《大行報告》大和重申騰訊(00700.HK)及網易(09999.HK)「買入」評級 市場情緒需時恢復
大和發表報告指出,國家新聞出版署上周五(22日)意外發布《網絡遊戲管理辦法(徵求意見稿)》,震驚市場後,當局正軟化語氣,並於過去幾日採取補救措施,包括新批12月份的國產遊戲版號、與遊戲公司會面,以及對可能修改有關措施草案持正面開放態度。
該行認為,當局已認識到草案中存在爭議的條款對行業和公眾造成的影響,並正努力彌補損失。至於騰訊(00700.HK)和網易(09999.HK)均指新措施對公司營運影響有限,公司將向監管機構提供反饋。
此外,該行提及國家新聞出版署於措施草案發布當天新批准22款進口遊戲版號,另於周一(25日)批准105款國產遊戲版號,相對於2022至2023年平均只批准78款遊戲,數量是自2021年3月的166款以來最多,是次批准的遊戲版號數量及時間上皆不尋常。該行認為投資者情緒可能逐漸復甦,然而傷害已經造成,監管不確定性下,市場情緒可能需要一段時間才能改善。
該行指出,雖然修訂後的措施尚未確定,但估計實際影響程度遠小於上周五市場反應。未來幾個月的進一步補救措施應會推動市場情緒的復甦,儘管短期內市場情緒可能仍然疲弱。該行繼續看好騰訊及網易,重申「買入」評級,建議投資者逢低吸納。
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