網絡遊戲板塊拉昇走強！行業景氣度提升預期強烈
5月29日，A股網絡遊戲板塊拉昇走強，姚記科技漲停，星輝娛樂漲超6%，愷英網絡、三五互聯、掌趣科技、吉比特、崑崙萬維等明顯跟漲。
來源於：Wind
而究及這一漲勢的原因，除了新一批版號下發的消息利好，主要與市場對遊戲行業的樂觀預期相關。
近日，國家新聞出版廣電總局公佈了5月第二批國產遊戲版號過審名單，共有54款國產遊戲獲得遊戲版號。具體來看，其中，24款為休閒益智類遊戲，Switch遊戲和PS4遊戲各2款，其餘均為移動遊戲。
來源於：公開資料
整體來看，受疫情影響，線上業務得到蓬勃發展的新生機，其中，在線遊戲的市場空間也受激增的需求而不斷擴容，尤其是隨着雲遊戲等新模式的驅動，表現或會超出市場預期，或具備長期投資機會，在一定程度上普遍受到正面性的看好。
根據相關數據顯示，基於手遊的活力，2020年一季度國內移動遊戲市場收入達到近550億元，創下歷史新高，同比增長超過49%；同時，今年4月我國移動遊戲市場規模接近160億元，同比增長24.4％；此外，2020年一季度我國自主研發遊戲海外市場實際銷售收入達到37.81億美元，環比增長31.19%，增速較快。
國元證券認為，從版號發放數量來看，政策收嚴仍是趨勢，行業集中度進一步提升，而具備研發實力和長線運營能力的企業會更有優勢。
銀河證券指出，隨着5G商用進程的加速，雲計算技術逐漸成熟，再加上VR遊戲的普及進一步滲透，VR遊戲有望迎來新的產業革命，遊戲內容或將成為競爭的關鍵要素。建議關注自主研發能力較強、遊戲內容經驗豐富以及在VR賽道上提前佈局出發的遊戲大廠。
天風證券指出，受疫情促使宅經濟增長的影響，2020年第一季度遊戲板塊整體呈現較高的景氣度。目前A股遊戲板塊PE估值處於18年初水平，不及16-18年手遊用户紅利時期估值，但自19年下半年起估值已有所優化，主要隨行業增速及龍頭公司業績明朗化，及5G共振帶動PE增長。當前20-21年遊戲板塊估值中樞約為19x/15x，相較前期估值高位仍有發展空間。
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