Ge Long Hui·2025-09-10 04:00Core Viewpoint - Morgan Stanley's research report indicates that NetEase's stock price has recently outperformed the Hang Seng Index, driven by strong performance of the free version of "Fantasy Westward Journey" and expectations of a shift to Hong Kong as the primary listing location [1] Group 1: Stock Performance and Market Sentiment - The strong performance of the third season of the free version of "Fantasy Westward Journey" is a key factor in the stock's recent success [1] - There is a strong market sentiment in the domestic online gaming industry, contributing to the positive outlook for NetEase [1] Group 2: Short-term Outlook and Ratings - The company is expected to maintain positive stock price momentum in the next 1 to 2 months due to the aforementioned factors [1] - Despite the optimistic short-term outlook, Morgan Stanley maintains a "neutral" rating on NetEase with a target price of 215 HKD, citing uncertainties in the company's fundamentals over the next 6 to 12 months [1] Group 3: Revenue Growth and Game Releases - Future revenue growth is expected to slow down due to high comparison bases from Activision Blizzard's domestic revenue and other games like "Yanyun Sixteen Sounds" and "Marvel: Duel" [1] - There is uncertainty regarding the release timing of new games, with no official confirmation on the launch dates for "Forgotten Sea" and "Infinity" [1]