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2026-04-22 11:44:56 A research report by G Sachs stated that valuations of the mainland gaming sector under its coverage are currently close to the lower end of the past five-year historical range. However, in 1Q26, mainland game publishers demonstrated resilience, with aggregate domestic revenue growing 13% YoY and overseas sales rising 32% YoY. As the market enters the peak season with multiple new game launches, the bank expects the strong momentum to continue. On individual stocks, the bank maintains a positive view on BILIBILI (09626.HK), expecting increased gaming advertising budgets in the second and third quarters to drive strong advertising revenue performance, while the new "Three Kingdoms" game is likely to attract broad user participation. For NTES (09999.HK), it forecasts that new game launches and growth will re-accelerate starting from 2Q26. Meanwhile, supported by its strong domestic franchise portfolio and contributions from multiple new titles, TENCENT (00700.HK) is expected to deliver double-digit YoY growth in gaming revenue in 1Q26 and for the full year. As for new games from PERFECT WORLD (002624.HK) and XD INC (02400.HK), the bank believes more feedback and data are needed to assess their sustainability. (ss/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |