Economic Indicators - The US Consumer Price Index (CPI) increased by 0.3% month-on-month in June, with a year-on-year growth of 2.7% before seasonal adjustment [1] - Major US stock indices showed mixed results, with the Nasdaq up by 0.18%, while the Dow Jones and S&P 500 fell by 0.98% and 0.4% respectively [1] - Nvidia's market capitalization increased by $161.8 billion (approximately 1160.5 billion RMB) after a more than 4% rise in its stock price [1] Industry Insights - The World Digital Academy released the AI STR series new standard for AI agent operational safety testing, marking the first global standard in this area [2] - AI agents are expected to significantly enhance user experience by reducing the need for complex app interactions, with IDC predicting that by 2027, AI mobile and PC market shares in China will exceed 50% and 80% respectively [3] - The establishment of Huawei Cloud's Embodied Intelligence Industry Innovation Center in Shenzhen is a strategic move to accelerate the development of embodied intelligent robots [4] - The market for embodied intelligence is projected to exceed 1 trillion RMB by 2026, driven by advancements in AI models and technology [4] - The Central Urban Work Conference emphasized the importance of smart city development as a core driver for economic growth and urban governance modernization [5][6] - The smart city market in China is expected to reach 45.3 trillion RMB by 2025, with a compound annual growth rate (CAGR) of 25.2% from 2020 to 2025 [6] Company Developments - Hengfeng Information announced plans for major share reductions by its controlling shareholder, with a maximum of 493.74 million shares (3% of total shares) to be sold [7] - Jinji Co. plans to reduce its shares by up to 127.4 million (0.2717% of total shares) by its largest shareholder's action [7] - Angli Education intends to reduce its repurchased shares by up to 573.1 million (2% of total shares) [7] - Fangzheng Technology announced a plan to reduce shares by up to 94.51 million (2.27% of total shares) [7] - Lingzhi Software and Tianyuan Co. also announced share reduction plans, with respective maximum reductions of 0.3%, 0.8125%, and 1% of total shares [8]

Group 1 - Hong Kong tech stocks showed strong performance in the afternoon session, with Bilibili (09626.HK) rising over 7% [1] - Alibaba (09988.HK) increased by more than 6.8% [1] - Tencent Music (01698.HK) saw a rise of over 5% [1] Group 2 - Meituan (03690.HK) and Kuaishou (01024.HK) both experienced nearly 4% gains [1] - Tencent Holdings (00700.HK), JD Health (06618.HK), and Baidu (09888.HK) all rose by more than 3% [1]

Group 1: Hong Kong Stock Market Highlights - Yunfeng Financial (00376) surged over 21% as the company plans to strategically invest in digital currency and AI sectors [1] - China Merchants Securities (06099) opened nearly 15% higher and is currently up over 4% after receiving approval for a virtual asset license [1] - GDS Holdings (09698) rose over 7% as its Southern GDS data center REIT concluded public investor fundraising ahead of schedule [1] - Hillstone Technology (01478) increased nearly 6% with positive earnings expectations, and Citigroup anticipates a favorable market reaction [1] - Sunny Optical Technology (02382) briefly rose over 3% and is currently up over 1% as its lithography equipment successfully entered Shanghai, indicating a shift to mass production [1] - Kintor Pharmaceutical (02171) saw an early gain of over 3% after achieving positive results in the European patent opposition process [1] - Bilibili (09626) rose over 5% as HSBC expressed optimism about its gaming and advertising business, with new games planned for 2025 [1] - Solar stocks experienced a decline, with institutions citing electricity prices affecting the stable profitability of new energy projects [1] Group 2: U.S. Stock Market Highlights - The U.S. nuclear sector saw gains, with NuScale Power (SMR.US) up 12.38% and Oklo Inc (OKLO.US) up 11.29%, following comments from the U.S. Energy Secretary about a nuclear revival [3] - Autodesk (ADSK.US) rebounded 5.05% after a period of decline, expressing confidence in its cloud and AI business strategies [3] - Sonnet BioTherapeutics (SONN.US) surged 86.46% due to a merger announcement, forming a cryptocurrency financial company valued at $888 million [3] - Quantum stocks rose, with D-Wave Quantum (QBTS.US) up 6.89% and Quantum Computing (QUBT.US) up 8.66% [3] - Hims & Hers Health (HIMS.US) increased 8.64% as it plans to enter the Canadian market with a generic drug following the expiration of a patent [4] - Rocket Lab (RKLB.US) rose 10.71% after Citigroup raised its target price, noting a significant increase in global space technology investments [4] - Nvidia-related stocks mostly strengthened as Jensen Huang made his third visit to China this year [5] - Cryptocurrency stocks collectively rose, with Bitcoin surpassing $120,000, driven by upcoming legislative reviews in the U.S. [5] - Tesla (TSLA.US) gained 1.08% amid investor speculation regarding a stake in xAI [5] - Netflix (NFLX.US) rose 1.35% ahead of its upcoming earnings report, with analysts projecting significant revenue growth [6]

