2月13日，香港恒生指数收跌1.72%，恒生科技指数跌0.90%。 | 名称 | 涨跌幅 - | 现价 涨跌 | | --- | --- | --- | | 腾讯音乐-SW | -9.23% | 59.000c -6.000 | | 美团-W | -3.18% | 82.150c -2.700 | | 百度集团-SW | -3.07% | 135.800c -4.300 | | 理想汽车-W | -2.23% | 72.300c -1.650 | | 昨日昨日 | -2.20% | 240.600c -5.400 | | 携程集团-S | -2.10% | 419.800c -9.000 | | 阿里田-W | -2.02% | 155.400 c -3.200 | | 京东集团-SW | -1.85% | 106.400 c -2.000 | | 快手-W | -1.58% | 68.450 c -1.100 | | 商汤-W | -1.49% | 2.640c -0.040 | | 小鹏汽车-W | -1.00% | 69.350c -0.700 | | FMW HAND | -0.81% | 97.75 ...

| EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司董事會包括： | | | 丁磊先生 | | | 唐徽女士 | | | 鄭玉芬女士 | | | 唐子期先生 | | | 梁民傑先生 | | | 陳覺忠先生 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 網易股份有限公司 | | 股份代號 | 09999 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 2025年12月31日止第四季度股息公告 | | 公告日期 | 20 ...

近期，港股科网股呈现大幅波动，截至12日收盘，恒生指数下跌0.86%至27032.54点，恒生科技指数下跌 1.65%至5408.98点。 游戏行业的龙头企业网易，港股已经连跌近5个月。在11日交出了一份"意料之中却又低于预期"的2025年第四 季度及全年财报之后，12日股价仍然跌超4%。 利润下滑的同时，运营费用显著攀升。第四季度网易总运营费用达94亿元，同比增长10.9%，其中在线游戏 相关的市场营销投入明显增加，也在一定程度上侵蚀了当期盈利。 经营业绩虽然表现亮眼，但未及市场预期。在此背景下，高盛将网易港股目标价从266港元微降至264港元， 美股从170美元降至169美元，2025至2027年收入预测微降1%、盈测下调约3%。瑞银将网易美股目标价从185美元 下调至180美元，港股目标价降至280.8港元。中银国际亦将网易港股及美股目标价分别下调至250港元及160美 元。 | 今开 | 192.200 | 最高 | 192.200 | 成交量 | 1218万股 | | --- | --- | --- | --- | --- | --- | | 昨收 | 195.000 | 最低 | 184.700 ...

美股昨晚遭遇显著抛售，三大指数全线下挫，其中，纳指跌逾 2%。市场核心逻 辑出现重大转折，投资者焦点从单纯追逐「AI 红利」急剧转向担忧「AI 反噬」， 叠加思科业绩指引不佳及苹果面临监管压力，科技股领跌，避险情绪急速升温。 近期市场对 AI 颠覆传统产业的焦虑感显著升级，引发「AI 恐慌交易（AI Scare Trade）」，资金开始计价 AI 普及可能导致的利润压缩与结构性失业，冲击从软 件金融扩散至实体服务业。物流巨头 C.H. Robinson CHRW.US 暴跌 14%，市场 忧虑 AI 精准调度将大幅提升效率，导致依赖「信息差」与人力协调的中介佣 金归零；世邦魏理仕 CBRE.US 重挫 13.5%，创疫情以来最大跌幅，逻辑在于 AI 工具如 Claude Cowork 若大量替代法务、金融等白领岗位，将导致办公楼长期 需求萎缩，虽然数据中心需求强劲，仍难抵销投资者对传统租赁业务崩塌的恐 惧。 港股晨报 2026 年 2 月 13 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：AI 叙事反转引发恐慌抛售，市场 静待美国 CPI 公布 昨日，港股三大指数走弱，恒生指数跌 0.8 ...

