编者按： 上世纪，杨浦是上海著名的工业城区，工业产值一度占全市五分之一。如今，这个五分之一指向了数字经济——2024年，杨浦区软件和信息服务业营收超 3200亿元，规模占全市近五分之一。两个"五分之一"的变化，折射出杨浦区新旧动能转换的生动画面。 创寓228 2023年12月，习近平总书记在上海考察时指出，要以科技创新为引领，加强关键核心技术攻关，促进传统产业转型升级，加快培育世界级高端产业集群，加 快构建现代化产业体系，不断提升国际经济中心地位和全球经济治理影响力。 杨浦区将创新作为立区之本，持续深入实施大学校区、科技园区、公共社区"三区联动"发展战略，不断壮大和优化创新生态，实现了从"工业杨浦"到"知识 杨浦"再到"创新杨浦"的跨越转型。 "创寓228"内，1998年出生的高语桐靠在单人沙发上看书，猫咪趴在一旁，静静晒着太阳。 去年，跳槽到杨浦一家互联网公司的她找房子时，一眼就爱上了这里：独立卫浴、一居室、阳台朝南，"吃饭有社区食堂，健身有活动中心，周围住着热心 的阿婆伯伯们，很有家的感觉。" "创寓228"是杨浦科创集团打造的一处保障性长租人才公寓，位于新中国建造的第一代工人新村长白228街坊内，如今已 ...

Core Viewpoint - The Chinese technology sector is undergoing a significant value reassessment, with local companies transitioning from followers to key innovators in the global tech landscape [1][2]. Group 1: Technological Advancements - Chinese tech companies are increasingly showcasing their innovation capabilities, particularly in AI, with local models like DeepSeek demonstrating strong competitiveness [2]. - The rapid development of generative AI in China since 2023 highlights the leading companies' accelerated efforts in model and application deployment [2]. Group 2: Policy Changes - Since 2021, the Chinese internet sector faced regulatory challenges, but a fundamental policy shift in 2023 encourages major platform companies to explore innovation, redefining the platform economy as a new engine for growth [2]. Group 3: Market Dynamics - The Hong Kong stock market serves as a strategic hub for Chinese tech assets, attracting significant southbound capital inflows, with over 600 billion HKD accumulated by April 2025 [3][5]. - Southbound capital's market value in Hong Kong stocks reached 9.5 trillion HKD, accounting for 16% of the total market, indicating strong investor confidence [5]. Group 4: Investment Opportunities - The Hong Kong Stock Connect Technology 30 ETF provides a streamlined investment option for investors looking to gain exposure to leading Chinese tech companies, effectively mitigating individual stock selection challenges [11][16]. - The index tracked by the ETF includes major Chinese tech firms, with a significant weight of 56.8% in M7 companies, showcasing a robust portfolio of leading assets [12][14]. Group 5: Performance Metrics - The index has delivered over 150% cumulative returns since its inception on January 1, 2025, outperforming other major market indices, indicating strong growth potential [14].

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [49]. Core Viewpoints - The report expresses a positive outlook on the IP toy sector, highlighting its long-term growth potential driven by diverse product categories. The recent success of the "Jinli Naju" limited edition merchandise from Alibaba Pictures during the Dragon Boat Festival is noted as a significant indicator of market interest [5][6]. - The media sector is currently experiencing a resurgence in AI applications, with a focus on cultural confidence stemming from popular IPs like "Nezha." The report anticipates a reshaping of the application landscape in 2023, particularly in public cloud services and B-end SaaS enterprises [5][6]. - The gaming market is highlighted as a key area of interest, with recommendations to focus on companies like Huatuo, Perfect World, and JiBit, driven by product cycles and deepening AI integration [5][6]. Summary by Sections Market Performance Review - The media sector index rose by 1.74% last week, outperforming the CSI 300 index, which fell by 1.08%, resulting in a relative outperformance of 2.82% [8]. - The total market capitalization of the media sector is approximately 1,569.05 billion yuan, with 140 listed companies [2]. Gaming Market - Tencent's games dominate the iOS sales rankings, with "Honor of Kings" and "Peacekeeper Elite" leading the charts. New releases from other companies are also noted, indicating a competitive landscape [16][17]. Film Market - As of May 30, 2025, the film market has achieved a box office of 24.545 billion yuan, recovering approximately 98% of the box office compared to the same period in 2019. The total number of viewers is around 588 million, recovering about 86% [19][22]. - The top films during the week of May 26 to May 30 include "Mission: Impossible 8" and "Lilo & Stitch," with significant box office contributions [26]. Key Company Announcements - Meituan reported a revenue of 86.6 billion yuan for Q1 2025, exceeding market expectations by 18.1%, with a net profit of 10.95 billion yuan, reflecting a year-on-year growth of 46.2% [33]. - Kuaishou's Q1 2025 revenue reached 32.608 billion yuan, showing an 8.8% year-on-year increase, with a net profit of 3.978 billion yuan [34].

