香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 授出將不會導致(i)於直至有關授出日期（包括該日）的12個月期間內已授予及將授予各個 別承授人的購股權及獎勵合計超過已發行股份（不包括庫存股份）的1%；或(ii)於直至有 關授出日期（包括該日）的12個月期間內已授予及將授予各關聯實體參與者或服務提供 者的購股權及獎勵合計超過已發行股份（不包括庫存股份）的0.1%。 概無授出須經本公司股東批准，以及概無承授人為本公司董事、最高行政人員或主要股 東（定義見上市規則）或彼等的聯繫人（定義見上市規則）。 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 授出限制性股份單位 於2026年3月26日，本公司根據第二次經修訂及重述2018年股份激勵計劃向本集團102名 員工授出合共949,277份限制性股份單位，代表同等數目的Z類普通股及佔於本公告日期 本公司已發行股份總數約0.23%（按一 ...

本次宣贯会紧扣《指引》核心内容，聚焦平台经济领域"算法共谋""二选一"等新型垄断风险，结合平台经济发展实际与典型执 法案例，重点围绕垄断协议认定、滥用市场支配地位风险识别、经营者集中申报等核心条款进行深度解读，提示企业警惕利用 数据、算法、技术、资本优势及平台规则实施垄断行为，建立健全内部合规审查机制。 培训上，以示例方式为平台经营者列举了8种风险，平台间算法共谋，组织帮助平台内经营者达成垄断协议，平台不公平高 价，平台低于成本销售，封禁屏蔽，"二选一"行为，"全网最低价"和平台差别待遇。这8个风险示例是对互联网平台具体场景中 垄断风险的明确提示，涉及数据传输，算法适用，服务定价，搜索排序，推荐展示，流量分配，补贴优惠等多种平台经营活 动。 据上海市市场监管局官方，为引导平台企业强化反垄断合规意识，深入整治平台"内卷式"竞争，规范平台经济竞争秩序，近 日，市市场监管局组织全市重点平台企业开展反垄断合规辅导活动，重点宣贯、解读《互联网平台反垄断合规指引》等规定。 拼多多、携程、美团、淘宝闪购、抖音电商、B站、小红书、得物等40余家重点平台企业法务、合规及业务负责人参加会议。 财经频道更多独家策划、专家专栏，免费 ...

中国 证券研究 2026 年 3 月 18 日 哔哩哔哩 抄底利润可持续增长潜力出色公司的好时机，上调评级 至"增持" 我们将公司美股和港股评级上调至"增持"，新目标价分别为 35 美元/270 港元 ，对应 27%/30%的潜在上行空间。公司股价较 2026 年 1 月的近期峰值下跌 26% （同期恒生指数跌 6%），原因是：1）投资者担心增量 AI 投资的投资回报率（ 2025 年 4 季度财报电话会议上，管理层预期将加大 AI 投资）；2）中国互联网 板块整体股价回调（同期跌 15%），而哔哩哔哩的市盈率估值在所有中国互联 网股中居于前列（近期峰值为 35 倍 2026 年预期市盈率，目前为 25 倍）。我们 建议投资者在此时抄底该股：1）我们认为哔哩哔哩加大 AI 投资（如视频推送 、广告转化、AI 编码等）的策略是正确的，因为 AI 在 2025 年已成为哔哩哔哩 用户参与度和广告收入的主要驱动因素（2025 年 4 季度日活/总使用时长/广告收 入增长 10%/19%/27%），我们预计此类投资将推动未来几年用户/广告收入持续 增长；2）哔哩哔哩强劲的运营杠杆使其能够在进行 AI 投资的情况下仍在 ...

本文字数：532，阅读时长大约1分钟 作者 | 一财阿驴 09:29 CPO、铜缆高速连接等算力硬件股集体低开，三安光电一字跌停，汇绿生态、铭普光磁跌超 6%，源杰科技、长光华芯、华丰科技纷纷下跌。 09:25 A股开盘丨三大指数集体下跌 上 证 指 数 低 开 1.32% 逼 近 3900 点 ， 深 证 成 指 低 开 1.78% ， 创 业 板 指 低 开 1.54% 。 科 创 综 指 低 开 2.02%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | ู้ | 3904.95 | -52.10 | -1.32% | | 399001 | 深证成指 | m/ | 13619.94 | -246.26 | -1.78% | | 399006 | 创业板指 | NA | 3300.56 | -51.54 | -1.54% | | 000680 | 科创综指 | WW | 1636.20 | -33.79 | -2.02% | 盘面上，黄金、基本金属板块大跌；算力硬件产业链走 ...

