金吾财讯 | 交银国际研报指，1季度该行跟踪的本土头部手游流水之和同比+5%，基本符合预期。腾讯本土流水同比净增29亿元/9%，《MDnF》版本更新带动3月流水环比+25%，《和平精英》/《穿越火线》1季度流水同比增24%/18%。海外流水同比减4.6亿元/6%，因老游戏流水波动。网易本土流水同比减6%/7亿元，主要因《逆水寒》月流水仍未止跌。海外流水同比增19%。该行预计1季度腾讯/网易手游收入同比+16%/-6%。腾讯常青游戏展现增长韧性，关注新游上线。网易手游高基数影响缓和趋势不变，端游新游收入贡献持续释放。考虑海外游戏基本为本地运营，现价对应市盈率已接近历史较低水平，有较大修复机会。
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