Group 1 - NetEase, Inc. will report its financial results for the fourth quarter and fiscal year 2025 on February 11, 2026, before the U.S. market opens [1] - The earnings teleconference call will occur at 7:00 a.m. Eastern Time on February 11, 2026, with management discussing the quarterly results and answering questions [2] - Interested parties can participate in the conference call by dialing 1-914-202-3258 and providing the conference ID: 10052758 [3] Group 2 - NetEase is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4] - The company has one of the largest in-house game R&D teams, focusing on mobile, PC, and console gaming to create superior gaming experiences [5] - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6]

Core Insights - The issuance of game licenses in January 2026 remains high, with a total of 182 licenses approved, marking a 33.82% increase compared to January 2025 [2] - The supply side continues to release, indicating a stable trend towards normalization of license issuance, and the industry's recovery is ongoing [1] Industry Events - On January 26, 2026, the National Press and Publication Administration announced the approval of 177 domestic games and 5 imported games for January [1] - The domestic game licenses approved in January 2026 are the second highest since November 2025, with notable titles including "Douluo Dalu: Qicheng" by 37 Interactive Entertainment and "Rainbow Six: Siege" by Tencent [2] Market Focus - "Rainbow Six: Siege" is highlighted for its tactical shooting gameplay, which differentiates it in the competitive FPS market, supported by Tencent's ecosystem for community and esports development [3] - The FPS market in China is described as highly competitive, with Tencent and NetEase both having established strong product offerings in this segment [3]

野村发表研报指，预计网易上季总收入按年增长4%至277亿元，较市场最新预测低4%。期内，在线游 戏收入料217亿元，按年升5.8%，按季跌5%。该行预计，网易的递延收入仍然保持韧性；毛利率料按年 增3.3个百分点至64.2%；在线游戏业务的毛利率可能持续扩张，按年增长3个百分点至69.6%；GAAP经 营溢利率或增0.2个百分点至29.4%；非GAAP净利润回落16%至81亿元。该行维持网易美股"买入"评 级，续予目标价160美元。 ...

美军中央司令部宣布第九航空队将在中东举行为期数天的空军战备演习，未透露具体时间地点，演习旨在提升快速部署等作战 能力。此前美"亚伯拉罕・林肯"号航母打击群已驶入中东，美还向以通报对伊军事行动准备，相关工作拟两周内完成。伊朗同 日强硬回应，革命卫队海军高官称已实现霍尔木兹海峡智能化实时监控，掌控海峡通行权，伊朗不寻求战争但已做好充分应战 准备。 据英国金融时报援引知情人士消息，特朗普政府向乌克兰表示，美方向其提供的安全保证，需以乌方先与俄达成和平协议为前 提，协议或涉及乌向俄割让顿巴斯地区。美方还暗示乌东部撤军可换更多武器援助。泽连斯基原计划本月与美签署安全保证文 件，乌欧官员认为美方此举是胁迫乌方接受领土让步。 美股方面，三大指数涨跌不一，道指跌0.83%，纳指涨0.91%，标普500涨0.41%。 大型科技股多数上涨，亚马逊涨2.63%，微软涨2.19%，苹果涨1.12%，英伟达涨1.1%，谷歌、meta涨不足1%，特斯拉跌近1%。 纳斯达克中国金龙指数涨0.48%，热门中概股涨跌不一。百度涨1%，阿里巴巴、蔚来、拼多多涨不足1%；小鹏汽车跌1.17%， 理想汽车跌1.12%，京东、网易跌不足1%。 | | ...

2026年首批游戏版号出炉，腾讯、网易等大厂产品在列。 1月26日晚间，国家新闻出版署网站公布了2026年1月份国产及进口网络游戏审批信息，合计发放182个版号，包括177款国产网络游戏、5款进口网络游 戏。同时，本月还有14款游戏审批信息发生变更，包括网易游戏《蛋仔派对》新增客户端版号，《无尽的拉格朗日》更名为《星际猎人》等。 回顾2025年，国家新闻出版署下发国产游戏版号1676个、进口游戏版号95个，发放总数达到1771个，远超2024年的1416个，创下自2019年以来的新高。 本月发放版号数量同样维持在相对高位。 具体来看，1月发放的游戏版号中，腾讯、网易、三七互娱、巨人网络、冰川网络、四三九九、恺英网络等游戏厂商均有所收获。产品方面，本次获版 号的182款网络游戏中，有多家上市公司、知名厂商的重点产品过审，包括腾讯《彩虹六号：攻势》、网易《妖妖棋》、金山世游《愤怒的小鸟：经典归 来》《愤怒的小鸟：梦幻爆破》、三七互娱《斗罗大陆：启程》、巨人网络《月圆之夜：大师对弈》、恺英网络《新射雕之华山论剑》、冰川网络《守卫鸭 典娜》等。 整体来看，本月过审大作主要集中在进口版号名单。其中《彩虹六号：攻势》为育 ...