7月15日，港股主要指数高开高走，中证港股通消费主题指数走强。 相关ETF中，港股消费ETF（159735）截至发稿涨1.25%，成交额快速破2300万元。成分股方面，哔哩 哔哩-W涨超6%，创科实业、农夫山泉、海尔智家、快手-W、理想汽车-W、美团-W等股涨幅居前。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 消息面上，7月14日，央行副行长邹澜在国新办新闻发布会上表示，下一步，结构性货币政策工具将继 续坚持聚焦重点、合理适度、有进有退的原则，在支持金融五篇大文章的基础上，突出支持科技创新、 提振消费等主线，进一步提升对促进经济结构调整、转型升级、新旧动能转换的效能。 光大证券认为，下半年市场将开启下一阶段上涨行情，并有望突破2024年下半年的阶段性高点。消费板 块，关注三个方向：1）内需补贴相关方向，包括家电、消费电子以及港股汽车（部分标的相较于A股 ...

Group 1 - The Hang Seng Index and the Hang Seng Tech Index both rose over 1% in early trading [1] - Bilibili (09626.HK) saw an increase of over 6.5% [1]

交银国际研究 消息快报 互联网 2025 年 7 月 14 日 哔哩哔哩 (BILI US) 2025 投资者日：聚焦广告商业化效率提升及核心游戏 IP 长线运营 赵丽, CFA zhao.li@bocomgroup.com (86) 10 8393 5332 谷馨瑜, CPA connie.gu@bocomgroup.com (86) 10 8393 5330 孙梦琪 mengqi.sun@bocomgroup.com (86) 10 8393 5333 蔡涵 hanna.cai@bocomgroup.com (86) 10 8393 5334 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 哔哩哔哩 7 月 11 日举办 2025 年投资者论坛，管理层分享最新业务进展及 未来战略，重申社区定位及优质中长视频内容导向，商业化方面，坚持以 C 端为主+B 端为辅的变现模式，在持续拓展广告天花板的同时，进一步探 索多样化 C 端变现模式。 广告坚持一横一纵战略，深度挖掘 ...

Group 1 - The "Bilibili World 2025" (BW2025) exhibition in Shanghai has gained immense popularity, with nearly 900,000 people attempting to purchase tickets, leading to rapid sellouts [1][3] - The exhibition features a diverse range of sponsors, including brands like Chow Tai Fook and China Construction Bank, which are not traditionally associated with the ACGN (Animation, Comic, Game, Novel) culture [2][7] - The event is part of a broader trend in the booming ACGN market in China, which has over 500 million users, predominantly young individuals under 35 years old [2][13] Group 2 - The BW2025 exhibition has seen a 30% increase in both venue size and ticket availability compared to previous years, attracting around 700 exhibitors and over 1,000 global content creators [5][6] - The event has significantly boosted local tourism and consumption, with hotel bookings around the exhibition area tripling compared to the previous week [5] - The exhibition's sponsors are primarily consumer-facing brands, with about 80% targeting end-users in sectors like food, beauty, and automotive [8][11] Group 3 - The rapid growth of the ACGN market is evident, with projections estimating the market size to reach 597.7 billion yuan in 2024 and 834.4 billion yuan by 2029 [2][13] - The demographic of the ACGN audience is heavily skewed towards younger individuals, with 70% of Bilibili's users aged between 18 and 30 [17][18] - Brands are increasingly recognizing the purchasing power of young women, who are seen as a key demographic in the ACGN community [18]

