MS-NTES@EC2611A

LEOCH INT'L

STARGLORY HLDGS

INTELLIMARK W27

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LAP KEI ENGRG

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NETEASE MUSIC recently announced the full integration of OpenClaw and released a dedicated user tutorial, introducing the value of AI Agent in music interaction scenarios. The tutorial outlines various usage methods of the NETEASE MUSIC CLI, allowing developers to call standardized CLI through OpenClaw and personalize the assembly of core music service capabilities

36Kr

NETEASE MUSIC

NTES-S

NETEASE MUSIC releases exclusive usage tutorial for OpenClaw

NTES

The rapid development of AI technology has triggered anxiety among IT outsourcing companies, especially in countries like China, India, and the Philippines. There are rumors that NetEase will use AI for layoffs, although this has been denied, the industry response has been strong, with many companies forming "Lobster Project Teams" to replace repetitive work with AI. The stock prices of Indian IT outsourcing companies have fallen, and workers in the Philippines are facing the impact of AI. Experts warn that companies are turning to AI instead of human labor, which may exacerbate social inequality, calling for government policy intervention and skills training

- Recent rumors about NetEase planning to use AI to eliminate all outsourced employees have created industry-wide anxiety, despite official denials.  
- The rise of AI is affecting various sectors, with companies in China, India, and the Philippines facing significant impacts, including massive layoffs and increased unemployment risks, especially among women and entry-level workers.  
- Experts warn that the shift towards cheaper AI could exacerbate social inequality, urging government intervention through policy support and skill training to mitigate these effects.

Stheadline

NetEase

AI replacement anxiety impacts IT outsourcing companies, with domestic enterprises setting up "Lobster Project Teams," making India and the Philippines major disaster zones

ESPO

HERO

GAMR

NetEase has recently shown signs of capital inflow, and the momentum of its stock price rebound is gradually becoming apparent. Further warming of market sentiment will help stimulate the increase in stock value, and investors need to pay attention to the interaction between capital flow and technical changes

Technical Forecast

VanEck Video Gaming and eSport ETF

VanEck Gaming ETF

Global X Video Games & Esports ETF

Wedbush ETFMG Video Game Tech ETF

Morning Trend | NetEase's funds quietly flow back, is the rebound momentum starting to show?

YINN

BABX

36Kr learned that popular Chinese concept stocks showed mixed performance in pre-market trading in the US. As of the time of writing, Alibaba and JD fell over 1%, XPeng and Baidu fell nearly 1%, and NetEase fell 0.67%; Bilibili and Li Auto rose over 1%, iQIYI rose nearly 1%, and Tencent Music rose 0.42%

Tencent Music

Direxion FTSE China Bull 3X

Krne Csi China Internet

KraneShares 2x Long BABA Daily ETF

KraneShares 2x Long JD Daily ETF

TME-SW

JD HEALTH

JD LOGISTICS

BABA 2x Long Daily ETF - GraniteShares

iQIYI

JD.com

XPeng

Bilibili

XPENG-W

BILIBILI-W

Baidu

JD-SW

Alibaba

BABA-W

BIDU-SW

Li Auto

LI AUTO-W

Popular Chinese concept stocks show mixed performance in pre-market trading, with JD falling over 1%

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NetEase has transformed into a global technology leader, embedding AI in its game development by 2026. The company focuses on high-quality proprietary IP, reducing reliance on third-party content. In FY 25, NetEase reported CNY 112.6 billion in revenue, with online games contributing 80%. The stock has risen 10.4% over the past year, with analysts projecting a 46.5% upside. However, risks include competition, regulatory uncertainty, and execution challenges in overseas studios.

