Core Insights - The report recommends a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][15][18] - The report emphasizes the resilience of the gaming sector, projecting continued industry prosperity into 2026, with specific recommendations for companies like Tencent and NetEase due to their favorable valuations [4][18] - The report identifies significant opportunities in AI and its applications across various sectors, suggesting that AI-driven innovations will lead to a new round of value reassessment in the market [4][21] E-commerce - Alibaba's MaaS business and the progress of its Qianwen model are expected to encourage a return to SOTP valuation perspectives in the market [4][15] - The report notes that Alibaba's recent performance was below expectations, but the long-term outlook remains optimistic due to its AI capabilities and integration with its commercial ecosystem [15] Social Entertainment Media - Tencent is expected to continue leveraging the commercialization potential of WeChat, while Bilibili's advertising growth is projected to outpace the overall internet advertising market, with a forecasted revenue growth rate of 27% in Q4 2025 [4][15][18] Internet Healthcare - JD Health and Alibaba Health are strengthening their partnerships with upstream pharmaceutical manufacturers, leading to robust revenue and profit growth [4][16] Short Videos - The report highlights the commercial potential of short video platforms, benefiting from technological advancements, with expectations of increased capital investment in 2026 [4][16] IP and Toy Market - Pop Mart is expected to enhance its collaboration with overseas designers and strengthen its local IP penetration into international markets, supported by store upgrades and a diverse SKU offering [4][16] Long Videos - The report indicates that the long video sector is stabilizing in terms of membership and advertising revenue, with a focus on exploring new business opportunities related to the main industry [4][17] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU, although there are concerns about competition from new players leading to valuation adjustments [4][17] Gaming Sector - The report maintains a positive outlook on the gaming sector, with expectations of continued industry prosperity into 2026, recommending companies with strong product pipelines and growth potential [4][18] - The report suggests that new game launches will catalyze growth, with several major titles scheduled for release [13][18] Advertising - The report notes a significant increase in internet advertising investment, particularly in consumer categories, driven by major events like the Winter Olympics and the World Cup [4][18] AI Developments - The report highlights advancements in AI technologies, with expectations of a new wave of model iterations and commercial applications emerging in 2026 [4][21]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 华为、莫界科技、AI算力 闭门投研会-2026 Al 的中国力量(二) 年研学安 型 成石 1月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 HashKey、复星财富 5月22日-23日 北京 智谱、头部机器人企业 商业航天 6月26 ...

小破站这是啥情况？ 昨天就在小红书刷到说它家裁员的帖子，源头应该是来自脉脉上。 今天晚上这个传闻居然还冲上微博科技热搜第一了。截至发稿为止，话题阅读量已经 2600+ 万了。 这个话题下都是网友发的，尚无媒体主持人。 蜀黍还不出来辟谣啊？！ ② 前些天（3 月 17 日）科大讯飞也被传出裁员，不过他们当晚就火速回应辟谣，并且还报警了，后来造谣者被 行政拘留拘了。 ① ...

抖音、快手、腾讯、小红书、哔哩哔哩、微博等6家重点平台积极履行主体责任，近一个月以 来，深入清理虚假摆拍等违规短视频3.7万余条，处置违规账号3400余个，补充标注短视频60 余万条，并累计发布治理公告18期，曝光一大批典型案例。在此基础上，各重点平台先行先 试，对短视频内容标注功能进行优化，将内容标注入口提至短视频发布一级页面，方便用户进 行标注。 下一步，中央网信办将明确具体工作要求和工作进度安排，在全国范围内统一部署推进规范短 视频内容标注工作，并同步开展巡查取证，严惩未按要求进行标注的账号和主体责任落实不力 的网站平台，公开进行曝光。 据央视新闻报道，当前，网站平台关于短视频内容标注的标准和尺度不一，一些含有虚构演 绎、摆拍营销、AI生成等内容的短视频未进行规范标注，严重误导公众认知，扰乱社会秩序， 污染网络生态。 对此，中央网信办拟指导网站平台全面规范短视频内容标注—— 对短视频内容标注使用的标签进行规范，明确必须设置的标签种类。 将内容标注设为短视频发布的必经环节，引导用户对发布的短视频内容进行标注。 对存量短视频内容进行分批回溯和补充标注，推动实现应标尽标。 来源丨央视新闻 编辑｜黎雨桐 见习编 ...

记者｜黎雨桐 见习记者林芊蔚 编辑｜张楠 北京时间3月21日，美股三大指数集体收跌。道指跌0.96%，本周累跌2.11%，连续四周下跌， 创下自2023年2月以来最长的周线连跌纪录；纳指跌2.01%；标普500指数跌1.51%。 欧洲主要股指收盘普跌。德国DAX 30指数跌2%，法国CAC40指数跌1.82%；意大利MIB指数 跌1.97%；英国富时100指数跌1.44%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 45577.47 | 21647.61 | 6506.48 | | -443.96 -0.96% -443.08 -2.01% -100.01 -1.51% | | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 59068.36 | 3623.68 | 6742.84 | | -1226.84 -2.03% -92.11 -2.48% -202.55 -2.92% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 46110 | 24217.25 | 6588.50 | | -231 -0.50% ...

