On July 29, NetEase rose 3.12% overnight, trading at $131.32/share, with turnover of $119,700. The rally was driven by multiple converging catalysts on the news front.

China's National Press and Publication Administration issued 197 game licenses in July, marking the largest single batch in five years and a new high for the year. NetEase's core IP title Fantasy Westward Journey: Renewed Bonds was among those approved, with marketing and public beta processes now fully accelerating. Nomura issued a research report forecasting NetEase's Q2 online gaming and value-added services revenue to grow 6% year-over-year, supported by resilient performances from evergreen titles. The bank noted that new game Sea of Oblivion, estimated to generate monthly gross billings of RMB 200-300 million, should help accelerate H2 gaming business growth, maintaining a Buy rating. Additionally, institutions highlighted clear catalysts for the second half including accelerated share buybacks, a low revenue base, and new product launches, with valuations at historical lows offering repair potential.

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