Group 1 - MiHoYo's new game "Honkai: Star Rail" is set to begin its first test on September 17, 2023, at 10 AM, combining various gameplay elements such as creature collection, auto-chess strategy battles, and open-world exploration [1] - If "Honkai: Star Rail" performs well in testing and gains high player recognition, it is expected to attract a large user base upon official launch, potentially enhancing the company's revenue and profit forecasts [1] - MiHoYo has established a strong industry position with previous hits like "Honkai Impact 3" and "Honkai: Star Rail," and the success of "Honkai: Star Rail" could further solidify its market share and create new growth opportunities [1] Group 2 - Tencent's game "Out of Control Evolution" has postponed its large-scale limited testing from September 19 to September 26, 2023, at 10 AM due to version optimization needs [2] - The delay may cause short-term fluctuations in game popularity and player anticipation, potentially leading to some player attrition during the extended wait [2] - Tencent's decision to delay testing reflects its commitment to game quality, aiming for a more polished presentation at the official testing phase, which could help build a positive reputation for the game [2] Group 3 - The strategy mobile game "Three Kingdoms: Strategize the World," published by Bilibili Games, has announced actor Wu Zhenyu as its spokesperson, which is expected to significantly enhance the game's visibility and attract more potential players [3] - The game will launch a new server themed around loyalty on September 27, 2023, providing players with a fresh gaming experience [3] - The introduction of a well-known spokesperson and new gameplay features is likely to activate existing players and extend the game's lifecycle [3]

Market Overview - The US stock market opened higher with the Dow Jones up 0.27%, Nasdaq up 0.72%, and S&P 500 up 0.52% as of the report time [1] - The Nasdaq Golden Dragon China Index rose over 1.4%, approaching 8500 points, while the Wind China Concept Stock Index surged 1.79% [1] Key Stock Performances - Tesla's stock increased by over 6% after Elon Musk purchased approximately $1 billion worth of Tesla shares [2] - Nvidia's stock fell by 1.5%, while Oracle's stock rose over 4% [2] - Coreweave announced a new order worth $6.3 billion with Nvidia, leading to a stock increase of over 6% [2] Chinese Concept Stocks - Several Chinese concept stocks saw significant gains, with ROBO.AI up over 41% and Guanke Meibo up over 30% [5] - Notable increases included Bilibili up over 8%, and several electric vehicle companies like Li Auto and NIO rising over 7% [5] Gold and Bonds - US Treasury prices rose slightly, with the 10-year Treasury yield decreasing by one basis point to 4.06% [6] - Spot gold reached $3663 per ounce, up 0.56% for the day [6] Cryptocurrency Market - Bitcoin fell to $114,528.1, down 0.69%, while Ethereum dropped to $4,499.02, down 2.31% [8] Chinese Market Dynamics - The Nasdaq Golden Dragon China Index has increased by 25% year-to-date, reflecting a recovery in Chinese assets [9] - Factors contributing to this rebound include a weaker dollar, anticipated Fed rate cuts, and supportive Chinese policies for the tech sector [10][11] - The current valuation of the Nasdaq China Golden Dragon Index remains attractive compared to historical averages, with a forward P/E ratio of 15.58, below the historical average of 17.68 [11]

Core Viewpoint - Bilibili (BILI.US) shares rose over 5% to $26.90 following the announcement of its new game "Three Kingdoms: Hundred Generals Card" and the commencement of pre-registration for the game, with an open beta test scheduled for October [1] Group 1: Game Development and Launch - Bilibili's new game "Three Kingdoms: Hundred Generals Card" is a non-symmetric casual competitive card game, marking the company's second title in the Three Kingdoms theme [1] - The game is expected to achieve a daily active user (DAU) count reaching one million, with a formal launch planned for the Spring Festival in 2026 [1] Group 2: Market Response - Following the game announcement, Bilibili's stock price experienced a significant increase, indicating positive market sentiment towards the company's gaming strategy [1] - The involvement of Bilibili in Goldman Sachs' Asia-Pacific Leaders Forum highlights the company's focus on its game product line and release schedule [1]

Core Viewpoint - Bilibili (BILI.US) shares rose over 5% to $26.90 following the announcement of its new game "Three Kingdoms: Hundred Generals Card" and the commencement of pre-registration for the game, with a public test set for October [1] Group 1: Game Launch and Features - The new game "Three Kingdoms: Hundred Generals Card" is Bilibili's second title based on the Three Kingdoms theme, featuring an asymmetric casual competitive card gameplay [1] - The game is expected to attract a daily active user (DAU) count reaching one million, with a planned official launch during the Spring Festival of 2026 [1] Group 2: Market and Strategic Insights - Goldman Sachs highlighted Bilibili's participation in its Asia-Pacific Leaders Forum, discussing the company's game product line and release schedule [1]

Group 1 - The Hong Kong stock market showed volatility with the Hang Seng Index and Hang Seng Tech Index closing up by 0.22% and 0.91% respectively, driven by gains in major tech stocks like Alibaba and Bilibili [1] - The Hong Kong Internet ETF (513770) experienced a rise of 0.32%, marking its seventh consecutive day of gains, with a trading volume of 599 million yuan [2][4] - The recent influx of capital into the Hong Kong Internet ETF indicates a growing interest in tech stocks, with net inflows of 790 million yuan over the past week and over 2.8 billion yuan in the last 20 days [4] Group 2 - The improvement in liquidity conditions is seen as a crucial factor for the Hong Kong stock market's potential turnaround, especially with the upcoming Federal Reserve interest rate decision [6] - Analysts suggest that a potential rate cut by the Federal Reserve could benefit Hong Kong stocks, particularly in the tech and innovative pharmaceutical sectors [8] - The valuation of the Hong Kong Internet ETF is currently at a historical low, with a price-to-earnings ratio of 25.07, which is significantly lower than that of US and A-share tech stocks [9] Group 3 - The leading tech companies, particularly Alibaba, are making significant advancements in AI, with the launch of new AI hardware and improvements in AI model training [8] - The performance of the Hong Kong Internet ETF has outpaced the Hang Seng Tech Index by over 10 percentage points, highlighting its strong growth potential [12] - The top holdings in the Hong Kong Internet ETF include major players like Xiaomi, Tencent, Alibaba, and Meituan, which collectively account for over 54% of the fund's assets [11]

