哔哩哔哩 20251212 摘要 B 站股价虽较历史高点大幅下跌，但近一年已反弹约 20%-25%，并在 特定时期内实现翻倍增长，显示出较强的价值重估潜力。基本面角度看， B 站仍是优质互联网标的。 B 站收入从 2018 年的 41 亿元增长至 2024 年的 270 亿元，预计今年 达 300 亿元。2025 年上半年收入同比增长 22%。二季度毛利率达 36.5%，同比提升 6.5 个百分点，并连续 12 个季度环比提升，实现单 季度经调整净利润 5.6 亿元。 B 站第三季度收入同比增长 5%至 77 亿元，经调整净利润同比大增 233%至 7.86 亿元，净利润率达 10.2%。收入分成成本占比下降，带 宽和人工成本占比稳定，AI 相关投入增加。 会员充值和直播打赏是 B 站稳定基本盘，占总收入约 40%，两年年增速 约 10%。第三季度月均付费用户数同比增长 17%，直播业务毛利率提 升至 25%。 广告业务是 B 站未来增长关键驱动力，占总收入 31%。二、三季度广告 收入分别同比增长 20%和 23%。AI 赋能提升算法效率，快消等品类投 放趋势快速增长。 Q&A 哔哩哔哩（B 站）作为中长线 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in e-commerce, social entertainment media, internet healthcare, short videos, and other segments, despite recent market fluctuations [4][16][19]. E-commerce - The e-commerce sector is experiencing stock price fluctuations with a lack of catalysts, but companies are deemed to have attractive valuations. Alibaba's narrative focuses on AI advancements and cloud growth, while Meituan's outlook remains cautious due to ongoing competition [4][16][17]. Social Entertainment Media - Bilibili and Tencent's advertising performance continues to outperform the market, with Tencent's gaming fundamentals improving. Upcoming titles like "Delta Action" and Bilibili's "Escape from Duckkov" are expected to drive growth [4][16][17]. Internet Healthcare - JD Health and Alibaba Health leverage their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][16][17]. Short Videos - Recent declines in AI-related stocks are noted, but Kuaishou's core business remains stable, with ongoing advancements in AI technology and commercialization [4][16][17]. IP and Trendy Toys - Pop Mart's new flagship store in Shanghai enhances interactive space, and the company continues to launch new IPs like 1001moons and supertutu [4][16][17]. Online Mobility - Cao Cao Mobility has upgraded its Robotaxi strategy, moving towards fully unmanned operations by 2026, with a focus on cost advantages in customized vehicles [4][16][18]. Long Videos - The State Administration of Radio and Television's new policies aim to enhance content supply, suggesting investment opportunities in iQIYI and Mango TV [4][16][18]. Music Streaming - TME and NetEase Music show stable performance, although concerns about competition have led to valuation adjustments. The report emphasizes the importance of quality content in driving paid subscriptions [4][16][18]. Gaming Sector - The domestic gaming market remains robust, with continued recommendations for leading companies like Tencent and NetEase. Attention is drawn to companies with improving product trends and operational conditions [4][19]. Advertising - Focus Media's performance has exceeded expectations, with significant growth in internet advertising spending anticipated for Q4, driven by new business initiatives [4][19]. Publishing - Some publishing companies face challenges due to educational reforms, impacting revenue recognition. The report suggests focusing on companies with strong fundamentals and high dividend yields [4][21]. Film and Television - The report highlights the potential recovery in the long video sector, with a focus on production companies with strong project pipelines and leading platforms like Mango TV and iQIYI [4][21]. AI and Technology - The report emphasizes the importance of AI in transforming various sectors, with specific recommendations for companies involved in AI applications across media and healthcare [4][22].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, with specific stock recommendations across various segments [5][8]. Core Insights - The media sector experienced a slight rebound in November, with the advertising segment gaining traction due to AI applications, while other segments showed minor fluctuations. The demand for entertainment is expected to rise towards the end of the year, suggesting potential opportunities in niche segments [3][4]. - Key trends for 2026 include a supportive policy environment fostering resilient growth, with a focus on AI applications, overseas expansion of Chinese content, and the revaluation of IP value driven by upgraded demand [3][4]. - The report highlights strong Q3 performance in Hong Kong and US stocks, particularly in gaming and social media sectors, with notable revenue growth from Tencent and Kuaishou [3][4][18]. Summary by Sections Industry Dynamics - The media index rose by 1.69% in November, contrasting with a decline in the Shanghai Composite Index by 1.67%. Sub-sectors showed varied performance, with digital media up by 1.76% and advertising marketing up by 9.68% [2][11]. - The gaming sector saw a record high in the issuance of domestic game licenses in November, with 178 games approved, indicating a robust supply side [20]. Company Performance - Tencent Music reported a revenue of 8,463 million, exceeding expectations, while iQIYI's performance was in line with forecasts at 6,682 million [18]. - Kuaishou's revenue reached 35,554 million, meeting expectations, driven by advancements in AI technology [18]. Valuation and Recommendations - The report maintains target prices and ratings for covered companies, recommending stocks such as Century Huatong, Mango Excellent Media, and Kuaishou for A-shares, and Tencent Music and iQIYI for Hong Kong and US stocks [5][8]. - Specific stock recommendations include Century Huatong (target price 26.50), Kuaishou (target price 89.00), and iQIYI (target price 2.50), all rated as "Outperform" [5][8].

