Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

Market Overview - The Dow Jones Industrial Average increased by 0.43% to 49,454.63, while the Nasdaq Index decreased by 0.17% to 23,215.58, and the S&P 500 rose slightly by 0.07% to 6,922.99 [1] - The Nasdaq 100 saw a decline of 0.40% to 25,238.22 [1] Major Technology Stocks - AMD experienced a significant drop of 11.00% [2] - SanDisk fell by 6.89% [2] - Oracle decreased by 3.72% [2] - Facebook (Meta Platforms) declined by 1.46% [2] - Broadcom saw a decrease of 1.16% [2] - NVIDIA and Amazon also experienced minor declines of 0.67% and 0.33% respectively [2] Chinese Concept Stocks - Major Chinese concept stocks collectively declined, with Kingsoft Cloud dropping over 5% [3] - Ctrip Group, NetEase, and Bilibili each fell by over 4% [3] - Baidu Group and Futu Holdings decreased by over 3% [3] Detailed Performance of Chinese Stocks - Kingsoft Cloud fell by 5.45% to 12.414 [4] - Ctrip Group decreased by 4.84% to 57.550 [4] - NetEase dropped by 4.20% to 122.970 [4] - Baidu Group declined by 3.60% to 139.640 [4] - Futu Holdings decreased by 3.52% to 154.155 [4] - Other notable declines include XPeng Motors (-2.10%), Tencent Music (-1.98%), and JD Group (-1.41%) [4]

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 网易 本文内容由 Kylie Kwok (郭凯欣) 提供 NTES US 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 游戏增长动能增强 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Growing games momentum》的报告，分析预计网易 2025 年四季度总营收及调整后息税前利润将保持稳健增长，主要得益于游戏业 务的持续复苏。受《梦幻西游》中国市场的进一步回暖及《燕云十六声》全球热度上升推动，游戏收入有望实现同比 增长。结合即将推出的重磅新作《遗忘之海》及开放世界 ACG 游戏《无限大》，网易 2026 年游戏业务有望维持同 比增速并存在上行风险。 在线游戏：增长动能增强 研究指出预计网易 2025 年四季度游 ...

作者：观察君 2月4日，港股收盘，恒生指数收涨0.05%，报26847.32点；恒生科技指数收跌1.84%，报5366.44点。 板块方面，煤炭股涨幅居前，兖矿能源涨超10%，中国神华涨超5%；芯片股走势疲软，上海复旦跌超 5%，华虹半导体跌近5%；科网股整体表现低迷，腾讯控股跌近4%，哔哩哔哩跌超3%；内房股集体走 高，世茂集团涨超14%，融创中国涨超8%。恒生指数成分股中，信义玻璃、中国神华、华润置地涨幅 靠前；携程集团-S、腾讯控股、网易-S跌幅居前。恒生科技指数成分股中，理想汽车-W、零跑汽车、 海尔智家涨幅靠前；金蝶国际、携程集团-S、同程旅行跌幅居前。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

Group 1: Core Insights - The content industry is rapidly reflecting technological changes, with AI beginning to reshape it by 2025 [2][3] - Emerging content forms like AI comic dramas (漫剧) are rapidly developing, with significant financial growth, while traditional content sectors like gaming are also benefiting from AI [3][4] Group 2: AI Comic Dramas - AI comic dramas, a new content form derived from short dramas, have seen explosive growth due to AI technology, with daily consumption on Douyin surpassing 20 million yuan, a 568% increase from the previous half-year [4] - The AI comic drama industry is projected to reach a scale of 20 billion yuan by 2025, exceeding one-third of the traditional film industry [4] - The development of AI comic dramas has outpaced that of short dramas, achieving a production rate of 300 to 500 episodes per day by July 2025, comparable to traditional animation [10] Group 3: Future Expectations for AI Comic Dramas - The industry is expected to see a significant increase in both quantity and quality in the first half of 2026, with anticipation for blockbuster hits [12][13] - The emergence of high-quality content is expected to drive further demand and competition within the AI comic drama sector [14][16] - The potential for international expansion is noted, with AI comic dramas likely to have advantages in overseas markets due to lower trial costs and cultural accessibility [18][19][20] Group 4: Gaming Industry Insights - AI has permeated the entire game production process, with a notable increase in the number of games utilizing generative AI on platforms like Steam [6][22] - Major gaming companies are focusing on practical applications of AI to enhance efficiency rather than exploring fully AI-native games [23][24] - The gaming industry is currently more concerned with extending the lifecycle of existing games rather than solely developing new AI-native games [26] Group 5: IP Development in Gaming - Game IP development is seen as a crucial strategy for attracting new players and fostering long-term emotional connections with brands [27][28] - The integration of IP into games is viewed as a natural evolution, enhancing the cultural significance and emotional resonance of games [26][28]

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原 型"Project Genie"，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模 型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏， 而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的 企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。 东方证券主要观点如下： 事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型"Project Genie"，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一 孟在各大平台同步开启直播，正式官宣一款新产品"Taptap制造"。 国内AI游戏编辑器的技术路径已具备落地商用条件 以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分 生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传 ...

