传媒行业快评报告：4月游戏版号延续常态化节奏，腾讯《流放之路：降临》获批

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][9]. Core Insights - The April game license issuance continues a normalized rhythm, with a total of 118 domestic games and 9 imported games approved. Year-to-date, 480 domestic games and 30 imported games have received approval [2][3]. - Notable titles include Tencent's "Path of Exile: Ascendancy," which is a representative new product in the dark ARPG category, achieving significant popularity with over 570,000 peak concurrent players on Steam and over 1 million pre-orders [2][3]. - The overall supply side remains stable, with the issuance of game licenses maintaining a level above 100, indicating a steady recovery trend in the industry [3]. Summary by Sections Game License Issuance - In April, 118 domestic games and 9 imported games were approved, with significant titles from major developers like Tencent and NetEase [2]. - The total number of domestic games approved this year has reached 480, while 30 imported games have been approved [2]. Notable Game Releases - "Path of Exile: Ascendancy" is highlighted as a key new release, with its gameplay and style compared to "Diablo." It has received positive reception and high engagement metrics [2]. - The game is set to launch on the WeGame platform in China, with promotional activities planned for the upcoming Cologne Game Show [2]. Market Outlook - The report suggests a focus on leading companies with product reserves, R&D capabilities, and diverse thematic layouts, as the industry continues to recover and stabilize [3].