金吾财讯 | 网易(09999)临近午盘发力走高，午后升幅扩大，截至发稿，报153.3港元，涨3.02%，成交额8.8亿港元。摩根大通发布研报指，继《漫威争锋》（跻身Steam热玩榜第二）及《燕云十六声》（玩家反馈强烈，超出投资者预期）成功发布，该行重申网易是2025年该行在中国网游板块的首选股，并将公司游戏收入增速预测上调至10%（之前为8%）。在国内宏观不确定性下具备防御性。该行预计网易2025年将继续跑赢大市。该行指，有两大利好因素将推动2025年游戏业务强劲势头：1)网易最近一批新作《漫威争锋》/《燕云十六声》表现远好于2024年（《射雕》）；2）与一年前相比，游戏收入比较基数下降，主要老游戏（《梦幻西游》、《逆水寒》手游、《蛋仔派对》）收入下降，2024年下半年发布的新游（《永劫无间》手游、国服动视暴雪游戏）表现更具可持续性。该行预计自2025年2季度起，游戏收入同比增幅将重回两位数（11%）
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