Core Viewpoint - The report from Founder Securities recommends a "Buy" rating for Bilibili-W (09626), highlighting the company's continuous improvement in advertising efficiency driven by AI and its entry into a profit release phase, with adjusted net profits projected at 2.259/3.282/3.960 billion yuan for 2025-2027 [1] Financial Performance - In Q2 2025, the company achieved revenue of 7.34 billion yuan, representing a year-on-year growth of 19.8%, primarily driven by its gaming and advertising businesses [1] - Gross profit for the same quarter was 2.68 billion yuan, showing a year-on-year increase of 46% [1] - The gross margin reached 36.5%, up by 6.5 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, marking 12 consecutive quarters of sequential improvement [1] - Non-GAAP net profit attributable to shareholders was 560 million yuan, indicating continued profit expansion in Q2 [1] Business Model Transition - Bilibili is transitioning from a "traffic dividend" model to a "retention operation" model through a balanced content ecosystem and commercialization strategy [1] - The company is building a sustainable profit model driven by multiple engines, indicating a maturation of its commercialization approach [1]

Core Viewpoint - The report from Founder Securities recommends a "buy" rating for Bilibili (09626), highlighting the company's continuous improvement in advertising efficiency driven by AI and its transition into a profit release phase, with adjusted net profits projected to reach 2.259 billion, 3.282 billion, and 3.960 billion yuan from 2025 to 2027 [1] Financial Performance - In Q2 2025, Bilibili achieved revenue of 7.34 billion yuan, representing a year-on-year growth of 19.8%, primarily driven by its gaming and advertising businesses [1] - The gross profit for the same quarter was 2.68 billion yuan, showing a year-on-year increase of 46%, with a gross margin of 36.5%, up 6.5 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, marking 12 consecutive quarters of sequential improvement [1] - The Non-GAAP net profit attributable to shareholders for Q2 was 560 million yuan, indicating continued profit expansion [1] Business Model Transition - Bilibili is transitioning from a "traffic dividend" model to a "retention operation" model, balancing content ecology with commercialization, and is building a sustainable profit model driven by multiple engines [1] - The company is currently in a phase of steady growth, with its commercialization model becoming increasingly mature, entering a profit harvesting period [1]

Core Viewpoint - The Hang Seng Technology Index continues to strengthen, rising over 3%, while the Hang Seng Index increases nearly 2% [1] Company Performance - Bilibili's stock has surged nearly 10% [1] - Semiconductor Manufacturing International Corporation (SMIC) has seen its stock rise over 5% [1]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 1.65% to 26,286.47 points, the Hang Seng Tech Index up by 2.60%, and the China Enterprises Index rising by 1.79% [1] - Technology stocks saw significant gains, with Bilibili rising over 10%, Alibaba, Kuaishou, and Lenovo up over 3%, and Netease increasing by over 2% [1] Apple-Related Stocks - Apple-related stocks performed well, with Lens Technology rising over 7% following reports of strong sales for the iPhone 17 series, which saw a 14% increase in sales compared to the iPhone 16 series [3] - Apple's stock rose nearly 4%, reaching a historic high and a market capitalization of $3.89 trillion, making it the second-largest company by market value in the U.S. [3] Semiconductor Sector - The semiconductor sector showed strength, with SMIC rising nearly 6% amid expectations of a significant increase in memory prices, particularly DDR4, which has reportedly surged over twofold [4] - Analysts noted that the price of 16GB DDR4 memory modules has exceeded 500 yuan, leading to optimism for domestic manufacturers [4] Chinese Brokerage Firms - Chinese brokerage stocks were active, with CICC rising nearly 6%. Analysts highlighted a clear trend of fundamental recovery in the brokerage sector, with net profits expected to grow by 65% year-on-year in the first half of the year and a projected 70% growth in the third quarter [5] - The overall net profit for the brokerage sector is anticipated to increase by 54% year-on-year, indicating a mismatch between current valuations and improving earnings [5] New Consumption Concept - The new consumption sector weakened, with Pop Mart falling over 5%. Analysts from Zhongyou Securities noted that the recovery in consumption is a gradual process, with signs of stabilization despite short-term fluctuations [6] - The report emphasized that while consumption policies may provide short-term benefits, a more sustained recovery will depend on income stabilization policies in the medium to long term [6] IPO Performance - The debut of Jushuitan saw a significant increase of over 24%, with the public offering phase receiving approximately 1,952.95 times oversubscription, resulting in a very low allocation rate of 0.13% for investors [7] - The international placement also experienced high demand, with an oversubscription rate of about 22.89 times [7]

Group 1 - The Hang Seng Index rose by 1.65%, while the Hang Seng Tech Index increased by 2.6% [1] - Technology stocks performed strongly, with Bilibili rising over 10% and Alibaba increasing nearly 4% [1] - Semiconductor stocks also showed strength, with SMIC rising nearly 6% and Hua Hong Semiconductor increasing nearly 3% [1] Group 2 - Apple-related stocks saw widespread gains, with Lens Technology rising nearly 8%, Hon Teng Precision increasing nearly 6%, and BYD Electronics and Sunny Optical Technology both rising over 4% [1]

每经AI快讯，10月21日，港股午间收盘，恒生指数涨1.65%，恒生科技指数涨2.60%。科网股表现强 势，哔哩哔哩涨超10%，阿里巴巴涨近4%。 ...

