Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 28.4 billion yuan in Q3 2025, representing a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [5] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, with a net profit margin of 31.0%, up 5.4 percentage points year-on-year. This improvement in profitability is attributed to gains from fair value changes in stock investments and lower net exchange losses [5] - The company’s contract liabilities reached 19.5 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 15%, indicating strong growth momentum [5] - The report highlights the strong performance of the game "Dream of the Red Chamber" and the successful launch of new games, which are expected to drive future growth [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 357 billion yuan, 383 billion yuan, and 429 billion yuan respectively, with corresponding P/E ratios of 16.6, 15.5, and 13.8 times [5] - The company’s revenue for 2023 is projected at 103.5 billion yuan, with a year-on-year growth of 7.2%, and net profit is expected to be 29.4 billion yuan, showing no growth year-on-year [6] - The gross margin is expected to improve from 60.9% in 2023 to 64.7% in 2025, while the net profit margin is projected to increase from 28.4% in 2023 to 31.4% in 2025 [6]

花旗发表研报指，网易第三季收入按年增12%至233亿元，主要得益于《梦幻西游》端游版同时在线用 户峰值创下历史新高，而《梦幻西游》手游版活跃用户亦达到两年新高。《燕云十六声》与《逆水寒》 在海外下载榜名列前茅，《蛋仔派对》在周年庆期间创下游戏游玩纪录。《魔兽世界》独家服务器持续 获得用户青睐，《炉石传说》则维持稳定扩张。 该行表示，展望明年，凭借旗舰经典游戏稳健而具韧性贡献，加上即将推出的《无限大》，相信网易游 戏产品组合正逐步增强实力。该行对该股网易ADR目标价从158美元上调至161美元，维持"买入"评级， 基于其卓越的执行力、股东回报及估值。 ...

中信证券指出，游戏2025Q3延续上半年高景气态势，龙头公司带动下，行业收入、利润均延续高增长 态势。在游戏版号"一月一批"的常态化发行节奏下，游戏行业的优质内容供给节奏有望持续。展望后 续，一方面针对已发售游戏进行的精细化运营有望拉长相关游戏的流水贡献，延续产品动能，另一方面 目前行业龙头产品管线储备丰富，为后续业绩增长提供高确定性。 （文章来源：每日经济新闻） 11月13日，腾讯公布2025年第三季度业绩。财报显示，第三季度，腾讯网络游戏业务总收入达636亿 元。其中，本土市场游戏收入为428亿元，同比增长15%；国际市场游戏收入为208亿元，同比增长 43%。 11月20日，网易披露2025年第三季度财报。公司期内净收入为284亿元，同比增加8.2%。其中，游戏及 相关增值服务业务延续强劲表现，实现净收入233亿元，同比增长11.8%，占公司总营收比重升至82%， 成为拉动业绩增长的核心引擎。对比去年同期，网易游戏业务正在加速回暖。 11月24日午盘，游戏传媒板块持续冲高，游戏ETF（159869）现涨超3.5%，持仓股全线飘红，名臣健 康、迅游科技、神州泰岳、冰川网络、博瑞传播、盛天网络、国脉文化等涨 ...

Core Insights - The article announces the upcoming deadline for the "2025 China Technology Power Annual List" registration, which is set for November 30, 2023 [3] - This year marks the fifth consecutive year of the InfoQ list evaluation, with participation from over 100 companies, including major industry players and innovative representatives [4] - The theme for this year's list is "Insight into AI Transformation, Witnessing Intelligent Future," focusing on eight key areas related to AI advancements [4] Summary by Categories - The evaluation will cover eight award categories, including: - 2025 AI Infrastructure Excellence Award TOP20 - 2025 AI Engineering and Deployment Excellence Award TOP20 - "Artificial Intelligence +" Best Industry Solution TOP20 - AI Agent Most Productive Product/Application/Platform TOP15 - Data & AI Most Valuable Product/Platform TOP10 - AI Coding Most Productive Product TOP5 - Embodied Intelligence Star Product TOP10 - AI Open Source Star Project TOP10 [5] Event Details - The results of the annual list evaluation will be announced on December 19, 2023, during the AICon·Beijing event, which will also feature an award ceremony [8] - The two-day event will gather industry experts from leading companies and innovative teams to discuss trending AI topics, including Agents, AI Programming, Embodied Intelligence, and Multimodal [8] Keynote Sessions - The event will feature various keynote sessions focusing on topics such as: - The revolution in content creation driven by multimodal large models - The evolution and implementation of Agent technology - New paradigms in software development in the LLM era - Practical challenges and experiences in deploying Coding Agents at scale [10][11][12] Participation Invitation - Companies and teams are encouraged to share their latest achievements and outstanding projects in the AI field, covering areas such as infrastructure development, innovative engineering and deployment, and productivity enhancement through intelligent agents [25]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The release of Google's Gemini 3 marks a significant advancement in AI capabilities, integrating multimodal understanding and enhancing user interaction [4][22] - Alibaba's AI application "Qianwen APP" quickly rose to the third position in the Apple App Store's free app rankings shortly after its public launch [5][24] - The AI-driven content production model is evolving, particularly in the AI comic industry, which is expected to replace traditional production methods and reduce costs [4][9] - The film market is driven by supply, with strong performances from quality imported films expected to boost box office revenues [7] - The gaming sector shows robust performance, with major titles continuing to update content and maintain user engagement [8] Summary by Sections AI Applications - Google's Gemini 3 offers advanced reasoning capabilities and integrates various media types for enhanced user experiences [4] - The "Qianwen APP" by Alibaba emphasizes dual capabilities of chatting and task management, aiming to integrate various services within the Alibaba ecosystem [5][6] Industry Trends - The AI comic industry is set to transform content production, with significant efficiency gains and cost reductions anticipated [4] - The integration of AI in various sectors such as education, e-commerce, and gaming is expected to accelerate, with major companies investing heavily in these areas [5] Film and Television - The film market is expected to see steady growth driven by quality imports, while the television sector is poised for new content creation opportunities under recent regulatory guidance [7] - Recommendations include focusing on long-video platforms and production companies that align with new content strategies [7] Gaming - The gaming industry is witnessing a strong performance with major titles maintaining user engagement through frequent updates and new releases [8] - There are investment opportunities in companies exploring AI integration within gaming experiences [8] Market Performance - The media sector showed resilience despite broader market declines, with specific sub-sectors like advertising and digital media performing well [14][15] - Recent financial reports from major companies indicate positive growth trends, particularly in the gaming and e-commerce sectors [24][25][26]

