Core Viewpoint - The report from CICC maintains its earnings forecast for NetEase (09999, NTES.US), with a target price of HKD 263/USD 169, indicating an upside potential of 27%/25% for the stock in Hong Kong and the US respectively [1] Group 1: Financial Performance - In Q2 2025, NetEase's revenue increased by 9% year-on-year to RMB 27.9 billion, aligning closely with CICC's expectation of RMB 27.6 billion [1] - Non-GAAP net profit rose by 22% year-on-year to RMB 9.5 billion, also in line with CICC's forecast of RMB 9.4 billion [1] - The company declared a dividend of USD 0.57 per ADS, with a payout ratio of 30% [1] Group 2: Game Development and Global Strategy - Online gaming revenue grew by 15% year-on-year in Q2 2025, driven by titles such as "Identity V," "Yanyun," and "Marvel Duel," along with some licensed games like Blizzard products [2] - The flagship product "Fantasy Westward Journey" mobile game achieved a new quarterly revenue high in Q2 2025 [2] - New releases like "Yanyun" and "Seven Days World" performed well, and several products were launched overseas, achieving notable rankings in regional download charts [2] Group 3: Profitability and Cost Management - Gross margin for Q2 2025 was 65%, showing slight improvements from 64% in Q1 2025 and 63% in Q2 2024, primarily due to increased margins in gaming and VAS businesses [3] - The sales expense ratio in Q2 2025 recovered to 13%, up from 9% in Q1 2025, driven by marketing investments for key new versions of products [3] - Deferred revenue in Q2 2025 decreased by 4% quarter-on-quarter but showed a strong year-on-year growth of 25%, laying a solid foundation for future performance [3] Group 4: Upcoming Releases and Market Outlook - The highly anticipated mobile game "Destiny: Stars" is set to launch in overseas markets on August 28, 2025, with domestic testing starting on August 15 [4] - Flagship products like "逆水寒" and "Identity V" continue to rank highly on the iOS bestseller list, indicating strong product vitality [4] - The company has a robust pipeline of diverse upcoming products, including "Forgotten Sea" and "Return to Tang," which are expected to enhance its market position [4]

算力产业链领跌，GPU、CPO方向回调明显；人工智能走弱。光刻机、脑机接口题材活跃。 （持续更新中……） 09:25 A股开盘｜三大股指集体低开 算力产业链领跌 三大股指集体低开，沪指跌0.18%，深成指跌0.28%，创业板指跌0.2%。算力产业链领跌，GPU、CPO方向回调明显；人工智能走弱。光刻机、脑机接口 题材活跃。 | 板块名称 | 涨幅 | 主力金额 | 板块名称 | 涨幅 | 主力金额 | | --- | --- | --- | --- | --- | --- | | 芬太尼 | +0.59% | -244.9万 | 关装重组概念 | -1.50% | +579.4万 | | 科创次新股 | +0.58% | +1018/כ | 多元金融 | -1.03% | -1670/- | | 超级电容 | +0.57% | -441.2 - | 贵金属 | -0.99% | -912.2 / | | 高压氧舱 | +0.54% | +1118万 | 工程机械 | -0.74% | +1566万 | | 油气开采及服务 | +0.47% | +286.4/7 | F5G概念 | -0.67% | -3353 ...

Short Selling Ratios - Great Wall Motor-R (82333) has the highest short selling ratio at 100.00% [1][2] - JD Health-R (86618) follows with a short selling ratio of 93.03% [1][2] - Hang Seng Bank-R (80011) ranks third with a short selling ratio of 87.90% [1][2] Short Selling Amounts - Tencent Holdings (00700) leads in short selling amount with 3.137 billion [1][2] - Alibaba-SW (09988) has a short selling amount of 1.475 billion [1][2] - Ping An Insurance (02318) follows with a short selling amount of 1.396 billion [1][2] Deviation Values - Geely Automobile-R (80175) has the highest deviation value at 48.86% [1][2] - Hang Seng Bank-R (80011) has a deviation value of 42.65% [1][2] - Lenovo Group-R (80992) ranks third with a deviation value of 34.46% [1][2]

