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机构:游戏板块估值性价比高
国盛证券认为,受负beta影响,估值已进入击球区。往后看,1)“十五五”规划支持游戏出海,预计行业政策端维持当前稳定状态;2)优质内容产业链议价权上升,iOS和GP渠道分成降低影响会在后续季度逐步体现;3)产品创新持续推进,休闲+Liveops方法论跑通+出海IAA游戏高景气,AI游戏探索持续。当前看好两条逻辑:1)一季度和全年高景气、低估值的资产;2)新品跑出/重点储备。
国泰海通证券认为,游戏板块估值性价比高,回调后持续关注业绩高增长的游戏龙头。近期受AI替代软件等宏观叙事影响,游戏板块调整较多,游戏作为toC的应用产品,运营复杂,壁垒较高,没法通过AI进行直接替代,目前AI的核心价值是助力游戏研发全链路提效,且随着智能NPC、AI陪伴等创新玩法的探索落地,有望开创全新游戏玩法和赛道。