智通财经APP获悉，摩根大通发布研报称，网易-S(09999)第三季收入同比升13%，按季增3%，考虑到 期内有限的新游戏发行，认为表现属可合理水平;纯利则符合市场预期。小摩对网易明年主要游戏产品 线的看法逐渐转为正面，并维持该股"增持"评级，目标价295港元。 该行提到，计及合同负债因素后，网易第三季现金收入同比增14%，按季升18%，表现相当强劲，并预 示第四季游戏收入或保持稳健。该行认为，预计明年发行的游戏《无限大》(ANANTA)将有潜力成为公 司收入最大的游戏，预计首年收入为120亿元人民币。该行又相信，游戏《遗忘之海》(Sea of Remnants) 应可推动公司2026至2027年期间的游戏收入年均增长12%。同时，公司或在明年符合互联互通的条件。 ...

摩根大通发布研报称，网易-S(09999)第三季收入同比升13%，按季增3%，考虑到期内有限的新游戏发 行，认为表现属可合理水平;纯利则符合市场预期。小摩对网易明年主要游戏产品线的看法逐渐转为正 面，并维持该股"增持"评级，目标价295港元。 该行提到，计及合同负债因素后，网易第三季现金收入同比增14%，按季升18%，表现相当强劲，并预 示第四季游戏收入或保持稳健。该行认为，预计明年发行的游戏《无限大》(ANANTA)将有潜力成为公 司收入最大的游戏，预计首年收入为120亿元人民币。该行又相信，游戏《遗忘之海》(Sea of Remnants) 应可推动公司2026至2027年期间的游戏收入年均增长12%。同时，公司或在明年符合互联互通的条件。 ...

Core Viewpoint - Bank of America Securities anticipates that NetEase will experience revenue growth in the next 6 to 9 months, supported by existing games and the upcoming release of Blizzard's "Diablo IV" [1] Revenue Growth - The firm predicts an 8% revenue growth for NetEase in the coming year [1] - Positive outlook on user engagement and revenue potential for another major title, "Infinity," with projected annual revenue reaching 10 billion yuan post-launch [1] Share Buyback and Stock Support - NetEase has a remaining share buyback plan of $3 billion, which is expected to provide downward support for the stock price [1] Earnings Forecast - The firm has raised its adjusted earnings per share forecast for NetEase for 2025 to 2027 by up to 4% [1] - Maintains a "Buy" rating for U.S. stocks with a target price of $166 and a target price of HK$259 for Hong Kong stocks [1]

Group 1 - Hong Kong stocks opened higher, with Alibaba's shares increasing by 5%, driving the Hang Seng Internet Index up over 2% and the Hang Seng Technology Index ETF rising by 1.36% [1] - The launch of Google's Gemini 3 Pro and its image model Nano Banana Pro has become a major tech highlight, increasing market attention on AI applications [1] - Alibaba's AI assistant, Qianwen App, has surpassed 10 million downloads within a week of its public testing, making it the fastest-growing AI application, outpacing ChatGPT, Sora, and DeepSeek [1] - Ant Group's general AI assistant, Lingguang, achieved over 2 million downloads within 6 days of its launch [1] - The Hang Seng Technology Index ETF has seen a net inflow of 5.2 billion yuan over 17 consecutive trading days despite a cumulative decline of 11% from October 30 to November 21 [1] - The Hang Seng Internet ETF also experienced a net inflow of 3.3 billion yuan over the same period, despite a cumulative decline of 12% [1] Group 2 - The Hang Seng Internet ETF has a weight of over 80% in leading internet stocks, with an AI content exceeding 90%, including major companies like Alibaba, Tencent, NetEase, JD.com, and Baidu [2] - The latest scale of the Hang Seng Internet ETF is 33.979 billion yuan, reflecting strong investor interest in AI-driven companies [2]

摩通对网易明年主要游戏产品线的看法逐渐转为正面，并维持该股"增持"评级，目标价295港元。该行 认为，预计明年发行的游戏《无限大》(ANANTA)将有潜力成为公司收入最大的游戏，预计首年收入为 120亿元；游戏《遗忘之海》(Sea of Remnants)应可推动公司2026至2027年期间的游戏收入年均增长 12%。同时，公司或在明年符合互联互通的条件。由于网易目前的估值低于主要A股游戏上市公司的水 平，预计这将触发其股价进一步重新评价。 摩根大通发表研究报告指，网易第三季收入按年升13%，按季增3%，虽然逊于市场预料，但该行考虑 到期内有限的新游戏发行，认为表现属可合理水平；纯利则符合市场预期。该行提到，计及合同负债因 素后，现金收入按年增14%，按季升18%，表现相当强劲，并预示第四季游戏收入或保持稳健。 ...