Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 28.4 billion yuan in Q3 2025, representing an 8.2% year-on-year increase, with a gross profit of 18.2 billion yuan, up 10.3% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, which is a 31.8% increase year-on-year [1][2]. - The company has a strong cash position with net cash of 153.2 billion yuan and operating cash flow of 12.9 billion yuan in Q3 2025, reflecting a 21.7% year-on-year growth [1]. - The classic games segment performed well, contributing to a revenue of 23.3 billion yuan in Q3 2025, a year-on-year increase of 11.8%, driven by self-developed games and several agency games [6][8]. - The company has a rich pipeline of upcoming games, including titles that have already gained traction in both domestic and international markets [6][8]. - The report anticipates that the company's net profit attributable to shareholders will reach 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. Financial Data and Valuation - The total revenue forecast for the company is projected to grow from 103.5 billion yuan in 2023 to 130.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2][9]. - The net profit is expected to grow from 29.4 billion yuan in 2023 to 42.5 billion yuan in 2027, reflecting a CAGR of around 10% [2][9]. - The report highlights a decrease in the price-to-earnings (PE) ratio from 20.6 in 2023 to 14.2 in 2027, indicating an attractive valuation over the forecast period [2][9]. Shareholder Information - The company has a total share capital of 3.168 billion shares, with a market capitalization of 67.35 billion Hong Kong dollars [3][6]. - The major shareholder, Shining Globe International Limited, holds a 45.17% stake in the company [3].

编辑 | 夏木 美股齐涨 美股延续上周五涨势走高。市场预期美联储12月下调联邦基金利率的概率上升，投资者暂时搁置了对科技股估值过高的担忧。截 至收盘，道指涨202.86点，涨幅0.44%，报46448.27点，纳指涨2.69%，报22872.01点，标普500指数涨1.55%，报6705.12点。 博通上涨11%，为标普500指数和纳斯达克综合指数成分股中最大涨幅。汇丰银行将该股目标价从400美元上调至535美元，并维持 "买入"评级。诺和诺德跌 5.6%。该公司称，其采用司美格鲁肽开展的阿尔茨海默病临床试验，未能达到延缓疾病进展的效果。 纳斯达克中国金龙指数涨2.8%，百度涨7.4%，摩根大通发布研究报告，将百度投资评级从"中性"上调至"增持"。该行认为市场聚 焦百度云端与AI业务，其将成主要增长引擎和价值驱动因素。预计百度云收入增速2026年将加快至约61%。阿里巴巴涨5.1%，网 易涨4.2%，京东涨0.4%，拼多多涨0.2%。 市场概述 经济数据方面，达拉斯联储11月制造业指数从10 月的-5.0跌至-10.4，表明工厂活动收缩幅度扩大。 近期为期六周的政府停摆结束后，一系列延迟发布的经济数据暗示劳动 ...

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Core Viewpoint - Chinese concept stocks experienced a collective surge, with the Nasdaq China Golden Dragon Index rising by 2.82% on November 24, 2023, driven by expectations of a potential interest rate cut by the Federal Reserve in December [1] Group 1: Market Performance - Major Chinese stocks saw significant gains: Baidu increased by over 7%, Bilibili by over 6%, Alibaba by over 5%, NetEase by over 4%, and NIO by over 3% [1] - The probability of a 25 basis point rate cut by the Federal Reserve in December rose to 82.9%, a substantial increase from previous forecasts [1] Group 2: Industry Outlook - CITIC Securities indicated that with macroeconomic improvements, Hong Kong stocks are expected to transition from "earnings recovery" to "revenue expansion," creating a sustainable upward trend in both revenue and profit [1] - The Hong Kong stock market is poised to benefit from the outflow of liquidity from domestic and international markets, alongside the ongoing AI narrative, as more high-quality leading A-share companies list in Hong Kong [1] Group 3: Index and ETF Information - The National Index Hong Kong Stock Connect Technology Index selects 30 leading technology companies based on market capitalization, R&D investment, and revenue growth, including Tencent, Alibaba, Xiaomi, Meituan, SMIC, and BYD [5][8] - The index requires constituent stocks to have a compound revenue growth rate exceeding 10% over the past two years or an R&D expense ratio above 5%, balancing scale and growth potential [5] - The latest valuation of the Hong Kong Technology Index is 22.92 times PE, positioned at the 15th percentile since its inception [12] Group 4: Key Constituents - The top five constituents of the Hong Kong Stock Connect Technology Index include Alibaba (18.03%), Tencent (15.27%), Xiaomi (11.83%), Meituan (9.10%), and SMIC (6.80%) [9] - The index has a high concentration, with the top five stocks accounting for over 61% and the top ten nearly 80% of the total weight [7] Group 5: Future Market Sentiment - Huatai Securities noted that the sentiment in the Hong Kong stock market remains pessimistic, indicating a balanced risk profile, suggesting that investors may gradually build positions [20] - CITIC Securities anticipates that the "money-making effect" in the Chinese stock market will continue, with domestic investors likely to increase their allocation to Hong Kong stocks due to current underexposure [20]

