Core Viewpoint - Morgan Stanley has upgraded its rating for NetEase (NTES.US) from "Neutral" to "Overweight" for both H-shares and ADRs, with target prices raised to $190 for ADRs and HKD 295 for H-shares, reflecting optimism about the company's gaming pipeline through 2026 [1] Group 1: Financial Projections - Morgan Stanley's net profit forecasts for NetEase in 2026 and 2027 are 2% and 10% higher than market expectations, respectively [1] - The anticipated game "Infinity" is expected to launch in Q3 2026, with projected first-year revenue of RMB 12 billion, approximately half of the revenue generated by "Genshin Impact" during the same period [1] - Another highly anticipated RPG game, "Forgotten Sea," is expected to launch in the first half of 2026, with projected annual revenue of RMB 5 billion, contributing to a 12% compound annual growth rate in gaming revenue from 2026 to 2027 [1] Group 2: Market Position and Valuation - The potential inclusion of NetEase in the Hong Kong Stock Connect by 2026 is expected to further enhance the stock's valuation [1]