摩根士丹利-中国-互联网服务业-中国互联网服务业：2019年下半年游戏领导者会获得跃升-2019.6.16-58页 (2).pdfVIP免费

MMChinaInternet&OtherServicesGameLeadersPoisedtoLeapin2H19AlphaWisesurveyofmobilegamersinChinashowstopcontent'srisingvalue,innovationaskeytoARPU,andcomplementarybenefitsfromeSports.OnlinegamingispoisedtooutshineotherInternetsegmentsin2H19.TencentandNetEasestandoutwithtopIPsandrichgameportfolios.MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoNASD/NYSErestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.June16,201909:00PMGMTMMMORGANSTANLEYASIALIMITED+GraceChenEquityAnalyst+8522848-5835Grace.H.Chen@morganstanley.comContributorsMORGANSTANLEYASIALIMITED+AlexKoResearchAssociate+8522239-1225Alex.Ko@morganstanley.comMORGANSTANLEYASIALIMITED+AlexPoonEquityAnalyst+8523963-3838Alex.Poon@morganstanley.comMORGANSTANLEY&CO.INTERNATIONALPLC,SEOULBRANCH+SeyonParkEquityAnalyst+822399-4936Seyon.Park@morganstanley.comMORGANSTANLEYMUFGSECURITIESCO.,LTD.+MasahiroOnoEquityAnalyst+8136836-8410Masahiro.Ono@morganstanleymufg.comMORGANSTANLEY&CO.LLCBrianNowak,CFAEquityAnalyst+1212761-3365Brian.Nowak@morganstanley.comMMTopgamecontentwithtactfuloperationisking:InMarchandApril2019,AlphaWiseconductedanonlinesurveyof2,874Internetusersaged16-54inTier1-3citiesinChina,with89%ofrespondentshavingplayedmobilegamesinthepastmonth.Keyevidencefromoursurvey:1)Thestrongergolonger.Gamerbaseandgrossingoftopcontent–i.e.,HonorofKings(HoK)andFantasyWestwardJourney(FWJ)–havebeenresilientamidrecentnewgamelaunches.2)Innewgamepipelines,TencentandNetEaseoutshinewithFWJ3DandDungeon&F...