Market Performance Summary - Sinopec Oilfield Service (01033) rose over 12% as the company continues to advance its overseas strategy, with new contract signings increasing by over 70% in the first half of the year [1] - China Hongqiao Group (00931) fell over 13% after a significant 55% surge the previous day, with ongoing discussions regarding potential investments [1] - BYD Electronic (00285) increased over 4% as the company is set to supply power components for NVIDIA's new 800VDC AI server architecture [1] - Horizon Robotics-W (09660) rose over 6% as its HSD technology was first adopted by the ET5 model, with multiple automakers already confirming orders [1] - Bilibili-W (09626) increased over 10% due to strong performance of new games, indicating a gradual release of its commercial value [1] - CRRC Corporation (01766) rose nearly 4% ahead of its third-quarter earnings report, with expectations for continued growth in new train procurement and maintenance [1] - Genscript Biotech (01952) rose over 5% as its EVM14 treatment for squamous cell carcinoma addresses critical clinical needs, leading in clinical development progress [1] - Bosideng (03998) increased nearly 6% following the appointment of renowned British designer Kim Jones as the creative director for its new AREAL high-end urban line [1] - Derin Holdings (01709) fell over 11% after announcing a discounted placement of shares to raise funds for expanding Bitcoin mining operations [1] US Market Highlights - TSMC (TSM.US) rose 0.89% as the first NVIDIA Blackwell wafers were recently produced in the US [3] - Pony.ai (PONY.US) increased 1.76% after partnering with Stellantis for autonomous vehicle solutions [3] - WeRide (WRD.US) rose 2.67% after successfully passing the Hong Kong Stock Exchange hearing, positioning itself to become the first "Robotaxi" stock in Hong Kong [3] - Zeekr (ZK.US) increased 4.48% as pre-sales for the refreshed Zeekr 7X officially began, offering significant pre-sale benefits [3] - iQIYI (IQ.US) rose 8.37% as Morgan Stanley upgraded its target price, citing the long-term growth potential of the domestic IP merchandise market [3] - Taoping (TAOP.US) increased 4.27% after announcing a non-binding letter of intent to acquire 100% of Alphalion Holding Limited [3] - Micron Technology (MU.US) rose 2.17% as several major firms raised their target prices for the company [4] - U.S. Antimony Corporation (UAMY.US) surged 20.02% following its proposal to acquire Larvotto Resources to enhance its critical mineral asset portfolio [4] - Apple (AAPL.US) rose 3.94% as a report indicated strong early sales of the iPhone 17 series in China and the U.S. [4] - Moderna (MRNA.US) increased 4.73% after presenting positive data on its mRNA vaccine pipeline at the IDWeek 2025 conference [4]

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hong Kong stock market, particularly the Hang Seng Technology Index, which has seen significant gains driven by tech stocks and companies like Alibaba and Bilibili [1][2] - The Hang Seng Technology Index ETF (513180) has shown a notable increase, with a peak rise of 3%, reflecting the overall bullish sentiment in the market [1] - Goldman Sachs analysts recommend investors focus on Chinese companies seeking to increase overseas revenue, citing the competitive strength of the Chinese yuan and China's dominant position in the global supply chain as key factors supporting these companies' global expansion [1] Group 2 - As of October 20, Alibaba is the largest weighted stock in the Hang Seng Technology Index ETF (513180), accounting for 9.28% of the index [2] - The technology sector in Hong Kong is expected to benefit from trends such as AI, with potential foreign capital inflows exceeding expectations due to the backdrop of Federal Reserve interest rate cuts [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Technology Index ETF (513180) as a means to gain exposure to core Chinese AI assets [2]

Core Viewpoint - The Hong Kong Stock Connect Technology ETF by Harvest has shown strong performance since its inception, with a maximum monthly return of 13.00% and an average monthly return of 13.00% as of October 20, 2025 [2] Group 1: ETF Performance - The maximum monthly return of the ETF is 13.00% and the longest consecutive monthly gain is 2 months with a total increase of 15.78% [2] - The average return during the months of increase is 13.00% [2] Group 2: Index Tracking - The ETF closely tracks the Hang Seng Stock Connect Technology Index (HSSCITI), which reflects the performance of Hong Kong-listed companies related to technology that can be traded through the Stock Connect [2] Group 3: Market Trends - CITIC Securities noted significant net inflows into the Hang Seng Technology sector recently, along with other sectors such as innovative pharmaceuticals and internet technology [2] - Overall, the technology growth sector in Hong Kong remains highly attractive for investment, with a shift away from high dividend stocks [2] Group 4: Future Outlook - Guotai Junan Securities believes that the bullish trend in the Hong Kong stock market will continue into the fourth quarter, driven by the benefits of AI narratives for internet giants and potential foreign capital inflows due to the Federal Reserve's interest rate cuts [2] - Southbound capital is expected to continue flowing in, further supporting the upward trend of the Hong Kong market, with technology remaining a key focus area [2] Group 5: Top Holdings - As of October 20, 2025, the top ten weighted stocks in the HSSCITI include Alibaba, Tencent, Xiaomi, Meituan, and SMIC, collectively accounting for 78.41% of the index [4] Group 6: Investment Access - Investors without stock accounts can access the Hong Kong technology sector through the Harvest Stock Connect Technology ETF linked fund (025719) [5]

Core Viewpoint - The Hong Kong stock market experienced a significant rally on October 21, with the Hang Seng Technology Index increasing by 3% and the Hang Seng Index rising nearly 2% [1]. Group 1: Market Performance - The technology sector showed strong performance, with notable gains in several stocks: Bilibili surged over 10%, while SMIC and BYD Electronics rose more than 5%, and XPeng Motors and Alibaba increased by over 4% [3]. - Specific stock price movements included Bilibili at 230.600 with a gain of 10.12%, Horizon Robotics at 8.730 with a gain of 5.69%, SMIC at 75.850 with a gain of 5.64%, BYD Electronics at 40.820 with a gain of 5.31%, Sunny Optical Technology at 82.700 with a gain of 5.22%, XPeng Motors at 85.200 with a gain of 4.73%, and Alibaba at 168.400 with a gain of 4.01% [4].