自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]

个股方面，特斯拉涨5.3%，此前特斯拉首席执行官马斯克表示，他将大幅减少在美国政府效率部的 工作时间，投入更多时间经营公司。这家电动汽车制造商公布的季度净利润暴跌71%。 明星科技股中，亚马逊涨4.2%，Meta Platforms涨4.0%，英伟达涨3.6%，谷歌涨2.5%，苹果涨 2.2%，微软涨1.9%。 英特尔涨5.5%，有消息称该芯片制造商将裁员20%以上。 2025.04. 24 本文字数：1117，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三，美股全线上涨，特朗普政府连续就关税放风，贸易战缓和预期提振市场情绪，同时，美国总统 特朗普表示不打算罢免美联储主席鲍威尔。 截至收盘，道指涨419.59点，涨幅1.07%，报39606.57点，纳指涨2.50%，报16708.05点，标普500 指数涨1.67%，报5375.86点。 波音涨6.1%，公司季度亏损小于预期，一季度生产和交付了更多的飞机。 纳斯达克中国金龙指数涨2.9%，阿里巴巴涨2.7%，拼多多涨2.2%，网易涨1.6%，京东跌0.3%。 国际油价走弱，市场传言产油国组织（OPEC+）可能进一步增产。WTI原油近月合约跌2.20%， ...

Core Insights - A total of 510 games have been approved for release in 2025, with 480 being domestic and 30 being imported [1][2][4] Domestic Games - In April 2025, 127 games were approved, including 118 domestic and 9 imported titles [1] - The number of "casual puzzle" games among the approved domestic titles decreased, with 46 such games making up approximately 39% of the month's approvals [1] - Notable domestic games include: - "Sea Melody: Return" by Xiamen Boyou (client game) - "Mountain Gate and Illusions" by Chengdu Xingyi (client game) - Four cross-platform games supporting mobile and PC, including "Extreme Battlefield" by NetEase LeiHuo and "Lost" by Perfect World [1][4] - The majority of the approved domestic games (110 out of 118) are pure mobile games [1] Imported Games - Among the approved imported games, Tencent's "Path of Exile: Ascendancy" and Shanghai Guoqu's "Track Connection" are pure client games, while the remaining seven are mobile games [2][4] - Tencent's "Path of Exile: Ascendancy" has over 2 million pre-registrations, indicating strong market interest [4] - Other notable imported titles include "Monopoly: Number One Winner" by Kaiying Network and "Book Realm Legend" by Zhongyou Mobile [4] Game Approval Changes - Six games completed operational approval changes, including "War of the Dual" by Kuro and "Dragon Stone War" by Guangzhou Kaiyibo, which added client versions [6] - One game underwent a name change, and another changed its publishing unit [6]

敬请投资者注意，受复活节假期影响，港股、欧洲股市和澳大利亚股市本周一休市。 特朗普列举8项非关税"作弊"手段，点名日本和欧盟，手段包括1.汇率操纵，2.增值税作为关税和出口补 贴，3.低于成本倾销，4.出口补贴和其他政府补贴，5.农业保护性标准（如欧盟禁止转基因玉米），6.防 护技术标准（如日本保龄球试验），7.假冒、盗版和知识产权盗窃（年损失超过1万亿美元），8.转运避 税。 中航信托宣布由建信信托、国投泰康信托来进行日常托管。虽然还没有正式官宣暴雷，但这个上百亿规 模的央企信托已经实质上雷了，之前多款面向社会投资者的信托产品已经停止兑付。中航信托之所以暴 雷，是因为之前重仓投资了房地产，恒大、融创、红星美凯龙的坑他们都踩了。另外有媒体报道，他们 在暴雷前曾经给内部员工进行提前兑付。目前，中航信托还有超过500亿的产品没有兑付。 A股方面，沪指上周累计涨1.19%、深成指跌0.54%、创业板指跌0.64%。市场持续缩量，周五创去 年"924"行情爆发以来新低。银行、房地产、综合、煤炭等板块逆市上涨，国防军工、农林牧渔、计算 机等板块跌幅居前。 港股方面，恒指上周累计涨2.3%，国指涨1.23%，恒生科技指数 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 此前有消息称，若在美上市的中国公司不允许检查会计底稿等，美国法律将准许其退市。而即将上任的 美国证交会主席保罗·阿特金斯（Paul Atkins）可能会在上任后，处理退市问题。这使得在美上市的中概 股再次面临不确定性。 记者根据Wind数据统计，截至4月18日，目前在美上市的中概股总计有390家，合计总市值超过9200亿 美元，其中包括阿里巴巴、拼多多在内的前20家中概股公司的市值超过7800亿美元，占比约85%。 值得注意的是，阿里巴巴、网易、京东等头部中概股多数已在香港二次上市或双重主要上市，目前仅在 美股市场上市的只有拼多多、亚玛芬体育、富途控股、满帮、唯品会等少数公司，且其中一些公司也已 筹划在港上市。 瑞银于近日公布的一份分析也指出，由于许多中概股已经实现在中国香港的双重上市，中概股"除牌"风 险预计影响较小。据记者统计，近些年赴美上市的企业整体募资总额以及平均单价企业募资规模均呈下 滑趋势。按上市日期算，2025年以来，截至4月18日，在美上市的中概股仅有32家，合计募资7. ...

