万联证券：游戏行业修复节奏持续推进建议关注题材多样化布局的头部厂商

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万联证券发布研报称，2026年1月游戏版号发放量维持高位，结构覆盖多类型产品。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。万联证券主要观点如下：行业事件2026年1月26日国家新闻出版署公告1月份国产游戏版号及进口游戏版号，共有177款国产游戏和5款进口游戏过审。1月游戏版号发放量回升，维持高位态势，涵盖多类型...

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It is recommended to pay attention to leading manufacturers with diversified themes","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03888":0.9,"09999":0.9},"content_text":"万联证券发布研报称，2026年1月游戏版号发放量维持高位，结构覆盖多类型产品。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。万联证券主要观点如下：行业事件2026年1月26日国家新闻出版署公告1月份国产游戏版号及进口游戏版号，共有177款国产游戏和5款进口游戏过审。1月游戏版号发放量回升，维持高位态势，涵盖多类型产品与知名厂商从整体来看，1月份游戏版号共通过182款，较2025年1月(136款)同比增长33.82%。其中，国产游戏版号较2025年12月份发放量环比大幅回升，位列2025年1月以来版号发放量第二位，仅次于2025年11月178款，合计通过审批177款，包括三七互娱《斗罗大陆：启程》、友谊时光《幻宠：星陨要塞》、贪玩游戏《蓝月屠龙》、冰川网络《守卫鸭典娜》、游卡《西游奇妙冒险》、恺英网络《新射雕之华山论剑》、网易雷火《妖妖棋》、巨人网络《月圆之夜：大师对弈》等；进口游戏版号通过审批5款，其中包括腾讯《彩虹六号：攻势》、金山世游《愤怒的小鸟：经典归来》《愤怒的小鸟：梦幻爆破》等。1月份游戏版号中，以下作品受到市场关注《彩虹六号：攻势》国服定名，凸显战术射击细分赛道，FPS竞争格局进一步分化。《彩虹六号：攻势》(即《彩虹六号：围攻》国服)是由育碧研发、腾讯引进发行的大型战术射击(FPS)游戏，主打室内立体攻防玩法，玩家利用枪械设备和战术协作赢得场面优势，并依靠场景破坏及破墙、下包等关键操作掌控局势，游戏因其硬核属性而具备较高的用户粘性。当前国内FPS市场竞争态势明确，处于白热化阶段，腾讯以《无畏契约》《三角洲行动》《暗区突围》等产品覆盖传统战术竞技与“搜打撤”等细分玩法，网易通过《荒野行动》《漫威争锋》实现品类与区域突破。该行认为，《彩虹六号：攻势》的突破关键在于其室内战术模拟与协作配合所形成的差异化定位，有望切入硬核战术射击的细分方向，在腾讯体系支撑下完善社区与电竞生态建设，补充国内FPS市场玩法层级，延续海外市场热度。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":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"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 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":"4.36.2","shortVersion":"4.36.2","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/2606563767","isCrawlerRequest":true}

万联证券：游戏行业修复节奏持续推进 建议关注题材多样化布局的头部厂商

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万联证券：游戏行业修复节奏持续推进建议关注题材多样化布局的头部厂商