Core Insights - The report highlights the concept of "Intelligent Boiling," which reflects the evolving mindset and behavior of young consumers who use consumption as a means of self-identity and value voting [2][47] - Bilibili (B站) is positioned not just as a video platform but as a nurturing ground for the consumption mindset of young people, with 376 million monthly active users and an average daily usage time of 112 minutes [2][47] Group 1: Consumer Trends - Young consumers are directing their spending towards three main areas: "hardcore experiences" for enhancing life efficiency, "interest circles" for identity recognition, and "precise healing" for addressing inner states [6][51] - The report identifies eight key "boiling points" that represent the content hotspots and consumption trends relevant to young people, aiming to help brands find common ground with this demographic [6][51] Group 2: Key Boiling Points - Boiling Point 1: AI has transitioned from a technical symbol to a fundamental part of daily life, with 140 million users engaging with AI-related content monthly, and viewing time doubling [8][53] - Boiling Point 2: Virtual content serves as a core area for cultural creation and emotional expression, with young consumers investing in virtual identities and communities [12][60] - Boiling Point 3: Young consumers are exploring creative uses of products, leading to increased engagement and purchase intent when they see innovative applications [17][64] - Boiling Point 4: Authentic and relatable brand communication is crucial, as young consumers prefer brands that engage in genuine dialogue rather than preachy marketing [21][66] - Boiling Point 5: Young people are reshaping cultural confidence through participation in local trends, with a preference for domestic products [26][71] Group 3: Self-Dialogue and Emotional Management - Boiling Point 6: In a fast-paced society, young consumers are willing to pay for products that help manage their emotional energy and decision-making fatigue [31][76] - Boiling Point 7: Consumption is viewed as a means of self-value reconstruction, with investments in personal interests and skills [35][80] - Boiling Point 8: Young consumers focus on creating comfortable personal spaces, with a significant increase in content related to localized home and vehicle improvements, showing a 434% growth [38][83] Group 4: Brand Engagement Strategies - The report outlines a four-step marketing strategy for brands to effectively engage with young consumers, emphasizing community integration, emotional bonding, professional trust, and collaborative growth [40][85] - Brands are encouraged to adopt a long-term perspective on content as an asset, viewing each interaction as a contribution to building brand trust [43][88]

Group 1 - The core message of the event is the importance of a healthy content ecosystem, which includes community, creators, and commercialization [1][2] - Bilibili's daily active users reached 117 million, while monthly active users reached 376 million, with an average user age of 26 and new user average age of 23 [1][2] - Over 220 million users watched consumer-related content on Bilibili last year, indicating strong consumer demand that has driven continuous growth in advertising revenue [1][2] Group 2 - Bilibili's advertising revenue has grown for 11 consecutive quarters at a rate exceeding 20%, significantly higher than the market average [1][2] - The number of advertisers continues to grow, with a retention rate of nearly 90% for clients with over one million in revenue [1][2] - The average income per content creator (UP主) increased by 22% year-on-year, highlighting the financial benefits of quality content [1][2]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.9% to close at 26,877.42 points, the Hang Seng Tech Index up by 0.11%, and the State-Owned Enterprises Index rising by 0.71% [1][7]. Sector Performance - **Technology Stocks**: Mixed performance observed, with Alibaba and Bilibili both rising over 3%, while Kuaishou fell over 2%, and Xiaomi and Baidu dropped over 1% [1][7]. - **Biopharmaceutical Sector**: Strong performance noted, particularly with WuXi AppTec rising over 8%. The upcoming JPMorgan Healthcare Conference is expected to act as a catalyst for the innovative drug market, with expectations for updates on the operational progress of Chinese innovative drug companies [3][9]. - **Gold Stocks**: Continued upward trend, with China Gold International increasing over 7%. Citigroup has aggressively raised its short-term outlook for precious metals, predicting gold prices could reach $5,000 per ounce and silver $100 per ounce within the next three months, driven by geopolitical risks, physical shortages, and uncertainties in Federal Reserve policies [3][9]. - **Commercial Aerospace Sector**: A pullback was observed, with Goldwind Technology declining over 9%. Recent shareholder sell-offs have contributed to market volatility. However, significant breakthroughs in reusable rocket technology in China are expected to reshape the cost structure of the aerospace industry, benefiting upstream companies in aerospace manufacturing, new materials, and satellite applications [3][9]. New Listings - Three new stocks were listed today, with Zhaoyi Innovation rising over 37%, BBSB International up over 11%, and Hongxing Cold Chain increasing by 0.33% [4][9].

