摩根大通发布研报称，网易-S(09999)的估值具有吸引力。经过近期的回调，网易目前的市盈率为13 倍，较其过去五年的平均水平折让25%。作为一家在全球市场取得成功的顶级游戏开发商，该行认为网 易的现有估值具吸引力。该行重申，网易是该行在中国数字娱乐领域的首选，并维持"增持"评级，目标 价为295港元。 根据该行与投资者的交流，主要关注点包括增值税(VAT)提高、Google Genie3对游戏公司的竞争风险， 以及短期内缺乏公司特定的催化剂。该行认为，这些担忧被过度解读。以增值税为例，自2026年1月1日 生效的新增值税法规中，线上游戏虚拟物品销售仍适用于6%的增值税，这一税率并未改变。针对竞争 风险，摩根大通指出，线上游戏开发是一个需要多方面专业知识的确定性过程，例如游戏玩法设计、游 戏内经济、多玩家体验、游戏内平衡及变现模式等，而这些并非像Google Genie3这样的World模型所能 完全满足。相反，该行认为World模型实际上可以帮助游戏开发者优化开发流程，从而促进收入和利润 的增长，具体体现在更快的内容开发速度以及更低的开发成本上。 ...

Core Insights - OpenClaw has emerged as a leading AI application, marking a shift from conversational AI to functional AI, indicating the arrival of the Agentic AI era [1][3] - The Agentic AI sector is growing at an annual rate of 43%, significantly outpacing other AI fields, with active agents expected to rise from approximately 28.6 million in 2025 to 2.216 billion by 2030 [3] - Companies face challenges in implementing agents due to concerns over risks such as hallucinations, unstable execution, and data leaks, creating a gap between potential and actual deployment [3][4] Company Overview - NetEase Intelligent Enterprise has been operational for 10 years, leveraging extensive industry knowledge and experience to assist various benchmark enterprises [4][5] - The company focuses on providing reliable and stable agents rather than generic large models, emphasizing the importance of deep business understanding for effective agent deployment [5] Agent Matrix and Applications - NetEase has established a comprehensive agent matrix targeting three key business areas: customer service/sales, data applications, and development [7][8] - The customer service/sales agents have transitioned from post-sale support to pre-sale consultations, significantly enhancing external service and marketing productivity [8][9] - DataAgent aims to simplify data accessibility and usability for frontline employees, allowing for quick and accurate decision-making based on data analysis [12][14] - Development agents utilize a Specification-Driven Development approach to improve coding efficiency and quality, addressing common issues in software development [16][18] Risk Management - The rise of AI also brings new risks, including hallucinations, data leaks, and model biases, necessitating robust risk management strategies [19][20] - NetEase has developed a multi-modal safety framework to address these challenges, ensuring compliance with legal and ethical standards in AI-generated content [20] Future Outlook - The future of organizations is expected to be characterized by human-agent collaboration, necessitating systematic agent deployment to reshape productivity [22]

此外，春节前，网易严选还将携手绿城，于杨柳郡、桃源小镇等多个小区开展新年送礼等活动，并准备 了网易严选鲜蒸宠粮、宠物围巾等奖品。 签约仪式上，双方代表共同为亚运村、杨柳郡等多个试点小区进行"宠物友好试点社区"揭牌。 北京商报讯（记者 何倩 实习记者 毛思怡）2月6日，北京商报记者获悉，网易严选于近日正式启动"宠 物友好社区"计划，并与绿城社区商业集团达成战略合作。 网易严选宠物业务负责人表示，该计划将通过"产品+会员+设施+服务"的四维模式，与绿城等企业展开 深入合作。一是引入网易严选的宠物消费品资源，为社区业主提供专属权益及福利优惠。二是通过网易 严选为宠主及爱宠开发的专属会员小程序，业主可为爱宠注册线上"小业主证"，实现积分激励与社区互 动。三是逐步在试点社区投设便民拾便箱、友好活动区等宠物友好设施。四是联合开展文明养宠宣传、 养宠知识讲座、证照办理指导等服务，提升养宠家庭便利度。 ...

