Market Overview - The Hang Seng Index opened down by 0.25% [1] - The Hang Seng Tech Index decreased by 0.68% [1] Company Performance - NetEase saw a decline of over 2% [1] - Gao Shan Enterprises experienced an increase of over 10% [1]

Core Viewpoint - The departure of Li Kaiming, the producer of the popular SLG game "Rate of the Land," from NetEase marks a significant shift in the company's gaming strategy amidst a challenging industry environment [2][7]. Group 1: Departure of Li Kaiming - Li Kaiming announced his departure from NetEase on the 10th anniversary of "Rate of the Land," citing personal career development plans [2][3]. - He has been with NetEase since July 2013, holding various leadership roles and contributing to successful projects like "Rate of the Land" and "Endless Lagrange" [5]. Group 2: Impact on NetEase and the Gaming Industry - The gaming industry is experiencing a downturn, leading companies, including NetEase, to become more sensitive to project decisions [8]. - The next project Li was set to lead, "Ten Thousand People Long Song: Three Kingdoms," has been paused due to unsatisfactory market feedback [7][8]. - NetEase's previous successful development model, which relied on producer-led large projects, is undergoing changes, necessitating a focus on mature or high-potential projects rather than new, less proven titles [8].

Market Overview - Netflix and Texas Instruments reported weak earnings, exacerbated by escalating global trade tensions, negatively impacting risk appetite. The Nasdaq Composite led declines among major U.S. stock indices, with the S&P 500 down 0.53%, the Dow Jones down 0.71%, and the Nasdaq down 0.93% [1] - Apple ended its consecutive gains, falling by 1.64%. Quantum computing stocks plummeted following Google's announcement of a significant breakthrough with its quantum chip "Willow," leading to QBTS dropping 15% and RGTI nearly 10% [1] Economic Indicators - The 10-year U.S. Treasury yield fell for the third consecutive day, decreasing by 0.58 basis points. The U.S. dollar ended its three-day rise, experiencing a drop of 0.36% from its daily high [2] - Gold prices fluctuated, dipping close to $4000 before stabilizing, with a daily volatility of 3.7%. Silver prices also declined but found support at $48 [2] Industry Developments - Google announced a major breakthrough with its quantum chip "Willow," claiming the algorithm can be verified repeatedly and may become practical within five years [2] - The U.S. Federal Reserve held a "historic" Fintech conference, where Waller emphasized the importance of embracing payment innovations, suggesting that stablecoin issuers and crypto payment companies could directly access the Federal Reserve's payment system [2] Corporate Actions - Apple has reduced its production plan for the iPhone Air while increasing orders for other iPhone 17 models [4] - Indian media reported that India and the U.S. are nearing a trade agreement, reducing tariffs from 50% to 15% [5] Domestic Events - The Ministry of Industry and Information Technology initiated the 2025 annual smart manufacturing system solution project application [6] - The Shenzhen Municipal Financial Management Bureau released an action plan for promoting high-quality development of mergers and acquisitions from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, AI, new energy, and biomedicine [6][8] Stock Market Insights - According to a report from Fangzheng Securities, the Shanghai Composite Index is at a phase high, with increased capital divergence, suggesting a short-term high-level fluctuation. The market style may undergo a rebalancing process in the fourth quarter [7] - The AI glasses market has seen explosive growth, with nearly 30 new AI glasses products launched in the first half of 2025, and the global market expected to reach $300-500 million by 2026 [10] Company Announcements - China Unicom reported a third-quarter net profit of 2.423 billion yuan, a year-on-year increase of 5.4%, with cloud revenue reaching 52.9 billion yuan [12] - Dazhu Laser reported a third-quarter net profit of 375 million yuan, a year-on-year increase of 86.51% [14]

