Group 1 - The Hang Seng Index rose by 1.19%, the Hang Seng Tech Index increased by 1.80%, and the Hang Seng China Enterprises Index climbed by 1.22% on September 10, with a half-day trading volume of HKD 169.612 billion [1] - The Hong Kong Stock Connect Tech ETF (159101) gained 1.36%, while the Hang Seng Internet ETF (513330) surged by 2.75% [1] - Key stocks in the Hang Seng Internet ETF saw significant increases, with JD.com-SW up by 4.63% and Baidu-SW up by 3.77% [1] Group 2 - The global liquidity improvement following the Federal Reserve's interest rate cuts is expected to benefit Hong Kong stocks, particularly the high-growth and high-volatility tech sector [1] - Hong Kong tech stocks are currently undervalued compared to historical levels, making them sensitive to changes in the US-China interest rate differential [1] - Alibaba's latest quarterly cloud revenue and capital expenditure exceeded market expectations, potentially shifting the narrative from "takeout competition" to AI, which could aid in valuation recovery for the sector [1] Group 3 - Hong Kong tech stocks offer significant valuation advantages compared to global tech assets, with DeepSeek indicating that China is in the top tier of global AI competition [2] - The increasing global influence of China suggests that Chinese tech assets have substantial growth potential, warranting higher valuations [2] - Currently, Hong Kong tech stocks are significantly undervalued compared to major tech indices like NASDAQ and ChiNext, with the valuation gap not fully reflecting their growth potential [2]

每经AI快讯，港股哔哩哔哩涨幅扩大至逾7%，报198.9港元，成交额超14亿港元。 （文章来源：每日经济新闻） ...

每经AI快讯，9月10日，港股科网股持续活跃，哔哩哔哩涨超4%，百度涨超3%，阿里巴巴、腾讯控股 等跟涨。 ...

Core Insights - Chinese technology stocks are showing resilience despite 145% tariffs and escalating U.S.-China trade tensions, with advancements in AI, semiconductors, and electric vehicles positioning them for growth [1] AI Sector - China's AI sector reached a pivotal moment with DeepSeek's R1 model, which matches OpenAI's performance at a training cost of $5.6 million, highlighting cost efficiency [2] - Alibaba Cloud reported a 26% revenue growth in Q1 fiscal 2026, with AI products maintaining triple-digit growth for eight consecutive quarters [3] Semiconductor Industry - China's semiconductor industry is adapting well to Western export controls, with SMIC advancing 7nm chip production without banned equipment [4] - Chinese foundries maintained 87% utilization rates in 2025, supported by "Design by China + Manufacturing in China" policies, and hold over 25% of the global advanced packaging market [5] - Taiwan Semiconductor reported a 44.4% year-over-year revenue increase to $30.1 billion, driven by AI chip demand, with advanced technologies making up 74% of revenues [15] Electric Vehicle Market - BYD captured 28.5% of China's new energy vehicle market in May 2025, selling over 300,000 units monthly, showcasing competitive pricing against Tesla [6] - Tesla experienced an eight-month sales decline in China before a slight recovery, indicating strong competition from Chinese manufacturers [7] Robotics and Space Exploration - China's robotics sector is projected to reach $14.6 billion by 2034, controlling 63% of global humanoid robot supply chains, with 276,288 manufacturing robot installations in 2023 [8] - The commercial space sector in China is expected to reach $344 billion by 2025, bolstered by government investment and private sector growth [9] Company-Specific Insights - PDD Holdings is positioned for growth with a forward P/E ratio of 12.66 and projected revenue growth of 30-32%, supported by $54 billion in cash reserves [12] - Tencent Holdings is experiencing double-digit profit growth, with gaming and cloud segments showing promise despite regulatory challenges [13] - Bilibili's revenues surged 20% year-over-year to RMB7.3 billion, with gaming revenues increasing by 76% [14] - Taiwan Semiconductor's management raised 2025 growth guidance to 30%, supported by robust AI adoption across industries [15]

