Group 1 - The core viewpoint of the article highlights the positive performance of Chinese concept stocks, particularly Bilibili, which saw a rise of over 7% in intraday trading [1] - Morgan Stanley has rated Bilibili's stock as "in line with the market," setting a target price of $26, citing strong performance in its advertising business but uncertain prospects for its gaming segment [1] - Bilibili plans to invest in AI infrastructure by 2026 to enhance algorithm accuracy and aims to strengthen its brand influence through continued collaboration with CCTV [1] Group 2 - Alibaba's stock increased by over 5.5% [1] - GDS Holdings saw a rise of over 7.6% [1] - Tencent Music's stock rose by over 3% [1]

Core Viewpoint - Bilibili is intensifying its governance of online content by launching a special campaign against "AI-modified" videos to address dissemination issues and foster a harmonious community atmosphere [1] Group 1: Governance Actions - The company is enhancing its inspection and review efforts since January 1, identifying cases of misuse of AI tools that disrupt classic films and animations, leading to significant deviations from the original works' core spirit [1] - Over 700 pieces of content violating "AI-modified" regulations have been intercepted and dealt with strictly, in accordance with national laws and community guidelines [1] Group 2: Types of Violations - There are serious violations that contradict the original spirit and character portrayal, undermining basic understanding and deconstructing common consensus [3] - Content that glorifies violence, promotes lowbrow curiosity, and advocates erroneous values, violating public morals, has been identified [6] - Notable issues include the appropriation and alteration of Chinese culture [9] - Various types of cult animations generated through modification have been flagged as problematic [11] Group 3: Community Engagement - The company encourages users to actively report illegal and irregular information on the platform, promoting a safer, more orderly, and high-quality online audiovisual environment [11]

Market Overview - The U.S. stock market opened lower on January 8, with the Dow Jones up 0.34%, S&P 500 up 0.01%, and Nasdaq down 0.51% [1] - Major tech stocks mostly declined, with Nvidia and Intel dropping over 2%, and Apple and Facebook down over 1% [3] - Military stocks surged, with Northrop Grumman rising over 9% and Lockheed Martin up over 7%, following President Trump's proposal to increase U.S. military spending from $1 trillion to $1.5 trillion for FY2027 [3] Commodity Market - Silver prices fell significantly, with spot silver down over 5% and COMEX silver down over 4%. The gold-silver ratio has dropped below 60, currently around 59, marking a ten-year low [3] - International oil prices saw an increase, with Brent crude rising nearly 2% to $61 per barrel and WTI crude up 1.95% to $57 per barrel [3] Employment and Economic Indicators - The number of initial jobless claims in the U.S. was recorded at 208,000, slightly below the forecast of 212,000, with the previous value revised from 199,000 to 200,000 [4] - Analysts expect the Federal Reserve to potentially lower interest rates by about 150 basis points by 2026, with a focus on balancing employment and inflation [4] Federal Reserve Outlook - Various institutions have differing views on the Fed's interest rate decisions for the year, with JPMorgan and UBS predicting only one rate cut, while Goldman Sachs and Wells Fargo expect two cuts. Some banks believe there will be no cuts at all [5]

Core Viewpoint - The Nasdaq China Golden Dragon Index has seen an increase, currently up by 1.0% to 7789.5 points, indicating a positive trend in the market for Chinese companies listed in the U.S. [1] Company Performance - Huya has experienced a significant rise of 22.99% [1] - Bilibili has increased by 7.10% [1] - Haitian Network has grown by 5.58% [1] - Golden Sea Amusement has risen by 4.81% [1] - Century Internet has seen an increase of 5.37% [1]

