金吾财讯 | 网易(NTES)盘前跌超1%，截至发稿，报134美元。消息面上，摩根大通研究报告指，内地数码娱乐股份年初至今表现强劲，除基本面改善外，亦受到AI等投资主题推动，但认为网易未来六个月股价前景吸引力减低，将评级由“增持”降至“中性”，目标价则上调。该机构认为盈利上升空间有限，因未来1至2年行销费用将因新游戏及现有游戏推广而增加，且今年下半年缺乏重磅新作带动游戏收入增长。另外，内地开放予国际的游戏供应饱和，或影响2026年《遗忘之海》及《无限大》的收入确定性，料2026至27年每股盈利年均复合增长率仅6%；将港股目标价由210元升至220元，美股目标价由135美元升至140美元。
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