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。 ...

格隆汇11月24日｜大和发表研究报告指，网易第三季在线游戏收入按年升12.7%，但较市场预期低3%。 净利润则大致符合市场预期，受投资收益带动。期内游戏销售表现稳健，但收入按季增幅仍不及预期。 该行将网易2026至2027年收入预测下调1%，反映网易云音乐直播收入减少；重申"买入"评级，目标价 由260港元升至263港元。由于今年首三季股份回购规模有限，该行预期第四季将维持75%季息派息率， 以达成全年40%的派息比率目标。 ...

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%。 ...

长青游戏成为本季度驱动网易营收增长的主要力量。 20日，网易发布2025年第三季度财报。 在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。 对此，丁磊在11月20日晚间的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的 网易近一两年离职的事业部级高管不止一个，此前引发了外界讨论。 财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%；非公认会计准则下归股净利润为95亿元，同比增长26.7%。 具体到本季度业务来看，Q3网易的营收支柱游戏及相关增值服务收入为233亿元，同比增加11.8%。 来自于在线游戏的净收入约占该分部净收入的97.6%。 长青游戏持续受到玩家欢迎，体现了网易游戏强劲的长线运营能力。 财报提到，在线游戏净收入同比增加来自经典IP《梦幻西游》电脑版、《蛋仔派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理 游戏净收入增加。 网易提到，11月2日《梦幻西游》电脑版同时在线人数突破358万，这是自7月份畅玩服上线后，第四次在线人数创新高。 在电话会上，网易管理层回应了近一年高管离职的事件。 ...

Group 1 - The smart electric vehicle business of Xiaomi Group achieved its first quarterly profit, with a record high profit in Q3 2025, reporting revenue of approximately 113.1 billion RMB, a year-on-year increase of 22.3% [4][5] - The automotive segment saw a significant increase in revenue, reaching 283 billion RMB in Q3 2025, a year-on-year growth of 197.9%, driven by an increase in delivery volume and average selling price (ASP) [7] - The IoT and lifestyle products segment maintained year-on-year growth, achieving revenue of 276 billion RMB in Q3 2025, despite subsidy reductions [6] Group 2 - Top Group reported a revenue of 209.28 billion RMB for the first three quarters of 2025, a year-on-year increase of 8.14%, with a notable growth in the automotive electronics business [10] - The company’s Q3 2025 revenue reached 79.94 billion RMB, reflecting a quarter-on-quarter increase of 11.53%, primarily due to increased sales from key customers [10][11] Group 3 - Baidu Group's total revenue for Q3 2025 was approximately 311.74 billion RMB, a year-on-year decline of 7%, influenced by decreases in online marketing and iQIYI revenues [13][15] - The AI-driven marketing services within Baidu's core business saw a significant increase, with revenue reaching 28 billion RMB, a year-on-year growth of 262% [15] Group 4 - XPeng Motors reported a revenue of 203.8 billion RMB in Q3 2025, a year-on-year increase of 101.8%, with automotive revenue contributing 180.5 billion RMB [19][20] - The company expects Q4 2025 deliveries to reach between 125,000 and 132,000 units, representing a year-on-year growth of 36.6% to 44.3% [21] Group 5 - Lenovo Group reported a revenue of approximately 204.52 billion USD for FY2026Q2, a year-on-year increase of 15%, with AI-related business revenue accounting for 30% of total revenue [24][25] - The infrastructure solutions group within Lenovo saw a revenue increase of 24%, driven by new customer acquisitions and business transformations [26] Group 6 - The AIDC storage report indicates a high demand in the industry, with significant growth expected in the data center storage market, projected to reach 212 GWh globally by 2030 [28][29] - The report highlights that data center storage has shifted from being an optional configuration to a necessity, driven by increasing power density and load demands [29][30]

每经AI快讯，网易-S(09999.HK)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 （文章来源：每日经济新闻） ...

中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营能力。公司也在业绩会表示会把更多资源倾斜给长青项目，同时会给有创新力的团队更多机会。 新游方面，公司公告表示《遗忘之海》将于2026年上线，同时储备有《无限大》《归唐》等产品。该行 建议关注网易本土团队全球化能力升级，及重点新游进展。 网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于在线游戏的净收入约占该分部净收入的97.6%，上一 季度和去年同期该占比分别为97.1%和96.8%。在线游戏净收入环比增长来自于《梦幻西游》电脑版、 《逆水寒》手游等自研游戏及若干代理游戏净收入增加。其同比增加来自《梦幻西游》电脑版、《蛋仔 派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理游戏净收入增加。 消息面上，近日，网易-S公布2025年第三季度业绩，净收入为人民币284亿元(40亿美元)，同比增加 8.2%。 ...

每经AI快讯，11月24日，港股明星科网股多数走强，网易(09999.HK)涨超4%，快手(01024.HK)涨超 3%，百度(09888.HK)、腾讯控股(00700.HK)涨超2%。 ...