Group 1 - The game "Yao Yao Qi" has been approved for publication by the National Press and Publication Administration, with approval number Guo Xin Chu Shen [2026] 241, on January 23, 2026 [1] - The publishing unit for the game is Zhejiang Publishing Group Digital Media Co., Ltd., while the operating unit is Hangzhou NetEase Leihuo Technology Co., Ltd. [1] - Hangzhou NetEase Leihuo Technology Co., Ltd. was established in 2009 and is located in Hangzhou, with a registered capital of 10 million RMB and paid-in capital of 10 million RMB [1] Group 2 - The company has made investments in 21 enterprises and participated in 11 bidding projects [1] - It holds 41 trademark registrations and has obtained 20 administrative licenses [1]

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

短剧预期将受益于AI全栈式生产工具获得全球流量收入极高增长 东方证券发布研报称，字节文娱APP高增驱动境内娱乐大盘全盘时长增长，该行认为需要持续关注其余 大厂中台化整合效果。另认为短剧、漫剧将是在AI有声阅读后下一个大幅受益于AI能力提升的内容产 业。全栈式生产工具将让AI短剧生产方变为内容生产者主导;具备上游小说IP储备和流量积累的平台将 更容易在后期获得超额收益。该行在文娱板块建议关注类平台型公司，将获得AI对于生产能力赋能的 超额收益。 东方证券主要观点如下： 字节文娱APP高增驱动境内娱乐大盘全盘时长增长 因AIGC和AI算法驱动，增长最快的为视频(短剧)、阅读(AI有声小说)、音乐。字节在上述领域整合AI和 版权中台能力赋能子公司，市场份额持续提升。该行认为需要持续关注其余大厂中台化整合效果。 游戏新品储备充足，长青平台型产品因AI编辑器获益 游戏板块字节发展落后于市场，该行认为给各大中小企业留下更大发展空间。短期来看，2026年游戏新 品储备充足，大盘将更类似于2024年供给竞争格局。价格战或在高ARPU赛道展开，打价格战的新品容 易奇袭成功;低ARPU长青老游戏向好不动摇。长线来看，具备大DAU ...

在大厂贴身肉搏的AI战场，字节旗下AI产品豆包不久前日均活跃用户数突破1亿，成为国内首个日活破 亿的AI应用。此外，在音乐赛道，据Tech星球了解，今年1月份，字节旗下首款音乐App"汽水音乐"月 活用户已近1.4亿，跃居行业第四。 字节的流量优势愈发明显。 虽然，月活过亿含金量不如日活高，但在一个"流量永动机"的叙事里，字节"大力出奇迹"屡见奇效，几 乎包揽了移动互联网的增长想象，其他大厂已经很多年没有出现一款能打的APP。业内人士透露，抖音 月活跃用户数目前已经跃居全网第二，仅次于微信。汽水音乐月活过亿，在抖音流量灌溉下，或有望成 为字节系又一个"红果短剧"这样的现象级产品。 眼下，汽水音乐仍在逆势增长。据 QuestMobile 数据，2025年9月，汽水音乐月活跃用户为1.2 亿。同年 11月份，汽水音乐月活用户提升至1.3 亿。 到了2026年1月，汽水音乐月活用户增至近1.4亿。这款2022年推出的产品，未来能否凭借免费模式成功 复制下一个"红果"？ 01 3年突围，月活冲到1.4亿 在腾讯音乐、网易云音乐长期占据流媒体音乐行业头部位置的竞争格局下，字节系用3年时间撕开了一 个裂口。 据 Ques ...

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]