每经AI快讯，8月7日，纳斯达克中国金龙指数小幅高开，现涨超1%。中通快递、名创优品涨超4%，万 国数据涨超3%，爱奇艺涨超2%，小鹏汽车涨超1%，哔哩哔哩跌超1%。 ...

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 - 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%。 ...

Group 1 - Angelalign (06699) opened nearly 19% higher after a positive earnings forecast, driven by strategic price adjustments in its core Chinese business and continued growth in revenue outside China [1] - Songjing Technology (01079) resumed trading with an opening increase of over 40% [1] - Jingtai Holdings (02228) opened more than 9% higher after announcing a significant partnership with DoveTree, valued at approximately HKD 47 billion (USD 5.99 billion) for AI pharmaceutical development [1] Group 2 - Shunmei Co., Ltd. (02145) saw an early morning increase of over 5%, projecting a revenue of RMB 4.09 billion to RMB 4.11 billion for the first half of 2025, a year-on-year growth of 16.8%-17.3% [2] - Nine Dragons Paper (02689) rose over 10% following the successful commissioning of its PM56 production line, which can produce 250,000 tons of high-grade cultural paper annually [2] Group 3 - Giant Star Legend (06683) increased over 1% after announcing a collaboration with Jiushi Wen Chuan for a large-scale IP and cultural tourism project in Shanghai [3] - South Manganese Industry (01091) surged over 15%, expecting to turn a profit of at least HKD 150 million in the first half of 2025, compared to a loss of HKD 162.8 million in the same period of 2024 [3] Group 4 - China Shenhua (01088) rose over 3% after announcing plans to acquire significant assets from its controlling shareholder, which would enhance its coal production capacity by 74.5% [4] - Boya Interactive (00434) fell over 6% due to a profit warning, expecting a decrease of approximately 25%-35% in profit for the first half of 2025 compared to the same period in 2024 [4] Group 5 - Wuling Motors (00305) increased over 9% after announcing a projected net profit of approximately RMB 84 million for the first half of 2025, a significant increase from RMB 21.125 million in the same period of 2024 [5] Group 6 - Hims & Hers Health (HIMS.US) dropped 12.36% after reporting second-quarter sales of USD 545 million, below market expectations [6] - Palantir (PLTR.US) rose 7.85% after reporting second-quarter revenue of over USD 1 billion, a 48% year-on-year increase [6] Group 7 - Futu Holdings (FUTU.US) increased by 2.82% after UBS raised its target price, citing strong expected performance in the second quarter [7] - Daqo New Energy (DQ.US) rose 3.68% as market signals indicated positive changes in the photovoltaic polysilicon sector [7] Group 8 - Li Auto (LI.US) saw a slight increase in stock price after announcing adjustments to its electric vehicle model pricing [8] - Vertex Pharmaceuticals (VRTX.US) fell 20.60% after failing to meet key endpoints in a clinical trial [8] Group 9 - Chinese gaming stocks collectively rose, with Bilibili (BILI.US) up 2.07% following a report indicating a 14.08% year-on-year increase in the domestic gaming market [9] Group 10 - Taiwan Semiconductor Manufacturing Company (TSM.US) fell 2.70% amid reports of a potential technology leak involving its 2nm chip process [9] - Advanced Micro Devices (AMD.US) decreased by 1.40% despite reporting a 32% year-on-year revenue increase for the second quarter [10]

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]

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a slight increase, with notable movements in various companies' stock prices [1] Company Performance - Bilibili and Zhihu saw stock price increases of nearly 3% [1] - Tencent Music and Aihuishou experienced stock price increases of over 1% [1] - Qifu Technology and Pony.ai both saw stock price declines of over 1% [1]