Group 1: Amazon Financial Performance - Amazon reported Q4 sales of $213.39 billion, exceeding the estimate of $211.49 billion, with earnings per share of $1.95, slightly below the forecast of $1.96 [2] - The company plans to invest approximately $200 billion in capital expenditures by 2026, indicating a strong commitment to growth and technology investment [2] - Amazon's projected revenue for Q1 is between $173.5 billion and $178.5 billion, reflecting continued growth expectations [2] Group 2: Stock Market Overview - Major U.S. stock indices experienced declines, with the Dow Jones down 1.2%, Nasdaq down 1.59%, and S&P 500 down 1.23% [3][4] - Large tech stocks saw significant drops, with Microsoft down nearly 5%, Amazon down over 4%, and AMD down over 3% [3][4] - The Nasdaq China Golden Dragon Index rose by 0.9%, with mixed performance among popular Chinese stocks [3] Group 3: Global Asset Performance - International oil prices fell sharply, with WTI crude oil down 2.84% to $63.29 per barrel and Brent crude down 2.75% to $67.55 [4] - Precious metals also declined, with spot gold down 1.27% to $4719.69 per ounce and silver down 5.51% to $67.07 per ounce [4] - Bitcoin dropped below $63,000, trading at $62,800, while Ethereum fell over 2.72% to $1,818 [4] Group 4: AI Developments - OpenAI launched a new coding model, GPT-5.3 Codex, which is 25% faster than its predecessor and allows users to create complex software using natural language [6] - Anthropic released a new AI model, Claude Opus 4.6, designed for financial research, which can analyze corporate data and generate detailed financial reports [8] Group 5: Mergers and Acquisitions - Meituan announced plans to acquire Dingdong for approximately $717 million, which will integrate Dingdong's financial performance into Meituan's reports [9] - NIO expects to achieve its first quarterly profit in Q4 2025, with adjusted operating profit projected between 700 million and 1.2 billion yuan [10]

Market Overview - The software sector and cryptocurrency experienced a significant downturn, with the S&P 500 index falling by 1.23% to 6798.4 points, the Nasdaq Composite down 1.59% to 22540.59 points, and the Dow Jones Industrial Average decreasing by 1.2% to 48908.72 points, marking the worst three-day sell-off since April of the previous year [1][3] - Bitcoin dropped below $64,000, losing nearly half its value over the past six months, while spot silver saw a single-day decline of nearly 20% [1] Employment Data Impact - The recent weak U.S. employment data has halted the recent sector rotation, with 318 stocks in the S&P 500 declining. December job openings unexpectedly fell to the lowest level since 2020, and the number of layoffs reached the highest January level since the severe recession in 2009 [3] - Allianz's Chief Economic Advisor, Mohamed El-Erian, noted that layoffs are occurring despite GDP growth of approximately 4%, indicating a decoupling of employment from economic growth, which could have profound economic, political, and social implications [3] Company-Specific Developments - Amazon's stock plummeted over 10% after announcing a capital expenditure forecast of $200 billion for the year, significantly higher than the previous year's $130 billion and analyst expectations of $150 billion, which negatively impacted its profit guidance [3] - Nvidia's stock fell by 1.33%, while other major tech companies like Apple, Google, and Microsoft also saw declines, with Microsoft down 4.95% and Amazon down 4.42% [6] AI and Software Sector - The software sector faced pressure following the release of a new flagship model by AI company Anthropic, contributing to a broader sell-off in AI-related stocks. FaceSet dropped 7.21%, reaching its lowest point since March 2020, while Thomson Reuters fell over 5%, hitting a new low since 2021 [6] - Amid concerns over AI capital expenditures, some supply chain stocks performed well, such as Tianhong Technology, which rose 6.9% due to Google's $185 billion capital expenditure guidance [6] Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.9%. Notable performances included NIO up 5.86% and Baidu up 0.73%, while Alibaba and JD.com saw slight declines [7] Other Industry News - Pandora, the world's largest jewelry company, surged 16.83% after announcing plans to reduce reliance on pure silver by introducing platinum-plated jewelry in response to rising silver prices [8] - The proposed merger between Rio Tinto and Glencore to form the world's largest mining group collapsed, with Glencore citing undervaluation of its contribution to the merger [9] - Nvidia announced delays in the release of its RTX 50 series graphics cards due to memory shortages, prioritizing AI chip production instead [10] - Hims & Hers Health plans to launch a cheaper generic version of the oral weight loss drug semaglutide, causing a significant drop in the stock price of Novo Nordisk, which had just received approval for its brand product [11]

NO.3 网易《遗忘之海》开启测试，年内计划多平台发售 2月5日，由网易旗下Joker Studio开发的海洋主题开放世界RPG（角色扮演游戏）《遗忘之海》，正式开 启名为"流浪号测试"的Beta封测。本次测试主要面向PC（电脑端）平台，同时开放极少量移动端资格， 支持双端数据互通。游戏计划于2026年内在PC（Steam）、PS5、iOS及安卓平台发售，支持多国语言。 ｜2026年2月6日星期五｜ NO.2 《守望先锋2》官宣改回原名《守望先锋》 2月5日，暴雪正式宣布《守望先锋2》即日起去除数字标识，将名称改回《守望先锋》。官方同步公布 了2026年详细更新规划，包括引入年度故事、10位新英雄、2张新地图、与Hello Kitty的联动活动、UI 与竞技模式重制、引擎升级等内容。暴雪同时表示，《守望先锋》将于今年第二赛季登陆任天堂Switch 2平台。 点评：暴雪将游戏名称回归经典并公布庞大内容规划，意在重塑品牌认知并重振玩家社区信心，为核心 IP（具有商业价值的创意内容或品牌）的长期运营注入新的活力。此举反映了老牌服务型游戏通过持续 内容迭代与多平台扩张来维持生命周期的行业趋势。 NO.1 腾讯发布寒假 ...

