According to a research report released by CITIC Securities, in September 2025, the National Press and Publication Administration issued a substantial 145 domestic game version numbers, along with 11 imported game version numbers. The quantity of domestic version numbers remains robust, maintaining a high level. Meanwhile, the issuance of imported game version numbers continues to adhere to a monthly schedule, thereby ensuring a stable overall supply in the market.

Notably, approvals for key blockbuster games have been concentrated. Leading game manufacturers are further solidifying their strengths in areas where they hold competitive advantages. Simultaneously, mid-tier manufacturers are actively delving into differentiated themes to carve out their unique niches.

Looking forward, the ongoing easing of the version number approval environment is anticipated to significantly boost the short-term vitality of the gaming industry. This development will not only lay a solid foundation for product reserves but also foster long-term research and development innovation. In light of these favorable conditions, CITIC Securities strongly advocates for investing in companies that are poised to experience performance improvements driven by the new product cycle.