Group 1 - The recent performance of Hong Kong and A-shares has been lackluster, with market movements heavily influenced by U.S. events, particularly Trump's tariff actions [1] - Trump's recent threats to impose tariffs on the EU and increase steel tariffs to 50% have created volatility in the markets, reflecting the uncertainty surrounding U.S. fiscal policy [1][2] - The 30-year U.S. Treasury yield remains above 5%, raising concerns about the stability of U.S. debt and its implications for the broader financial market [1][2] Group 2 - The new consumption sector in Hong Kong is gaining attention, characterized by a diverse range of companies from bubble tea to beauty products, indicating a broad interpretation of consumer spending [5][6] - Major internet companies in China, such as Meituan and Xiaomi, reported strong earnings, with Meituan exceeding revenue and profit expectations despite ongoing competition with JD.com [6] - PDD's financial performance has been mixed, with revenue growth but a significant drop in net profit, attributed to government subsidies and market conditions, leading to volatility in its stock price [6] Group 3 - The IPO market in Hong Kong has shown a positive trend, with a low first-day loss rate of 28.6% for new listings, the lowest since 2017 [7] - New stock performance varies significantly, with some companies like Ningde Times and Guanshi Shuduan showing substantial first-day gains, while others like Paige Biopharma experienced significant losses [8] - The strategy for participating in new stock offerings emphasizes quick exits within three days, suggesting a focus on short-term gains rather than long-term holdings [8][9]

Investment Rating - The report maintains an "Outperform" rating for Bilibili-W (09626.HK) [5][3] Core Views - The company's adjusted net profit turned positive, indicating continuous improvement in operational quality. In Q1 2025, Bilibili achieved revenue of 7.003 billion yuan, a year-on-year increase of 24%, with operating profit growing by 58% to 2.539 billion yuan. The net loss narrowed to 0.1 billion yuan, a 99% year-on-year reduction, and adjusted net profit reached 0.362 billion yuan, compared to a loss of 0.456 billion yuan in the same period last year [1][3] - User growth remains strong, with MAU and DAU reaching 368 million and 107 million respectively in Q1 2025, representing year-on-year growth of 8% and 4%. The average user age is now 26 years, reflecting an improving commercialization environment [2][3] - The advertising business performed well, with Q1 revenue of 1.998 billion yuan, a 20% year-on-year increase, driven by significant growth in performance-based advertising. The mobile gaming segment saw a remarkable 76% year-on-year revenue increase to 1.731 billion yuan, largely due to the success of the game "Three Kingdoms: Strategizing the World" [2][3] Summary by Sections Financial Performance - In Q1 2025, Bilibili's revenue was 7.003 billion yuan, up 24% year-on-year, with a significant improvement in operating cash flow to 1.302 billion yuan from 0.638 billion yuan in the previous year [1] - The company expects revenues of 30.161 billion yuan, 33.304 billion yuan, and 36.683 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12%, 10%, and 10% [3][4] User Engagement - Bilibili's MAU and DAU reached 368 million and 107 million in Q1 2025, with daily average usage time increasing to 108 minutes [2][3] - The average age of users has risen to 26 years, indicating a broader demographic appeal and improved monetization potential [2][3] Revenue Streams - The revenue breakdown for Q1 2025 shows that value-added services accounted for 40%, advertising for 28%, and gaming for 25% of total revenue [24] - The value-added services revenue grew by 11% year-on-year, while advertising revenue increased by 20% [2][3] Future Outlook - The report projects that Bilibili will achieve net profits of 0.756 billion yuan, 1.761 billion yuan, and 2.945 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.77, 4.12, and 6.89 yuan [3][4]

