智通财经APP获悉，摩根大通发布研报称，网易-S(09999)第三季收入同比升13%，按季增3%，考虑到 期内有限的新游戏发行，认为表现属可合理水平;纯利则符合市场预期。小摩对网易明年主要游戏产品 线的看法逐渐转为正面，并维持该股"增持"评级，目标价295港元。 该行提到，计及合同负债因素后，网易第三季现金收入同比增14%，按季升18%，表现相当强劲，并预 示第四季游戏收入或保持稳健。该行认为，预计明年发行的游戏《无限大》(ANANTA)将有潜力成为公 司收入最大的游戏，预计首年收入为120亿元人民币。该行又相信，游戏《遗忘之海》(Sea of Remnants) 应可推动公司2026至2027年期间的游戏收入年均增长12%。同时，公司或在明年符合互联互通的条件。 ...

摩根大通发布研报称，网易-S(09999)第三季收入同比升13%，按季增3%，考虑到期内有限的新游戏发 行，认为表现属可合理水平;纯利则符合市场预期。小摩对网易明年主要游戏产品线的看法逐渐转为正 面，并维持该股"增持"评级，目标价295港元。 该行提到，计及合同负债因素后，网易第三季现金收入同比增14%，按季升18%，表现相当强劲，并预 示第四季游戏收入或保持稳健。该行认为，预计明年发行的游戏《无限大》(ANANTA)将有潜力成为公 司收入最大的游戏，预计首年收入为120亿元人民币。该行又相信，游戏《遗忘之海》(Sea of Remnants) 应可推动公司2026至2027年期间的游戏收入年均增长12%。同时，公司或在明年符合互联互通的条件。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance, particularly among major internet companies, with significant gains observed in stocks like NetEase, Alibaba, and Kuaishou, driven by positive sentiment in the technology sector [1] Group 1: Market Performance - As of 10:50 AM, stocks such as NetEase-S, Alibaba-W, and Kuaishou-W have risen over 5%, while Tencent Holdings and Meituan-W have increased by more than 2% [1] - The Hang Seng Technology Index has risen by 2.2%, and the CSI Hong Kong Stock Connect Internet Index has increased by 2.4% [1] - The Hang Seng Technology ETF (513010) saw a net inflow of over 1.5 billion yuan last week, indicating strong investor interest [1] Group 2: Industry Outlook - Huatai Securities highlights that Hong Kong-listed companies in the AI narrative are primarily focused on domestic computing power, models, and applications, with future prospects linked to China's technological development [1] - The "14th Five-Year Plan" supports the theme of technological self-sufficiency, which is expected to be a medium to long-term focus [1] - Despite recent pullbacks in the Hong Kong technology sector, there remains potential for revaluation once liquidity conditions improve [1] Group 3: Valuation Metrics - The rolling price-to-earnings ratios for both the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Internet Index are below 22 times, positioned at the 15% and 8% percentiles since the indices were launched [1] - Investors looking to capitalize on the Hong Kong technology sector can consider products like the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) for convenient exposure [1]

Core Viewpoint - Bank of America Securities anticipates that NetEase will experience revenue growth in the next 6 to 9 months, supported by existing games and the upcoming release of Blizzard's "Diablo IV" [1] Revenue Growth - The firm predicts an 8% revenue growth for NetEase in the coming year [1] - Positive outlook on user engagement and revenue potential for another major title, "Infinity," with projected annual revenue reaching 10 billion yuan post-launch [1] Share Buyback and Stock Support - NetEase has a remaining share buyback plan of $3 billion, which is expected to provide downward support for the stock price [1] Earnings Forecast - The firm has raised its adjusted earnings per share forecast for NetEase for 2025 to 2027 by up to 4% [1] - Maintains a "Buy" rating for U.S. stocks with a target price of $166 and a target price of HK$259 for Hong Kong stocks [1]

摩通对网易明年主要游戏产品线的看法逐渐转为正面，并维持该股"增持"评级，目标价295港元。该行 认为，预计明年发行的游戏《无限大》(ANANTA)将有潜力成为公司收入最大的游戏，预计首年收入为 120亿元；游戏《遗忘之海》(Sea of Remnants)应可推动公司2026至2027年期间的游戏收入年均增长 12%。同时，公司或在明年符合互联互通的条件。由于网易目前的估值低于主要A股游戏上市公司的水 平，预计这将触发其股价进一步重新评价。 摩根大通发表研究报告指，网易第三季收入按年升13%，按季增3%，虽然逊于市场预料，但该行考虑 到期内有限的新游戏发行，认为表现属可合理水平；纯利则符合市场预期。该行提到，计及合同负债因 素后，现金收入按年增14%，按季升18%，表现相当强劲，并预示第四季游戏收入或保持稳健。 ...

