传媒行业报告：游戏版号发放创新高，腾讯加码FPS赛道

万联证券2025-07-06

行业事件：2025年6月24日国家新闻出版署公告6月份国产游戏版号及进口游戏版号，共有147款国产游戏和11款进口游戏过审。投资要点：6月游戏版号发放量创新高，涵盖多类型产品与知名厂商。年初至今国产游戏合计通过审批757款，6月份通过审批147款，较5月份增加17款，达到今年来版号数量发放峰值，包括恺英网络《斗罗大陆：魂师大作战》、电魂网络《爆爆军团》、巨人网络《无尽修仙》、百田信息《乱涂彩世界》...

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Industries研发、腾讯代理发行，其主玩法为“50V50”百人同场的第一人称射击，作为《战术小队》（Squad）的国服版本，游戏在保留核心玩法架构的基础上，将在作战内容、装备操控机制、反外挂等方面进行全面升级，并基于虚幻5引擎重制部分地图、武器及角色模型。从此次版号的发放情况来看，腾讯分别自研、代理发行来押注两款FPS游戏，是对射击游戏赛道的看好，后续将会持续关注产品测试情况。金山世游加码派对游戏赛道，《鹅鸭杀》移动端进口版号获批。《鹅鸭杀》作为全球现象级社交推理游戏，其核心玩法为“狼人杀+阵营对抗”。国内移动端的上线，为此前海外服务器卡顿、外挂泛滥等痛点提供了适配的保障，同时，通过本土化内容开发（如新增侦探猎场模式、优化社交互动功能），可以更好地对玩家需求精准触达。《鹅鸭杀》作为热门派对游戏，上线之后将是网易《蛋仔派对》、腾讯《元梦之星》的最大竞争对手。投资建议：2025年6月游戏版号发放量创新高，结构覆盖多类型产品，重点厂商与创新项目均有体现。整体来看，供给端延续释放，版号常态化趋势稳固，行业修复节奏持续推进。建议关注具备产品储备、研发能力及题材多样化布局能力的头部厂商。风险因素：政策监管风险、版号核发节奏不及预期、新游延期上线及表现不及预期、新游流水不及预期、出海业务风险加剧、商誉减值风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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