Group 1 - The core viewpoint of the report is that AI, macroeconomic recovery, competitive landscape, regulatory environment, shareholder return execution, and Sino-US tensions will be the six key factors affecting the financial performance and valuation of Chinese internet-listed companies in the next 6 to 12 months [1] - The ranking of sub-industries within the mainland internet sector is as follows: cloud computing > online music, online gaming, and online advertising (tied) > e-commerce > others [1] - The long-term preferred stocks identified are Tencent, Alibaba, NetEase, and Tencent Music, while Bilibili and Baidu are favored for the short term [1]

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 嗶哩嗶哩股份有限公司 呈交日期： 2025年9月16日 | 8). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 22,931 | 0.0056 % | USD | 0.0001 | | | --- | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 因合資格參與者（本公司董事除外）根據2018年股份激勵計劃-期權 | | | | | | | | 行使購股權而發行之Z類普通股 | | | | | | | | 變動日期 2025年9月11日 | | | | | | | 9). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 5,000 | 0.0012 % | USD | 0.0001 | | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 因合資格參與者（本公司董事除外）根據全球 ...

Group 1 - The Hong Kong stock market indices opened high but experienced a decline, with the Hang Seng Tech Index ETF (513180) following suit, showing a narrowing increase. Key holdings such as Bilibili, NIO, Trip.com, Meituan, and Li Auto led the gains, with Bilibili rising over 5% at one point [1] - Bilibili's upcoming game, "Three Kingdoms: Hundred Generals Card," is set to begin testing in October, aiming to attract players from the "Three Kingdoms" IP. The game is expected to launch in Q4 to early next year, with a goal of becoming Bilibili's largest DAU game within three years [1] - The gaming market has maintained a high level of prosperity since the summer of 2024, with major game developers seeing strong performance from new game launches. The revenue deferral effect from game sales and the continued success of new releases are expected to contribute to sustained growth in company performance by 2025 [1] Group 2 - The Hang Seng Tech Index ETF (513180) includes significant holdings in the gaming and media sectors, with Tencent, NetEase, and Bilibili collectively accounting for 17.75% of the index's weight [2]

Market Overview - The Hong Kong stock market opened slightly higher on September 16, with the Hang Seng Index at 26,536 points, up 0.34%, and the Hang Seng Tech Index at 6,070 points, up 0.45% [1] Focus Companies - **Yaojie Ankang-B (02617.HK)**: The stock saw a maximum increase of over 60% in early trading, reaching a new high of 679.5 HKD. There was a net inflow of 143 million HKD from southbound funds yesterday. However, some analysts suggest that the stock may be overvalued and highly concentrated, advising ordinary investors to refrain from participation [3] - **Longpan Technology (02465.HK)**: Announced a procurement cooperation agreement with CATL for the sale of 157,500 tons of lithium iron phosphate cathode materials from Q2 2026 to 2031, with a total sales value exceeding 6 billion HKD. The stock opened over 14% higher [5] - **Ningde Times (03750.HK)**: Opened 2.8% higher at 478 HKD, reaching a new high since its listing [5] - **Yunfeng Financial (00376.HK)**: Announced a placement of 19.1 million new shares at 6.1 HKD per share, raising approximately 1.17 billion HKD. The stock fell over 10% in early trading [7] - **Hesai (02525.HK)**: Listed on the Hong Kong Stock Exchange today, opening with a rise of over 7% and later increasing to a 10% gain [9] Sector Performance - The technology sector showed mixed results, with Bilibili-W (09626.HK) up over 2% and JD Group-SW (09618.HK) down over 0.5%. Gold stocks generally rose, with Shandong Gold (01787.HK) increasing over 3%. The automotive sector was active, with Li Auto-W (02015.HK) up over 3%, and lithium battery stocks continued their upward trend, with Ningde Times rising over 2% [8] Market Outlook - According to China Merchants Securities, the Hong Kong market is primarily driven by liquidity, with expectations for a new round of increases due to improved liquidity conditions. Factors such as the Federal Reserve's interest rate cuts, easing of tight liquidity in the Hong Kong market, continuous inflow of southbound funds, and resolution of mid-term profit concerns are contributing to this outlook [8]

Core Viewpoint - Bilibili's stock has seen a significant increase of over 25% in the last six trading days, driven by positive developments in its gaming segment and strong advertising performance [1] Group 1: Stock Performance - Bilibili's stock rose by 5.08% to HKD 219.2, with a trading volume of HKD 584 million [1] - The stock has accumulated a total increase of 25% over the past six trading days [1] Group 2: Gaming Developments - Bilibili announced the upcoming release of its new strategy card game "Three Kingdoms Hundred Generals Card," which is currently available for pre-registration and will enter public testing in October [1] - Management expects "Three Kingdoms Hundred Generals Card" to achieve daily active users (DAU) in the million range, with a formal launch planned for the 2026 Spring Festival [1] Group 3: Advertising and Business Performance - According to Goldman Sachs, Bilibili reported stable advertising performance in the gaming sector during the first half of the year, with year-on-year growth in ad spending from major game publishers on its platform [1] - The 3C digital business experienced unexpected growth in the second quarter, driven by the 618 shopping festival and national subsidies [1] - Home and household products also benefited from subsidies and performed well during the 618 period, with trends expected to continue through the end of the year [1]