Group 1: Market Performance - Hong Kong tech stocks faced a setback, with Alibaba down 2.33%, Tencent down 1.68%, and Baidu down over 4% [1] - The decline in Chinese concept stocks and Hong Kong tech sector is attributed to macroeconomic factors and global liquidity tightening [1] Group 2: Macroeconomic Factors - The expectation of global liquidity tightening has increased, influenced by the hawkish nomination of the new Federal Reserve chairman and strong U.S. non-farm payroll data [1] - The performance of large U.S. tech stocks has been weak, with concerns over AI disruption and increased capital expenditures affecting market sentiment [1] Group 3: Competitive Landscape - Intense competition in the AI sector has led to significant strategic investments by companies like Tencent, Alibaba, and ByteDance, which are eroding short-term profits [2] - The ongoing AI arms race and competition in instant retail are forcing companies to increase operational and capital expenditures, impacting mid-term EPS growth [2] Group 4: Fundamental Performance - The cyclical business performance is subdued, with a 2.3% year-on-year growth in GMV for online physical goods in Q4 2025, indicating potential revenue pressure for e-commerce platforms [4] - The AI narrative lacks solid performance support, as increased capital expenditures have not yet translated into expected profit growth [4] Group 5: Capital Flows - Recent data shows significant capital inflows into the Hong Kong market, with foreign net inflows of $1.88 billion as of February 4, 2023 [5] - Southbound capital has been actively buying Hong Kong stocks, with a net purchase of over 5.1 billion yuan in three days during early February [5] Group 6: Valuation and Investment Opportunities - The current P/E ratio of the Hong Kong tech index is 23.93, which is below the five-year average, indicating potential value for investors [7] - Analysts believe that the recent volatility in the Hong Kong tech sector is primarily due to liquidity shocks, with the fundamental investment logic remaining intact [8]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.79% to 26,548.41 points, the Hang Seng Tech Index down by 1.65% to 5,319.88 points, and the National Enterprises Index decreasing by 1.74% to 9,015.42 points [1][2]. Major Stock Movements - Major technology stocks saw significant drops, including Alibaba down by 2.27%, Tencent by 1.68%, JD.com by 3.04%, Xiaomi by 0.55%, NetEase by 1.6%, Meituan by 4.54%, Kuaishou by 2.08%, and Bilibili by 2.68% [2]. - Gold and silver prices fell, leading to declines in related stocks, with Zijin Mining down over 5% and Shandong Gold down more than 4% [2]. New Listings - Two new stocks were listed today, with Haizhi Technology Group rising over 229% and沃尔核材 increasing by over 4% [3]. - Other notable stock movements included Aixin Yuanzhi up by 15.59%, Zhipu up by 11.89%, and MicroPort Robotics-B up by 9.78%, while Mongol Mining fell by 13.66% and Tencent Music-SW dropped by 10.08% [3].

该行下调网易2026年至2027年收入预测4%至5%，盈利预测下调6%至7%，主要由于收入递延周期延长 及新游戏预期推迟至2026年下半年推出，相应调低游戏收入预测。大和重申对网易"买入"评级，惟将目 标价从263港元下调至257港元，仍然基于18倍2026年预测游戏税后净营业利润的企业价值倍数。 大和发表研报指，网易2025年第四季在线游戏收入及经调整每股盈利较市场共识分别低7.0%及22.8%。 非通用会计准则经营溢利仅低于共识6%，惟净利润差距较大，主因本季录得17亿元的投资亏损，网易 维持2025年40%的股息支付率。 ...

Group 1 - The core viewpoint of the articles highlights the performance of the gaming sector, particularly focusing on NetEase's financial results for the fourth quarter and fiscal year 2025, which show a net revenue of 112.6 billion yuan (approximately 16.1 billion USD), representing a year-on-year growth of 6.9% [1][2] - NetEase's net profit attributable to shareholders for fiscal year 2025 reached 33.8 billion yuan, marking a year-on-year increase of 13.8% [1][2] - The gaming and related value-added services segment generated a net revenue of 92.1 billion yuan, with online gaming net revenue reaching 89.6 billion yuan, reflecting a year-on-year growth of 11% [1][2] Group 2 - The gaming sector remains a key driver of NetEase's revenue growth, with the online gaming segment accounting for approximately 97.3% of the total revenue in fiscal year 2025, up from 96.2% in fiscal year 2024 [2] - Popular games such as "Dream of the Red Chamber" and "Identity V," along with new releases like "Wind of the Continent" and "Marvel Duel," have significantly contributed to the increase in net revenue [2] - The gaming sector is experiencing multiple catalysts, including AI applications, content innovation, and changes in commercialization models, supported by favorable policies and product cycles, creating an attractive investment window in the gaming ETF (159869) [2]

