Group 1: International Stock Market Overview - European markets saw all three major indices close higher, with the German DAX index rising by 1.11% to 23,419.35 points, the French CAC40 index increasing by 0.34% to 7,981.07 points, and the UK FTSE 100 index up by 0.21% to 9,527.65 points [4][7] - In the US market, all three major indices closed lower, with the Dow Jones falling by 0.84% to 45,752.26 points, the S&P 500 down by 1.56% to 6,538.76 points, and the Nasdaq decreasing by 2.15% to 22,078.05 points. Cisco and Boeing led the decline, both dropping over 3% [4][7] - The Hang Seng Index in the Asia-Pacific region rose by 0.02% to 25,835.57 points, while the Nikkei 225 index increased by 2.65% to 49,823.94 points [4][7] Group 2: Company News - NetEase reported third-quarter revenue of 28.4 billion yuan, a year-on-year increase of 8.2%, with a net profit of 9.5 billion yuan compared to 7.5 billion yuan in the same period last year [4][13] - Xiaomi's automotive division celebrated the production of its 500,000th vehicle at its super factory, achieving this milestone in just over one year and seven months [4][13] - Nvidia is on track to reach its target of $500 billion in core AI chip revenue over the next two years, reporting third-quarter revenue of $57 billion, a 62% year-on-year increase, and a net profit of $31.9 billion, up 65% [4][13] Group 3: Domestic News - The one-year and five-year Loan Prime Rates (LPR) in China remained stable for six consecutive months, reported at 3.0% and 3.5% respectively, indicating potential for future decreases to stabilize the economy [10][11] - The scale of college graduates in China for 2026 is expected to reach 12.7 million, an increase of 480,000 from the previous year, with over 12 million job opportunities provided during recruitment activities [12][13]

Group 1 - The Ministry of Commerce expressed concerns regarding U.S. unilateral tariffs, export controls, and investment restrictions during a meeting between Chinese Minister Wang Wentao and U.S. Ambassador to China Nicholas Burns [2] - The Ministry of Finance and the Ministry of Industry and Information Technology drafted a public consultation document on government procurement standards for new energy vehicles, emphasizing non-discriminatory treatment of suppliers [2] - The Ministry of Finance and the Ministry of Commerce announced a list of 50 cities selected for new consumption pilot projects, with financial support of up to 400 million yuan per city based on city size [2] Group 2 - The loan market quotation rate (LPR) for November remained unchanged, with the 5-year LPR at 3.5% and the 1-year LPR at 3% [3] - In October, China's consumer market showed steady growth, with retail sales of gold, silver, and jewelry increasing by 37.6%, and inbound tourism seeing a 19.8% increase in foreign visitors during the National Day and Mid-Autumn Festival [3] - The scale of college graduates in 2026 is expected to reach 12.7 million, an increase of 480,000 from the previous year, prompting actions to enhance employment quality for graduates [3] Group 3 - A-share companies raised over 800 billion yuan in refinancing in the first three quarters of 2025, a year-on-year increase of 258%, with directed placements accounting for 756.4 billion yuan [4] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.4% to 3931.05 points, while resource stocks also saw a downturn [4] Group 4 - The Hang Seng Index closed up 0.02%, while the Hang Seng Tech Index fell by 0.58%, indicating mixed performance among sectors [5] - The IPO price for Moer Technology was set at 114.28 yuan per share, with a total market capitalization of 53.715 billion yuan upon listing [5] - Net inflows from southbound funds reached nearly 16 billion Hong Kong dollars, with Alibaba seeing a net buy of 1.067 billion Hong Kong dollars [5] Group 5 - The merger of companies is expected to result in a combined revenue surpassing Huatai Securities, positioning the new entity as the third-largest in the industry by total assets [8]

编辑 王进雨 新京报贝壳财经讯 11月20日，网易公告，第三季度净收入284亿元，去年同期262亿元；非公认会计准 则下归属于公司股东的净利润为95亿元，去年同期75亿元；研发投入45亿元，研发投入强度16%，领先 行业。第三季度在线游戏服务净收入233亿元人民币。 ...

网易(NTES.US)美股盘前跌5.3%报126.35美元。消息上，网易刚刚公布第三季度营收283.6亿元，同比增 长8.2%，市场预估292.2亿元；毛利182亿元，市场预估186.4亿元；非公认会计准则下归属于公司股东 的净利润为95亿元，去年同期75亿元；经调整每股ADS持续经营净收益14.73元，市场预估14.76元；研 发投入45亿元，研发投入强度16%，领先行业。第三季度在线游戏服务净收入233亿元，市场预估238.8 亿元。值得关注的是创新业务及其他收入14亿元，下跌18.9%。 ...

格隆汇11月20日｜网易第三季度营收283.6亿元，同比增长8.2%，市场预估292.2亿元；毛利182亿元， 市场预估186.4亿元；非公认会计准则下归属于公司股东的净利润为95亿元，去年同期75亿元；经调整 每股ADS持续经营净收益14.73元，市场预估14.76元；研发投入45亿元，研发投入强度16%，领先行 业。第三季度在线游戏服务净收入233亿元，市场预估238.8亿元。 ...

Core Insights - NetEase reported Q2 2025 revenue of 27.89 billion yuan, a year-on-year increase of 9.4%, but below market expectations of 28.4 billion yuan [1] - The net profit attributable to shareholders was 8.6 billion yuan, while the adjusted net profit attributable to shareholders was 9.5 billion yuan [1] - Adjusted earnings per ADS from continuing operations were 14.81 yuan, slightly lower than the expected 15.03 yuan [1] Revenue Breakdown - Online gaming services net revenue for Q2 was 22.81 billion yuan, which fell short of the forecasted 23.37 billion yuan [1]

Core Viewpoint - NetEase (NTES.US) experienced a pre-market drop of over 10% following its Q2 earnings report, which showed a net revenue of 27.9 billion yuan, slightly below expectations [1] Financial Performance - Q2 net revenue was 27.9 billion yuan, compared to the forecast of 28.4 billion yuan, representing a year-on-year growth of 9.4% [1] - Net profit attributable to shareholders was 8.6 billion yuan, with adjusted net profit at 9.5 billion yuan [1] - Basic earnings per share were $0.38, while non-GAAP basic earnings per share were $0.42 [1] Segment Performance - Online gaming services generated net revenue of 22.81 billion yuan, falling short of the expected 23.37 billion yuan [1] - Net revenue from NetEase Cloud Music was 2 billion yuan (approximately $274.8 million), marking a decline of 3.5% compared to the same period in 2024 [1]

Summary of Key Points Core Viewpoint - NetEase reported strong financial results for the first quarter, exceeding market expectations in several key metrics, which led to a pre-market stock price increase of over 3% [4]. Financial Performance - Adjusted earnings per ADS for continuing operations were 17.51 RMB, surpassing the estimate of 13.73 RMB [1]. - Online gaming services generated net revenue of 240.5 billion RMB, exceeding the forecast of 230.8 billion RMB [1]. - Gross profit for the quarter was 184.8 billion RMB, higher than the expected 175.7 billion RMB [3]. - The gross profit from online gaming services was 165.5 billion RMB, compared to the estimated 156.1 billion RMB [3]. Other Business Segments - Revenue from innovation and other businesses was reported at 16.2 billion RMB, falling short of the anticipated 18.7 billion RMB [2].