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 ...

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。 ...

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%。 ...