美银发布研报称，网易-S(09999.HK)第三季业绩发布后，与网易集团副总裁Bill Pang及投资关系团队举 行电话会议，会后对《无限大(ANANTA)》的用户参与度及盈利潜力更为乐观，现预计上线后年化流水 可达100亿人民币。该行将网易2025-2027年经调整每股盈测上调0-4%，以反映《无限大(ANANTA)》上 线后的业绩贡献，同时抵消略高的销售及市场费用影响。因此重申网易"买入"评级及目标价259港元。 ...

Core Viewpoint - Bank of America expresses increased optimism regarding NetEase's user engagement and profitability potential for the game "ANANTA," projecting an annual revenue of 10 billion RMB post-launch [1] Financial Projections - Bank of America raises NetEase's adjusted earnings per share estimates for 2025-2027 by 0-4% to reflect the performance contribution from "ANANTA," while offsetting slightly higher sales and marketing expenses [1] - The target price for NetEase is reaffirmed at 259 HKD [1] Game Launch Timeline - The official launch of "ANANTA" is expected to take several quarters, with the earliest projection being the end of Q3 2026 [1] Revenue Growth Expectations - Over the next 6-9 months, existing evergreen games and Blizzard's new title "Diablo 4" are anticipated to support revenue growth, with an expected increase of 8% in 2026 [1] - Following this, "ANANTA" and "Sea of Remnants" are expected to contribute to performance [1] Share Buyback Program - NetEase's remaining $3 billion share repurchase plan is expected to provide downside support for the stock price [1]

金吾财讯 | 网易(NTES)盘前股价上扬，暂升3.69%，报138.51美元。 开源证券研报指出，公司2025Q3实现营业收入284亿元（同比+8.2%，环比+1.7%），归母净利润86亿 元（同比+31.8%，环比+0.2%）。Q3毛利率为64.1%（同比+1.2pct），销售/管理/研发费率分别为 15.7%/4.1%/16.0%（同比+1.2/-0.1/-0.9pct），净利率为31.0%（同比+5.4pct），盈利能力提升主要得益 于股票投资公允价值变动收益及较低的净汇兑损失。 来源：金吾财讯 截至2025Q3末，公司合同负债达195亿元（同比+25%，环比+15%），递延收入逐步释放或驱动业绩延 续高增。基于Q3业绩，该机构下调2025-2027年业绩预测，预计2025-2027年归母净利润分别为 357/383/429（前值375/405/464）亿元，当前股价对应PE分别为16.6/15.5/13.8倍，该机构看好储备游戏 逐步上线、优质产品出海、AI赋能深化共同驱动公司业绩增长，维持"买入"评级。 ...