- NetEase has transitioned from a gaming-centric firm to a diversified global technology leader, leveraging AI across its development pipeline in 2026.  
- The company reported approximately 112.6 billion Chinese Yuan in revenue for FY 25, with a net income of CNY 33.7bn, and continues to strengthen its portfolio through original franchises.  
- Despite facing risks such as competition and regulatory uncertainty, analysts maintain a positive outlook, with all 22 covering them rating the stock “Buy.”

marketscreener

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Guotai CSI Animation Game ETF

ChinaAMC CSI Animation Game ETF

NetEase has a Winning Game Plan in Hand

NetEase-S (9999.HK) recent technical indicators show signs of adjustment. The death cross formed by the MACD serves as a short-term warning signal for investors, indicating potential for greater price volatility. Such market signals are typically interpreted as indicators of increased volatility, thereby raising risk warnings for speculative investments. Current market observations reflect that capital flow indicates a highly cautious state, lacking sufficient new capital inflow to support and stabilize prices. Combined with the day's capital flow and trading behavior, investors generally adopt a more cautious defensive strategy, resulting in no significant increase in trading volume. This, in turn, reinforces the short-term pessimistic sentiment in the market, with rational caution dominating. For NetEase-S, whether it can gain capital and emotional support in the near term will be key to its short-term market performance. In the absence of clear positive news in the current market, the short-term direction appears uncertain. The downward crossover of the 5-day and 10-day moving averages continues to suppress the rebound potential of the stock price, thus it is necessary to observe whether there will be marginal improvements in the next few trading days to determine the next investment strategy

- Recent technical indicators for NetEase-S (9999.HK) show signs of adjustment, with a bearish crossover in MACD signaling short-term volatility for investors.  
- Current capital flows indicate a highly cautious market state, lacking sufficient new capital to support and stabilize prices, leading to a defensive strategy among investors.  
- The absence of positive news and the downward crossover of the 5-day and 10-day moving averages suggests continued pressure on stock price recovery, necessitating observation of potential marginal improvements in upcoming trading days.

NetEase-S (9999.HK) technical indicators suggest an adjustment phase

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36Kr learned that recently, there were industry reports stating that Youdao, a subsidiary of NetEase, has launched internal testing for its first AI knowledge base product. It is understood that this AI knowledge base product is primarily aimed at students, professionals, and researchers. Its core function is to provide responses in seconds based on the organization of massive source files, with diverse output formats, and all answers can be traced back 100% to the original text

Tianhong CSI Computer Theme ETF

Guotai MSCI China A ESG General ETF

iShares Expanded Tech Software Sector ETF

Yinhua MSCI China A ETF

SPDR S&P Software

Bosera CSI Global China Education Theme ETF(QDII)

Youdao

Youdao, a subsidiary of NetEase, has launched internal testing for its first AI knowledge base product

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On March 26, the three major Hong Kong stock indices collectively retreated, with the HSI closing down 1.89% and the Hang Seng Tech Index falling 3.28%. Market sentiment for taking profits at high levels was strong, with Kuaishou plunging over 14% and Pop Mart dropping more than 10%. The overall market trended toward caution amid macroeconomic external demand pressure and insufficient consumption momentum, with capital concentrating in energy leaders and certain stocks with unusual performance results

- On March 26, Hong Kong's major indices declined, with the Hang Seng Index closing at 24,856.43, down 1.89%.  
- Retail sectors like jewelry and toys struggled due to weak consumer demand, while tech stocks fell significantly, especially Kuaishou, which dropped 14.04%.  
- Investors are focused on economic data related to trade and monitoring the uncertain external environment and its impact on local consumption and risk appetite.

Market Heartbeat

CHOW TAI FOOK

KUAISHOU-W

POP MART

TENCENT

KINGSOFT

DELTON

LENOVO GROUP

LEAPMOTOR

XIAOMI-W

YOFC

CNOOC

CHINA LIFE

SMIC

Hong Kong Stocks Close | HSI Falls 1.89% as Kuaishou and Pop Mart Plunge

BILI

36Kr learned that popular Chinese concept stocks collectively strengthened in pre-market trading of US stocks. As of the time of writing, Alibaba, JD.com, PDD, and Nio rose over 3%, iQIYI rose over 2%, Baidu and Bilibili rose over 1%, Li Auto rose 0.96%, NetEase rose 0.22%, and XPeng fell nearly 2%

Global X E-commerce ETF

GraniteShares 2x Long PDD Daily ETF

Global X Autonomous & Electric V

NIO Inc

NIO-SW

Popular Chinese concept stocks in the U.S. pre-market collectively strengthened, with Alibaba rising over 3%