Group 1 - The three major U.S. stock indices closed slightly higher, with the Dow Jones up 0.17%, the S&P 500 rising 0.16%, both reaching historic closing highs, and the Nasdaq increasing by 0.26%, supported by strong performances in technology and retail stocks [1] - The Nasdaq Golden Dragon China Index showed strong performance, surging by 4.26%. Notable individual stock performances included Alibaba rising by 10.17%, Bilibili increasing by 8.95%, and Xpeng Motors up by 8.39%, with many popular Chinese concept stocks showing significant gains [1] - Safe-haven sentiment drove precious metal prices to soar, with London gold spot prices rising nearly 2% on January 12, surpassing $4600 per ounce, and spot silver prices skyrocketing over 6%. Market concerns about the independence of the Federal Reserve led to a surge in investments in gold and silver as a safe haven [1] Group 2 - Upcoming market focus includes the U.S. Consumer Price Index report and bank earnings reports. The performance of inflation data and developments related to the Federal Reserve's policy independence will continue to dominate market sentiment and influence the trends of precious metals and growth stocks [1]

Market Review - Gold and silver prices experienced significant fluctuations, with London spot gold dropping below $4,580 per ounce and silver falling below $84 per ounce after reaching historical highs the previous trading day [1] - Asian stock markets opened higher, with the Nikkei 225 index rising by 1.67% and the Korean Composite Index increasing by 0.81% [1] - U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.17% at 49,590.20 points, the Nasdaq up 0.26% at 23,733.90 points, and the S&P 500 up 0.16% at 6,977.27 points [1] - Notable gains were seen in popular Chinese stocks, with the Nasdaq Golden Dragon China Index rising by 4.26%, Alibaba increasing by over 10%, and Bilibili and Xpeng Motors rising by nearly 9% and over 8%, respectively [1] Company News - Google's market capitalization surpassed $4 trillion, following an announcement of a partnership with Apple to enhance AI capabilities, including a significant upgrade to Siri later this year [2] - Planet Labs' stock reached a new historical high after announcing a multi-year agreement with the Swedish Armed Forces worth "low nine figures" [2] - Nvidia and Eli Lilly announced a $1 billion investment over five years to establish a joint research lab in the San Francisco Bay Area, aimed at accelerating AI applications in the pharmaceutical industry [2] - Meta Platforms' CEO Mark Zuckerberg revealed plans for a new initiative called "Meta Compute," which aims to build "tens of gigawatts" of AI infrastructure by the end of 2030 [2] Institutional Research - Moody's latest report indicates that to support the explosive growth of AI and cloud computing, trillions of dollars must be invested in servers, computing devices, data center facilities, and additional power capacity [3] - An estimated $3 trillion will flow into data center-related investments over the next five years, primarily from large tech companies due to their increasing demand for data centers and power capacity [3]

Group 1: Precious Metals Market - The precious metals market experienced significant volatility, with gold prices dropping below $4580 per ounce and silver prices falling below $84 per ounce on January 13 [1][2][14] - On January 12, both gold and silver prices reached historical highs, with gold peaking at $4630.24 per ounce and silver rising over 6% to $86.237 per ounce [5][17] - Analysts suggest that the recent price movements in precious metals are influenced by increased criticism of the Federal Reserve by the Trump administration, leading to reduced investment in U.S. assets [5][17] Group 2: U.S. Stock Market Performance - The U.S. stock market saw all three major indices close higher on January 12, with the Dow Jones Industrial Average and S&P 500 reaching new highs [6][19] - The Dow Jones rose by 86.13 points (0.17%) to close at 49,590.20 points, while the Nasdaq increased by 62.56 points (0.26%) to 23,733.90 points, and the S&P 500 gained 10.99 points (0.16%) to finish at 6,977.27 points [7][19] - Notable gains were observed in popular Chinese stocks, with the Nasdaq China Golden Dragon Index rising by 4.26%, and Alibaba's stock increasing by over 10%, marking its largest single-day gain since August 29, 2025 [1][21] Group 3: Federal Reserve and Economic Outlook - Market expectations are leaning towards the Federal Reserve maintaining interest rates in January, with a 95% probability of no change and only a 5% chance of a 25 basis point cut [21] - The potential for a 25 basis point cut by March is estimated at 26%, while the probability of maintaining rates is 72.8% [21] - Trump is set to interview Rick Riedel for the position of Federal Reserve Chair, indicating ongoing political influence over monetary policy [22]

