Core Viewpoint - The Hong Kong stock market experienced a positive closing, with the Hang Seng Index rising by 1.97% and the Hang Seng Tech Index increasing by 2.78% [1] Group 1: Market Performance - The Hang Seng Index increased by 1.97% [1] - The Hang Seng Tech Index rose by 2.78% [1] Group 2: Company Performance - Kuaishou saw a significant increase, rising over 7% [1] - NetEase experienced a nearly 6% increase [1] - Alibaba's stock rose by nearly 5% [1] Group 3: Sector Performance - Semiconductor stocks and lithium battery stocks experienced declines [1] - Hua Hong Semiconductor fell by nearly 5% [1] - Ganfeng Lithium dropped by over 5% [1]

招银国际发表研究报告指，网易第三季收入按年增长8%，经营利润按年增长12%，均低于市场预期， 但考虑到网易拥有优质的游戏储备及长青游戏表现稳健，目前对今年第四季及明年游戏收入增长前景保 持乐观。计及营销开支预期增加，该行将网易2025至2027年非通用会计准则净利润预测微调最多1%， 美股目标价由160美元上调至164美元，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 28.4 billion yuan in Q3 2025, representing a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [5] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, with a net profit margin of 31.0%, up 5.4 percentage points year-on-year. This improvement in profitability is attributed to gains from fair value changes in stock investments and lower net exchange losses [5] - The company’s contract liabilities reached 19.5 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 15%, indicating strong growth momentum [5] - The report highlights the strong performance of the game "Dream of the Red Chamber" and the successful launch of new games, which are expected to drive future growth [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 357 billion yuan, 383 billion yuan, and 429 billion yuan respectively, with corresponding P/E ratios of 16.6, 15.5, and 13.8 times [5] - The company’s revenue for 2023 is projected at 103.5 billion yuan, with a year-on-year growth of 7.2%, and net profit is expected to be 29.4 billion yuan, showing no growth year-on-year [6] - The gross margin is expected to improve from 60.9% in 2023 to 64.7% in 2025, while the net profit margin is projected to increase from 28.4% in 2023 to 31.4% in 2025 [6]

花旗发表研报指，网易第三季收入按年增12%至233亿元，主要得益于《梦幻西游》端游版同时在线用 户峰值创下历史新高，而《梦幻西游》手游版活跃用户亦达到两年新高。《燕云十六声》与《逆水寒》 在海外下载榜名列前茅，《蛋仔派对》在周年庆期间创下游戏游玩纪录。《魔兽世界》独家服务器持续 获得用户青睐，《炉石传说》则维持稳定扩张。 该行表示，展望明年，凭借旗舰经典游戏稳健而具韧性贡献，加上即将推出的《无限大》，相信网易游 戏产品组合正逐步增强实力。该行对该股网易ADR目标价从158美元上调至161美元，维持"买入"评级， 基于其卓越的执行力、股东回报及估值。 ...

Group 1 - The gaming media sector is experiencing a significant rise, with the gaming ETF (159869) increasing by over 3.5% and all holdings showing positive performance, including Mingchen Health, Xunyou Technology, Shenzhou Taiyue, Ice River Network, Borui Communication, Shengtian Network, and Guomai Culture [1] - Tencent's Q3 2025 earnings report reveals that the total revenue from its online gaming business reached 63.6 billion yuan, with domestic game revenue at 42.8 billion yuan, a year-on-year increase of 15%, and international game revenue at 20.8 billion yuan, a year-on-year increase of 43% [1] - NetEase's Q3 2025 financial report shows a net income of 28.4 billion yuan, an increase of 8.2% year-on-year, with its gaming and related value-added services generating net income of 23.3 billion yuan, a year-on-year increase of 11.8%, accounting for 82% of total revenue, highlighting the strong performance of its gaming business [1] Group 2 - CITIC Securities indicates that the gaming industry in Q3 2025 continues to show high growth momentum, driven by leading companies, with both industry revenue and profits maintaining high growth [1] - The regular issuance of game licenses on a monthly basis is expected to sustain the supply of quality content in the gaming industry [1] - Future prospects include refined operations for already released games, which are likely to extend the revenue contributions from these games, and the rich pipeline of leading industry products is expected to provide high certainty for future earnings growth [1]

11月24日，A股市场早盘高开回落，三大指数集体翻绿，截至午盘，沪指跌0.34%，深成指跌0.59%，创业板 指跌0.77%。沪深两市半日成交额1.03万亿，较上个交易日缩量3817亿。全市场超3200只个股上涨。 内地股票 | 行情 资金净流入 | | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3821.68 12463.79 | | 1375.73 | | -13.21 -0.34% -74.28 -0.59% -1.66 -0.12% | | | | 科创50 | 创业板指 | 万得全A | | 1280.64 | 2897.68 | 6017.14 | | -5.19 -0.40% -22.40 -0.77% -13.42 -0.22% | | | | 沪深300 | 中证500 | 中证A500 | | 4427.55 | 6804.37 | 5300.70 | | -26.06 -0.59% -13.04 -0.19% -25.29 -0.47% | | | | 中证1000 | 深证100 | 中证红利 | | 7071.44 | 5 ...

Core Viewpoint - Morgan Stanley's report indicates that NetEase-S (09999) achieved a 13% year-on-year revenue increase and a 3% quarter-on-quarter growth in Q3, which is considered reasonable given the limited new game releases during the period [1] Group 1: Financial Performance - NetEase's Q3 net profit met market expectations [1] - Cash revenue for Q3 increased by 14% year-on-year and 18% quarter-on-quarter when accounting for contract liabilities, indicating strong performance [1] Group 2: Future Projections - The report suggests that the upcoming game "ANANTA" is expected to become the company's largest revenue-generating game, with a projected first-year revenue of 12 billion RMB [1] - The game "Sea of Remnants" is anticipated to drive an average annual growth of 12% in game revenue from 2026 to 2027 [1] - The company may meet the conditions for interconnectivity next year [1]

Core Viewpoint - Morgan Stanley's report indicates that NetEase-S (09999) achieved a 13% year-on-year revenue increase and a 3% quarter-on-quarter growth in Q3, which is considered reasonable given the limited new game releases during the period [1] Financial Performance - NetEase's Q3 cash revenue increased by 14% year-on-year and 18% quarter-on-quarter when accounting for contract liabilities, demonstrating strong performance [1] - The company's net profit met market expectations [1] Future Outlook - Morgan Stanley's outlook on NetEase's main game product line for next year is becoming increasingly positive, maintaining an "overweight" rating with a target price of HKD 295 [1] - The game "ANANTA" is expected to become the company's largest revenue-generating game, with projected first-year revenue of RMB 12 billion [1] - The game "Sea of Remnants" is anticipated to drive an average annual growth of 12% in game revenue from 2026 to 2027 [1] - The company may meet the conditions for interconnectivity next year [1]

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]