该行轻微降网易2025至27年收入预测约1%，以反映管线倾侧于今年下半年及明年；并降2025至27年盈 测约3%，以反映在高基数下利润率扩张放缓。高盛重申对网易"买入"评级，H股目标价由266港元微降 至264港元，美股目标价由170美元微降至169美元。 高盛发表研报指，网易近期股价压力可能源于市场对近期游戏流水增长放缓、2025年第四季度及2026年 第一季度的利润率面临高基数，以及近期Genie 3/AI游戏创作工具潜在影响的担忧。对于即将公布的 2025年第四季度业绩，高盛预计，网易在线游戏收入将按年增长9%，调整后息税前利润(EBIT)按年增 长10%。该股目前交易于预测2026年市盈率14倍，低于其过去五年历史平均水平，该行认为其估值倍数 进一步下调的空间有限。 网易-S(09999.HK)拟2月10日举行董事会会议以审批年度业绩 网易-S(09999.HK)：料Q4平稳过渡 关注股 东回报与全球化进展 大行评级丨高盛：重申对网易"买入"评级，微降收入及盈利预测 大行评级丨花 旗：网络游戏股遭抛售并不合理，重申对腾讯、网易美股"买入"评级 相关事件 ...

高盛发表研报指，网易近期股价压力可能源于市场对近期游戏流水增长放缓、2025年第四季度及2026年 第一季度的利润率面临高基数，以及近期Genie 3/AI游戏创作工具潜在影响的担忧。对于即将公布的 2025年第四季度业绩，高盛预计，网易在线游戏收入将按年增长9%，调整后息税前利润(EBIT)按年增 长10%。该股目前交易于预测2026年市盈率14倍，低于其过去五年历史平均水平，该行认为其估值倍数 进一步下调的空间有限。该行轻微降网易2025至27年收入预测约1%，以反映管线倾侧于今年下半年及 明年；并降2025至27年盈测约3%，以反映在高基数下利润率扩张放缓。高盛重申对网易"买入"评级，H 股目标价由266港元微降至264港元，美股目标价由170美元微降至169美元。 来源：滚动播报 ...

花旗认为，目前市场对网络游戏增值税率上调的忧虑，是基于对电讯业案例的错误类比。根据国家税务 总局文件，销售无形资产(包括网络游戏虚拟物品)适用的增值税率应为6%，与电讯服务的税率调整并不 相同，因此并无上调依据，有关抛售并不合理，反而该行视之为一个更好的买入机会。该行重申对腾 讯、网易美股及世纪华通的"买入"评级，目标价分别为783港元、161美元及24元。 花旗发表研报指，昨日中国网络游戏股遭抛售，此前市场猜测波动原因为网络游戏收入可能像电讯服务 一样面临增值税上调，惟该行认为有关猜测并不合理，且缺乏依据。 新《增值税法》于2024年12月25日颁布，并于今年1月1日生效，其中涉及对销售服务和无形资产的应税 交易重新定义。几项电讯服务被重新划分至不同的增值税税档，导致增值税从6%调整至9%，电讯公司 股价在周一应声下跌。 ...

Summary of NetEase Inc. (NTES) Conference Call Company Overview - **Company**: NetEase Inc. (NTES) - **Market Cap**: $81.9 billion - **Enterprise Value**: $62.1 billion - **Industry**: Gaming, Entertainment & Healthcare Tech - **Current Price**: $129.08 - **12-Month Price Target**: $169.00 (Upside: 30.9%) [1] Key Industry Insights - **Gaming Trends**: Anticipated slowdown in cash grossing growth (+5% YoY) into 4Q25 due to lack of new game contributions. However, flagship titles like FWJ mobile/PC and Eggy Party are expected to show strength [2] - **Margin Trends**: Margins may swing due to increased S&M ratio but are expected to maintain around 13% of sales [2] - **AI Impact**: Concerns over AI tools like Genie 3 affecting the gaming sector. However, these tools are currently viewed as developer aids rather than replacements for core game design expertise [4] Financial Performance - **Revenue Growth**: Expected +9% YoY growth for online games revenue in 4Q25, driven by flagship titles and recovery in Eggy Party [22] - **Earnings Projections**: Adjusted EBIT expected to grow +10% YoY in 4Q25. The stock is trading at 14X 2026E PE, below historical averages, indicating limited downside risk [22] - **Forecasts**: - Revenue (RMB million): 105,295.2 (2024), 113,412.0 (2025E), 123,343.7 (2026E), 133,294.2 (2027E) [19] - EBITDA (RMB million): 36,555.9 (2024), 43,255.0 (2025E), 47,839.3 (2026E), 52,563.5 (2027E) [19] - EPS ($): 7.20 (2024), 8.51 (2025E), 9.23 (2026E), 10.09 (2027E) [19] Game Pipeline and Upcoming Titles - **Key Titles**: - **Sea of Remnants**: Expected to gross RMB 5-6 billion in the first 12 months post-launch, with innovative gameplay [3] - **ANANTA**: Anticipated to launch in late 2026/early 2027 [37] - **Code: Oni**: An auto-chess game with a Chinese theme, expected to launch in 2026 [39] - **Upcoming Releases**: - **Where Winds Meet**: Contributed positively in 4Q25 with both domestic and overseas performance [24] - **Eggy Party**: Resumed positive growth, indicating a healthy trajectory [24] Market Position and Competitive Landscape - **Market Concerns**: Recent share price weakness attributed to concerns over game grossing slowdown and high margin comparisons [1] - **Competitive Dynamics**: Legacy titles remain a core growth pillar, with a focus on quality over quantity in new game launches [3] Additional Considerations - **Tax Implications**: Most game services are subject to a 6% value-added tax, with no expected changes post new VAT rules effective January 1, 2026 [21] - **Management Focus**: Upcoming earnings report will provide insights on new game timelines, potential HK primary listing, and AI integration strategies [23] This summary encapsulates the key points from the conference call, highlighting the company's current position, financial outlook, and strategic initiatives within the gaming industry.