机构指出，多方增量资金明确，稳市资金更加积极，下方空间有限。 【财经日历】 2025全球机器学习技术大会。 | 3 | 盘前必读 | | 外盘怎么样 // | | | --- | --- | --- | --- | --- | | 名称 | | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | | 39142.23 | -527.16 | -1.33% | | 纳斯达克指数 | | 16286.45 c | -20.71 | -0.13% | 美股周四涨跌不一，投资者在假期前保持谨慎，同时关注贸易谈判进展与利率前景。 截至当天收盘，道琼斯工业平均指数下跌527.16点，报39142.23点，跌幅1.33%；标准普尔500指数上涨7.00点，报5282.70点，涨幅0.13%；纳斯达克综合指 数下跌20.71点，报16286.45点，跌幅0.13%。本周三大指数均录得周线下跌，标普500指数累计下跌1.5%，纳指下跌2.6%，道指跌幅达2.7%。 大型科技股走势分化。谷歌母公司Alphabet下跌1.4%，此前联邦法官裁定谷歌在在线广告技术市场存在非法垄断行为。微软下跌逾1%；亚马逊、Meta与特 斯拉微 ...

纳斯达克金龙中国指数初步收跌0.4%。 中概ETF YINN和DRAG跌超1%，CQQQ跌超0.9%，KWEB跌超0.6%。 热门中概股小鹏初步收跌超5.9%，小马智行跌超3%，京东、理想、阿里巴巴、网易、B站、百胜中国 跌超1%，蔚来则涨0.5%，新东方涨3.8%。 ...