2月4日晚，东方港湾董事长但斌做客央视财经《投资大趋势》节目，分享了关于人工智能时代下的市场 投资见解。 投资作业本课代表整理了要点如下： 1、不学习，很可能错过一个时代。 回顾我们经历的电子硬件、互联网、移动互联网时代，每个时代都有重大机会。......腾讯，涨了六百多 (倍),网易涨了几千倍，这只是个案。从全球看，每个时代都涌现出许多上涨几千倍的公司。 从金融史看，过去100年，美国上市公司中，仅3%贡献了绝大部分利润，97%并不突出。 这个过程注定是少数公司创造价值，多数公司在毁灭价值。 2、当前对中国和全球经济而言，其实美国也一样，主要依靠人工智能、生物制药这类行业，比如商业 航天、即将上市的星链等。 这些新增长能否弥补其他领域的负向反馈?若能，经济就会蓬勃发展。因此，将资金投向这些方向，理 论上赢面更大。 3、对普通人和一般机构而言，错过一个时代的风险，远大于担心泡沫的风险。回顾过去几个时代，真 正赚到钱的人不多，很多人是错过了时代。 4、我个人判断，目前仍处于大发展之年。但为何很多人错失?因为存在泡沫的噪音。我视之为噪音，即 便今年下跌，也是噪音。 因为放在更长的周期里，今年可能只是蓄势之年。 5 ...

| 星期一 | 星期二 | 星期三 | 星期四 | 星期五 | 星期六 | = 星期日 | | --- | --- | --- | --- | --- | --- | --- | | 2 | 3 | 4 | 5 | 6 | 7 | 8 | | 9 | 10 | 11 | 12 | 13 | 14 | 15 | | 16 | 17 | 18 | 19 | 20 | 21 | 22 | | 23 | 24 | 25 | 26 | 27 | 28 | 1 | | 2 | | | | | | | 新浪科技讯 2月5日下午消息，近日网易游戏正式发布《2026年寒假未成年人游戏限玩日历》，持续落 实未成年人健康游戏管理要求。根据日历标注，未成年人寒假期间仅可在每周五、周六、周日以及春节 法定假期晚间20时至21时登录体验游戏，其余日期均无法游玩，整个寒假期间可体验游戏时间不超过15 小时。 与此同时，网易游戏启动"寒假未成年人健康守护行动"，融合"家长服务升级、社会共防共治、未成年 人素养提升"三维举措，持续完善未成年人网络保护生态。2025年，网易游戏围绕家庭与社会共治，不 断完善家长协管功能及外部社交媒体平台合作机制 ...

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by the leadership of DeepSeek in the domestic AI trend, with growth anticipated to continue into 2026, particularly in the competitive landscape of AI and generative video applications [1] Industry Summary - The competition between China and the United States in the fields of AI models, applications, cloud services, and autonomous driving (Robotaxi) is expected to intensify [1] - Despite geopolitical challenges, the Chinese gaming and e-commerce sectors are experiencing rapid growth in overseas markets, although there is a cautious outlook for the domestic e-commerce sector [1] Investment Strategy - Citi favors sectors related to AI, gaming, and health, predicting that industry revenue and adjusted EBIT will grow by 12% and 29% year-on-year, respectively [1] - China is expected to lead the global implementation of AI applications [1] Preferred Stocks - Citi has listed six preferred stocks for 2026, including Tencent, Xiaomi, Alibaba, NetEase, Kuaishou, and JD Health, highlighting optimism for Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

里昂发表研报指，中国互联网行业在2025年表现强劲，随着DeepSeek引领国内AI趋势，预计2026年涨 势将延续，尤其在代理AI和生成式视频应用的竞争将加剧。中国与美国将在全球范围内的AI模型、应 用、云服务及自动驾驶(Robotaxi)领域展开正面竞争。 尽管面临地缘政治挑战，中国游戏和电商在海外市场持续快速增长，但该行对国内电商板块的前景持谨 慎态度。在投资策略上，里昂偏好AI、游戏及健康相关板块，并认为中国有望在全球引领AI应用落 地。里昂列出2026年六大首选股，包括腾讯、小米、阿里巴巴、网易、快手及京东健康，并特别指出看 好阿里巴巴的云业务、腾讯的AI应用，以及小米的消费级AI设备。 ...