Core Viewpoint - Bilibili's stock has seen a significant increase of over 25% in the last six trading days, driven by the anticipation of its new game release and positive advertising trends in the gaming industry [1] Group 1: Stock Performance - Bilibili's stock price rose by 5.08% to HKD 219.2, with a trading volume of HKD 584 million [1] - The stock has accumulated a 25% increase over the past six trading days [1] Group 2: Game Development - Bilibili announced the upcoming release of its new strategy card game "Three Kingdoms Hundred Generals Card," which is currently available for pre-registration and will enter public testing in October [1] - The management expects the game to achieve daily active users (DAU) in the million range, with an official launch planned for the 2026 Spring Festival [1] Group 3: Advertising and Market Trends - According to Goldman Sachs, Bilibili reported stable advertising performance in the gaming sector during the first half of the year, with year-on-year growth in ad spending from major game publishers on its platform [1] - The 3C digital business experienced unexpected growth in the second quarter, driven by the 618 shopping festival and government subsidies [1] - Home and household products also benefited from subsidies and performed well during the 618 period, with trends expected to continue until the end of the year [1]

Group 1 - MiHoYo's new game "Honkai: Star Rail" is set to begin its first test on September 17, 2023, at 10 AM, combining various gameplay elements such as creature collection, auto-chess strategy battles, and open-world exploration [1] - If "Honkai: Star Rail" performs well in testing and gains high player recognition, it is expected to attract a large user base upon official launch, potentially enhancing the company's revenue and profit forecasts [1] - MiHoYo has established a strong industry position with previous hits like "Honkai Impact 3" and "Honkai: Star Rail," and the success of "Honkai: Star Rail" could further solidify its market share and create new growth opportunities [1] Group 2 - Tencent's game "Out of Control Evolution" has postponed its large-scale limited testing from September 19 to September 26, 2023, at 10 AM due to version optimization needs [2] - The delay may cause short-term fluctuations in game popularity and player anticipation, potentially leading to some player attrition during the extended wait [2] - Tencent's decision to delay testing reflects its commitment to game quality, aiming for a more polished presentation at the official testing phase, which could help build a positive reputation for the game [2] Group 3 - The strategy mobile game "Three Kingdoms: Strategize the World," published by Bilibili Games, has announced actor Wu Zhenyu as its spokesperson, which is expected to significantly enhance the game's visibility and attract more potential players [3] - The game will launch a new server themed around loyalty on September 27, 2023, providing players with a fresh gaming experience [3] - The introduction of a well-known spokesperson and new gameplay features is likely to activate existing players and extend the game's lifecycle [3]

Market Overview - The US stock market opened higher with the Dow Jones up 0.27%, Nasdaq up 0.72%, and S&P 500 up 0.52% as of the report time [1] - The Nasdaq Golden Dragon China Index rose over 1.4%, approaching 8500 points, while the Wind China Concept Stock Index surged 1.79% [1] Key Stock Performances - Tesla's stock increased by over 6% after Elon Musk purchased approximately $1 billion worth of Tesla shares [2] - Nvidia's stock fell by 1.5%, while Oracle's stock rose over 4% [2] - Coreweave announced a new order worth $6.3 billion with Nvidia, leading to a stock increase of over 6% [2] Chinese Concept Stocks - Several Chinese concept stocks saw significant gains, with ROBO.AI up over 41% and Guanke Meibo up over 30% [5] - Notable increases included Bilibili up over 8%, and several electric vehicle companies like Li Auto and NIO rising over 7% [5] Gold and Bonds - US Treasury prices rose slightly, with the 10-year Treasury yield decreasing by one basis point to 4.06% [6] - Spot gold reached $3663 per ounce, up 0.56% for the day [6] Cryptocurrency Market - Bitcoin fell to $114,528.1, down 0.69%, while Ethereum dropped to $4,499.02, down 2.31% [8] Chinese Market Dynamics - The Nasdaq Golden Dragon China Index has increased by 25% year-to-date, reflecting a recovery in Chinese assets [9] - Factors contributing to this rebound include a weaker dollar, anticipated Fed rate cuts, and supportive Chinese policies for the tech sector [10][11] - The current valuation of the Nasdaq China Golden Dragon Index remains attractive compared to historical averages, with a forward P/E ratio of 15.58, below the historical average of 17.68 [11]