记者丨李莎编辑丨周上祺 互联网不是法外之地，各地正大力整治房地产网络乱象。近日，北京市相关部门进行的一次联合约谈， 再次释放出强烈信号。 日前北京市住建委官方公众号"安居北京"发文称，12月5日，北京市住房城乡建设委会同北京市委网信 办、北京市公安局等部门，对抖音、小红书、贝壳、58同城、闲鱼、链家、我爱我家、麦田等互联网平 台进行联合约谈。 此次约谈直指当前房地产网络信息传播中的突出问题。会议明确指出，部分自媒体账号存在在网络上发 布和传播唱衰北京楼市、制造市场恐慌、散布不实信息、虚假房源引流等违规信息问题，严重扰乱市场 秩序。为此，会议要求各平台立即开展全面自查，及时下架违规信息、处置违规账号，并加快建立完善 常态化行业内容内审机制。 整治行动已取得阶段性成效。据北京市住建委最新消息，截至12月12日，在相关部门督导下，58同城、 抖音、小红书、闲鱼、贝壳等网站平台已累计自查清理各类违法违规和不良信息1.7万余条；清理处置 北京公寓、老李谈京房、锐哥金融视野、北京海哥看房等一批放大市场波动、贩卖焦虑、臆测政策、传 播虚假内容博取流量、误导预期促成交的违规房产类账号、直播间2300余个；删除处理违规笔记10 ...

Core Viewpoint - The article highlights the ongoing efforts by various Chinese cities, particularly Beijing, to regulate and rectify the chaotic online information dissemination in the real estate sector, emphasizing the need for accurate and responsible reporting to maintain market stability [2][3]. Group 1: Regulatory Actions - Beijing's housing authority, along with other departments, conducted a joint meeting with major internet platforms like Douyin and Xiaohongshu to address issues related to the spread of negative information about the real estate market [2]. - The meeting identified that some self-media accounts were spreading false information, creating market panic, and disseminating misleading property listings, which disrupts market order [2]. - As of December 12, over 17,000 pieces of illegal and harmful information were cleared from platforms like 58.com and Douyin, and more than 2,300 accounts and live streams promoting market anxiety were removed [3]. Group 2: Nationwide Efforts - Other cities, such as Shanghai, have also initiated similar regulatory actions, with over 40,000 pieces of harmful information and 70,000 accounts being addressed since November 14 [4]. - In Xi'an and Nanjing, local authorities have taken steps to address accounts spreading false narratives about falling property prices and other misleading content, emphasizing the need for compliance with relevant laws [5].

Group 1 - JPMorgan Chase & Co. increased its stake in Bilibili-W (09626.HK) by purchasing 696,258 shares at an average price of HKD 194.9192 per share, totaling approximately HKD 136 million [1] - Following this acquisition, JPMorgan's total holdings in Bilibili-W rose to 55,254,998 shares, increasing its ownership percentage from 15.99% to 16.19% [1]

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

香港联交所最新资料显示，12月12日，小摩增持哔哩哔哩(09626)69.6258万股，每股均价194.9192港 元，总金额约为1.36亿港元。增持后最新持股数目约为5525.50万股，持股比例为16.19%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月12日，小摩增持哔哩哔哩(09626)69.6258万股，每 股均价194.9192港元，总金额约为1.36亿港元。增持后最新持股数目约为5525.50万股，持股比例为 16.19%。 ...

Core Viewpoint - Bilibili (09626) is a leading online video and content community platform in China, expanding from ACG content to a comprehensive community covering various fields, with a projected MAU of 376 million by Q3 2025, reflecting an 8% YoY growth [1] Group 1: User Engagement and Monetization - The company has a high user retention rate, with a 12-month retention rate for official members reaching 80% [1] - The gaming business, rooted in its strong ACG background, is diversifying into a full-category layout, with the upcoming game "Three Kingdoms: Strategize the World" expected to achieve significant revenue [1] - Value-added services are steadily growing, primarily driven by premium membership subscriptions [1] - Advertising revenue is expected to grow by 23% YoY to 2.57 billion yuan in Q3 2025, with a focus on brand, performance, and native advertising [1] Group 2: Financial Performance and Growth Drivers - The overall revenue growth is recovering, driven by the gaming business, with a 21.62% YoY growth rate in H1 2025 [2] - The company's gross margin has been steadily improving since 2022, supported by enhanced commercialization efficiency and strict cost control [2] - The net profit turned positive in H1 2025, reaching 210 million yuan, with adjusted net profit at 920 million yuan [2] Group 3: Revenue Projections - Revenue projections for 2025-2027 are estimated at 30.41 billion, 32.44 billion, and 35.19 billion yuan, reflecting YoY growth rates of 13.3%, 6.7%, and 8.5% respectively [1] - Adjusted net profits for the same period are projected to be 2.14 billion, 3.15 billion, and 4.30 billion yuan [1] - The current price-to-earnings ratio is projected to be 33.8, 22.9, and 16.8 times for the years 2025, 2026, and 2027 respectively [1]

