Core Viewpoint - Goldman Sachs released a report indicating that Bilibili (09626) participated in the Goldman Sachs Asia-Pacific Leaders Forum, discussing its game product line and release schedule, with expectations for significant user engagement and revenue growth [1] Group 1: Game Product Line and Release Schedule - Bilibili's management expects the game "Three Kingdoms: Hundred Generals Card" to achieve daily active users (DAU) in the millions, set to launch during the 2026 Spring Festival [1] - The mobile anime RPG "Dudu Face Prank" is expected to launch in Q4 of this year, focusing on cute characters [1] - The single-player top-down shooter "Escape from Duckkov" is also anticipated to be released in Q4 of this year [1] Group 2: Advertising and Industry Trends - The gaming industry advertising performance was robust in the first half of the year, with major game publishers increasing their ad spending on Bilibili's platform year-on-year [1] - The 3C digital business experienced unexpected growth in Q2, 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 until the end of the year [1] Group 3: Advertising Revenue and Optimization - The company's eCPM (average revenue per 1,000 ad impressions) saw double-digit year-on-year growth in Q1, attributed to an expanded client base and improved conversion rates from algorithm optimization [1] - By Q2 of 2025, the proportion of deep conversions is expected to double, with plans to test AI-generated personalized titles and covers in the second half of 2025 to enhance ad click-through rates [1]

人民财讯9月10日电，恒生指数收涨1.01%，恒生科技指数涨1.27%。哔哩哔哩涨超7%，三生制药跌超 8%，老铺黄金跌逾7%，泡泡玛特跌超4%。 ...

Market Overview - The Hang Seng Index closed at 26,200.26 points, up 1.01% [1] - The Hang Seng Tech Index rose by 1.27% to 5,902.69 points [1] - The National Enterprises Index increased by 0.93% to 9,328.16 points [1] - The Red Chip Index gained 0.58%, closing at 4,376.55 points [1] Top Gainers - Bilibili-W surged over 7% to a price of 198.000 [2] - Dama Entertainment increased by over 5% to 1.190 [2] - JD Logistics and Lenovo Group both rose over 4%, with JD Logistics at 13.820 [2] - Other notable gainers include Beike-W, Construction Bank, and Agricultural Bank, all rising over 3% [1][2] Top Losers - Tianqi Lithium Industries fell by 7.97% to 39.960 [2] - Ganfeng Lithium dropped by 7.08% to 33.880 [2] - Pop Mart decreased by 4.09% to 276.400 [2] - Other significant decliners include Bosideng and Zhou Hei Ya, both down over 2% [1][2]

Group 1 - The majority of Chinese concept stocks in the US pre-market are rising, with Bilibili up by 5% [1] - Baidu has increased by 2%, while Li Auto and Tencent Music are both up by 0.9% [1] - Trip.com is up by 0.8%, Pinduoduo by 0.5%, and JD.com by 0.4%, whereas NIO has decreased by 3% [1]

Core Viewpoint - Bilibili-W (09626) has seen a significant stock price increase of over 7%, currently trading at 198.9 HKD with a transaction volume of 2.25 billion HKD, following the news of a key executive joining the company [1] Company Developments - Zhang Di, former Vice President of Kuaishou and head of the AI division, has recently joined Bilibili as the head of the technology line, bringing extensive experience from Alibaba and Kuaishou [1] - In the first half of the year, Bilibili achieved a revenue of 14.341 billion CNY, representing a year-on-year growth of 22%, and turned a profit with a net income of 210 million CNY [1] User Metrics - Bilibili's user base continues to grow, with Monthly Active Users (MAU) reaching 365 million and Daily Active Users (DAU) at 108 million, reflecting year-on-year increases of 8% and 6% respectively [1] Market Outlook - Guosen Securities highlights Bilibili's significant community and user advantages, noting that the company is still in the early stages of commercialization. The integration of new technologies like AI presents substantial growth opportunities in gaming, advertising, and value-added services [1] - With a stabilizing policy environment and gradual commercialization, Bilibili is expected to turn profitable by 2025, suggesting that its current market value and valuation have good upward elasticity, indicating a positive long-term development potential [1]

Core Viewpoint - Bilibili-W (09626) has seen a significant stock price increase of over 7%, currently trading at 198.9 HKD with a transaction volume of 2.25 billion HKD, following the news of a key executive joining the company [1] Group 1: Executive Changes - Zhang Di, former Vice President of Kuaishou and head of the AI division, has recently joined Bilibili as the head of the technology line, bringing extensive experience from Alibaba and Kuaishou [1] Group 2: Financial Performance - In the first half of the year, Bilibili achieved a revenue of 14.341 billion CNY, representing a year-on-year growth of 22% [1] - The company turned a profit with a net profit attributable to shareholders of 210 million CNY [1] Group 3: User Growth and Engagement - Bilibili's monthly active users (MAU) and daily active users (DAU) reached 365 million and 108 million respectively, showing year-on-year growth of 8% and 6% [1] Group 4: Market Outlook - Guosen Securities highlights Bilibili's significant community and user advantages, noting that the company is still in the early stages of commercialization, with promising growth potential in gaming, advertising, and value-added services driven by new technologies like AI [1] - The company is expected to achieve profitability by 2025, with current market capitalization and valuation showing good upward elasticity, indicating a positive long-term development outlook [1]

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]