Group 1 - Bilibili (BILI.US) saw a pre-market increase of 5% following a more than 4% rise on the previous Friday [1] - The company announced the upcoming release of its new strategy card game "Three Kingdoms: Hundred Generals Card," which is set to enter public testing in October [1] - Management expects "Hundred Generals Card" to achieve daily active users (DAU) in the millions, with a formal launch planned for the 2026 Spring Festival [1] Group 2 - As of September 12, Bilibili's closing price was $25.450, with a pre-market price of $26.720 on September 15 [2] - The stock's highest price was $26.330, and the lowest was $25.120, with a trading volume of 5.2586 million shares [2] - The company's total market capitalization stands at $10.507 billion, with a total share count of 413 million [2]

Group 1 - The Zhongzheng Shanghai-Hong Kong-Shenzhen Game and Cultural Media Index (931580) has seen a strong increase of 1.59%, with notable gains from Perfect World (002624) up 10.01%, China Film (600977) up 8.83%, and 37 Interactive Entertainment (002555) up 7.43% [1] - The Game Media ETF (517770) rose by 1.57%, with the latest price reported at 1.29 yuan [1] - The acceleration of AI application commercialization is driven by continuous iterations of large models, with Alibaba's recent release of Qwen3-Next-80B-A3B showcasing significant innovations in training cost and efficiency [1] Group 2 - Open Source Securities highlights that the iteration of domestic large models towards stronger multimodal, reasoning, and agent performance may accelerate AI commercialization across various sectors including content creation, social media, advertising, e-commerce, education, and finance [2] - The Zhongzheng Shanghai-Hong Kong-Shenzhen Game and Cultural Media Index selects 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances to reflect the overall performance of the theme in the markets [2] - As of August 29, 2025, the top ten weighted stocks in the index include Kuaishou-W (01024), Tencent Holdings (00700), and Bilibili-W (09626), collectively accounting for 54.14% of the index [2]

截至2025年9月15日 11:27，港股通科技ETF嘉实(520670)上涨1.31%， 冲击7连涨。成分股方面，哔哩哔哩-W涨近6%，高伟电子、华虹半导体、阿里巴巴-W 涨超3%，黑芝麻智能、心动公司等跟涨。拉长时间看，截至2025年9月12日，港股通科技ETF嘉实近1周累计上涨5.02%，涨幅排名可比基金第一。 消息面方面，美联储9月利率决议的发布近在眼前。随着一系列就业及通胀数据的陆续出炉，降息预期的"拼图"已拼接完整——市场完全定价美联储将于本 周重启降息。当前市场关注的焦点已转向降息的幅度与节奏。分析人士普遍认为，美联储本周降息25个基点是大概率事件，但也不排除降息50个基点的可能 性。 国投证券认为，对于中国资产而言，本次降息大概率属于预防式降息，眼下来看港股资产受益程度将更加明显。结合今年以来的A/H轮动上涨特征+9月大概 率降息+互联网竞争边际影响趋缓，这或暗示：此前提出的"港股科技（中概互联）会跟上来"的观点在9月会得到体现。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 01024 | 快手-W | 1.59% | 7.13 ...

Group 1 - The Hong Kong stock market showed a low opening followed by a rise, with the Hong Kong Consumer ETF (159735) experiencing a slight decline of 0.46% as of the report, with a trading volume exceeding 24 million [1] - The latest circulating scale of the Hong Kong Consumer ETF (159735) reached 853 million yuan, marking a historical high and leading among similar products, with a circulating share of 982 million [1] - The Hong Kong Consumer ETF (159735) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 large-cap, liquid consumer-related stocks within the Stock Connect range, reflecting the overall performance of consumer stocks [1] Group 2 - The Ministry of Finance reported that approximately 420 billion yuan has been allocated to stimulate consumption, resulting in sales exceeding 2.9 trillion yuan by the end of August [2] - Rural retail sales of consumer goods have increased by 24% since the beginning of the 14th Five-Year Plan, supported by various fiscal policies aimed at enhancing consumption [2] - Direct subsidies for childcare and elderly services, as well as interest subsidies for personal consumption loans, have been introduced to direct resources towards the consumption sector [2] Group 3 - Dongxing Securities anticipates a boost in consumption during the Mid-Autumn Festival and National Day, with Zhejiang's consumption policy breakthroughs likely to be emulated by other regions [3] - The issuance of consumption vouchers by various cities is expected to invigorate domestic consumption, particularly in the second half of the year [3] - The overall recovery of the consumption sector, especially in the catering industry, is projected to grow alongside tourism and sports economies [3]

Group 1 - Bilibili-W (09626) saw a 5.03% increase in stock price, currently at 208.80 HKD, with a trading volume of 607 million HKD [2] - On September 10, Bilibili announced the first reveal of its new strategy card game "Three Kingdoms: Hundred Generals Card," which is now open for pre-registration and will enter public testing in October [2] - Goldman Sachs highlighted Bilibili's participation in its Asia-Pacific Leaders Forum, where the company discussed its game product line and release schedule, projecting that "Hundred Generals Card" could achieve daily active users (DAU) in the million range, with an official launch planned for the 2026 Spring Festival [2]