Core Insights - The report recommends a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][15][18] - The report emphasizes the resilience of the gaming sector, projecting continued industry prosperity into 2026, with specific recommendations for companies like Tencent and NetEase due to their favorable valuations [4][18] - The report identifies significant opportunities in AI and its applications across various sectors, suggesting that AI-driven innovations will lead to a new round of value reassessment in the market [4][21] E-commerce - Alibaba's MaaS business and the progress of its Qianwen model are expected to encourage a return to SOTP valuation perspectives in the market [4][15] - The report notes that Alibaba's recent performance was below expectations, but the long-term outlook remains optimistic due to its AI capabilities and integration with its commercial ecosystem [15] Social Entertainment Media - Tencent is expected to continue leveraging the commercialization potential of WeChat, while Bilibili's advertising growth is projected to outpace the overall internet advertising market, with a forecasted revenue growth rate of 27% in Q4 2025 [4][15][18] Internet Healthcare - JD Health and Alibaba Health are strengthening their partnerships with upstream pharmaceutical manufacturers, leading to robust revenue and profit growth [4][16] Short Videos - The report highlights the commercial potential of short video platforms, benefiting from technological advancements, with expectations of increased capital investment in 2026 [4][16] IP and Toy Market - Pop Mart is expected to enhance its collaboration with overseas designers and strengthen its local IP penetration into international markets, supported by store upgrades and a diverse SKU offering [4][16] Long Videos - The report indicates that the long video sector is stabilizing in terms of membership and advertising revenue, with a focus on exploring new business opportunities related to the main industry [4][17] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU, although there are concerns about competition from new players leading to valuation adjustments [4][17] Gaming Sector - The report maintains a positive outlook on the gaming sector, with expectations of continued industry prosperity into 2026, recommending companies with strong product pipelines and growth potential [4][18] - The report suggests that new game launches will catalyze growth, with several major titles scheduled for release [13][18] Advertising - The report notes a significant increase in internet advertising investment, particularly in consumer categories, driven by major events like the Winter Olympics and the World Cup [4][18] AI Developments - The report highlights advancements in AI technologies, with expectations of a new wave of model iterations and commercial applications emerging in 2026 [4][21]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 华为、莫界科技、AI算力 闭门投研会-2026 Al 的中国力量(二) 年研学安 型 成石 1月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 HashKey、复星财富 5月22日-23日 北京 智谱、头部机器人企业 商业航天 6月26 ...

小破站这是啥情况？ 昨天就在小红书刷到说它家裁员的帖子，源头应该是来自脉脉上。 今天晚上这个传闻居然还冲上微博科技热搜第一了。截至发稿为止，话题阅读量已经 2600+ 万了。 这个话题下都是网友发的，尚无媒体主持人。 蜀黍还不出来辟谣啊？！ ② 前些天（3 月 17 日）科大讯飞也被传出裁员，不过他们当晚就火速回应辟谣，并且还报警了，后来造谣者被 行政拘留拘了。 ① ...

抖音、快手、腾讯、小红书、哔哩哔哩、微博等6家重点平台积极履行主体责任，近一个月以 来，深入清理虚假摆拍等违规短视频3.7万余条，处置违规账号3400余个，补充标注短视频60 余万条，并累计发布治理公告18期，曝光一大批典型案例。在此基础上，各重点平台先行先 试，对短视频内容标注功能进行优化，将内容标注入口提至短视频发布一级页面，方便用户进 行标注。 下一步，中央网信办将明确具体工作要求和工作进度安排，在全国范围内统一部署推进规范短 视频内容标注工作，并同步开展巡查取证，严惩未按要求进行标注的账号和主体责任落实不力 的网站平台，公开进行曝光。 据央视新闻报道，当前，网站平台关于短视频内容标注的标准和尺度不一，一些含有虚构演 绎、摆拍营销、AI生成等内容的短视频未进行规范标注，严重误导公众认知，扰乱社会秩序， 污染网络生态。 对此，中央网信办拟指导网站平台全面规范短视频内容标注—— 对短视频内容标注使用的标签进行规范，明确必须设置的标签种类。 将内容标注设为短视频发布的必经环节，引导用户对发布的短视频内容进行标注。 对存量短视频内容进行分批回溯和补充标注，推动实现应标尽标。 来源丨央视新闻 编辑｜黎雨桐 见习编 ...

Investment Rating - The report upgrades the investment rating of Bilibili (BILI.US) and Bilibili-W (09626) to "Overweight" [1] Core Insights - The target price for Bilibili's US stock is raised from $27 to $35, while the target price for its Hong Kong stock is increased from HKD 210 to HKD 270 [1] - The report suggests that investors should take advantage of the current low stock price, as the company's strategy to increase AI investments is deemed correct [1] - AI has already become a driving factor for user engagement and advertising revenue growth, and this trend is expected to continue in the coming years [1] - The company is projected to achieve steady profit growth this year, supported by strong operational leverage, even with AI investments [1] - Adjusted net profit is expected to grow by 25% in 2025, accelerating to 41% and 30% in 2027 and 2028, respectively [1] - A recent reduction in App Store commission rates by Apple is anticipated to positively impact several of Bilibili's business segments, with an estimated positive effect of about 3% [1]

Market Overview - Major Asia-Pacific stock indices collectively declined, with the Shanghai Composite Index falling below the 4000-point mark for the first time since January 5, and the Nikkei 225 index dropping over 3% [1] - The Shanghai Composite Index closed down 1.39%, while the Shenzhen Component Index and the ChiNext Index fell over 2%, and the Growth Enterprise Market Index dropped over 1% [3] Sector Performance - The sectors that experienced the largest declines included non-ferrous metals, petrochemicals, fertilizers, lithium mining, and rare earths, with several stocks hitting the daily limit down [3] - Gold stocks saw significant drops, with Zhongjin Gold, Zijin Mining, and Shandong Gold all declining over 7% [3][4] Notable Stock Movements - Specific stocks that fell sharply include Zhongjin Gold (down 7.80% to 26.70), Zijin Mining (down 7.45% to 32.32), and Shandong Gold (down 7.04% to 40.65) [4] - Conversely, sectors such as CPO, coal, and oil & gas saw gains, with Mingpu Guangci and Lanyan Holdings hitting the daily limit up [5] Hong Kong Market - The Hang Seng Index and the Hang Seng Tech Index both fell over 2%, with tech stocks like Tencent Music and Kuaishou dropping significantly [5] Economic Indicators - The U.S. Federal Reserve decided to maintain the federal funds rate target range at 3.5% to 3.75%, aligning with market expectations, while indicating potential future rate cuts [6] - Concerns were raised regarding rising energy prices potentially increasing overall inflation, with uncertainty about the duration and impact of these effects [6] Commodity Prices - Silver prices plummeted, with Shanghai silver dropping over 10%, and gold prices falling below $4800 [7]