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24. Mainfirst Securities Hong Kong Ltd.cheap clothes Investment Report published today, the NetEase (NasdaqGS: NTES) rating on the stock from "sell" (Sell) raised to "neutral" (Neutral), while NetEase from the $ 26.5 target price raised to $ 32. The following is the summary report: - "World of Warcraft" policy risk reduced: We believe that the Ministry of Industry and Information Technology in the "World of Warcraft" to stop taking a neutral stance on the issue. Ministry of Culture has made it clear that foreign games to be released in China, need and need only the approval by the Ministry of Culture. Moreover, according to the State cheap designer clothes Council issued the "three" provision, the Ministry of Culture is the main regulator of online games. "World of Warcraft" issue has become a dispute between two government agencies. We believe that the closure of the existing version of "World of Warcraft: The Burning Crusade," the risk has diminished. - "Wrath" approval will be delayed: "three" reaffirmsclothes online the provisions of Press and Publication Administration during the introduction of online games priority for approval responsibility. As the "Burning Crusade" is currently in the negative state, therefore, we believe that early operation unlessoakley sunglasses NetEase "World of Warcraft" completely solve the problem, otherwise the "Wrath" unlikely to enter the approval process. -north face jackets The lack of independent R & D game highlights: Since the 2004 release of the "Fantasy Westward Journey" has never launched the NetEase to independent research and development of the game masterpiece. Although the "World II" has recently received some attention, but future development is still subject to certain limitations, because: 1) 3D MMORPG (massively multiplayer online role-playing game) of fierce competition. We expect the second half of 2010, the market will have 6 similar games; 2) As from the beginning of 2006 began to re-release, resulting in "World II" the enthusiasm of the old players run out; 3) "World II" used by the "Big World" game engine has gradually become obsolete. - Games team brain drain: "Fantasy Westward Journey," the main producer in 2006, Xu Bo, left the NetEase. He planned the new game "Outlaws of the Marsh Q Biography" recently authorized by the Jinshan to swim; 2) "Fantasy Westward Journey" for the main Tian Wei Zhou alsonorth face denali left the NetEase in 2007. He planned the new game "the right of Ming-Long" will be the first quarter of 2010 released by the Tencent. - "Fantasy Westward Journey" challenged: Our data show, "Fantasy Westward Journey," the fourth quarter of the amount of data so far than in the third quarter, down 29%, "World II" the amount of data early December also fell, "World of Warcraft world, "the fourth quarter, the amount of data so far over the third quarter (from August 1 beta start date) fell 14%. Webmaster Statistics