高盛：中国游戏与娱乐行业：2026年展望报告（英文版）

The China Games & Entertainment sector has seen a broad-based rally over the course of 2025 with large/mid caps rallying 50-80% (vs. HSCEI’s 26%), as well with a strong start into 2026 with some stocks up as much as 30% (vs. c.3-5% for corresponding indexes). We believe the rallies have been roughly 50%/50% driven by from multiple expansion and EPS growth. Within, we frame the key themes/debates we see for the sector into 2026E, where we believe the risk-reward setup ahead is still favora