvironmentis报研告easinghoweverwebelievethatthemarkethasnotfullyreflectedtheroomforimprovementinthetight券regulatoryenvironmentandvaluationsofgamecompaniesremainlowThereisalagbetweenagamecompanyEquity证gettinggamecopyrightapprovalandtherevenueactuallyshowingupinitsoperationsandweexpectthatrevenuegeneratedfromthecopyrightedgamesinthisroundofapprovalswilllikelyshowupinmid-2023SectorviewsInthisgamecopyrightapprovalannouncementkeygamesoffamousgamecompanieshavebeenapprovedwhichfurtherconfirmsthatgamecopyrightapprovalcontinuestoreturntonormalandtheindustryisgraduallyrecoveringgrowthCombinedwiththeresumptionanddistributionofoverseasimportedgamesandtheTgrowingmarketofChinesegameslaunchedoverseaswebelievethatthereisroomforindustryrevenueandaprofittobeupgradedin2023andvaluationsstillhavehighupsidepotentialWebelievethatleadingplayerswillbbethefirsttobenefitfromindustryrecoveryWerecommendTencent00700HKandNetEase09999HK传播l1月17晚中国国家新闻出版署官网公布了新一轮的国产网络游戏审批信息本次公布的审批信息中共有88款国产网游顺利文e获得版号其中客户端游戏有3款1款任天堂Switch游戏5款移动兼客户端游戏剩余79款为移动游戏两大头部的游戏化厂商腾讯和网易均有收获获得游戏版号的其它香港上市公司还包括心动公司哔哩哔哩和祖龙等行预期未来中国的游戏供应将在质和量上持续提升游戏行业复苏有望中国网络游戏版号在暂停8个月的审批后自2022年4业Le月重启所发放的版号从2022年4月份的45款提升至此次的88款从数量而言已经可以明显反映出游戏行业政策环境的边MediaCultureSector际改善更具意义的是这次新一批的游戏版号信息中包含了多个行业领先游戏公司的重点游戏尽管2022年下半年游戏版号f发放已逐渐恢复常态化但是来自龙头公司的优质游戏较少从本次游戏版号发放的信息来看能体现出行业监管的边际改善t但我们认为市场并未充分反映监管边际改善的空间游戏公司的估值仍处于低位游戏公司获批版号到实际在营收上反映存在一M定的滞后我们预期本次获批的游戏版号很大程度会在2023年中体现a行业观点本次游戏版号公布中多家著名游戏公司的重点游戏均有收获进一步印证了版号持续恢复常态化行业逐渐恢复增r长结合海外游戏版号的恢复发放以及游戏出海的增量市场我们认为游戏行业收入和盈利有望在2023年上修估值的提升空间g仍具有很高期待我们认为龙头游戏公司将最先受惠于行业复苏推荐腾讯00700HK和网易09999HKinSeethelastpagefordisclaimerPage1of2SeeWebsitewwwgtjacomhkTel852250927FLowBlockGrandResearchThisReportnotisdirThougheffortbestbeenhasensuremadetoaccuracytheoftheinformationanddatacontainedthisinResearchReportGuotaiAnyopinionsexpressedinthisreportmaydifferorbedReportResearchThisDISCLAIMERinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulatiorlawsubjectGuotaiJunanandgroupapplicableitscompaniesanytoregistrationtoorlicensingrequirementwithincontrarysuchjurisdictionbewoulduseoravailabilitypublicationdistributionsuchwherejurisdictionanyinunpredicandwherenecessaryinherentlyconsulttheirownfinancialadviserspriortoanyinvestmentdecisionwithconditionseconomicandpoliticalfuturethemutablofassumptionsthefromderivedforecastsandestimatesatheguaranteenotbecontrarytoopinionsorreportthisexpressedinopinionscompaniesAnyofprofessionalGuotaiJunanothergroupandexecutivesdealersofpersonsproprietarilyreportsincludinginvestmentbankinginvestmentservicesHongKongLimitedGuotaiJunanGuotaiJunana654321DISCLOSUREOFINTERESTSTabledisclosureRatingHorizonTimeto618monthsTheBenchmarkTableSectorRatingDefinitionSectorRatingHorizonTimeto618monthsTheBenchmarkCompanythTableCompanyRatingDefinition2023eUnderperformNeutralOutperformSellReduceNeutralAccumulateBuylasReportThereisHK09999NETEASEofGuotairespectinsecuritiestheinmarketamakewillorTENCENT00700HKmentionedthisResearchinmakingReportarecompaniesgroupitsandJunanGuotai00TENCENTwithrelationshipsbankinginvestment06988hadHKgrouphavecompaniesitsgroupitsandandJunanJunanGuotaiHKGuotai06196HKBANKOFZHENGZHOU02191REIT02558companiesdonotHKSFholdequaltooBANK01983BANKHKJINSHANGHKLUZHOU0240200512HEALTHCAREHKSINOHYTECANDPHARMACEUTICALGRANDCHINAforExceptTheAnalystsandtheirassociatesdohavenotanyfinancialinterestsrelationintotheissuermentionedinthisesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestm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