Summary of Bilibili Inc. (BILI) Conference Call Company Overview - **Company**: Bilibili Inc. (BILI) - **Event**: Asia Leaders Conference 2025 - **Date**: September 4, 2025 - **Location**: Hong Kong Key Points Industry and Company Insights - **Gaming Pipeline**: - **Sanguo**: An asymmetric strategy casual card game expected to launch during Spring Festival 2026, projected to achieve a large Daily Active Users (DAU) level in millions [3] - **Trickcal RE:VIVE**: A mobile anime RPG anticipated for release in 4Q25 [3] - **Escape from Duckov**: A single-player top-down looter-shooter PC game also expected in 4Q25 [3] - **Revenue Forecast**: Management anticipates a decline in gaming revenue by mid-to-high teens percentage year-over-year (yoy) in 2H25 due to a high base from the previous year [3] Advertising Trends - **Vertical Performance**: - **Gaming**: Solid performance in 1H25 with increased spending from major publishers; mini-games gaining market share [6] - **Maternity & Baby**: Fastest growth observed at several hundred percent yoy [6] - **3C Digital Products**: Surged beyond expectations in 2Q25, driven by the June 18 shopping festival and national subsidies [6] - **Healthcare & Wellness**: Identified as a vertical with growth potential [10] - **Advertising Growth**: Management expects 20% yoy advertising growth for 2H25 [10] - **eCPM Increase**: Rose by 10% yoy in both 1Q and 2Q25, attributed to an expanding advertising client base and improved algorithms [10] - **AI Utilization**: Approximately 10% of video titles and 30% of video covers are produced using AI tools; plans to test AIGC personalized titles and covers in 2H25 [10] Community Engagement - **User Engagement**: - DAU increased by 7% yoy and MAU by 8% yoy in 2Q25 without additional sales and marketing expenses, driven by a focus on high-quality mid-to-long form video content [10] - **Creator Monetization**: Average revenue earned by Bilibili creators grew by 20% yoy in 1H25, with more diversified monetization options available [10] Financial Projections and Risks - **Price Target**: - 12-month DCF-based target price of US$26.3 (upside of 17.4%) and HK$205 (upside of 16.0%) [9][11] - **Key Risks**: - Potential slowdown in advertising due to macroeconomic factors or slower-than-expected monetization execution [9] - Weaker-than-expected game grossing and sustainability [9] - Risks associated with content costs and revenue sharing not decreasing as a percentage of revenue [9] Financial Metrics - **Market Capitalization**: $9.4 billion - **Revenue Forecast**: Expected to grow from RMB 26,831.5 million in 2025 to RMB 35,790.2 million by 2027 [11] - **EBITDA Forecast**: Projected to increase from RMB 2,265.9 million in 2025 to RMB 7,028.6 million by 2027 [11] - **EPS Forecast**: Expected to turn positive by 2026 with RMB 5.64 [11] Conclusion Bilibili Inc. is positioned for growth in both gaming and advertising sectors, with a strong focus on community engagement and creator monetization. However, potential risks related to advertising slowdown and game revenue sustainability could impact future performance.

Core Viewpoint - The gaming industry in A-shares and Hong Kong stocks has shown significant revenue growth, with A-share gaming companies reporting a 22% year-on-year increase in gaming business revenue and Hong Kong gaming companies reporting a 16% increase, indicating overall profit improvement for manufacturers [1] Group 1: Revenue Growth Drivers - The performance of new and evergreen games has driven revenue growth, with successful new releases such as Tencent's "Delta Action" and Xindong's "Fantasy Land M: Original Server" contributing to revenue increases in Southeast Asia and the Greater China region [2] - Flagship evergreen games from Tencent and NetEase have also seen growth, with several mid-sized manufacturers experiencing a rebound in older games [2] Group 2: Marketing and AI Strategies - Marketing strategies vary among manufacturers due to product cycle differences, with increased marketing investments noted for new game versions, while some companies have reduced sales expense ratios due to AI-driven efficiency improvements [3] - AI applications in gaming focus on enhancing user engagement through AI NPCs and UGC creation, while company-level applications aim to improve efficiency in art, coding, and customer service [3] Group 3: Future Outlook - The outlook for A-share gaming companies in Q3 is optimistic, with new game releases expected to significantly contribute to profits, exemplified by Giant Network's "Supernatural" and JiBit's "Staff Sword Legend" [4] - Continued focus on the sustainability of new games and the value of evergreen games, alongside global expansion efforts, is anticipated to drive demand [4]

Core Insights - The China Securities Index for online consumption (931481) has shown a strong increase of 1.45% as of September 5, 2025, with notable gains in constituent stocks such as China Film (600977) up by 10.04% and Giant Network (002558) up by 8.14% [1] - The online consumption ETF (159793) has risen by 2.71%, currently priced at 1.06 yuan, and has accumulated a 5.62% increase over the past month [1] - The ETF is positioned as an AI application ETF, closely tracking the online consumption index, which is expected to benefit from the explosion of AI applications [1] - The current price-to-earnings ratio (PE-TTM) of the online consumption ETF is 22.7, indicating it is at a historical low, being below 84.38% of the time over the past five years [1] Company and Industry Summary - The top ten weighted stocks in the online consumption index account for 51.84% of the total index, with Tencent Holdings (00700) and Alibaba-W (09988) being the largest contributors [2] - The performance of the top ten stocks includes Tencent Holdings up by 2.11% and Alibaba-W up by 1.00%, while JD Health (06618) has decreased by 1.48% [4] - The index includes companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption-related companies in the mainland and Hong Kong markets [1]