Group 1 - The core viewpoint is that Bilibili's advertising business is performing steadily, while the outlook for its gaming business remains uncertain. Morgan Stanley has rated Bilibili's stock as "in line with the market" with a target price of $26 [1] - Bilibili plans to invest in AI infrastructure by 2026 to enhance algorithm accuracy, which is expected to strengthen its brand influence through continued collaboration with CCTV [1] Group 2 - As of January 8, 2024, Bilibili's pre-market stock price increased by 3.09% to $27.72, following a previous closing price of $26.89 [2] - The stock's trading volume was 1.7129 million shares, with a market capitalization of $11.126 billion [2] - The stock has a 52-week high of $32.50 and a low of $14.47, indicating significant volatility in its price [2]

Group 1 - The core point of the news is that Bilibili's stock has experienced a short-term surge, increasing by over 3% [1] Group 2 - The news is sourced from the Daily Economic News, indicating its relevance in the financial reporting landscape [2]

Group 1 - The stock of Bilibili (09626.HK) has seen a short-term increase, currently rising over 3% [1]

Core Viewpoint - The report from China Merchants Securities International highlights the upcoming listings of Zhipu (02513) and MiniMax (00100) in Hong Kong, positioning them as representative companies of pure large models, differentiating them from comprehensive firms like Alibaba-W (09988) and ByteDance [1] Company Summary - Zhipu and MiniMax are set to list in Hong Kong, representing pure large model enterprises [1] - The listings are expected to enhance short-term investment enthusiasm in the AI internet sector [1] - The report emphasizes the competitive landscape, noting that comprehensive cloud firms maintain funding and ecosystem advantages, creating a competitive and cooperative dynamic with pure large model companies [1] Industry Summary - The report maintains a positive outlook on the Chinese internet industry, suggesting a focus on the continuous iteration and commercialization of new models and applications in the long term [1] - Preferred stocks include Alibaba and Tencent Holdings (00700), with additional recommendations for Bilibili-W (09626), Kuaishou-W (01024), Zhipu, and MiniMax [1]

第 1 頁 共 13 頁 v 1.1.1 致：香港交易及結算所有限公司 | 3. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | 公司名稱: 嗶哩嗶哩股份有限公司 | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09626 | 說明 | Z類 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,800,000,000 USD | | 0.0001 | USD | | 980,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 ...

Core Insights - The current supply-demand relationship in content communities determines the difficulty of platform generalization and commercialization potential [1][2] Group 1: Content Community vs. Information Distribution Platform - The distinction between content communities and information distribution platforms is influenced by content distribution methods, with early content supply being limited and recommendation algorithms being underdeveloped [2] - Platforms like Bilibili, Xiaohongshu, and Kuaishou emerged as content communities due to high creator influence, while ByteDance built products like Toutiao and Douyin around recommendation algorithms, leading to a high platform influence [2] Group 2: Community Generalization Pathways - Bilibili and Xiaohongshu are expected to differentiate themselves in niche markets, with daily active users projected to grow from 120 million to 200-300 million by Q3 2025 [3] - Two evolutionary paths are identified: 1. Douyin transitioned from a trendy short video community to an information distribution platform through external traffic and algorithm-driven content supply [3] 2. Bilibili aims to establish itself as a cultural brand company, focusing on niche segments rather than broad coverage [3] Group 3: Monetization Strategies - Short-term revenue growth for communities relies on advertising, with Xiaohongshu expected to reach an annual advertising revenue of 200 billion by 2030, indicating a fourfold growth potential [4] - Bilibili's advertising revenue is projected to grow at a CAGR of 19% over the next three years, reaching 16.8 billion by 2028, with a long-term potential of 35 billion [4] Group 4: Long-term Revenue Growth - Bilibili's long-term revenue is expected to come from value-added services and gaming, with over 65% of its income derived from ACG (Anime, Comics, and Games) content [5] - The platform's community gaming advantages enhance the likelihood of creating hit games, while anime content monetizes directly through membership [5] Group 5: Impact of AI Technology - AI significantly lowers content creation difficulty and costs, leading to more abundant content supply and higher demands for content review [6] - AI enhances platform traffic distribution efficiency and monetization capabilities, improving content recommendation accuracy and advertising effectiveness [6]