Core Viewpoint - The gaming giant NetEase is undergoing a significant separation from major domestic Android phone manufacturers, leading to the removal of its games from various app stores, indicating a shift in the gaming distribution landscape in China [4][12]. Group 1: Industry Changes - A growing number of users are reporting the disappearance of NetEase games from app stores of major Android brands like OPPO, Xiaomi, and Vivo, starting with less popular titles and escalating to major games [2][4]. - The traditional revenue-sharing model, often referred to as "Android tax," where 50% of revenue goes to phone manufacturers, is becoming increasingly unsustainable for game developers due to rising development and marketing costs [8][9][12]. - The emergence of new platforms, particularly short video platforms, has diverted traffic away from traditional app stores, prompting developers to seek alternative distribution methods [12][18]. Group 2: Developer Strategies - In response to the changing landscape, major developers like NetEase and Tencent are moving away from channel servers, indicating a shift towards official game servers to retain user data and provide better service [14][20]. - Smaller developers may still rely on channel servers for exposure and user acquisition, but they face challenges as the market evolves [20][24]. Group 3: App Store Dynamics - The app store ecosystem is experiencing a crisis of relevance, with many popular games and applications becoming difficult to find, leading to a decline in user trust [16][18]. - Platforms like TapTap are gaining traction by offering a more authentic user experience, including community engagement and genuine player reviews, contrasting with traditional app stores [18][24]. Group 4: Future Considerations - The current revenue-sharing model is under scrutiny, with calls for a reduction in the high 50% cut taken by app stores to foster a healthier ecosystem for developers [24]. - There is a need for phone manufacturers to enhance their app store offerings by improving user experience and community engagement to remain competitive [22][24].

Industry News - Domestic gasoline and diesel prices were reduced starting from November 24, with gasoline down by 70 yuan per ton and diesel down by 65 yuan per ton. The average price reduction translates to a decrease of 0.05 yuan per liter for 92-octane gasoline and 0.06 yuan per liter for 95-octane gasoline and 0-octane diesel [5]. - The Chinese Academy of Sciences announced a space exploration satellite program during the latest highlights of the "14th Five-Year Plan," focusing on major frontier issues such as the origin of the universe and life [5][6]. - Four private equity investment institutions held a special roadshow at the Beijing Financial Assets Exchange, planning to issue a total of 930 million yuan in technology innovation bonds, marking a significant step for private equity firms to raise funds in the interbank bond market under policy support [7]. - The Shanghai Municipal Government issued measures to promote high-quality development in the pharmaceutical industry, encouraging collaboration between medical institutions, research units, and pharmaceutical companies to innovate and transform traditional Chinese medicine [7]. - Seven fund companies, including Huatai-PB and E Fund, announced the launch of an AI-themed ETF on November 28, which will track the newly established CSI AI Innovation Index [7]. Company News - Industrial Fulian clarified that it has not lowered its profit target for the fourth quarter [8]. - Zhongtian Rocket announced that its seventh largest shareholder, Guohua Military-Civilian Integration Industry Development Fund, and its eighth largest shareholder, Shaanxi Aerospace Technology Group, collectively reduced their holdings by 1.2565 million shares on November 24 [12]. - Xiaomi Group announced that its controlling shareholder Lei Jun invested over 100 million Hong Kong dollars to increase his stake in the company [12]. - Longpan Technology signed a supplementary agreement with Chuangneng New Energy, with a total sales amount exceeding 45 billion yuan [12].

Group 1: NetEase's "The Legend of the Condor Heroes" Shutdown - NetEase's MMO game "The Legend of the Condor Heroes" officially ceased operations on November 24, 2023, due to the expiration of its IP cooperation with Minghe Publishing and adjustments in the company's game operation strategy [1] - The game was initially launched for public testing on March 28, 2024, and underwent several revisions, including a "reboot plan" announced in October 2024 and a 2.0 version released in March 2025 [1] - The shutdown highlights the challenges of product positioning and market alignment, indicating that even strong IPs and development capabilities cannot guarantee commercial success if there is a misalignment with market demands [1] Group 2: Ubisoft's AI Game Project "Teammates" - Ubisoft announced the launch of its first playable generative AI research project, "Teammates," which aims to enhance player experience through real-time voice commands and improved gameplay [2] - The project features an AI voice assistant named Jaspar, which guides players through gameplay and narrative in a dystopian future setting [2] - This initiative signifies a shift in AI technology application within the gaming industry, moving from backend development to core interactive experiences, potentially leading to a new wave of technological competition and innovation in gameplay [2] Group 3: Krafton's Development of Multiplayer Mode for "inZOI" - Krafton confirmed that it is developing a multiplayer mode for its life simulation game "inZOI," as stated by producer Kim Hyung-jun [3] - The game is set to enter early access on Steam on March 28, 2025, with a price of 188 yuan in the Chinese market, and previously topped the Steam wishlist [3] - The addition of multiplayer features aims to enhance social engagement and extend the game's lifecycle, reflecting a significant trend in the industry towards incorporating multiplayer interactions in simulation games [3]