前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 万科企业(02202) | 4.94 亿股 | 4.54 亿股 | 20.57% | | 中兴通讯(00763) | 1.18 亿股 | 1.33 亿股 | 17.63% | | 中远海控(01919) | 4.88 亿股 | 5.06 亿股 | 17.59% | | 恒瑞医药(01276) | 4039.41 万股 | 3924.19 万股 | 15.20% | | 东方电气(01072) | 5309.73 万股 | 5678.05 万股 | 13.92% | | 中国平安(02318) | 9.94 亿股 | 10.13 亿股 | 13.60% | | 紫金矿业(02899) | 6.65 亿股 | 6.91 亿股 | 11.54% | | 舜宇光学科技(02382) | 1.08 亿股 | 1.15 亿股 | 10.50% | | 哔哩哔哩-W(09626) | 4355.12 万股 | 4293.51 万股 | 10.38% | | 福莱特玻璃(06865 ...

Core Viewpoint - The Nasdaq China Golden Dragon Index has seen a decline, with major Chinese concept stocks experiencing significant drops in their share prices [1] Group 1: Index Performance - The Nasdaq China Golden Dragon Index's decline has expanded to 1% [1] Group 2: Individual Stock Performance - BOSS Zhipin has decreased by 4.45% [1] - Kingsoft Cloud has fallen by 3.89% [1] - Alibaba's stock price has dropped by 3.16% [1] - Pinduoduo has seen a decline of 3.2% [1] - Bilibili has decreased by 2.92% [1]

OpenAI发布GPT5.2 OpenAI正式推出新一代大模型GPT-5.2，付费用户端及API同步开放。此举距上一代GPT-5.1发布不足一 月，背后是谷歌Gemini 3引发的"红色警报"竞争压力——OpenAI此前紧急叫停广告、资讯等侧项目，将 所有资源集中于主模型研发，最终以"职场效率革新"为核心，交出这款号称"迄今最强专业知识工作模 型"的答卷。该版本旨在真正的实现做表格、写PPT、敲代码、看图、读长文等。 中兴通讯股份有限公司发布一份重大事项公告，表示公司反对一切腐败行为，正与美国司法部就有关事 项进行沟通，并将通过法律等手段坚决维护自身权益。公告称，公司反对一切形式的腐败行为，对任何 可能相关的个人持零容忍态度；公司目前生产经营一切正常。 京东工业于港交所主板上市 京东工业股份有限公司（简称"京东工业"）正式于香港联交所主板上市，股票代码为7618。据港交所公 告，京东工业公开发售价定为每股14.1 港元，若不行使超额配股权，全球发售募集资金净额约28.27亿 港元。据了解，京东工业是刘强东的第六家上市公司。 小米发布首款自产中央空调参数公布 小米官宣将发布自产中央空调——米家中央空调Pro双风 ...

②大型科技股多数下跌，谷歌跌超2%，英伟达跌逾1%，特斯拉跌超1%，亚马逊跌0.65%，苹果跌 0.27%，微软涨超1%，脸书涨0.4%； ③ 热门中概股涨跌不一，蔚来涨近2%，百度、世纪互联涨超1%，阿里巴巴、知乎、哔哩哔哩跌超 1%，小鹏汽车跌超2%； ①美国三大股指收盘涨跌不一，道指涨1.34%报48704.01点，标普500指数涨0.21%报6901点，纳指跌 0.25%报23593.86点； ⑦纽约尾盘，美元指数跌0.28%报98.36，离岸人民币对美元涨93个基点报7.0511； ⑧伦敦基本金属多数上涨，LME期锡涨4.69%报41880.00美元/吨，LME期锌涨3.76%报3198.00美元/吨， LME期铜涨2.40%报11833.50美元/吨，LME期铝涨0.98%报2895.00美元/吨，LME期铅涨0.18%报1983.50 美元/吨，LME期镍跌0.29%报14610.00美元/吨； ⑨美债收益率涨跌不一，2年期美债收益率涨0.23个基点报3.538%，3年期美债收益率持平报3.586%，5 年期美债收益率涨0.36个基点报3.733%，10年期美债收益率涨0.78个基点报4.155 ...

Group 1 - Bilibili (B站) faced rumors regarding its video content access policy, claiming that all video resources require a paid membership for full viewing and that basic bullet comments are also tied to membership rights [1] - Bilibili's customer service responded to the rumors, stating that the information is false and that they will pursue legal action against those spreading the rumors [1]

Core Viewpoint - A rumor regarding Bilibili's membership policy has circulated, claiming that starting March 1, 2026, all video content on the platform will require a paid membership for full access, along with basic bullet comments being tied to membership rights. Bilibili has stated that this information is false and will pursue legal action against the spreaders of the rumor [1]. Group 1 - A screenshot claiming changes to Bilibili's membership policy has been widely shared [1] - Bilibili representatives have confirmed that the rumor is untrue [1] - The company has warned against believing and spreading such online rumors [1]

对此，B站客服回应称："该说法为不实消息，对于任何未经证实的网络谣言，请大家理性看待，切勿 轻信和传播。" 数据显示，2025年第三季度B站总营收为76.9亿元人民币，同比增长5%。调整后净利润为7.9亿元，同比 大幅增长233%。本季度，增值服务业务收入达30.2亿，同比增长7%。会员收入方面，截至三季度末， 大会员人数达2540万人，其中约80%为年度订阅或自动续费用户。 凤凰网科技讯 12月11日，话题"B站"冲上微博热搜第一，引来众多网友围观热议。 据了解，事情起因是一张关于B站（哔哩哔哩）致用户的截图在网络流传。截图内容称，"自2026年3月 1日起，哔哩哔哩平台所有视频类资源均需购买B站视频会员方可完整观看，基础弹幕功能同步绑定会 员权益开放。" ...