Group 1 - The Chinese Ministry of Finance allocated 197 million yuan to support agricultural disaster recovery in seven provinces affected by floods and typhoons, focusing on crop replanting and infrastructure repair [3] - The "National Uranium No. 1" project successfully produced its first barrel of uranium, marking a significant breakthrough in China's natural uranium production capacity, which is expected to enhance energy resource security [4] - The Chinese mobile company, China Mobile, awarded contracts worth 124 million yuan for humanoid robot manufacturing to Zhiyuan Robotics and Yuzhu Technology, indicating a strong emphasis on the robotics sector [9] Group 2 - Meituan reported a record high of 150 million daily orders in its instant retail segment, with an average delivery time of 34 minutes, reflecting the growing demand for convenient consumer services [8] - The competitive landscape in the food delivery sector intensified as Meituan and Taobao launched significant discount campaigns, indicating aggressive marketing strategies to capture consumer spending [7] - NIO's CEO responded to claims about Xiaomi's electric vehicle range, asserting that NIO's performance remains unmatched, highlighting the competitive dynamics in the electric vehicle market [12]

Group 1 - A global delegation of "Generation Z" youth representatives from nine countries, including the US, France, Germany, and Italy, visited Shanghai to experience China's community transformation, digital technology innovation, and national consumption trends [1] - The youth representatives explored the Hongqi Village in Putuo District, appreciating China's approach to urban renewal and community building, highlighting the integration of subway convenience and underground shopping centers [1] - At Bilibili's headquarters, the delegation learned about the company's diverse layout in animation, gaming, film, and live streaming, engaging in discussions about creator rights and platform content ecology [3] Group 2 - At Alipay Lab, the youth participated in interactive projects like "Leap Ant Forest" and "Save the Disappearing Energy," experiencing digital public welfare models that promote environmental awareness [5] - The representatives visited Xiaohongshu, where they engaged with the company's operational philosophy and strategies, discussing how to become quality content creators [6] - The delegation enjoyed a night tour of Yuyuan Garden, experiencing local cultural consumption trends and engaging with traditional crafts and products [8]

Investment Ratings - Kuaishou: Buy rated, share price increased by 55% YTD and 28% post 1Q result [3] - Tencent Music: Buy rated, share price increased by 80% YTD and 37% post 1Q result [5] - NetEase: Buy rated, share price increased by 52% YTD and 25% post 1Q result [11] - Focus Media: Buy rated, share price increased by 11% YTD and 8% post 1Q result [14] - Bilibili: Buy rated, share price increased by 31% YTD and 22% post 1Q result [18] Core Insights - The report highlights a strong rally in major games and entertainment names post 1Q25 results, driven by resilient growth profiles, disciplined competition, AI applications potential, and rising expectations on game pipelines [1] - Key focus areas for the upcoming earnings season include advertising outlook, game momentum into the summer peak season, AI applications monetization, and pricing strategies [2] - The report anticipates that further upside in share prices will require continued earnings delivery or new growth engines contributing to revenue growth in future years [1] Kuaishou - Kuaishou is expected to deliver in-line results for 2Q25 with a 12% year-over-year growth in ads and a 13% growth in GMV, with a 3Q25 outlook of 14% ads growth [3][4] - The company is positioned to improve sequential ads from 2Q onwards due to higher monetization efforts, despite competition from peers [4] - The revenue target for Kling AI has been raised from US$100 million to over US$140 million for FY25 [4] Tencent Music - Tencent Music is projected to achieve a 17% year-over-year growth in music revenue for 2Q25, with an ARPU increase of 9% [8] - The company is expected to maintain good momentum in ARPU due to lower discounts on SVIP subscriptions and new content initiatives [9] - Long-term growth visibility remains strong, with expectations of mid-teen year-over-year music revenue growth [10] NetEase - NetEase is expected to report a 15% year-over-year growth in game revenue for 2Q25, with operating profit increasing by 20% [11][12] - The company is focusing on updates for its 2026 game pipeline, with expectations of stable performance from legacy titles [13] - The stock is trading at 16X 2025E PE, with potential for further EPS upgrades [13] Focus Media - Focus Media's revenue is expected to increase by 1% year-over-year in 2Q25, with operating profit up by 3% [14] - The company anticipates a 6% year-over-year sales increase in 2H25 due to rising ad demand from internet and selective consumer players [15] - The collaboration with Alipay aims to target 400K devices across tier 1/2 locations [17] Bilibili - Bilibili's game sales are projected to increase by 58% year-over-year in 2Q25, with ads up by 18% [18] - The company is expected to face a high comparison in 2H24 but has reset market expectations lower, with potential catalysts from new game approvals [19] - Despite valuation concerns, Bilibili is expected to deliver faster than industry growth in ads and livestreaming [20] Price Targets and Estimates - For NetEase, revenue estimates for 2025-27E have been slightly adjusted downwards, while net profit estimates have been raised [21] - Focus Media's revenue estimates have been trimmed slightly, but the price target has been revised up to Rmb8.3 [21] - Across game coverage, price targets and estimates for XD have been raised due to solid new game releases and better profit margins [21]

