《大行報告》瑞銀:內地網遊法規出現多個積極信號 網易-S(09999.HK)股價已反映負面消息
瑞銀發表研究報告指,內地的遊戲規管在過去幾天出現幾個積極信號。隨著主要國有媒體和騰訊(00700.HK)發出的積極信號,該行認為,內地的遊戲法規將更具建設性。相信國內遊戲許可審批中有更多許可用於更高質量的遊戲,及可能很快恢復進口遊戲。該行認為,這將有利於騰訊和嗶哩嗶哩(09626.HK),因為兩者均有積壓或潛在的海外IP儲備。
該行表示,暴雪(ATVI.US)公告指,其目前授權與網易-S(09999.HK)的協議將於2023年1月23日到期,雙方尚未就續約達成一致。根據網易的公告,這些遊戲的收入和純利貢獻在2021年均為低單位數,因此網易H股的股價走勢應該已充分反映了這個影響。而根據現行規定,暴雪需要國內合作夥伴才能繼續在中國營運遊戲,該行相信選擇有限。另外,如遊戲營運主體的變更,需要重新申請牌照,考慮到目前的審批速度以及進口牌照審批尚未恢復,這可能會花費很長時間。
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