China's gaming regulator: grants license for 130 domestic online games in March

Tencent

Tencent Holdings Limited

China's gaming regulator: grants license for 130 domestic online games in March

BABA

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The Hang Seng Tech Index opened down 0.97%. Xiaomi, JD, and NetEase fell over 2%. Risk warning and disclaimer: The market has risks, and investments should be made cautiously. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

Wallstreetcn

CSOP HS TECH

ISHARESHSI

Tianhong Hang Seng TECH ETF(QDII)

CAM HS TECH

ISHARESHSTECH

HSTECH ETF

Hang Seng Index

The Hang Seng Index opened down 0.64%, Alibaba fell over 6%

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Hong Kong stocks are under pressure during the trading session, with all three major indices retreating collectively. The Hang Seng Index fell by 1.20%, the Hang Seng Tech Index dropped by 1.09%, and the National Enterprises Index decreased by 0.86%, failing to break through previous highs. Most stocks in the internet and retail sectors declined, while the hardware sector showed divergence, with Xiaomi Group rising against the trend. Tencent, Xiaomi, and Alibaba had the highest trading volumes, and market sentiment remains cautious, with noticeable attention on capital flows during the session

- As of March 19, Hong Kong stocks are under pressure, with all major indices declining.  
- The Hang Seng Index reported a drop of 1.20%, unable to sustain the peak reached on March 18, while the overall market sentiment remains cautious, reflecting investors' concerns about economic data like retail and exports.  
- The technology sector saw significant downturns, particularly Tencent and Kuaishou, which fell by 5.45% and 4.24%, respectively, as funds moved towards defensive stock positions.

ZTO EXPRESS-W

TECHTRONIC IND

SUNNY OPTICAL

INNOVENT BIO

Hong Kong stock market intraday | Hang Seng Index down 1.2%, internet sector broadly declines, Xiaomi Group rises 4.67% against the trend

NetEase has denied reports claiming it will replace all outsourced workers with AI. The company clarified that recent personnel changes are due to routine business adjustments and staff turnover, not a shift to AI. While some roles may be optimized, overall operations and business functions will remain unaffected. NetEase emphasized that AI cannot fully replace jobs requiring complex execution and human judgment.

- NetEase clarified that reports about replacing all outsourced workers with AI are inaccurate.  
- The company explained that recent personnel changes are due to routine adjustments and turnover, not an overhaul driven by AI.  
- NetEase emphasized that while AI is used in specific situations, it cannot entirely substitute roles that necessitate complex execution and human judgment.

动点科技英文源

NetEase denies reports of replacing all outsourced workers with AI

TCEHY

TCTZF

The JP Morgan report pointed out that Apple's reduction of the commission rate for the mainland App Store is a mild benefit for some internet stocks, with an expected increase in earnings per share of about 1% to 3% for individual stocks. Analysis shows that, except for Tencent, most companies may pass some of the cost savings onto users or partners. Investors should view this as a useful perspective for evaluating digital business models rather than merely an earnings upgrade. The impact analysis is divided into three categories: Tencent as a high-confidence beneficiary, NetEase and others as partial pass-through types, and Kuaishou with limited impact

AASTOCKS

"Big Banks" JP Morgan: Apple's reduction of the App Store commission rate in mainland China is a mild positive for some internet stocks

$NetEase(NTES.US) showing signs of reversal daily. None here observationSource: Sunrise Trader

NTES ADR US

Today’s Key News Recap

0306｜Dolphin Research Focus: 🐬 Macro/Industry 1) The US Dept. of Commerce is preparing to globalize its export approval regime for advanced AI chips, moving beyond country-specific controls. Reviews would be organized into three tiers based on purchased compute.Orders exceeding 200k chips would trigger government-to-government negotiations and the disclosure of critical technical details. Approved countries would also be required to commit matching investment in US digital infrastructure.This move reflects US tech hegemony and could destabilize the global semiconductor supply chain. It also raises compliance costs for US chip makers.It is likely to push countries to accelerate domestic compute R&amp;D, supporting China's semiconductor localization. Overall, expect faster onshore capacity build-outs and substitution.

