每经AI快讯，8月7日，香港交易所信息显示，摩根大通在哔哩哔哩-W的持股比例于8月4日从14.94%升 至15.01%，平均股价为176.1237港元。 ...

Core Viewpoint - AI Coding and multimodal capabilities are becoming the "dual engines" for amplifying the value of UGC ecosystems, enhancing interactivity and quality of user-generated content [1] Group 1: AI Empowerment in Gaming Platforms - Roblox utilizes AI tools such as Code Assist, Avatar Auto Setup, and Texture Generator to enhance code and asset generation, with 70% of new games in 2025 Q2 featuring AI-generated assets, reducing development time by 35% [1] - TapTap's Spark Editor integrates AIGC technology to lower game development barriers, providing visual programming and AI-generated art and copy, thus supporting small teams and users with no coding background [2] Group 2: AI Empowerment in Short Video Platforms - Kuaishou's Keling 2.0 significantly enhances UGC quality, with a 25-fold increase in monthly active users and over 1.68 billion videos generated, improving content production efficiency [3] - Bilibili sees over 100% year-on-year growth in AI-related video watch time in 2025 Q1, attracting young users and fostering a vibrant community around AI content creation [3] Group 3: AI Empowerment in IP Development Platforms - Yuewen Group plans to leverage AI for the adaptation of IP into anime, aiming to enhance adaptation efficiency and diversify content forms, thereby accelerating commercialization across the IP value chain [4]

权重科技股涨跌不一，阿里巴巴涨超2%，京东、百度涨超1%，美团、快手微涨，腾讯控股、网易小幅 下跌，小米跌近4%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 V | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 0 | 119.200 | +2.500 | 2.14% | | 09618 | 京东集团-SW | | 124.700 | +2.100 | 1.71% | | 09888 | 百度集团-SW | | 86.700 | +1.400 | 1.64% | | 03690 | 美团-W | | 122.000 | +0.900 | 0.74% | | 01024 | 快手-W | | 80.000 | +0.100 | 0.13% | | 00700 | 腾讯控股 | | 567.000 | -1.500 | -0.26% | | 09999 | 网易-S | | 206.800 | -1.000 | -0.48% | | 09626 | 哔哩哔哩-W | | 183.500 | -0.900 | -0.49% | | ...

Core Viewpoint - Deutsche Bank analyst Leo Chiang indicates that Bilibili (9626.HK) is expected to meet performance expectations in the second quarter, driven by a shift towards higher-margin businesses and improved operational leverage [1] Group 1: Financial Performance - The company is anticipated to report continued growth in profit margins for the second quarter [1] - The success of the flagship mobile game "Three Kingdoms: Strategy of the World" anniversary event is expected to support the second quarter's performance [1] - Significant growth in advertising and value-added service revenues is likely to contribute positively to the company's second quarter results [1] Group 2: Analyst Rating - Deutsche Bank maintains a "Buy" rating on the stock with a target price of HKD 228.00 [1]

Market News - The three major US stock indices closed higher, with the Dow Jones up 0.19%, Nasdaq up 1.21%, and S&P 500 up 0.73%. Notable tech stocks saw significant gains, including Apple rising over 5%, adding approximately $160 billion to its market cap. Amazon increased by 4%, Tesla by over 3%, and Broadcom by nearly 3% [1] - The Nasdaq Golden Dragon China Index rose by 0.93%, with most popular Chinese concept stocks also increasing, such as Alibaba up over 3% and NIO up over 2% [1] - COMEX gold futures fell by 0.08% to $3431.8 per ounce, while silver futures rose by 0.3% to $37.935 per ounce. WTI crude oil futures dropped over 2% to $63.7 per barrel, and Brent crude oil futures also fell over 2% to $66.3 per barrel [1] - Major European stock indices closed collectively higher, with Germany's DAX30 up 0.21%, the UK's FTSE 100 up 0.27%, France's CAC40 up 0.18%, and the Europe Stoxx 50 up 0.22% [1] Industry Insights - The National Data Standardization Technical Committee recently solicited public opinions on two technical documents related to the National Integrated Computing Network, marking a transition from planning to implementation in the construction of the computing network. This sector is crucial in the digital economy, with significant growth expected in areas like AI training, the metaverse, and smart cities [2] - The robotics sector is witnessing a surge in activity, with a recent breakthrough study challenging traditional views on data diversity in robotic learning. The upcoming 2025 World Robot Expo and the China Embodied Intelligent Robotics Industry Conference are set to showcase advancements in the field [3] - Tesla is advancing its autonomous driving technology, with plans to release a new FSD model that is ten times more capable than the current version. The rollout of FSD across the US is expected this year, with further enhancements anticipated by 2026 [4][5]

第 1 頁 共 12 頁 v 1.1.1 | 3. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09626 | 說明 | Z類 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,800,000,000 USD | | 0.0001 | USD | | 980,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 9,800,000,000 USD | | 0.00 ...