Market Performance - As of July 10, 2025, the CSI Hong Kong Internet Index (931637) decreased by 0.06%, with mixed performance among constituent stocks [3] - Leading gainers included Beike-W (02423) up 5.71%, China Ruoyi (00136) up 4.67%, and Lion Group (02562) up 4.34%, while leading decliners were Kingsoft (03888) down 2.65%, Yimaitong (02192) down 2.30%, and Reading Group (00772) down 1.96% [3] - The Hong Kong Internet ETF (159568) showed a recent price of 1.69 yuan, with a 14.51% increase over the past three months [3] Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 21.07% during the trading session, with a transaction volume of 68.0941 million yuan, indicating active market trading [3] - The average daily trading volume for the Hong Kong Internet ETF over the past year was 175 million yuan [3] Fund Performance and Metrics - As of July 9, 2025, the Hong Kong Internet ETF had a net value increase of 51.68% over the past year, ranking 184 out of 2907 index equity funds, placing it in the top 6.33% [4] - The fund achieved a maximum monthly return of 30.31% since inception, with the longest consecutive monthly gain being three months and a maximum cumulative gain of 24.85% [4] - The fund's historical holding period of one year has a 100% probability of profit [4] Risk and Fee Structure - The Hong Kong Internet ETF has a Sharpe ratio of 1.49 since inception, with a relative drawdown of 4.64% as of July 9, 2025 [5] - The management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] - The tracking error for the Hong Kong Internet ETF over the past three months was 0.052%, indicating the highest tracking precision among comparable funds [5] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the CSI Hong Kong Internet Index is 21.74, which is in the 10.57th percentile over the past year, indicating a valuation lower than 89.43% of the time in the past year [5] - The index consists of 30 listed companies involved in internet-related businesses, reflecting the overall performance of internet-themed stocks within the Hong Kong Stock Connect [5][6] Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong Internet Index included Xiaomi Group-W (01810), Tencent Holdings (00700), Alibaba-W (09988), Meituan-W (03690), and Kingsoft (03888), collectively accounting for 72.11% of the index [6]

Group 1 - The top 5 mobile game publishers in terms of revenue remain unchanged, including Tencent, Diandian Interactive, NetEase, Mihayou, and Lemon Microfun, with significant revenue increases observed across the board [6][10][20] - Diandian Interactive's game "Kingshot" saw a revenue increase of 56% in June, bringing its total revenue to over $135 million, solidifying its leading position in the strategy game segment [6][10] - Mihayou's flagship product "Genshin Impact" experienced a 72% increase in global revenue following the release of its 5.7 version, which introduced new characters and content [12][10] Group 2 - Florere Game's titles "Dark War Survival" and "Last Z: Survival Shooter" contributed to a 17% revenue increase, elevating the company to the 6th position in the revenue rankings [20][24] - The game "Ningchao" from Kullo Games achieved a 55% revenue increase, allowing it to rise 6 places in the rankings, demonstrating strong market appeal [22][24] - Joy Net Games and Heartbeat Network also reported revenue growth due to the successful launch of new games, with Heartbeat Network's "Etheria: Restart" generating over $11 million in its first month [26][29] Group 3 - The overall revenue of Chinese mobile game publishers in the global top 100 reached $1.76 billion, accounting for 33% of the total revenue of the top 100 publishers [2] - The Chinese mobile game market is experiencing a resurgence in overseas revenue, with a reported 13.39% year-on-year growth, reaching $18.557 billion in 2024 [31] - Companies like Diandian Interactive, Lemon Microfun, and Florere Game are expanding their product advantages into overseas markets, indicating a competitive landscape for future growth [31]

Group 1 - The Hong Kong Hang Seng Index opened down by 0.11% [1] - The Hang Seng Tech Index decreased by 0.26% [1] - NetEase saw a decline of over 2% [1] Group 2 - Bilibili and Kingsoft both dropped by over 1% [1] - Sunny Optical Technology experienced an increase of over 3% [1]