Market Overview - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 103.043, up 2.63% from the previous close, while Tencent Holdings closed at HKD 585.875, down 0.70% [1][2] Stock Performance Summary - Tencent Holdings (00700) latest price: HKD 590.000, change: +HKD 4.000 (+0.68%), ADR price: HKD 585.875, decline: -HKD 4.125 (-0.70%) [2] - Alibaba Group (09988) latest price: HKD 121.800, change: -HKD 1.900 (-1.54%), ADR price: HKD 119.737, decline: -HKD 2.063 (-1.69%) [2] - HSBC Holdings (00005) latest price: HKD 100.400, change: -HKD 0.315 (-0.31%), ADR price: HKD 103.043, increase: +HKD 2.643 (+2.63%) [2] - AIA Group (01299) latest price: HKD 76.900, change: +HKD 0.500 (+0.65%), ADR price: HKD 76.338, decline: -HKD 0.562 (-0.73%) [2] - Meituan (03690) latest price: HKD 124.400, change: +HKD 0.100 (+0.08%), ADR price: HKD 121.813, decline: -HKD 2.587 (-2.08%) [2] - NetEase (099999) latest price: HKD 207.800, change: -HKD 7.600 (-3.53%), ADR price: HKD 203.157, decline: -HKD 4.643 (-2.23%) [2] - Hong Kong Exchanges and Clearing (00388) latest price: HKD 439.200, change: -HKD 0.600 (-0.14%), ADR price: HKD 435.548, decline: -HKD 3.652 (-0.83%) [2] - Ping An Insurance (02318) latest price: HKD 57.900, change: +HKD 1.100 (+1.94%), ADR price: HKD 57.146, decline: -HKD 0.754 (-1.30%) [2] - JD.com (09618) latest price: HKD 125.100, change: -HKD 2.300 (-1.81%), ADR price: HKD 123.693, decline: -HKD 1.407 (-1.13%) [2] - Kuaishou Technology (01024) latest price: HKD 75.200, change: +HKD 0.250 (+0.33%), ADR price: HKD 74.811, decline: -HKD 0.389 (-0.52%) [2]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total market value of $3.105 billion in its U.S. stock holdings as of the end of Q2 2025, with over 90% allocated to Chinese concept stocks, indicating a long-term bullish outlook on quality Chinese assets [1] Group 1: Holdings Overview - Eight out of the top ten holdings of HHLR are Chinese concept stocks, with Pinduoduo being the largest position, having increased by 20% year-to-date [1] - Futu Holdings has seen a remarkable year-to-date increase of 106%, reflecting strong performance among HHLR's key investments [1] - Other notable holdings include BeiGene, NetEase, Alibaba, and Legend Biotech, all of which have shown significant performance [1] Group 2: Recent Changes in Holdings - In Q2, HHLR increased its positions in Futu Holdings and Pinduoduo while partially reducing its stakes in Alibaba, Beike, and NetEase, which have experienced substantial price increases of 52% and 54% respectively year-to-date [1] - This adjustment in holdings suggests a strategy focused on locking in profits and optimizing asset allocation in a high market environment [1] Group 3: New Entrants - For the first time, Moomoo Securities entered HHLR's top ten holdings, with Hillhouse having participated in multiple financing rounds since 2021; Moomoo went public on NASDAQ in April this year, currently valued at approximately $7.5 billion [1]

Financial Performance - Net revenue for the second quarter reached RMB 27.9 billion, representing a year-on-year growth of 9.4% [1] - Revenue from games and related value-added services was RMB 22.8 billion, up 13.7% year-on-year, with online games accounting for 97.1% of this segment, approximately RMB 22.14 billion [1] Game Releases and Updates - Notable game releases include "Out of Bounds" on Xbox and PS5 in April, "All-Star Streetball Party" globally in May, and "Marvel Secret Wars" launched in June [4] - Existing titles like "Nirvana in Fire," "Seven Days World," and "Identity V" achieved strong market performance through version updates in Q2 [4] Product Pipeline - Upcoming products include a sci-fi shooting mobile game set to launch overseas on August 28, an ocean adventure RPG expected in 2026, and several other games in development [8] - "Nirvana in Fire" mobile and "Yanyun Sixteen Sounds" are set for global release, with the former having opened global pre-registration in May [10] Market Strategy and Performance - The CEO emphasized the commitment to developing "evergreen games" and enhancing player experiences through self-developed IPs [10] - "Yanyun Sixteen Sounds" has shown robust performance, exceeding pre-launch expectations in user engagement and monetization [10] Revenue Dynamics - "Seven Days World" experienced a revenue rebound following a significant update in July, with a balanced user and revenue ratio between domestic and overseas markets [11] - The company is focusing on the competitive landscape of shooting games, aiming to meet high user expectations for quality and innovation [12] Marketing and Expansion - The company employs a standard operational process for marketing, leveraging social media and AI tools, with a balanced approach to marketing expenditures [17] - Future expansion in overseas markets is a priority, with successful entries in regions like North America, Japan, and Southeast Asia [18] Game Performance Insights - "Marvel Secret Wars" saw a temporary rise in sales rankings on Steam, indicating effective seasonal update strategies [13] - "Dream of the Red Chamber" and "Egg Party" have shown data recovery, attributed to innovative content and marketing strategies [15]