Financial Performance - Net revenues for Q4 2024 were RMB26.7 billion (US$3.7 billion), a decrease of 1.4% year-over-year[2] - Net income attributable to shareholders for Q4 2024 was RMB8.8 billion (US$1.2 billion), compared to RMB6.6 billion in Q4 2023, representing a 33.3% increase[23] - Non-GAAP net income for Q4 2024 was RMB9.7 billion (US$1.3 billion), up from RMB7.4 billion in Q4 2023, a 31.1% increase[24] - Fiscal year 2024 net revenues were RMB105.3 billion (US$14.4 billion), an increase from RMB103.5 billion in fiscal year 2023[25] - Net income attributable to the Company's shareholders for the year ended December 31, 2024, was RMB 29,697,609, up from RMB 29,416,552 in the previous year[54] - Non-GAAP basic net income for fiscal year 2024 was US$1.43 per share (US$7.17 per ADS), compared to US$1.39 per share (US$6.94 per ADS) in fiscal year 2023[35] Revenue Breakdown - Games and related value-added services net revenues were RMB21.2 billion (US$2.9 billion), an increase of 1.5% year-over-year[2] - Youdao's net revenues decreased by 9.5% year-over-year to RMB1.3 billion (US$183.6 million) in Q4 2024[10] - NetEase Cloud Music's net revenues were RMB1.9 billion (US$257.6 million), a decrease of 5.3% year-over-year[12] - The Games and related value-added services segment generated revenues of RMB 20,921,355 for the three months ended December 31, 2023, with a gross profit margin of 69.5%[59][60] - Youdao's revenues for the three months ended December 31, 2023, were RMB 1,480,521, with a gross profit margin of 49.9%[59][60] - NetEase Cloud Music reported revenues of RMB 1,985,548 for the three months ended December 31, 2023, with a gross profit margin of 30.3%[59][60] - Innovative businesses and others segment revenues were RMB 2,752,741 for the three months ended December 31, 2023, with a gross profit margin of 34.4%[59][60] Expenses and Profitability - Total operating expenses for Q4 2024 were RMB8.5 billion (US$1.2 billion), down 15.1% year-over-year[2] - Gross profit margin for games and related services was 66.7%, down from 69.5% in Q4 2023[16] - Total operating expenses for the year ended December 31, 2024, were RMB 36,223,094, an increase from RMB 35,354,250 in the previous year[54] - Operating profit for the three months ended December 31, 2024, was RMB 7,146,737, compared to RMB 6,868,491 in the previous quarter, indicating a growth of 4.0%[54] Cash Flow and Assets - As of December 31, 2024, the company's net cash totaled RMB 131.5 billion (US$ 18.0 billion), an increase from RMB 110.9 billion as of December 31, 2023, representing a growth of approximately 18.5%[36] - Net cash provided by operating activities for fiscal year 2024 was RMB 39.7 billion (US$ 5.4 billion), up from RMB 35.3 billion in fiscal year 2023, indicating a year-over-year increase of about 12.5%[36] - Total current assets increased to RMB 153.3 billion (US$ 21.0 billion) as of December 31, 2024, compared to RMB 142.7 billion as of December 31, 2023, reflecting a growth of about 7.5%[53] - Total assets reached RMB 195.99 billion (US$ 26.85 billion) as of December 31, 2024, up from RMB 185.92 billion as of December 31, 2023, marking an increase of approximately 5.8%[53] - Total liabilities decreased to RMB 53.5 billion (US$ 7.33 billion) as of December 31, 2024, down from RMB 57.8 billion as of December 31, 2023, representing a reduction of about 7.9%[53] - Net cash provided by financing activities was RMB (8,458,545) thousand for the three months ended December 31, 2023, compared to RMB (2,462,982) thousand in the previous quarter, indicating a larger cash outflow from financing activities[57] Shareholder Returns - The board of directors approved a dividend of US$ 0.24405 per share for the fourth quarter of 2024, payable on March 17, 2025, for ordinary shares[37] - A total of approximately 21.2 million ADSs had been repurchased under the share repurchase program for a total cost of US$ 1.9 billion as of December 31, 2024[39] Forward-Looking Statements - Forward-looking statements indicate potential risks related to market growth, competition, and regulatory changes that could impact future performance[47] - The company anticipates continued growth in net revenues and operating profit for the upcoming quarters, driven by new product launches and market expansion strategies[54] Other Financial Metrics - The company emphasizes the importance of non-GAAP financial measures, which exclude share-based compensation expenses, to assess its operating performance[49] - The conversion rate used for RMB to USD is based on RMB 7.2993 per USD as of December 31, 2024[61]