最近，Sensor Tower发布了2025年6月中国手游发行商在全球App Store & Google Play的收入排行TOP30。（下称TOP30，仅统计发行商收入，且不包括中 国地区第三方安卓渠道） | 腾讯 | 途游游戏 | 1 | 16 | | | | --- | --- | --- | --- | --- | --- | | 点点互动 | 露珠游戏 | 2 | 17 | | | | 沐瞳科技 | 网易 | 3 | 18 | | | | 米哈游 | 心动网络 | 4 | 19 | | | | 柠檬微趣 | IGG | 5 | 20 | | | | 悠星网络 | Florere Game | 6 | 21 | | | | 哔哩哔哩 | 七互娱 | 7 | 22 | | | | 叠纸网络 | 麦吉太 | 8 | 23 | | | | Tap4Fun | 江娱互动 | 9 | 24 | | | | 库洛游戏 | 乐元素 | 10 | 25 | | | | 莉莉丝游戏 | 雷霆网络 | 11 | 26 | | | | 海彼游戏 | 益世界 | 12 | 27 | | | | 壳木游戏 | 友塔游戏 | ...

Group 1 - The Hong Kong Hang Seng Index opened down by 0.11% [1] - The Hang Seng Tech Index decreased by 0.26% [1] - NetEase saw a decline of over 2% [1] Group 2 - Bilibili and Kingsoft both dropped by over 1% [1] - Sunny Optical Technology experienced an increase of over 3% [1]

Market Performance - Bitcoin reached a historical high during intraday trading, with a price of $111,312.3, reflecting a 2.26% increase [1][2] - Major U.S. stock indices closed higher, with the Dow Jones up 0.49%, Nasdaq up 0.94%, and S&P 500 up 0.61% [2][3] - Nvidia's market capitalization briefly surpassed $400 billion, closing up 1.8% [2] Cryptocurrency Prices - Ethereum (ETH) rose to $2,770.53, up 6.20% [2] - Solana (SOL) increased to $157.57, up 4.18% [2] - XRP reached $2.4131, up 4.75% [2] - Dogecoin (DOGE) saw a price of $0.18212, up 6.51% [2] Federal Reserve Insights - The Federal Reserve's June meeting minutes indicated significant uncertainty regarding the inflation impact of tariffs, with no consensus on the extent of their effect [4] - Some officials suggested the possibility of interest rate cuts in July, while most maintained a patient approach due to stable economic performance [4] - The Fed described the economic growth as "robust" and noted low unemployment rates [4] Trade Relations - President Trump announced a 50% tariff on all Brazilian products starting August 1, 2025, leading to a 2% decline in the Brazilian real against the dollar [4] - The European Commission President stated that the EU is closely working with the Trump administration to reach a trade agreement while preparing for various scenarios [4][5] - Reports indicated that EU negotiators are nearing a trade agreement with Trump, with tariff levels higher than those granted to the UK [5]

