ab 17 November 2025 Global Research China Equity Strategy 2026 outlook - another leap forward? A continuation of positive factors into 2026 We expect another positive year ahead for the Chinese equities as many of the favourable drivers from 2025 should continue to support the market including: 1) advancement in innovations, in particular AI; 2) accommodative policy for private enterprises and capital markets; 3) sustained fiscal expansion and ample liquidity under an easy monetary policy setting; and 4) po ...

网易 20251120 摘要 网易三季度推出多款新游，如登顶美国 iOS 下载榜的科幻射击游戏，以 及 Steam 全球畅销榜排名第三的《Marvel Rivals》，《天翼》上线两 日 Steam 峰值在线人数达 19 万，市场表现强劲。 网易通过创新和合作丰富产品组合，如《人性》推出新场景和 PVP 改革， 与《Power World》合作，以及《正义》采用 AI 驱动 NPC 和智能面部 创建系统，提升用户体验。 网易通过推出无限服务器等方式，持续为运营 22 年的旗舰级作品《梦 幻西游 Online》注入新活力，并发玩家账户连续四次创新高，并不断更 新《梦幻西游手游》以满足玩家需求。 网易通过与故宫博物院合作、举办三周年庆祝活动等社区互动，显著提 升用户参与度，如《Eggie Party》三周年活动日活跃用户突破 3,000 万，《All-My-Ogi》周年活动进入中国 iOS 收入前十。 网易将继续专注于创新、国际市场扩张和社区参与，计划在国际舞台展 示新作，优化现有产品，并开发全新项目，致力于为全球玩家带来独特 体验。 Q&A 网易在 2025 年第三季度的财务表现如何？ 2025 年第三季度，网 ...

智通财经APP获悉，网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 消息面上，近日，网易-S公布2025年第三季度业绩，净收入为人民币284亿元(40亿美元)，同比增加 8.2%。毛利润为人民币182亿元(26亿美元)，同比增加10.3%。归属于公司股东的净利润为约人民币 86.16亿元(12亿美元)，同比增长31.77%；基本每股净利润为0.38美元，第三季度股利为每股0.1140美 元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于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%。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》电脑版、《蛋仔 派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理游戏净收入增加。 中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营 ...

"上有天堂，下有杭"。自秦时(公元前222年)设县治以来,杭州已有2200多年历史，曾被马可·波罗誉为"世 界最美丽华贵之天城"。 1996年萧山划入杭州以来，在经历四次行政区划调整后，杭州城市文化从"西湖时代"的单核文化迈 向"大杭州时代"的多维文化，将西湖文化、吴越文化、运河文化、良渚文化等串联，为打造"全国文化 创意产业中心"奠定文化基础。 截至2024年底，杭州市拥有规上文化企业1828家，实现营业收入10,830亿元。其中，规上数字文化企业 实现营收8855亿元，占文化产业总营收超八成。 2025年8月-10月，"浪尖：万亿之城2030"课题组先后六次前往杭州调研文化产业，采访政商学界代表， 梳理杭州文化产业发展脉络，尝试总结归纳产业发展的内在逻辑，厘清政府、大学、企业三者关系，并 为杭州文化产业下一步发展提供建议。 "浪尖：万亿之城2030"课题组杭州调研政商学界代表名单 | 企业 | 传播大脑科技(浙江)股份有限公司 | | --- | --- | | | 浙报数字文化集团股份有限公司 | | | 华数传媒网络有限公司 | | | 杭州市商旅运河集团辰祥工业遗址综合保护开发有限公司 | | | ...

In this article, we will look at the 12 Best Communication and Media Stocks to Buy Now.​On July 24, PWC released its US edition of Global Entertainment and Media Outlook for 2025-2029. According to the report, the Global Entertainment and Media (M&E) industry is likely to be a $3.5 trillion market by 2029. The growth is expected to be driven by developments and utilization of AI in various segments of the industry, including the over-the-top (OTT) Video, mixed reality, and internet advertising.​The report h ...

Core Insights - The annual list of top 100 enterprises in Zhejiang serves as an important indicator of the development of local companies, with total revenue exceeding 10 trillion yuan for three consecutive years, and 33 companies reporting revenues over 100 billion yuan, an increase of 2 from the previous year [1] - The growth of Zhejiang enterprises is driven by continuous investment in technological innovation, with 89 companies holding a total of 178,180 patents, marking an increase of 17,811 patents (11.11%) from the previous year [1] Group 1: Revenue and Rankings - Alibaba Group leads the list with a revenue of 996.35 billion yuan, followed by Rongsheng Holding Group at 658.60 billion yuan and Geely Holding Group at 574.83 billion yuan [12] - The top 10 companies by revenue include notable names such as Hikvision, NetEase, and Ant Group, with revenues ranging from approximately 924.96 million yuan to 996.35 billion yuan [12][13] Group 2: R&D Investment - Geely Holding Group ranks first in R&D investment with 266.65 billion yuan, a 16.3% increase from the previous year, and has committed over 100 billion yuan for R&D from 2021 to 2025 [9][10] - Ant Group follows with an R&D investment of 234.59 billion yuan, a 10.7% increase, and leads in patent holdings with 23,550 patents [7][10] - NetEase ranks third with an R&D investment of 175.25 billion yuan, reflecting a 6.3% year-on-year growth, and has focused on AI technology to enhance user experience in various sectors [5][10] - Hikvision, the largest security company globally, invested 118.64 billion yuan in R&D, maintaining a research expense ratio exceeding 10% for five consecutive years [3][10] Group 3: Technological Innovation - The manufacturing sector dominates patent holdings, with 65 companies owning 137,551 patents, while the service sector holds 37,859 patents [1] - Companies like Ant Group and NetEase are heavily investing in AI technologies, with Ant Group launching three AI assistants that have served over 130 million users [7] - Geely has been recognized for its innovation in hybrid power control technology, leading the industry in several patent metrics [9]

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

（原标题：两部门拟明确"守门人"认定标准，AI新贵们也入围了？） 21世纪经济报道记者 王俊 章驰 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见稿"），明确了对大型 网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速增长的AI公司，以 及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等条件，同样可能进入大型网络平台 的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监督委员会规定》一 脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创 ...

2025 年 11 月 23 日 公司研究 评级：增持(维持) 研究所： | 证券分析师: | | --- | | | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn [Table_Title] 游戏长线运营能力突出，递延收入高增为后续业 绩释放奠定基础 ——网易-S（9999.HK）2025Q3 财报点评 最近一年走势 | 相对恒生指数表现 | | | 2025/11/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 网易-S | -14.8% | 0.5% | 53.6% | | 恒生指数 | -3.1% | 0.5% | 28.7% | | 市场数据 | 2025/11/21 | | --- | --- | | 当前价格（港元） | 204.60 | | 52 周价格区间（港元） | 129.40-248.00 | | 总市值（百万港元） | 647,761.84 | | 流通市值（百万港元） | 647,761.84 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]