Core Viewpoint - The article discusses the rapid development of key projects along the Yangpu Riverside in Shanghai, highlighting the completion of the Bingjiang Chuangzhi Center and projects from Meituan, Bilibili, and Douyin, which together create an innovative and vibrant area akin to a "tropical rainforest" [2] Group 1: Meituan Shanghai Technology Center - The Meituan Shanghai Technology Center is located in the core area of the Yangpu Riverside, covering approximately 52,000 square meters with a total construction area of 450,000 square meters and a total investment of 10.6 billion RMB [6] - The design, by gmp architects, focuses on a "technology module" concept, featuring four high-rise towers (A Tower at 180 meters, D Tower at 150 meters, B Tower at 75 meters, and C Tower at 50 meters) arranged in a "口" shape, interconnected by seven sky bridges and two underground passages [6] Group 2: Bilibili New Generation Industrial Park - The Bilibili New Generation Industrial Park is situated in Yangpu District, covering about 125,500 square meters with a total construction area of 785,000 square meters and a total investment of 19.85 billion RMB [11] - Designed by Ennead Architects, the park is inspired by the "Neverland" from J.M. Barrie's novel, featuring a 150-meter headquarters building, multiple standalone offices, a rental residential building, a cultural theater converted from an old shipyard, and approximately 140,000 square meters of commercial space, accommodating around 10,000 employees [11][12] Group 3: Douyin Group Shanghai Riverside Center - The Douyin Group Shanghai Riverside Center is located in Yangpu District, with a total investment of about 5 billion RMB, covering an area of 22,000 square meters and a total construction area of 115,000 square meters [17] - The project, designed by Foster + Partners and Shanghai Architectural Design Institute, integrates office, commercial, and cultural exhibition functions, including a 12,000 square meter commercial complex and a 3,000 square meter performance center, while preserving 5,600 square meters of industrial heritage from the original shipyard [17]

Investment Rating - The report upgrades the investment rating of Bilibili (BILI.US) and Bilibili-W (09626) to "Overweight" [1] Core Insights - The target price for Bilibili's US stock is raised from $27 to $35, while the target price for its Hong Kong stock is increased from HKD 210 to HKD 270 [1] - The report suggests that investors should take advantage of the current low stock price, as the company's strategy to increase AI investments is deemed correct [1] - AI has already become a driving factor for user engagement and advertising revenue growth, and this trend is expected to continue in the coming years [1] - The company is projected to achieve steady profit growth this year, supported by strong operational leverage, even with AI investments [1] - Adjusted net profit is expected to grow by 25% in 2025, accelerating to 41% and 30% in 2027 and 2028, respectively [1] - A recent reduction in App Store commission rates by Apple is anticipated to positively impact several of Bilibili's business segments, with an estimated positive effect of about 3% [1]

3月19日，亚太主要股指集体飘绿。沪指一度失守4000点关口，为1月5日以来首次；日经225指数跌超3%，韩国综合指数跌近 3%，澳洲标普200指数创去年11月以来收盘新低。 记者丨曾静娇 编辑丨刘雪莹 截至收盘，上证指数跌幅收窄至1.39%，深成指、科创综指跌超2%，创业板指跌超1%。全市约500股上涨，超4900股下跌。 具体来看，有色金属、石化、化肥农药、锂矿、稀土跌幅居前。 其中宏桥控股、威领股份、利民股份跌停， 兴业银锡、永兴材 料等多股跌超8%， 中金黄金、兴业银锡纷纷大跌。 黄金股大跌， 紫金矿业、中金黄金、山金国际等多股跌超7%； 港股黄金概念同步重挫。 消息面上，据央视新闻报道，美国联邦储备委员会18日宣布，将联邦基金利率目标区间维持在3.5%至3.75%之间不变。这一决定 符合市场预期。 备受关注的"点阵图"显示， 委员们普遍预计今年将降息一次，并在2027年再降息一次，但具体时点仍不明确。 此外， 鲍威尔 表示，短期内能源价格上涨将推高整体通胀，但相关影响的范围和持续时间仍存在较大不确定性。 若通胀无进展，将不会降 息。 与此同时，随着更多中东能源基础设施遇袭，3月18日美股三大指数大幅 ...

Core Insights - Investors are exploring strategies to select stocks that are resilient against current macroeconomic challenges such as war, rising oil prices, and the potential impact of AI on various industries [1] Group 1: Market Conditions - The stock market is currently experiencing turbulence due to geopolitical tensions and fluctuating oil prices [1] - The threat of AI disrupting traditional business models is also a significant concern for investors [1] Group 2: Analyst Background - Gary Alexander has extensive experience in technology sectors, having worked on Wall Street and in Silicon Valley, and has advised several seed-round startups [1] - He has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications, indicating a strong presence in the investment community [1]

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4981 期 2026 年 3 月 17 日 星期二 研究观点 【公司研究】 宁德时代（3750，买入）:业绩超预期，单位电池盈利稳定 哔哩哔哩（BILI.US/9626.HK，买入）：盈利元年已至，AI 与生态共振开启价值重估 【公司评论】 腾讯（700.HK）2025 年业绩前瞻 【宏观经济评论】 第一上海——First Call 三月策略（一） 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 宁德时代 | 3750 | 买入 买入 725.00 | 623.00 | | 16% | 17.582 | 16.739 | 5% | 22.644 | 20.9 ...