招商证券：游戏产业链业绩整体超市场预期，看好腾讯控股、昆仑万维等

招商证券2025-09-03

招商证券研报指出，近期传媒板块走势整体较为平稳，但总体表现仍落后于TMT 板块中的算力方向。在当前位置，我们继续坚定看好游戏行业，逻辑如下：1、政策支持下，游戏行业中报实现高增长，三季度业绩有望继续环比提升。在今年政策支持背景下，随着版号发放的快速增加，以及华通和元趣等为代表的SLG 游戏出海，游戏行业增速已由此前的个位数水平显著提升至双位数。已发布的中报业绩显示，游戏龙头腾讯上半年国内外游戏收入...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2564357206?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-03 14:40","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2564357206","market":"hk","top_or_hot":-1,"title":"招商证券：游戏产业链业绩整体超市场预期，看好腾讯控股、昆仑万维等","media":"招商证券","content":"<div>\n<p>招商证券研报指出，近期传媒板块走势整体较为平稳，但总体表现仍落后于TMT 板块中的算力方向。在当前位置，我们继续坚定看好游戏行业，逻辑如下：1、政策支持下，游戏行业中报实现高增长，三季度业绩有望继续环比提升。在今年政策支持背景下，随着版号发放的快速增加，以及华通和元趣等为代表的SLG 游戏出海，游戏行业增速已由此前的个位数水平显著提升至双位数。已发布的中报业绩显示，游戏龙头腾讯上半年国内外游戏收入...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250903143323a4b129c9&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>招商证券：游戏产业链业绩整体超市场预期，看好腾讯控股、昆仑万维等</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n招商证券：游戏产业链业绩整体超市场预期，看好腾讯控股、昆仑万维等\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-03 14:40 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250903143323a4b129c9&s=b><strong>招商证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>招商证券研报指出，近期传媒板块走势整体较为平稳，但总体表现仍落后于TMT 板块中的算力方向。在当前位置，我们继续坚定看好游戏行业，逻辑如下：1、政策支持下，游戏行业中报实现高增长，三季度业绩有望继续环比提升。在今年政策支持背景下，随着版号发放的快速增加，以及华通和元趣等为代表的SLG 游戏出海，游戏行业增速已由此前的个位数水平显著提升至双位数。已发布的中报业绩显示，游戏龙头腾讯上半年国内外游戏收入...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250903143323a4b129c9&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0048388663.USD","symbol_name":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250903143323a4b129c9&s=b","article_id":"2564357206","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250903143323a4b129c9&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2564357206","pubTimestamp":1756881616,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"招商证券研报指出，近期传媒板块走势整体较为平稳，但总体表现仍落后于TMT 板块中的算力方向。同时，心动公司发布的中报业绩显示净利润增速为235.3%。整体来看，游戏产业链业绩整体超出市场预期。叠加今年暑期作为行业旺季，预计三季度华通、腾讯、吉比特、恺英、巨人、心动、顺网、盛天等企业业绩仍将保持良好表现。招商证券坚定看好","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","HTCD.SI":"Tencent HK SDR 10to1","LU1720050803.USD":"安联全方位中国股票基金","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","SG9999001051.SGD":"United Asia Fund SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","00700":"腾讯控股","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","06099":"招商证券","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU1439102457.SGD":"Fidelity Asia Pacific Multi Asset Growth & Income A-MINCOME(G)-SGD","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC"},"translate_title":"China Merchants Securities: The overall performance of the game industry chain exceeded market expectations, optimistic about Tencent Holdings, Kunlun Wanwei, etc.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TCHmain":0.6,"06099":1,"00700":1,"HTCD.SI":0.6},"content_text":"招商证券研报指出，近期传媒板块走势整体较为平稳，但总体表现仍落后于TMT 板块中的算力方向。在当前位置，我们继续坚定看好游戏行业，逻辑如下：1、政策支持下，游戏行业中报实现高增长，三季度业绩有望继续环比提升。在今年政策支持背景下，随着版号发放的快速增加，以及华通和元趣等为代表的SLG 游戏出海，游戏行业增速已由此前的个位数水平显著提升至双位数。已发布的中报业绩显示，游戏龙头腾讯上半年国内外游戏收入为1197 亿元，创历年新高，在较大基数下仍保持24%的增幅，体现出行业的高景气度。同时，心动公司发布的中报业绩显示净利润增速为235.3%。A 股游戏龙头华通、吉比特、顺网、冰川网络亦相继发布中报业绩及业绩预告：华通扣非归母净利润增长124.43%，吉比特扣非后增速超过40%，顺网增速接近70%，冰川网络盈利区间为3.1 亿元至4 亿元。整体来看，游戏产业链业绩整体超出市场预期。叠加今年暑期作为行业旺季，预计三季度华通、腾讯、吉比特、恺英、巨人、心动、顺网、盛天等企业业绩仍将保持良好表现。在当前较高景气度下，游戏行业平均估值约20 倍，参照历史30 倍以上的较高水平，预计未来仍存在上行空间。2、新兴消费与AI 应用有望推动游戏板块实现跨越式发展。上述业绩增长属于“阿尔法”层面，未来随着新兴消费与AI 应用的普及，游戏行业有望迎来新的“贝塔”驱动。游戏本身即为新兴消费领域，兼具IP 属性，商业模式清晰，现金流充沛。全球范围内，任天堂、ROBLOX、Take-Two、艺电、SEA 等公司股价均创历史新高，估值普遍接近40 倍。其维持高估值的核心原因在于，游戏行业相对不受宏观经济及贸易摩擦的影响，且小额高频消费特征明显，深受Z 世代及中年群体的喜爱，具有较强的社交属性与用户粘性，可谓新兴消费的核心力量。同时，随着海外与国产算力的持续提升，AI 应用爆发的时间点逐渐临近。无论是AI Coding、AI 视频，还是AI 陪伴，均显示游戏行业有望成为最主要的受益者。回顾历史，每一次科技变革，游戏行业均为最终的受益方。芯片龙头英伟达在最困难时期依靠游戏显卡维持发展，互联网巨头腾讯、网易亦最终依靠游戏业务实现了巨头化成长。鉴于游戏公司具备充沛现金流，未来在AI 领域的并购机遇也同样值得关注。招商证券坚定看好【神州泰岳】【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】","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":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2564357206","isCrawlerRequest":true}