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Glonghui May 25th｜Nomura analysts stated in a research report that NetEase’s gaming business outlook appears very solid. The analysts at Nomura noted that, given the very high year-on-year base and a lack of major new games, the first quarter could have been quite challenging for NetEase’s gaming division. However, they pointed out that NetEase achieved a 6% revenue growth in the first quarter, surpassing market expectations. They emphasized that this “clearly reflects the extraordinary resilience and lasting popularity of games launched by NetEase over the past ten years.” Nomura also anticipates that a highly promising new game will be launched soon. This game may “attract maximum attention during the peak summer gaming season.” Nomura maintains a Buy rating on NetEase ADRs and a target price of $155.00.

```htmlGolden Ten Data May 25｜The wave of Artificial Intelligence (AI) is delivering the most lucrative returns for momentum investors in decades. Despite market concerns that the Iran war may drag on economic growth, the world's hottest stocks continue to surge ahead. Media-compiled data, traceable back to 1991, shows that since the end of March, MSCI Inc.'s Global Momentum Index has outperformed the MSCI All Country World Index by 17 percentage points, poised to record the strongest two-month excess returns since tracking began. Bulls believe that the AI craze will continue to attract capital toward the market’s most dazzling winners, but some warn that the scale of such excess performance itself is a cautionary signal. The more crowded investors are in the same group of stocks, the more likely the market is to experience sudden reversals if high inflation forces the Federal Reserve to tighten policy, or if corporate profits weaken.```

Odaily reported that Wu Jihan posted on X, stating that Europe’s current solar energy issue is no longer simply about increasing generation capacity, but instead concerns a lack of sufficient flexible electricity demand to absorb surplus energy. Citing the latest analysis from energy research institution Pexapark, he noted that Europe’s solar “self-cannibalization” phenomenon is rapidly worsening: 1. In France, the solar capture factor for April 2026 dropped from approximately 0.42 year-on-year to 0.10, a decline of about 75%, with nearly half of solar generation occurring during periods of negative electricity prices. 2. In Germany, there were 123 hours of negative electricity prices in April, up 65% year-on-year, with around 46.8% of solar generation taking place in negative price intervals. 3. In Spain, the problem is no longer limited to the summer: in February 2026, the solar capture factor plunged from about 0.71 in the same period the previous year to 0.18, while the duration of negative electricity prices rose from 0 hours to 148 hours. Wu Jihan pointed out that this indicates the pace of solar deployment in Europe has outstripped the development of grid flexibility. In addition to storage, grid expansion, and demand response, Europe should also pay attention to interruptible loads, including Bitcoin mining and other computing loads. These loads can be activated when electricity is abundant and shut down when the grid is strained, thus becoming the “buyer of last resort” for excess renewable power, reducing curtailment, improving the profitability of photovoltaic projects, and enhancing the investment returns and financing feasibility of generation and grid infrastructure.