行业篇............................................................................................................................................6
1. 行业概况..................................................................................................................................6
1.1 游戏分类........................................................................................................................6
1.2 收费模式........................................................................................................................7
1.3 支付途径........................................................................................................................7
1.4 发展历程........................................................................................................................8
1.5 市场规模........................................................................................................................8
1.6 主要厂商........................................................................................................................9
1.7 政策监管......................................................................................................................10
2. 行业现状分析.........................................................................................................................10
2.1 竞争格局：游戏产量激增、市场竞争趋向激烈......................................................10
2.2 分化趋势：具备平台或产品优势的厂商显优势......................................................12
2.3 生命周期：社区化及产品升级延长了生命周期......................................................13
2.4 估值水平：成功经验难以复制导致估值水平较低..................................................14
3. 行业主要观点及投资建议.....................................................................................................15
3.1 行业延续快速增长、部分厂商快速增长遇瓶颈......................................................15
3.2 腾讯强者恒强、各厂商不同策略差异竞争..............................................................15
3.3 市场竞争趋向激烈、再造超级大作成功概率低......................................................17
3.4 监管政策是双刃剑、整体对行业仍为扶持态度......................................................17
3.5 首选平台优势厂商、关注差异化和模式创新者......................................................18

公司篇..........................................................................................................................................18
4. 网游重点公司分析.................................................................................................................18
4.1 腾讯：平台优势使得强者恒强..................................................................................18
4.2 盛大游戏：具备卓越的游戏运营能力......................................................................20
4.3 网易：最早取得游戏研发成功..................................................................................21
4.4 完美时空：拥有领先的 3D 游戏研发技术...............................................................22
4.5 畅游：期待下一部游戏巨作......................................................................................23
4.6 巨人：产品和销售营销创新......................................................................................24
4.7 金山软件：拥有深厚研发底蕴、在求变中发展......................................................25
4.8 大承网络：海外出口成功、拟率先尝试将游戏跨 PC 和手机...............................26
4.9 梦工厂：沿袭武侠风的 A股中网游龙头..................................................................27
4.10 中青宝：打红色网游的首家 A股网游上市公司....................................................27
5. 风险因素................................................................................................................................28