Investment Rating - The report maintains an "Outperform" rating for Bilibili-W (09626.HK) [5][3][47] Core Views - The company has achieved positive adjusted net profit of 362 million yuan in Q1 2025, a significant improvement from a loss of 456 million yuan in the same period last year, indicating continuous improvement in operational quality [1][3] - Revenue for Q1 2025 reached 7.003 billion yuan, representing a year-on-year growth of 24%, with operating cash flow also showing significant improvement [1][3] - The user base continues to grow, with MAU and DAU reaching 368 million and 107 million respectively, reflecting a year-on-year increase of 8% and 4% [2][3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 7.003 billion yuan, up 24% year-on-year, and an operating profit margin improvement with gross profit increasing by 58% to 2.539 billion yuan [1][3] - The adjusted net profit turned positive at 362 million yuan, compared to a loss of 456 million yuan in Q1 2024 [1][3] - The company expects revenues for 2025, 2026, and 2027 to be 30.161 billion yuan, 33.304 billion yuan, and 36.683 billion yuan respectively, with year-on-year growth rates of 12%, 10%, and 10% [3][4] User Growth and Engagement - The average user age has reached 26 years, with daily active users spending an average of 108 minutes on the platform [2][14] - The number of monthly paying users reached a record high of 32 million, with the number of effective premium members at 23.5 million [2][18] Revenue Streams - Revenue from advertising in Q1 2025 was 1.998 billion yuan, a 20% increase year-on-year, driven by significant growth in performance-based advertising [2][3] - The gaming segment saw revenue of 1.731 billion yuan in Q1 2025, a remarkable 76% increase year-on-year, largely due to the success of the game "Three Kingdoms: Strategize the World" [2][3] - Value-added services generated revenue of 2.2807 billion yuan, an 11% increase year-on-year, benefiting from membership and live streaming services [2][3] Future Outlook - The report projects that the company will achieve profitability in 2025, with net profits expected to be 756 million yuan, 1.761 billion yuan, and 2.945 billion yuan for 2025, 2026, and 2027 respectively [3][4] - The company is positioned well for growth in advertising, gaming, and value-added services, supported by advancements in AI technology and a stable regulatory environment [3][47]

Group 1 - The Hong Kong mobile gaming stocks have shown strong performance, with Zhongjiu Mobile (00302.HK) rising over 4% [1] - Bilibili (09626.HK) has increased by more than 3% [1] - Other companies such as NetEase (09999.HK) and Blueport Interactive (08267.HK) also experienced gains [1]