每经AI快讯，8月6日，香港交易所信息显示，摩根大通在哔哩哔哩-W的持股比例于08月01日从14.44% 升至14.94%。 ...

Core Points - The China Securities Index Hong Kong 300 Leisure Index (H300 Leisure) reported a rise of 6.81% over the past month, 15.53% over the past three months, and 19.31% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Index Hong Kong 300 [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Index Holdings - The top ten weighted companies in the H300 Leisure Index are: Kuaishou-W (11.88%), Tencent Holdings (10.11%), NetEase-S (9.55%), Baidu Group-SW (9.36%), Trip.com Group-S (9.35%), Yum China (9.01%), Meituan-W (7.76%), Galaxy Entertainment (5.73%), Bilibili-W (3.46%), and Sands China Ltd. (3.11%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Industry Composition - The industry composition of the H300 Leisure Index includes: Leisure Services (41.56%), Digital Media (39.23%), Cultural Entertainment (11.80%), Alcohol (6.30%), and Marketing & Advertising (1.11%) [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Summary of Conference Call Notes Industry Overview - The conference call discusses the outlook for digital media companies in China, specifically focusing on Kuaishou, Tencent Music Entertainment (TME), Bilibili, and Baidu. - The second quarter of 2025 (2Q25) is expected to show continued growth momentum in video and music platforms, with livestreaming GMV recovering from lows, while Baidu's Search continues to lose market share [1][2]. Company-Specific Insights Kuaishou (TP raised to HK$85) - Kuaishou is projected to achieve 4-5% platform growth, with a resumption of GMV growth for e-commerce and continued CPM growth, indicating revenue acceleration into the second half of the year [2][19]. - Tracker data shows a 20% acquisition in 2Q, suggesting a full-year number higher than the previous $100 million forecast [2]. - The target price (TP) has been raised to HK$85 based on a 13x forward multiple, reflecting improved long-term earnings expectations [7][19]. Tencent Music Entertainment (TP raised to $25) - TME is expected to deliver results that modestly beat estimates, with strong QoQ ARPU growth of approximately 10% [3][41]. - The focus is on future plans, particularly the potential synergies from the Ximalaya acquisition, which could create a new phase for the stock [3][41]. - The TP has been raised to $25, reflecting a three-year synergy creation roadmap worth at least $5 per share [7][41]. Bilibili (TP set at $28) - Bilibili is expected to have inline results with continued CPM improvement and strong MAU growth, but limited content monetization and a slow gaming cycle may hinder strong upside [4][9]. - The focus for the second half of the year will be on game commentary and potential revenue from upcoming releases [4]. Baidu (TP set at $90) - Baidu's results are expected to disappoint, with further downward revisions to Search revenue due to the removal of ad space and lack of monetization efforts [5][8]. - The company is shifting focus to video ads, but there are concerns about their effectiveness given the current consumer mind share [5]. Key Financial Metrics - Kuaishou's revenue is projected to grow approximately 11.5% in 2025, with a non-GAAP operating profit expected to improve by 25% YoY [10]. - TME's revenue is expected to show around 15% growth, with a focus on ARPU uplift and synergies from the Ximalaya deal [10]. - Bilibili's revenue is anticipated to grow in the high teens, while Baidu's revenue is expected to decline by a low single digit percentage [10]. Additional Insights - Kuaishou's MAU has improved, with a mid-single-digit YoY increase, driven by new downloads and stable retention rates [22][23]. - TME's core user base remains stable, but competition from other music platforms is increasing, leading to a decline in less engaged users [44]. - The advertising revenue growth for Kuaishou is strongest in categories like education, local services, and mini-dramas, with some categories seeing growth rates of 20-35% YoY [30][32]. Conclusion - The digital media landscape in China is showing signs of growth, particularly for Kuaishou and TME, while Baidu faces challenges in monetizing its Search product. - The focus for the second half of 2025 will be on product development and monetization strategies across these platforms, with varying degrees of success anticipated.

Group 1 - The Nasdaq China Golden Dragon Index declined by 0.56% on August 6 [1] - Most popular Chinese concept stocks experienced a downturn, with notable exceptions [1] - Xpeng Motors and Bilibili saw gains of over 2%, while Baidu and NIO dropped by more than 2% [1]