Investment company Days Hao Capital release Investment Report

October 1 to November 25 operational data:

MMO Popularity: The popularity of MMO games has fallen by 9%, of which the popularity of World of Warcraft has slipped by 3.7%, and the Dream West Tour is down 10.6%, while the "soul" has grown by 32.3% per cent on a month-on-month scale.

Number of MMO Game servers: "World of Warcraft" and "Dream West Tour" the number of servers increased by 10, resulting in the number of servers as at November 25 from the end of September to 771 units to 781 units. The average number of servers used is 776 units, compared with 773 in the third quarter. The increase in the number of servers mainly benefited from the "Dream West Tour" the number of servers increased by 6 units, "World of Warcraft" reduced 3.

Average simultaneous online: October 1 to November 25, "Dream West Tour" and "World of Warcraft" average online number of 1.72 million, and the third quarter of this year is 1.74 million. Among them, "World of Warcraft," the average number of online growth rate of about 2.7%, "Dream West Tour" fell 2.3% on the chain.

Other independent research and development games average server number: from October 1 to November 25, other independent research and development games (including "Soul", "Soul" and "Datang 2", etc.) average server number of 276 units, compared with the third quarter 265 units in the growth of 4%. We believe that the "soul" is the most outstanding performance.

Valuation: We continue to maintain the NetEase stock "buy" rating, while maintaining a 75 dollar target share price unchanged.