CITIC Securities: Stable distribution of March licenses, increasing diversity in game types.

According to the research report of CITIC Securities, the State Administration of Press and Publication issued 133 game license in March 2026, with a total of 467 licenses issued in the first quarter of 2026. The pace of license issuance remains stable, and the supply side continues to maintain normalization. In terms of structure, mobile games still dominate, with an increase in the proportion of casual and puzzle products, and continued exploration in cross-platform layout and new forms of products such as VR. Overall, both top companies and small to medium-sized companies continue to advance their product reserves, focusing on long-term operation of intellectual property, and the industry's mid-term outlook remains stable. It is recommended to pay attention to top companies with strong research and operation capabilities and global layout.