金吾财讯 | 网易（NTES）盘前扬升6.92%，暂报128.10美元。该股今日于港股市场收涨4.45%，收盘价报202.00港元，全天成交额28.79亿港元。消息面上，高盛新近研报指，网易为优质的“非AI”复合型企业，在行业AI支出高企及部分同业毛利率受压下，公司毛利率及自由现金流均创新高，第二季游戏收入按年增长10%，经营溢利按年增长29%，再次展现其游戏业务韧性及盈利增长能力。同时，受惠PC及手机游戏组合有利、iOS/Android渠道费用下降及转向自家渠道，第二季游戏毛利率创历史新高，高盛相信毛利率扩张属结构性，配合营运效率优化，下半年经营溢利预期可维持高十位数按年增长。该行将2026至2028年收入预测下调最多2%，以反映《遗忘之海》表现逊预期及新游戏能见度较低，部分被长青游戏强劲表现所抵销；2026年纯利预测下调4%，以反映投资亏损，2027至2028年纯利预测大致不变。维持“买入”评级评级，目标价由262港元上调至263港元。
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