Financial Performance - NetEase reported a net revenue of RMB 105.3 billion for the year ended December 31, 2024, representing a 1.6% increase from RMB 103.5 billion in 2023[7] - Gross profit for 2024 was RMB 65.8 billion, up from RMB 63.1 billion in 2023, indicating a growth of 4.3%[7] - The net profit attributable to shareholders for 2024 was RMB 29.7 billion, a slight increase of 1.0% compared to RMB 29.4 billion in 2023[7] - The company reported a projected net income of RMB 30.26 billion for 2024, indicating a forecasted growth of approximately 3% from 2023[36] - Net profit for the year ended December 31, 2023, reached RMB 29,357,223, representing a 47.5% increase from RMB 19,843,290 in 2022[38] - The company plans to maintain a steady growth trajectory with a projected net profit of RMB 30,256,347 for 2024, representing a 2.4% increase from 2023[38] Assets and Liabilities - Total current assets increased to RMB 153.3 billion in 2024 from RMB 142.7 billion in 2023, reflecting a growth of 7.4%[7] - Total liabilities decreased to RMB 53.5 billion in 2024 from RMB 57.8 billion in 2023, showing a reduction of 7.5%[7] - The total assets of NetEase reached RMB 196.0 billion in 2024, up from RMB 185.9 billion in 2023, marking an increase of 5.7%[7] - Cash and cash equivalents rose significantly from RMB 21.43 billion in 2023 to RMB 51.38 billion in 2024, an increase of approximately 140%[32] - The total liabilities for 2024 are projected to be RMB 21,883,761, an increase from RMB 20,060,196 in 2023[51] Equity and Investments - NetEase's total equity increased to RMB 142.4 billion in 2024 from RMB 128.0 billion in 2023, representing a growth of 11.2%[7] - The total equity attributable to shareholders increased from RMB 124.29 billion in 2023 to RMB 138.69 billion in 2024, a growth of about 11.5%[35] - The group has long-term equity investments with a consolidated balance of RMB 11 billion as of December 31, 2024, which do not have easily determinable fair values[18] - Management regularly conducts impairment tests on these investments, assessing qualitative indicators against their carrying values to identify potential impairment signs[18] Revenue Recognition - Revenue recognition is based on the transfer of control of goods or services to customers, with estimates for returns, discounts, and VAT deducted from the recognized amount[73] - The company's revenue primarily comes from online gaming services, tutoring services, smart hardware sales, online music services, live streaming services, advertising services, e-commerce, and other paid value-added services[73] - Mobile game revenue is generated through the sale of virtual items, with revenue recognized proportionally based on the estimated average gaming time of paying players[75] - The group provides various integrated educational services through Youdao, including tutoring courses, digital learning content, and IT skills training, with revenue recognized proportionally during the estimated average learning time[79] Audit and Compliance - The board of directors is responsible for preparing consolidated financial statements that are free from material misstatement due to fraud or error, and for maintaining necessary internal controls[22] - The audit committee oversees the financial reporting process of the group[23] - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error[24] - The independent auditor's report was issued by PwC on April 15, 2025[30] Cash Flow and Financing - Operating cash flow for 2023 was RMB 35,331,275, up 27.5% from RMB 27,709,233 in 2022[41] - The company’s cash flow statement indicates a strong liquidity position, supporting ongoing investments and operational needs[40] - The company has established multiple guarantee agreements for credit facilities totaling USD 2.7 billion, with USD 1.5 billion remaining undrawn as of December 31, 2024[183] Employee and Incentive Expenses - Employee benefits expenses increased from RMB 3.18 billion in 2023 to RMB 3.19 billion in 2024, showing a slight growth of 0.04%[191] - The total equity incentive expenses for the years ended December 31, 2022, 2023, and 2024 were RMB 32 billion, RMB 32 billion, and RMB 39 billion, respectively, indicating a 21.9% increase in 2024[194] - The company expects to recognize RMB 402.1 million (approximately RMB 2.9 billion) in unrecognized incentive expenses related to the 2019 equity incentive plan by December 31, 2024[196] Regulatory and Legal Risks - The company believes its VIE agreements comply with Chinese law, although uncertainties in the legal framework may pose risks to enforcement[66] - The company may face significant costs and resource expenditures if VIE entities fail to fulfill their obligations under current agreements[66] - Any penalties imposed by the Chinese government could severely impact the company's ability to operate its business and may result in the loss of control over VIE entities[69] Research and Development - Research and development expenses increased from RMB 15.04 billion in 2022 to RMB 16.48 billion in 2023, marking a rise of about 9.7%[36] - Research and development expenses primarily include employee-related costs and technical service fees for online game development and other products[94]