Core Viewpoint - Bilibili (B站) is heavily investing in video podcasts as a strategic move to attract users and enhance its content ecosystem, aiming to establish video podcasts as a new brand IP for the platform [13][26]. Group 1: Video Podcast Development - The video podcast sector on Bilibili is experiencing significant growth, with many celebrities joining, marking it as a "video podcast year" [12][19]. - Notable figures like Yu Qian and Luo Yonghao are leading discussions on various cultural topics, attracting substantial viewership [9][18]. - The platform has launched the "Video Podcast Out-of-Circle Plan," offering substantial incentives to creators, including a 1 billion-level cold start traffic incentive [13][15]. Group 2: Competitive Landscape - Bilibili's push into video podcasts is a response to stagnating user growth across content platforms and competition from short video platforms like Douyin and Kuaishou [15][19]. - The long video sector is also competitive, with platforms like iQIYI and Tencent Video dominating through extensive copyright content, putting Bilibili at a disadvantage [15][19]. Group 3: User Engagement and Content Quality - Video podcasts on Bilibili are designed to enhance user engagement, with features like real-time comments and discussions, which traditional podcasts lack [18][22]. - The platform's average user watch time is 108 minutes, indicating a strong acceptance of longer content formats like video podcasts [22]. Group 4: Commercial Potential - Video podcasts have high "accompaniment attributes," making them suitable for extended listening, which can increase daily user engagement and provide a solid foundation for monetization [18][19]. - The audience for podcasts is predominantly young and educated, with a high purchasing power, making them an attractive demographic for advertisers [18][19]. Group 5: Community and Ecosystem - Bilibili's unique community culture and user habits align well with the deep content nature of video podcasts, fostering a rich environment for this format [19][26]. - The platform has a history of similar content, indicating a natural evolution towards video podcasts, which could become a significant part of Bilibili's brand identity [23][25].

第 1 頁 共 12 頁 v 1.1.1 | 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 | | | | 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 | | | 9,800,000,000 USD | | 0.00 ...

Summary of Key Points from Conference Call Industry Overview - The new consumption sector in Hong Kong has shown strong performance, with stocks like Pop Mart, Lao Pu Gold, and Mixue Ice City significantly outperforming the Hong Kong Stock Connect Consumption Index and the Wind Consumption Index, primarily driven by young consumers, easing US-China trade tensions, and liquidity injections by the Hong Kong Monetary Authority [2][3][4] - The new consumption sector in Hong Kong has outperformed the A-share market due to a higher concentration of new consumption stocks and a more balanced representation of sub-sectors, capturing new growth points [2][10] Core Insights and Arguments - The new consumption sector's performance is attributed to the young consumer demographic, who prioritize quality-price ratio, emotional value, and social attributes, leading to new consumption trends such as self-indulgent and social consumption [4][5] - Despite a general weakness in consumer sentiment, specific segments within new consumption, such as pet products and educational entertainment, are experiencing rapid growth, with pet food sales increasing by 36% during the 618 shopping festival [7][8] - The current trend in new consumption reflects a dual focus on personalization and rationality, with the Z generation valuing experiences and companionship needs driven by single and elderly demographics [9][11] Financial Performance of Bilibili - Bilibili reported a revenue of 7.3 billion yuan in Q2 2025, a 20% year-on-year increase, with a gross profit of 2.7 billion yuan, reflecting a 46% increase and a gross margin of 36.5% [12][13] - The advertising business accounted for 33% of total revenue, with a significant increase in the number of advertisers, while the gaming segment contributed 22% to the revenue [12][13] - The company is transitioning its valuation from price-to-sales (PS) to price-to-earnings (PE), with adjusted net profit forecasts indicating a return to a reasonable valuation range [12][18] Market Dynamics and Future Outlook - The Hong Kong new consumption sector's total market capitalization exceeds 60%, with revenue growth rates and gross margins outperforming those of the A-share market [4][11] - The anticipated inflow of 300 to 450 billion yuan through the Hong Kong Stock Connect reflects strong interest from domestic public funds in new consumption assets [5][11] - Despite recent adjustments in stock prices, the long-term outlook for new consumption remains positive, driven by ongoing demand for personalized and rational consumption [9][11] Additional Important Insights - The adjustment period from June to August 2025 saw significant declines in representative stocks within the new consumption sector, with average declines around 25%, attributed to previous high valuations and trading volumes [6] - The overall consumer sentiment in China remains weak, with retail sales growth at 5% in the first half of 2025, still below pre-pandemic levels [7] - Bilibili's IP derivative business, while facing short-term pressures, has long-term potential with expected gross margins of 40% to 45% and operating profit margins of 15% to 20% [16] This summary encapsulates the key points from the conference call, highlighting the performance of the new consumption sector, Bilibili's financial results, and the broader market dynamics affecting these trends.