11月20日，网易（Nasdaq：NTES、HKEX：9999）发布截至9月30日的2025年第三季度财报，该季度公 司净营收为284亿元，同比增长8.2%；利润也同比增加，归属于网易公司股东的净利润为86亿元，上年 同期为65亿元。而不按美国通用会计准则，归属于网易公司股东的净利润为95亿元，上年同期为75亿 元。 按业务划分，第三季度网易的游戏及相关增值服务净收入为233亿元，同比增加11.8%；网易有道净收 入为16亿元，同比增加3.6%；网易云音乐净收入为20亿元，同比减少1.8%；创新及其他业务净收入为 14亿元，同比减少18.9%。 然而，关于具体技术细节与落地场景，丁磊并未展开说明。据了解，网易有道在"AI原生"战略深化与业 务结构聚焦的推动下，2025年前三季度累计经营利润同比增长近150%，在线营销服务净收入与AI订阅 服务销售额均创历史新高。 （文章来源：中国经营报） "对于现有的长青项目，我们要求团队持续优化、精益求精；对于具备长青潜力的新项目，我们将重点 投入、加大支持，不断打磨产品品质。同时，对于未能跟上市场节奏和用户需求的团队，我们会果断调 整，确保主干业务的茁壮成长。"丁磊说。 ...

本报（chinatimes.net.cn）记者于玉金 北京报道 长青游戏成为本季度驱动网易营收增长的主要力量。网易11月20日晚间发布财报，2025年Q3，公司实 现净收入284亿元，同比增长8.2%；非公认会计准则下，归属于公司股东的净利润为95亿元，同比增长 33.3%。 而在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。对此，丁磊在11月20日晚间 的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的，目 的是让整个组织变得更加专注、高效，从而集中力量打造长青和精品的网易游戏。 《梦幻西游》在线人数创新高 网易2025年Q3净收入为284亿元，上一季度和去年同期分别为279亿元和262亿元。 2025年Q3游戏及相关增值服务净收入为233亿元，上一季度和去年同期分别为228亿元和209亿元。本季 度，来自在线游戏的净收入约占该分部净收入的97.6%，上一季度和去年同期该占比分别为97.1%和 96.8%。 网易在财报中表示，今年Q3在线游戏净收入环比增长来自于《梦幻西游》电脑版、《逆水寒》手游等 自研游戏及若干代理游戏净收入增加。其同比增加来自《梦幻西游 ...

【导读】美股扭转颓势收涨，英伟达等科技股跌幅收窄 ；美联储官员释放 12 月可能降息信 号，降息概率飙升至 70% 美国三大股指涨幅扩大 中国基金报记者 张舟 大家好，今天是周六，一起继续关注海外市场的表现。 美东时间 11 月 21 日收盘，美股传来好消息！美国三大股指盘中扭转颓势，涨幅均扩大至 1% ，呈现震荡上扬行情。 科技股跌幅普遍收窄 ，英伟达从此前大跌 4% 一度转涨 1.9%， 谷歌收涨 3.35% ，中概股普涨 。 黄金市场方面，凌晨 1 点现货黄金重回 4100 美元 / 盎司 上方。截至收盘，现货黄金报 4064.279 美元 / 盎司 。 值得注意的是，美联储官员突然释放 12 月可能降息的信号，推动鸽派押注直线升温。最新数 据显示，美联储 12 月降息 25 个基 点的 概率已从 1 天前的 39.1% 抬升至接近 70% 。 11月21日，美股三大股指齐收涨。截至收盘，道指大涨 1.08% ，报 46245.41 点；标普 500 指数涨 0.98% ，报 6602.99 点；纳指跌 0.88% ，报 22273.08 点。 从周度表现看，三大指数本周悉数收跌，跌幅相较此前有所收敛。 ...

（三大指数本周走势，来源：FactSet） 美东时间周五，三大指数集体收涨，道指涨幅最大，上涨约1.1%。 （三大指数日内走势，来源：TradingView） 截至收盘，道琼斯指数涨1.08%，报46,245.41点；标普500指数涨0.98%，报6,602.99点；纳斯达克指数涨0.88%，报22,273.08点。 周五的反弹仍不足以弥补本周之前的大跌。纳指本周累计跌2.74%，标普500指数跌1.95%，道指跌1.91%。 威廉姆斯发表讲话后，联邦基金期货下月降息25个基点的概率超过70%，较前日不到40%的概率大幅攀升。 基础设施资本顾问公司（Infrastructure Capital Advisors）创始人兼首席执行官Jay Hatfield表示："我们认为降息是必要的，但这将取决 于下一个就业报告。我认为数据必须相当疲软，才会让人相信需要降息。" 谈及近期市场压力，Hatfield认为"这是财报季后正常的季节性估值回调"，"市场泡沫部分正在被彻底清理"。 "唯一真正的问题是，'我们会在哪儿触底？'"他表示。 热门股表现 纽约联储主席威廉姆斯周五表示："我认为货币政策仍略显紧缩，即便近期政策调整前 ...

4、高盛大幅上调铜价预期，认为有十年大牛市，理由也很合理，就是现有铜矿供应有限，按照现有扩 产速度要到十年后才能实现供需平衡。 基本就这些吧，周末全国大部分地区气温反弹，天气晴朗，建议都出去散散心。虽然最近一个多月行情 一言难尽，但今年大家应该多数还是赚到钱的，每天花那么100块钱对自己好没问题。 1、网易Q3营收284亿，同比+8.2%，经调整净利润95亿，同比+13%。好久以来网易业绩都是这样，始 终慢悠悠，但也始终往前走，所以估值一直 很高。以前大家都觉得网易有点佛系，现在才发现佛系可 能是对的，激进的都已经坟头长草了。 周末三天300块，快乐起来啊诸位。 2、由于俄乌可能停战，欧股全线大涨。当然也只是可能而已，双方目前的情况是都打不动了，但要求 差太远，基本差两个州的地盘，我也不知道能怎么和平。 3、海士力跌9cm、铠侠跌16cm，软银跌11cm，日韩股市今天表现也一般般，不过人家已经涨了很久， 跌这点不痛的。 ...

NetEase Inc (NASDAQ:NTES) reported mixed fiscal third-quarter results on Thursday.The company's quarterly revenue increased 8.2% year-on-year to $3.98 billion (28.36 billion Chinese yuan), missing the analyst consensus estimate of $4.11 billion. The Chinese gaming player's adjusted EPADS of $2.07 beat the analyst consensus estimate of $1.88.“We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal,” said Mr. William Ding, Chief Executive Officer and ...

NetEase Inc (NASDAQ:NTES) reported mixed fiscal third-quarter results on Thursday.The company's quarterly revenue increased 8.2% year-on-year to $3.98 billion (28.36 billion Chinese yuan), missing the analyst consensus estimate of $4.11 billion. The Chinese gaming player's adjusted EPADS of $2.07 beat the analyst consensus estimate of $1.88.“We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal,” said Mr. William Ding, Chief Executive Officer and ...

Asia Value & Moat Stocks is a research service for value investors seeking Asia-listed stocks with a huge gap between price and intrinsic value, leaning towards deep value balance sheet bargains (i.e., buying assets at a discount, e.g., net cash stocks, net-nets, low P/B stocks, sum-of-the-parts discounts) and wide moat stocks (i.e., buying earnings power at a discount in great companies like "Magic Formula" stocks, high-quality businesses, hidden champions and wide moat compounders). Sign up here to get st ...

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