Group 1 - NetEase Youdao (DAO) stock increased by 2.31% to $9.085 per share, with a total market capitalization of $1.086 billion as of August 15 [1] - For the fiscal year ending March 31, 2025, NetEase Youdao reported total revenue of 1.298 billion RMB, a year-over-year decrease of 6.72%, while net profit attributable to the parent company was 76.743 million RMB, showing a significant year-over-year increase of 517.3% [1] Group 2 - NetEase Youdao is set to disclose its fiscal year 2025 interim report on August 28, with the actual disclosure date subject to company announcement [2] - The company operates primarily through its domestic subsidiary, NetEase Youdao Information Technology (Beijing) Co., Ltd., and is recognized as a leading smart learning company in China [2] - Founded in 2006 and affiliated with NetEase Inc. (NASDAQ: NTES; Hong Kong Stock Code: 9999), Youdao offers user-oriented learning products and services, including online courses and interactive learning applications [2]

Group 1 - The US stock market indices opened lower on August 14, with the Nasdaq China Golden Dragon Index dropping over 2% at one point, indicating weak performance of Chinese concept stocks [1] - In the Asian trading session on the same day, A-shares and Hong Kong stocks experienced adjustments after initial gains, with the Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.87%, Hang Seng Index down 0.37%, and Hang Seng Tech Index down 0.97% [3] Group 2 - NetEase's stock initially dropped over 9% but later narrowed its losses to under 2% after the company released its Q2 2025 financial report, showing net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, and net profit attributable to shareholders of 8.6 billion yuan [5][6] - JD.com reported a Q2 revenue of 356.7 billion yuan (approximately 49.8 billion USD), a year-on-year growth of 22.4%, exceeding market expectations and marking the highest growth rate in nearly three years [7][9] - Other popular Chinese concept stocks like XPeng Motors, Li Auto, and NIO fell over 4%, while companies like Kingsoft Cloud, Niu Technologies, and EHang dropped over 2% [9] - Xunlei saw a significant increase of over 20% after reporting Q2 revenue of 10.4 million USD, a year-on-year growth of 30.6%, with net profit of 8.3 million USD, up from 3.2 million USD in the same period last year [9] - Weibo's stock rose nearly 10% after reporting Q2 net revenue of approximately 445 million USD, a year-on-year increase of 1.6%, and adjusted earnings per share of 0.54 USD [11]

Group 1: Market Overview - On August 14, US stock indices opened lower, with the Nasdaq China Golden Dragon Index dropping over 2% at one point [1] - During the Asian trading session on the same day, A-shares and Hong Kong stocks experienced adjustments, with the Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.87%, Hang Seng Index down 0.37%, and Hang Seng Tech Index down 0.97% [2] Group 2: Company Performance - NetEase reported its Q2 2025 financial results, showing a net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, but below the expected 28.4 billion yuan; net profit attributable to shareholders was 8.6 billion yuan, with adjusted net profit at 9.5 billion yuan [4] - JD.com announced its Q2 financial results with revenue of 356.7 billion yuan (approximately 49.8 billion USD), a year-on-year growth of 22.4%, exceeding market expectations and marking the highest growth rate in nearly three years [7] - Xunlei's stock surged over 20% after reporting Q2 revenue of 10.4 million USD, a year-on-year increase of 30.6%, with a net profit of 8.3 million USD based on non-GAAP measures [8] - Weibo's stock rose nearly 10% following its Q2 revenue of approximately 445 million USD, a year-on-year increase of 1.6%, surpassing the expected 438.2 million USD [11] Group 3: Stock Movements - NetEase initially dropped over 9% but later reduced its losses to under 2% [2] - JD.com saw its stock rise over 3% before turning to a decline of more than 3% [5] - Other popular Chinese stocks like XPeng, Li Auto, and NIO fell over 4%, while companies like Kingsoft Cloud, Niu Technologies, and EHang dropped over 2% [7]

重大事项： 银诺医药-B(02591)：香港公开发售获5341.66倍认购 石四药集团(02005)：阿齐沙坦已获国家药监局批准登记成为在上市制剂使用的原料药 荣昌生物(09995)：泰它西普(商品名：泰爱)用于治疗原发性干燥综合征的中国III期临床研究达到主要终 点 经营业绩： 网易-S(09999)公布中期业绩 归母净利为189.02亿元 同比增长31.33% 联想集团(00992)创有史以来最高第一季度收入 收入同比上升22%至188亿美元 网易云音乐(09899)发布中期业绩，股东应占利润18.85亿元，同比增加132.83% 中国电信(00728)发布中期业绩，股东应占利润230.17亿元 同比增加5.52% 中国电信(00728)第二季度5G网络用户数约2.82亿户 净增1581万户 京东集团-SW(09618)二季度取得收入3567亿元 同比增加22.4% 持续布局新增长领域 京东健康(06618)发布中期业绩，收入同比增长24.5%至352.9亿元 京东物流(02618)发布上半年业绩，非国际财务报告准则利润达33亿元 同比增长7.1% 吉利汽车(00175)发布中期业绩 毛利247.19亿元 ...