BYD COMPANY

BYD Company Limited

BYD COMPANY-R

BYD Company

Tesla

BYD HK SDR 10to1

Netflix

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

BOYD Gaming

BYD's 'disruptive tech' debuts; Xiaomi's mobile Agent emerges | Daily News Recap---

0212 | Dolphin Research Focus: 🐬 Macro/Industry 1) Doubao announced that its video-generation model Seedance 2.0 is now integrated into the Doubao app, desktop client, and web version. Users can create 5s/10s short videos from text prompts and produce clone-style videos, with upgrades to image quality, generation speed, and content fidelity. Leveraging ByteDance's ecosystem should accelerate user adoption and engagement, pushing AIGC toward mainstream, practical use...

Duolingo

Apple

T-Mobile US

Apple Group

Sirius XM

Coinbase

MINIMAX-W

ByteDance

KNOWLEDGE ATLAS

Meta Platforms

Shopify 

Airbnb

Applied Materials

LLMs race ahead as AI apps surge; Apple revamps Siri amid tech bottlenecks｜Daily News Recap

Conference Minutes

Below is Dolphin Research's FY25 Q4 earnings call Trans for $NetEase(NTES.US). For the earnings analysis, cf. 'NetEase: The Pig Farm Still Has to Hold On'.I. Key highlights: 1) Shareholder returns: declared a $1.16/ADS dividend and has repurchased approx. $2.0bn under its $5.0bn program. 2) Outlook: will keep investing in content R&amp;D (R&amp;D ratio to stay above 15%), and expects long-term AI-driven efficiency gains to further unlock...

Sealed Air

Hasbro

Stepstone

Hartford Insurance

Proshares S&P Global Core Battery Metals ETF

THE HARTFORD INSURANCE GROUP INC 6%NON CUM DEP SHS REP 1/1000TH PFD SER G

NTES (Trans): '遗忘之海' launch slips to Q3; '无限大' still being polished

Financial Analysis

$NTES-S(09999.HK) $NetEase(NTES.US) released its Q4 2025 results after the Hong Kong close on Feb 11 (Beijing time). Overall, Q4 missed consensus as mobile titles stayed weak.While part of the slowdown in bookings has already been priced in, there is no need to turn more bearish on the mid- to long-term outlook. For the near term, clear guidance on the new product cycle from the call will be critical.Specifically: 1) a dearth of new launches kept dragging revenue. Game revenue was RMB 21.3bn in Q4, up 3.5% YoY...

NTES: The 'Pig Farm' Must Still Tough It Out---

NetEase Q4 FY25 First Take: Q4 came in below consensus, likely on softer mobile game performance, which also helps explain the recent share pullback. That said, deferred revenue held up, underpinned by a strong year-end anniversary event for 'Yanyun' (mobile) and a rebound in 'Eggy Party', which should add some upside to Q1 revenue. Core profitability improved on tighter opex. Total cost of revenue, R&amp;D, and G&amp;A all declined YoY. Selling expenses rose YoY off a low base during the prior year's anti-fraud clean-up, alongside necessary launch marketing for new titles. Adj. profit fell 27% YoY, materially below expectations, though the headline looks worse than the underlying. Beyond the top-line miss, the shortfall mainly reflected mark-to-market swings on its PDD stake, with total investment losses of RMB 1.7bn, RMB 1.2bn wider YoY. After the game VAT rumor and the short-term hit from Genie, the stock has barely rebounded in recent days, yet valuation is already near historical trough levels. Conversely, this also reflects concerns that the recent slowdown in bookings could persist. We are not more bearish on the mid-to-long term. For near-term price action, clear guidance on the new title cycle is critical, especially launch plans for 'Sea of Oblivion' and 'Infinity'—worth watching on the call. $NTES-S(09999.HK) $NetEase(NTES.US)

0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

Dutch Bros

MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

MS-NTES@EC2611A(27492.HK)

MS-NTES@EC2611A Stock Performance Chart

NETEASE MUSIC releases exclusive usage tutorial for OpenClaw

AI replacement anxiety impacts IT outsourcing companies, with domestic enterprises setting up "Lobster Project Teams," making India and the Philippines major disaster zones

Morning Trend | NetEase's funds quietly flow back, is the rebound momentum starting to show?

Popular Chinese concept stocks show mixed performance in pre-market trading, with JD falling over 1%

NetEase has a Winning Game Plan in Hand