瑞信-中国互联网：领导者的游戏-2018.1.15-58页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.15January2018AsiaPacific/ChinaEquityResearchConsumerInternetChinaInternetSectorResearchAnalystsThomasChong85221016164thomas.chong@credit-suisse.comGregZhu85221017159greg.zhu@credit-suisse.comTHEMETheGameforLeadersFigure1:MobilegamesmarketshareforTencentandNetEaseSource:iResearch,CreditSuisseestimates■Fivekeythemesofonlinegamessectorin2018.(1)evolutionofsurvivalgamesisthekeyfo