机构：华安证券 有道业务"产模一体"战略推动应用落地 有道业务二季度实现收入14.2 亿 （13.3 亿consensus），yoy+7.2%，毛利率43.0%。有道AI 布局持续推 进，推出"子曰"教育大模型AI 创新应用，包括AI 全科学习助手"有道小P"APP、新一代虚拟人口语教练 Hi Echo 3.0 和新一代知识库问答引QAnything。有道在"产模一体"的框架下进行模型与产品的迭代升 级，实现多应用落地。 云音乐稳定运营，生态系统驱动用户转化 研究员：金荣 2Q25业绩： 25Q2，公司实现收入279.9 亿元（yoy+9.4%，qoq-3.2%）。公司二季度实现毛利180.5 亿元 （yoy+12.5%），毛利率为64.7%，同比增加1.8pct；实现调整后净利润95.3 亿元（yoy+32.0%），净利 率为34.2%，同比增加3.5pct。 长线运营游戏稳健运营，海外布局持续加深 公司二季度游戏及相关服务收入为228 亿（234 亿consensus），yoy+13.7%。二季度多款游戏周年庆版 本更新，持续发力。《逆水寒》手游推出两周年庆版本更新，登中国iOS 畅销榜第三。《七日世界》 ...

Group 1 - The core viewpoint of the article highlights that NetEase (NTES) has shown a significant stock price increase of 10.68% on May 15, reaching $118.55 per share, with a total market capitalization of $75.066 billion [1] - Financial data indicates that as of December 31, 2024, NetEase's total revenue is projected to be 105.295 billion RMB, reflecting a year-on-year growth of 1.77%, while the net profit attributable to shareholders is expected to be 29.698 billion RMB, with a growth of 0.96% [1] - NetEase is set to release its Q1 2025 financial report on May 22, with the actual disclosure date subject to the company's announcement [2] Group 2 - NetEase is recognized as a leading internet and gaming service provider, focusing on delivering high-quality content and continuously expanding its gaming ecosystem [2] - The company has developed and operated several popular mobile and PC games, supported by a top-tier in-house development team, enhancing user engagement and delivering exceptional gaming experiences [2] - In addition to gaming, NetEase's other business segments include its subsidiary Youdao, a technology-driven smart learning company, and Cloud Music, a well-known online music platform, along with its lifestyle brand NetEase Yanxuan [2]

交银国际研究 每日晨报 2025 年 5 月 8 日 今日焦点 | 中国宏观 | | | --- | --- | | 一揽子金融政策简评：三大金融部门联手稳预 | 宏观策略 | | 期、提信心 | | | 李少金 Evan.Li@bocomgroup.com | | "五一"假期后，国务院新闻办公室宣布一揽子重磅金融政策，中国人民银 行、国家金融监督管理总局、中国证监会负责人出席会议，并介绍具体措施。 本次金融政策支持举措的落地也是今年 4 月中央政治局会议精神的传达和落 实，会议提出适时降准降息、创设新的结构性货币政策工具，以及一系列稳 预期、提信心的具体举措均实现了快速的落实。 本次金融政策组合拳覆盖货币政策、资本市场、房地产市场以及实体经济等 多个领域。从政策内容看，既有短期纾困举措，也有长期制度安排；既有总 量政策，也有结构性工具，形成了全方位、多层次的政策支持体系。预计本 次政策组合将对稳定市场预期、提振市场信心、支持实体经济发展产生积极 影响。同时，中美经贸关系出现积极转变，双方重启谈判渠道，利好提振市 场风险情绪，为港股市场带来正面催化。 | 全球宏观 | | | --- | --- | | 美 ...

Investment Rating - The report maintains a "Buy" rating for all covered companies in the internet and education sectors, indicating a positive outlook for their performance [4]. Core Insights - The fundamental aspects of the internet and education industries continue to support valuation, with a focus on service platform opportunities. The report anticipates a potential increase in market expectations due to low base effects in the first half of 2025 [1][3]. - The report highlights the expected growth in Gross Merchandise Volume (GMV) for major e-commerce players, with projections of +6% for the industry, +6% for Alibaba, +10% for JD.com, +13% for Pinduoduo, and +15% for Kuaishou [3]. - The report notes that the valuation of most companies is currently lower than the average level for 2024, presenting opportunities for companies with stable performance and potential for business expansion, particularly those leveraging AI [3]. Company Performance - In April 2025, the stock price performance of covered companies showed significant variation, with notable increases for companies like Cloud Music (+22%) and Youdao (+17%), while companies like TAL Education saw a decline of -34% [5]. - The report indicates that the proportion of Hong Kong Stock Connect holdings for covered companies has increased, with Alibaba's holding rising to 8.7% as of April 2025 [3][6]. - The report anticipates a small wave of companies returning to Hong Kong for listing, as nearly 30 companies meet the conditions for such a move [3]. Financial Metrics - The report provides a detailed valuation summary for various companies, including projected earnings per share (EPS) and price-to-earnings (P/E) ratios for FY25E and FY26E. For instance, Tencent is projected to have a P/E of 17.4 for FY25E, while Alibaba is expected to have a P/E of 10.7 [4]. - The average P/E ratio across the covered companies is projected to be 16.0 for FY25E, indicating a generally favorable valuation environment [4][9]. Market Trends - The report notes that the market for Chinese concept stocks listed in the U.S. is facing potential delisting risks, but the impact is expected to be less severe than in previous years [3]. - The report highlights the increasing trading volume of Chinese concept stocks in Hong Kong, with a significant rise in trading activity since the introduction of dual-class share structures [7][8].