Roblox：全球移动端 UGC 游戏平台龙头。开发者角度看：Roblox 工具赋能重塑高效游戏开发流程及变现环境。玩家角度看：即点即玩、多端互通、跨内容统一角色等独特体验。Roblox 模式探究：聚拢开发者打造内容循环；以内容吸引用户。Roblox 展望：玩家破圈、变现提升；长期或为虚拟世界载体平台。

移动社交网络市场规模超千亿，用户数量有望在2022年达10亿人。2020年中国移动社交网络市场规模超过千亿，预计2020-2024年CAGR为18.9%，到2024年规模达到2,322亿元。就用户数量而言，中国拥有全球最大的移动社交网络市场，2020年用户数量达到8.90亿人，占中国移动互联网用户数量的90.26%。预计到2024年将增长到10.60亿人。

根据博彩运营商1Q21的业绩，行业博彩总收入同比下降22%（环比增长8%, 相比于1Q19下降69%)，其中贵宾博彩收入同比下降45%（环比增长24%，相 比于1Q19下降79%）和中场博彩收入同比下降4%（环比增长1%，相比于1Q19 下降62%)。 

实景互动娱乐兴起，市场规模有望比肩电影市场。预计2021年剧本杀和密室逃脱市场规模分别达到170亿/101亿元，受众以80、90后为主。社交演绎游戏经历三国杀-狼人杀-剧本杀发展历程，剧本杀凭借其较低门槛、沉浸感和社交性广受欢迎。参考电影市场发展规律，剧本杀与密室逃脱2025年中期市场规模有望分别达到560/338亿元。

游戏板块市场关注度较低，PE（TTM）估值处于合理区间。游戏板块由于2020 年疫情高基数影响，2021 年上半年整体业绩增长压力较大，2021 年一季报表现不佳，因此市场关注度较低，估值持续下杀，我们认为当期已经处于配置游戏板块的最佳时点，拥有行业端催化（Chinajoy即将在7~8 月举办），风险收益比较高，核心推荐吉比特、完美世界与心动公司。

Over the last 15 years, the gaming industry has completely evolved from the traditional consoles to a technologically developed graphical mobile entertainment featuring live video streaming assisted by cloud-based infrastructure. The introduction of new gaming methods, especially online gaming platforms, has attracted a large customer base. The gaming industry is hence seen to be a larger market than the music and film industries combined. The COVID-19 lockdown has benefited the gaming industry, resulting in rapid growth in recent months. Owing to the rise in data consumption and usage of smartphones among consumers has resulted in huge growth opportunities in various regions across the world, driving new methods of playing, engaging, and paying. Easy online wallet payment has enabled gamers to play various types of games on a global platform and compete with other online players from different nations. Majorly, online gaming is divided into three segments: real money games, mobile-centric or casual gaming, and esports. Fantasy sports are included under real money games, where the game is played on online platforms and has real stakes based on the outcome of the game.