Core Viewpoint - Bilibili (09626) is a leading online video and content community platform in China, evolving from ACG content to a comprehensive community covering diverse fields, with a projected MAU of 376 million by Q3 2025, reflecting an 8% YoY growth [1] Group 1: User Engagement and Monetization - The company has a high user loyalty, with a 12-month retention rate of 80% for official members, accelerating the conversion to high-quality commercial value [2] - Game business, rooted in its strong ACG background, is diversifying into a full-category layout, with the success of "Three Kingdoms: Strategize the World" marking a significant milestone, achieving 1 billion yuan in revenue quickly [2] - The value-added services are steadily growing, primarily driven by premium membership subscriptions [2] Group 2: Revenue Growth and Profitability - Overall revenue growth is rebounding, driven by the gaming business, with a 21.62% YoY growth rate in H1 2025 [3] - The company is experiencing improved profitability due to enhanced commercialization efficiency and strict cost control, with gross margin steadily increasing since 2022 [3] - Adjusted net profit turned positive in H1 2025, reaching 920 million yuan, with a net profit of 210 million yuan [3] Group 3: Future Projections - Revenue projections for 2025-2027 are estimated at 30.41 billion, 32.44 billion, and 35.19 billion yuan, with YoY growth rates of 13.3%, 6.7%, and 8.5% respectively [1] - Adjusted net profits for the same period are forecasted to be 2.14 billion, 3.15 billion, and 4.30 billion yuan [1] - The current price-to-earnings ratio is projected to be 33.8, 22.9, and 16.8 times for the years 2025, 2026, and 2027 respectively [1]

Core Viewpoint - The article discusses the downfall of Nicolas Puech, the heir of Hermès, who went from having a fortune of $15 billion to losing it all due to betrayal by a close friend and financial advisor, Eric Fremont [5][7][28]. Group 1: Background of Nicolas Puech - Nicolas Puech, the heir of Hermès, was known for living off the dividends of the company since the mid-1990s [16]. - He had no children and was unmarried, relying heavily on his friend and wealth advisor, Eric Fremont, for financial management [19][21]. - Puech developed a close relationship with a Moroccan gardener, considering adopting him and transferring his wealth to him [21][22]. Group 2: Financial Betrayal - In 2022, Puech instructed Fremont to transfer 1 million Swiss francs to the gardener, but the funds were never received, raising Puech's suspicions [22][25]. - An independent audit revealed that 90% of Puech's shares had been transferred as early as 2008, with his stock account completely emptied by 2021 [28][29]. - Fremont lived lavishly while Puech's assets were drained, leading to a lawsuit filed by Puech against Fremont for large-scale fraud in 2023 [31][56]. Group 3: The LVMH Incident - In 2010, LVMH began acquiring shares of Hermès, alarming the family as it approached a critical ownership threshold [35][38]. - The Hermès family united to lock their shares in a holding company, preventing LVMH from gaining control [38]. - Puech was implicated in selling shares to LVMH without his knowledge, claiming Fremont orchestrated the transactions behind his back [41][42]. Group 4: Legal Proceedings and Aftermath - Fremont claimed that all transactions were authorized by Puech, presenting signed documents as evidence [50]. - The court ruled that since Puech voluntarily transferred wealth management to Fremont, it could not be classified as fraud [53]. - Fremont's suicide in July 2023 left the fate of Puech's wealth unresolved, highlighting the dangers of trust in close relationships [55][56]. Group 5: Broader Implications - The article illustrates a harsh reality for the wealthy: their greatest financial vulnerabilities often lie within their closest relationships [57]. - It emphasizes that trust can create blind spots, making affluent individuals prime targets for exploitation [91][92]. - The narrative serves as a cautionary tale about the importance of due diligence and the risks associated with relying on personal relationships for financial management [99][100].

Core Insights - In November, Chinese non-gaming companies continued to show strong overseas revenue growth, with ByteDance and YY leading the rankings. Meitu's revenue surged by over 21.4% due to seasonal features, returning to the top three [2][3]. Non-Gaming Companies Revenue - ByteDance and YY maintained their positions at the top of the revenue chart for non-gaming companies in November [2]. - Meitu's application "Meitu" launched a winter-themed feature, achieving record revenue growth, particularly in Asian markets like Thailand and Japan [2][3]. - Qicheng Technology's applications "TopTop" and "DramaBite" helped the company rise into the top five, maintaining previous month's revenue momentum [3]. - iQIYI's revenue increased by over 13.3% due to promotional activities during the Double Eleven shopping festival, moving up two ranks to eighth place [3]. - Youku's application "YOUKU" saw a revenue increase of over 20.2% driven by the success of the series "暗河传" in Thailand [3]. - Xiaoying Technology reversed its revenue decline with a growth of over 21.8%, aided by its video editing app "VivaVideo" and new AI applications [4]. - Other companies like Wanjing Technology, Baidu, and Xiaomi also saw improvements in their rankings and revenue [4]. Gaming Companies Revenue - The global gaming market remained strong, with Chinese gaming companies maintaining their revenue levels from the previous month [7]. - Tencent's overseas revenue grew significantly, driven by its FPS game "GODDESS OF VICTORY: NIKKE," which achieved record revenue due to new content [7][8]. - 4399's new game "英雄來搞鬼：房間保衛戰" performed well in the Hong Kong and Taiwan markets, contributing to its improved ranking [7]. - KuLo Games' "Wuthering Waves" saw a revenue increase of over 16.1%, helping the company rise in the rankings [8]. - Iceberg Network's new game "X-Clash: Survival Challenge" achieved an estimated revenue of over $3 million, with a month-on-month growth of over 162.9% [8]. - Other companies like Lilith, Mu Tong, and BeheFun also experienced notable revenue growth and ranking improvements [8].