Core Insights - The Chinese gaming industry is experiencing a high prosperity cycle, with 159 domestic games approved in October, indicating strong demand and supply dynamics [1][2] - The A-share gaming sector has shown significant growth, with the Shenwan secondary gaming index up approximately 66% year-to-date, ranking eighth among all Shenwan secondary industries [2] - The approval of new game titles, including major releases from Tencent and other listed companies, suggests ongoing innovation and market expansion [1][4][5] Domestic Game Approvals - In October, 159 domestic games received approval, with 73 categorized as mobile-casual and 70 as mobile games [1] - Notable titles include Tencent's "八荒奇旅," 37 Interactive's "生存33天," and others from companies like ST中青宝 and 祖龙娱乐 [1][4] Import Game Approvals - Seven new imported games received approval in October, including "蜡笔小新" from 游族网络 [2] - The total number of game approvals for the year has reached 1,441, maintaining a steady monthly issuance rate [2] Market Performance - The gaming sector has seen substantial stock price increases, with companies like 巨人网络 and 吉比特 experiencing over 210% and 110% growth, respectively [2] - The current valuation of the gaming sector remains attractive, prompting recommendations for increased investment [2] Future Growth Projections - Omdia forecasts that the total revenue from gaming subscriptions in the Asia-Pacific region will grow from $6.5 billion in 2025 to $9.4 billion by 2029, outpacing global averages [3] - The domestic self-developed online gaming market saw a 19% year-on-year growth in the first half of the year, indicating a robust recovery and innovation cycle [3] Company Performance Highlights - Tencent reported a revenue of 364.53 billion yuan in the first half of the year, with a 13.7% year-on-year increase, driven by its gaming and social services segment [4] - 祖龙娱乐 achieved a revenue of 634 million yuan in the first half of 2025, a 44.4% increase compared to the previous year, attributed to new game launches [4] - 友谊时光's revenue reached 623 million yuan, marking an 18.5% increase, with a significant turnaround in profitability [5] - 网易 reported a net income of 56.72 billion yuan, with gaming-related services showing a 13.7% year-on-year growth [6]

Market Overview - The Hang Seng Index closed at 25,776.19, down by 5.58 points or 0.02% on October 22 [1] - The index reached a high of 25,886.60 and a low of 25,649.93 during the trading session [1] - The trading volume was 43.61 million shares, with an average price of 25,768.27 [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 103.277, up 0.76% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 621.291, down 0.35% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) saw a decrease of HKD 7.000, or 1.11%, with an ADR price of HKD 621.291, which is HKD 2.209 lower than its Hong Kong price [3] - Alibaba Group (09988) dropped by HKD 3.200, or 1.94%, with an ADR price of HKD 161.112, down HKD 0.788 from its Hong Kong price [3] - AIA Group (01299) fell by HKD 2.350, or 3.22%, with an ADR price of HKD 70.250, down HKD 0.300 from its Hong Kong price [3] - Meituan (03690) decreased by HKD 0.400, or 0.41%, with an ADR price of HKD 96.166, slightly up by HKD 0.066 from its Hong Kong price [3] - BYD Company (01211) declined by HKD 1.000, or 0.96%, with an ADR price of HKD 102.655, down HKD 0.245 from its Hong Kong price [3]

Core Viewpoint - Li Kaiming, head of NetEase Interactive Entertainment's Tenth Division, announced his departure for personal career development reasons and will embark on a new entrepreneurial journey [1][3]. Group 1: Departure Announcement - Li Kaiming expressed gratitude towards the company and leadership for their support during his twelve years at NetEase, describing the experience as "invaluable wealth" [3][5]. - The Tenth Division confirmed that Li Kaiming has recently submitted his resignation and that the transition process is proceeding smoothly, ensuring no disruption to the department's operations [5]. Group 2: Contributions and Achievements - Li Kaiming joined NetEase in 2013 and has been instrumental in developing hit products such as "Rate of the Land" and "Endless Lagrange," as well as overseeing the agency distribution of games like "Sky" and "FIFA" [5]. - "Rate of the Land" has maintained its competitiveness and frequently returns to the top ten of the sales charts despite challenges from emerging competitors [5]. Group 3: Future Projects - The Tenth Division continues to focus on the strategy game sector, with the 2021 release of "Endless Lagrange" entering the top ten sales charts, although it did not sustain the growth seen with its predecessor [7]. - The upcoming historical strategy game "Ten Thousand People Long Song" is anticipated to launch in October 2025, but development has reportedly faced delays, raising concerns about the uncertainties and challenges in game development [9].