德意志银行分析师Leo Chiang在一份研究报告中称，网易2026年的盈利或将保持稳健势头。尽管其第四 财季业绩不及市场预期，但该分析师预计2026年网易收入将增长8%，调整后净利润将增长10%，支撑 因素包括现有主要游戏的持续表现、过去两个季度强劲的递延收入以及持续的全球扩张。与此同时，他 表示，备受期待的《遗忘之海》在第三季度推出，料将带来额外的上行空间。他补充说，该游戏开发商 的人工智能驱动的产品创新和效率提升可能进一步支撑其长期增长。 来源：滚动播报 ...

Summary of Conference Call on NetEase's 4Q Performance Company Overview - **Company**: NetEase - **Industry**: Gaming and Internet Services Key Points and Arguments 1. **4Q Revenue Performance**: NetEase's 4Q revenue fell short of expectations primarily due to a prolonged game revenue deferral cycle. However, the combined revenue from games and deferred income exceeded expectations by 5% [1] 2. **Valuation**: The company's valuation has adjusted to a low range of 13x PE, indicating a potential buying opportunity as market concerns may be overblown [1][2] 3. **Market Concerns**: Two main concerns affecting the market perception of NetEase: - Fears regarding potential gaming tax increases, which are unlikely to materialize in the short to medium term [1] - Increased competition from overseas games, particularly from Genie, which is not expected to replace NetEase's complex game development path [1] 4. **Product Focus**: Recommendations to focus on high-certainty profit-generating products, including upcoming titles that are expected to perform well in both domestic and international markets [2] 5. **Upcoming Catalysts**: - Anticipated breakthroughs for the title "Find the Book" with expected overseas revenue of 2.5-3 billion yuan in 2026 and a significant update on February 6, coinciding with the Spring Festival [2] - Positive feedback from testing of "Find the Book" on February 5, with expectations of first-year revenue reaching 3 billion yuan [2] 6. **Game Revenue Growth**: Game revenue increased by 4% year-over-year, with deferred revenue rising by 1 billion yuan, exceeding expectations by 21%. Combined deferred and game revenue reached 41.8 billion yuan, surpassing expectations by 5% and showing a year-over-year growth of 17% [2] 7. **Gross Margin Improvement**: The gross margin for gaming and VAS (Value-Added Services) improved by 3.8 percentage points to 70.5% year-over-year [2] 8. **Overall Financials**: NetEase's total revenue was 27.55 billion yuan, 4.7% below expectations, with a year-over-year decline of 3%. Gross profit was 17.69 billion yuan, also below expectations by 3.5%, with an 8.7% year-over-year decline. Adjusted net profit attributable to shareholders was 7.07 billion yuan, falling short of expectations by 23% due to significant investment losses and high foreign exchange losses [2] 9. **Game Development Pipeline**: The company has a rich pipeline for 2026, including various titles across different genres, with positive feedback from recent tests [2] 10. **AI Integration**: NetEase is investing in AI development, with applications in game content creation, dynamic interactions, and enhancing programming efficiency. The company is also exploring the integration of AI in NPCs and user-generated content [3] Additional Important Content - **AI Examples**: The title "Find the Book" is noted for being one of the first to integrate NPCs with large language models, enhancing player interaction and content updates [3] - **Development Resources**: NetEase currently employs 10,000 R&D personnel and operates two AI labs, focusing on improving game experiences through advanced technology [2][3]