7月9日，B站首页一则消息引发游戏圈的广泛关注：B站旗下bilibili游戏将作为联合发行方，与全球知名 游戏发行商505Games达成战略合作，共同推进国产游戏《明末：渊虚之羽》在中国地区的发行工作。 点评：对于B站而言，参与《明末：渊虚之羽》的发行，不仅丰富了其游戏产品线，提升了公司在单机 游戏领域的影响力，还有助于吸引更多游戏厂商与之合作，进一步巩固其在游戏发行市场的地位。这将 为B站带来更多的商业机会和潜在收益。 丨 2025年7月10日 星期四 丨 NO.1 B站与505Games联合发行《明末：渊虚之羽》 每经记者｜张梓桐 每经编辑｜张海妮 NO.2 灵犀互娱《大航海时代：传说》7月17日全平台公测启航 7月9日，阿里旗下游戏业务品牌灵犀互娱正式宣布，由光荣特库摩正版授权的航海题材手游《大航海时 代：传说》将于7月17日开启全平台不删档公测。此消息一经发布，便在游戏行业与玩家群体中引发强 烈反响。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.3 DNF手游官方模拟器7月23日上线 7月9日消息，由DNF手游官方与应用宝联合精心打造的DNF手游官方模 ...

以下文章来源于刀客Doc ，作者刀客doc 刀客Doc . 商业专栏作者，专注品牌营销、广告平台和社会消费文化的深度观察。 本文来自微信公众号： 刀客Doc ，作者：刀客doc，原文标题：《B站要做播客了？聊聊我对播客营 销价值的几点看法》，头图来自：AI生成 昨天，根据tech星球的报道，B站正发力视频播客业务，即将推出一系列扶持政策。内部人士称，"公 司今年暑期将大力挖角播客创作者"。 确实，播客的"视频化"趋势正在提速。Morning Consult在2024年8月有一个调查，42%的美国成年人 更喜欢带视频的播客，而2022年这一比例只有 32%。 YouTube先抢占先机。2025年3月，YouTube 官方博客宣布月播客活跃观众突破10亿，并开始内测可 动态插入的主播口播广告位，Shorts流量也将反哺长节目。 Spotify也在追赶。今年 2 月更新的 Partner Program 宣布向符合条件的创作者开放视频分成，并为 Premium 会员提供无广告体验，意在通过更优 CPM 挽留头部节目 。不过就受众规模和发现机制而 言，YouTube 依旧握有先手优势。 视频播客还是播客吗？ 我认为是 ...

要闻提示 NEWS REMIND 1.长城汽车 招聘 "35岁+"人才！魏建军：35岁不应该是终点 2.谁来买单？理想汽车CEO李想自曝与"蔚小理"大佬约饭：不舒服的建议也会提 3.再砸超百亿元！京东外卖启动"双百计划"，与淘宝、美团打擂台 4.重磅！新长安集团即将成立，预计8月落地 5. 突发！广汽菲克宣告破产 6.曾吐槽小米低价策略不配跟他们相提并论！保时捷上半年中国销量下降28%，买的人锐减 7.字节跳动否认甲骨文等财团将 收购TikTok美国业务 8.上海交大校友、苹果AI模型负责人跳槽Meta，扎克伯格开出数千万美元年薪 今日头条 HEADLINE NEWS 长城汽车招聘"35岁+"人才！魏建军：35岁不应该是终点 7月8日，长城汽车董事长魏建军于微博宣布即日开启"35+计划"，面向全球35岁以上人才开启专场招聘。 魏建军发言称："35岁不应该是终点，而是每个人面临的又一次'开场而已'，是新的一次深蹲起跳的起 点。" 魏建军直指行业对90后（首批已35岁）的年龄歧视问题，呼吁企业取消年龄限制，关注能力而非年龄标 签。魏建军表示，第一波90后今年已经35岁了，在别人看来是一道坎，很多岗位的大门已经将他 ...

Bilibili (NASDAQ: BILI ) has performed well since my initial coverage in April. We have seen good progress on cost-cutting efforts by the company in 1Q25, where gross margin has reached 36% vs. management'sI'm Michael from Hong Kong. I focus on consumer discretionary and financial services sector in the US and China. My investment time frame is 0.5-2 years. I hold a bachelors in commerce with high distinction from the University of Toronto, specializing in finance and economics. I am passionate about value ...