Market Performance - US stock market closed with the Dow Jones up 0.17%, S&P 500 up 0.16%, and Nasdaq up 0.26% [1] - Nasdaq China Golden Dragon Index rose by 4.2%, with Bilibili up 9%, Alibaba up 10%, and Xpeng Motors up 8% [1] Commodity Prices - COMEX gold futures increased by 2.87%, closing at $4630.1 per ounce; silver futures rose by 6.95% [1] - WTI crude oil futures rose by 0.64%, closing at $59.50 per barrel; US oil main contract increased by 1.22%, closing at $59.84 per barrel [1] - Shanghai gold main contract rose by 1.31%, closing at 1030 yuan per gram; Shanghai silver main contract increased by 7.23%, closing at 21268 yuan per kilogram [1] Corporate Developments - Meta Platforms plans to lay off about 10% of its workforce in Reality Labs [5] - Apple has selected Google's Gemini to run the upcoming AI Siri system, with Google's market value surpassing $4 trillion [6] - OpenAI acquired the AI healthcare application Torch for $100 million, advancing its ChatGPT Health initiative [7] Geopolitical Events - Trump announced a 25% tariff on goods from countries conducting business with Iran, effective immediately [4] - The White House stated that diplomacy is the preferred approach for the US in dealing with the Iran situation, with airstrikes being one of many options [9] - The EU Commission spokesperson indicated readiness to impose new and stricter sanctions on Iran [10] - The EU Parliament President decided to ban all Iranian diplomats and representatives from entering EU Parliament premises [13] Financial Market Indicators - The US 10-year Treasury bond auction had a bid yield of 4.173% with a bid-to-cover ratio of 2.55 [12]

Market Performance - The three major US stock indices closed higher, with the Dow Jones Industrial Average rising by 0.17%, the Nasdaq increasing by 0.26%, and the S&P 500 up by 0.16% [1] - Both the Dow and S&P 500 reached all-time closing highs [1] Technology Sector - Large-cap technology stocks showed mixed performance, with Google rising by 1%, while Apple and Tesla experienced slight increases; Intel, however, fell by over 3% [1] Chinese Stocks - Most popular Chinese stocks saw gains, with the Nasdaq Golden Dragon China Index increasing by 4.26% [1] - Alibaba surged by over 10%, Bilibili rose by nearly 9%, and Xpeng Motors increased by over 8%; Baidu and Weibo both saw gains exceeding 6% [1]

Core Viewpoint - Chinese concept stocks experienced a significant rally, with the Nasdaq China Golden Dragon Index (HXC) rising by 4.26% on January 13, 2026, indicating a positive market sentiment towards these stocks [1][6]. Group 1: Rising Stocks - Major stocks that saw increases include Alibaba, which rose by 10.17%, and TSMC, which increased by 2.52% [1][7]. - Other notable gainers include Netease (+4.73%), Baidu (+6.06%), Ctrip (+4.36%), JD (+4.35%), and Xpeng Motors (+8.39%) [1][7]. - The overall trend shows a strong performance among Chinese tech stocks, with many companies experiencing gains of over 5% [1][6]. Group 2: Declining Stocks - Among the declining stocks, Pinduoduo fell by 1.51%, and Manbang dropped by 1.43% [2][8]. - The overall market sentiment was overshadowed by the positive performance of the broader market indices, despite these declines in specific stocks [2][8]. Group 3: Market Performance - The U.S. stock market also saw gains, with the Dow Jones and S&P 500 reaching historical highs, indicating a broader bullish trend in the market [2][8]. - The Dow Jones increased by 86.13 points (0.17%) to close at 49,590.20, while the Nasdaq rose by 62.56 points (0.26%) to 23,733.90 [2][8].

Core Viewpoint - The report from Jefferies indicates that Bilibili-W (09626) is expected to meet revenue and non-GAAP operating profit forecasts for Q4 2025, with total revenue projected to increase by approximately 5% year-on-year, reaching 8.1 billion RMB [1] Revenue Forecast - Total revenue for Bilibili is expected to reach 8.1 billion RMB in Q4 2025, reflecting a year-on-year growth of about 5% [1] - The mobile gaming revenue is projected to increase by 1% quarter-on-quarter [1] - Online advertising revenue is anticipated to grow by 21% year-on-year to 2.9 billion RMB, accounting for 36% of total revenue [1] Business Segmentation - The growth in online advertising revenue is driven by several factors, including daily active users, traffic, and revenue per thousand ad impressions [1] - The success of the game "Escape from Duckkov" is highlighted, with a strategic focus on leading positions in vertical categories, long-term product operations, and targeting younger generations [1] Future Outlook - Jefferies' 2026 outlook report predicts that artificial intelligence will become a key focus area, with the entertainment industry favored due to its defensive nature [1]