The research report of Cinda Securities on August 3 pointed out that the landing of the fourth batch of edition numbers strengthened the expectation of normalization. The normalization of the version number boosts market confidence, and the normal rhythm of new games brings performance increments. We are optimistic about the normalization logic of the game version number: after normalization, the content supply of the game industry tends to be stable, the growth rate of the industry is repaired, and key products are launched to catalyze Davis to double-click. At the same time, with the approach of the summer, players' online time and payment situation will be significantly improved, coupled with the accelerated pace of the game going out to sea, it is expected to break the market downturn. At present, the valuation center of A-share game companies in 22-23 years is 13x/11x, and the valuation repair plus basic good expectations will benefit the game plate together.