Daily Investment Strategy
Daily focus：NetEase（9999）
NetEase’s 2025 outlook is positive, with new hits like Marvel Rivals, Where Winds Meet, and FragPunk driving strong PC game revenue and overall growth. The company’s diverse pipeline, including major upcoming launches such as Diablo 3, Once Human, and Frost Punk: Rise of City in Q2, is expected to further expand its user base and revenue streams. With game approval processes normalized and flagship titles remaining resilient, NetEase is well positioned to maintain earnings defensiveness and reinforce its industry leadership amid market volatility.
US The sharp increase in durable goods orders in March may only reflect companies' pre-stocking
U.S. equities surged overnight, with the S&P 500 rising 2.03% to 5,504 points, the Nasdaq 100 jumping 2.79% to 19,308 points, and the Dow Jones Industrial Average climbing 1.23% to 40,108 points. March durable goods orders soared by 9.2%, far exceeding market expectations of 2%, with the total value reaching $315.7 billion—the largest monthly increase in nearly two years. The surge was primarily driven by a 139% spike in non-defense aircraft and parts orders, pushing overall transportation equipment orders up by 27%. However, excluding transportation, orders were flat, indicating that demand in other sectors remains cautious. Analysts note that many companies rushed to place orders ahead of new tariffs set to take effect on July 1, which may have led to a short-term spike that does not necessarily reflect underlying economic strength. There is a risk that demand could soften in the coming months.
Hong Kong Stock Connect recorded a net inflow of HK$33.9bn on Wednesday, of which Alibaba (9988) recorded the largest net inflow of HK$1.61bn, followed by Meituan (3690); China Mobile (0941) recorded the largest net outflow of HK$360mn, followed by CNOOC (0883).
Cheung Cho Shing, Joseph is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to:https://apps.sfc.hk/publicregWeb/indi/ACQ030/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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