Market Overview - As of October 22, U.S. stock markets opened mixed, with all three major indices turning negative by 22:30 Beijing time. The Dow Jones fell by 0.28%, the S&P 500 dropped by 0.28%, and the Nasdaq declined by 0.61% [1] - The Dow Jones Industrial Average is currently at 46,793.32, down 131.42 points, while the Nasdaq index is at 22,813.67, down 140 points. The S&P 500 stands at 6,716.41, down 18.94 points [2] Technology Sector Performance - In the tech sector, the performance was mixed with Google up by 0.75% and Microsoft nearly 1% higher, while Tesla fell by 1.82% and Amazon dropped over 2% [2] - Notably, Amazon Web Services experienced a significant outage lasting 15 hours on October 20, resulting in losses of at least several billion dollars and affecting thousands of businesses [2] Individual Stock Highlights - Beyond Meat, known as the "first stock of artificial meat," surged over 112% at one point, with a cumulative increase of over 990% for the week after announcing a distribution agreement with Walmart [4] - Netflix shares fell nearly 8% following the release of its Q3 earnings report, which showed revenue of $11.51 billion, a year-on-year increase of 17.2%, and a net profit of $2.547 billion [6] Gold Market Dynamics - Gold stocks declined again, with Harmony Gold and AngloGold down over 4%, and Kinross Gold nearly 4%. Spot gold prices fell by 1.97%, trading at $4,043.535 per ounce, approaching the $4,000 mark [7] - The London gold price is reported at $4,043.545, down 1.97% year-to-date, with a significant increase of 54.09% [8] - Analysts suggest the recent drop in gold prices is a typical "technical correction," with strong support expected in the $4,000 to $4,050 range due to ongoing central bank purchases and global credit risks [9][10] Cryptocurrency Market Update - The cryptocurrency market saw a collective decline, with Bitcoin dropping to $107,995.7, down 2.66% in the past 24 hours, and Ethereum falling to $3,805.97, down nearly 4% [10] - Over 170,000 traders were liquidated in the past 24 hours, with liquidation amounts exceeding $700 million [11][12]

责任编辑：何俊熹 新浪科技讯 10月22日晚间消息，网易互娱第十事业部负责人李凯明发布内部信，表示"由于个人职业发 展的长远规划，近日我将从网易离职，开启创业的新征程！"他在信中感谢了公司和领导给予的信任和 机会，并称在网易这十二年的经历是他人生中无与伦比的财富。 新浪科技就此向官方求证，网易互娱第十事业部回应称，原负责人李凯明因个人原因近期已向公司提出 离职，相关交接工作顺利进行，不会影响到工作室正常运行。感谢凯明此前为团队作出的贡献，也希望 他未来工作生活一切顺利。（罗宁） ...

Group 1 - The Hang Seng Technology Index experienced a decline, with a drop of over 1.5% during the afternoon session on October 22, leading to a decrease of over 2% in the largest A-share counterpart, the Hang Seng Technology Index ETF (513180) [1] - Major stocks such as NetEase, BYD Electronics, JD Health, Kingsoft, Baidu Group, and Lenovo Group were among the biggest losers in the ETF [1] - Goldman Sachs reported that a slow bull market for Chinese stocks is forming, predicting a 30% upside for the MSCI China Index over the next two years [1] Group 2 - Goldman Sachs suggests that investors should shift their mindset from "selling on highs" to "buying on lows" as the bull market unfolds in China [1] - The report emphasizes an alpha-driven investment strategy focusing on the "China Ten Giants" which includes Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta [1] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain across upstream, midstream, and downstream sectors [2]

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index experiencing a drop of over 1.5% in the afternoon session [1] - The largest ETF tracking the same sector, the Hang Seng Tech Index ETF (513180), fell by more than 2%, with major holdings like NetEase, BYD Electronics, JD Health, Kingsoft, Baidu, and Lenovo leading the losses [1] - The internet sector in Hong Kong faced pressure due to several factors, including a contraction in manufacturing PMI and a slowdown in social financing growth, which negatively impacted earnings expectations for tech companies [1] Group 2 - As of October 21, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 23.05 times, indicating that the current valuation is below 70% of the time since the index was launched [2] - The tech sector in Hong Kong is expected to benefit from the current trends in AI, with potential foreign capital inflows exceeding expectations due to a backdrop of Federal Reserve interest rate cuts [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Tech Index ETF (513180) as a means to gain exposure to core Chinese AI assets [2]