南方财经全媒体记者 吴立洋 上海报道 夏意渐浓，游戏产业也动态频频。 行业动态方面，5月21日，5月批次版号正式公布，共计130款国产游戏、14款进口游戏获得版号； Sensor Tower公布了4月全球手游收入及下载情况，腾讯旗下《王者荣耀》登顶收入榜；广东出台《关 于推动广东网络游戏产业高质量发展的若干政策措施》，提出支持原创精品游戏与游戏科技创新。 公司方面，腾讯发布了名为"混元游戏"（Hunyuan-Game）的创新项目，旨在通过人工智能技术革新游 戏资产生成与制作流程；B站发布一季度财报，游戏业务增长76%；网易游戏举办520线上发布会，发布 9款新游；米哈游成立原初海科技公司，注册资本8000万元人民币；下架622天后，B站《闪耀！优俊少 女》国服重新上线。 合规监管方面，美国联邦贸易委员会对微软收购苹果一案正式撤诉；海外方面，任天堂发布Switch2卡 带样式，产品颜色调整为红色；电竞方面，首届英雄亚冠ACL比赛在上海成功举办。 5月版号发布 5月21日，5月批次版号正式公布，本月共计有130款国产游戏、14款进口游戏获得版号，另外有7款游戏 进行了版号信息变更。从单月版号过审量来看，共计有14 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][6] Core Views - The company achieved a revenue of 7 billion yuan in Q1 2025, representing a year-on-year growth of 24%, and an adjusted net profit of 360 million yuan, marking a turnaround from a net loss of 460 million yuan in the same period last year [1][5] - The gross profit reached 2.539 billion yuan, with a gross margin of 36.3%, an increase of 8 percentage points year-on-year, indicating a significant improvement in profitability [5][6] - The company’s operational cash flow was 1.302 billion yuan, reflecting strong cash generation capabilities [5] Revenue Breakdown - Value-added services revenue was 2.807 billion yuan, up 11% year-on-year, driven by growth in live streaming and membership services [5] - Advertising revenue reached 1.998 billion yuan, a 20% increase, primarily due to growth in performance-based advertising [5] - Mobile gaming revenue surged to 1.731 billion yuan, a remarkable 76% increase, attributed to the strong performance of the exclusive SLG game "Three Kingdoms: Strategize the World" [5] - Revenue from IP derivatives and other businesses was 467 million yuan, down 4% year-on-year [5] User Engagement and Content Strategy - The company reported daily active users of 107 million and monthly active users of 368 million, with an average daily usage time of 108 minutes [5] - The company successfully positioned itself as the exclusive bullet screen video partner for the Spring Festival Gala, attracting over 100 million viewers on New Year's Eve [5] - The company continues to focus on high-quality original content, with notable successes in various series and animations [5] Financial Projections - The company expects revenues to reach 30.856 billion yuan, 34.559 billion yuan, and 37.324 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding adjusted net profits of 1.965 billion yuan, 2.856 billion yuan, and 3.696 billion yuan [7][9] - The projected PE ratios for 2025, 2026, and 2027 are 28.9, 19.9, and 15.4, respectively, indicating a favorable valuation outlook [7][10]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with revenue and adjusted net profit exceeding market expectations, indicating robust growth across various business segments [1][2][3] Financial Performance - Q1 2025 revenue reached 7 billion yuan, slightly above Bloomberg consensus by 1%, with a year-on-year growth of 24% [1] - Adjusted net profit for Q1 2025 was 360 million yuan, surpassing Bloomberg consensus by 47%, marking a turnaround from losses, with a corresponding profit margin of 5.2% [1] - Operating cash flow for Q1 2025 was 1.3 billion yuan [1] User Engagement - Monthly Active Users (MAU) reached 368 million, a year-on-year increase of 8%, while Daily Active Users (DAU) reached 107 million, up 4% [1] - Average daily usage time per user was 108 minutes, an increase of 3 minutes year-on-year, with both MAU and user engagement time hitting historical highs [1] Gaming Business - Q1 2025 gaming revenue was 1.7 billion yuan, a significant year-on-year increase of 76%, driven by the game "Three Kingdoms: Strategy of the World" [2] - The company is focusing on long-term operations for "Three Kingdoms" and has several games awaiting approval, with new seasons and expansions planned [2] Advertising Business - Q1 2025 advertising revenue was 2 billion yuan, reflecting a year-on-year growth of 20%, with high-margin performance advertising revenue growing over 30% [2] - AI is increasingly contributing to advertising growth by optimizing user conversion and generating ads through AIGC, covering over 30% of performance ads [2] Value-Added Services - Q1 2025 revenue from value-added services was 2.8 billion yuan, showing an 11% year-on-year increase [2] - The number of premium members reached 23.5 million, a 7% year-on-year increase, with a paid rate of 6.4% [3] Cost Management - Q1 2025 gross margin was 36.3%, in line with expectations, achieving eleven consecutive quarters of sequential improvement [3] - Effective cost control was noted, with total expenses increasing by only 4% year-on-year, despite a 26% rise in sales and marketing expenses due to promotional activities [3] Profit Forecast - The company has revised its adjusted net profit forecasts for 2025-2027 to 2.049 billion, 2.947 billion, and 3.507 billion yuan respectively, maintaining a buy rating [3]