网易-S(9999.HK)反弹逾6%，报217港元，总市值6870亿港元。消息上，网易日前公布第三季度总营收 284亿元，同比增长8.2%；净利润86亿元持平上季度，同比增长32.3%。 绩后获多家大行唱好：大和上调网易目标价至263港元，重申"买入"评级；中金维持网易"跑赢行业"评 级及目标价275港元；摩通指网易游戏收入维持增长，续予"增持"评级；中信建投研报指，网易营收利 润表现稳健，看好后续PIPELINE。 ...

Core Viewpoint - Daiwa's research report indicates that NetEase's online gaming revenue for Q3 increased by 12.7% year-on-year, but was 3% lower than market expectations [1] Group 1: Financial Performance - Net profit for the period was largely in line with market expectations, driven by investment income [1] - The sales performance of games remained stable, but the quarter-on-quarter revenue growth was still below expectations [1] Group 2: Revenue Forecast and Ratings - Daiwa has lowered its revenue forecast for NetEase for 2026 to 2027 by 1%, reflecting a decrease in revenue from NetEase Cloud Music live streaming [1] - The firm reiterated a "Buy" rating and raised the target price from HKD 260 to HKD 263 [1] Group 3: Share Buyback and Dividend Policy - Due to limited share buyback activity in the first three quarters of the year, Daiwa expects a 75% quarterly dividend payout ratio in Q4 to achieve an annual payout ratio target of 40% [1]

Group 1 - The gaming sector showed strong performance on November 24, with the gaming ETF (159869) rising nearly 1%, and most constituent stocks experiencing gains, led by Mingchen Health with an increase of nearly 8% [1] - NetEase reported its Q3 2025 financial results on November 20, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year. The gaming and related value-added services segment generated net revenue of 23.3 billion yuan, up 11.8% year-on-year, accounting for 82% of total revenue [1] - The net profit attributable to shareholders for the period was 8.6 billion yuan, indicating a significant recovery in NetEase's gaming business compared to the same period last year [1] Group 2 - NetEase's overseas gaming expansion has accelerated significantly over the past two years, with the global user base for the game "Marvel Duel" exceeding 40 million as of December 2024 [1] - The international version of "Nirvana in Fire" mobile game launched on November 7, 2025, topping the free charts on the App Store in several countries including Japan, Malaysia, Thailand, Vietnam, Cambodia, and Brunei [1] - NetEase management indicated that the performance of games like "World of Warcraft" and "Hearthstone" has exceeded previous levels, with plans for deeper development of related products in the future [1] Group 3 - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on investment opportunities in the gaming ETF (159869) that tracks the performance of A-share listed companies in the animation and gaming industry [2]

每经AI快讯，11月24日，港股科网股走强，网易(09999.HK)、快手(01024.HK)涨超5%，阿里巴巴 (09988.HK)涨4.5%，百度(09888.HK)、美团(03690.HK)涨3%，京东(09618.HK)涨2.3%，腾讯控股 (00700.HK)涨近2%。 ...

Core Insights - NetEase's Q3 revenue growth is primarily driven by its gaming segment, with a net income of 28.4 billion yuan, representing an 8.2% year-over-year increase [1] - The company's net profit attributable to shareholders reached 8.6 billion yuan, up 32% year-over-year, while the non-GAAP net profit was 9.5 billion yuan, reflecting a 26.7% increase [1] Revenue Breakdown - The gaming and related value-added services segment generated 23.3 billion yuan in revenue, marking an 11.8% year-over-year increase [1] - Online gaming revenue accounted for approximately 97.6% of this segment's total revenue, indicating strong performance in this area [1] Game Performance - Key contributors to the online gaming revenue growth include classic IPs such as "Fantasy Westward Journey" and "Party of Eggs," as well as newly launched self-developed games like "Yanyun Sixteen Sounds" and "Marvel Showdown" [3] - The peak concurrent users for "Fantasy Westward Journey" reached 3.58 million on November 2, marking the fourth record high since the launch of the smooth play server in July [3] Management Changes - Recent high-level executive departures have raised concerns, but management asserts that these changes are part of normal organizational adjustments and do not impact daily operations [3] - The departure of key figures, such as the head of the tenth division of NetEase Interactive Entertainment, has been attributed to personal career development plans [3] Strategic Focus - NetEase is shifting its focus towards existing successful products rather than spreading resources thin on uncertain new projects, as indicated by management's response to inquiries about the reduced number of game releases [5] - The company is enhancing its capabilities in creating blockbuster games, suggesting a reduced reliance on foreign talent [6] Competitive Landscape - Both NetEase and Tencent are expanding in overseas markets to avoid intense competition in the domestic market, with Tencent reporting a 43% year-over-year growth in international game revenue, which now accounts for 33% of its total gaming revenue [5][8] - The internal competition within NetEase is expected to lead to a natural selection process, reflecting the company's desire for new blockbuster game categories [10]