Group 1 - The core viewpoint is that the US economy is expected to maintain moderate growth next year, supported by factors such as Federal Reserve interest rate cuts and AI investments, while remaining strategically bullish on US stocks but cautious of structural differentiation and short-term risks in Q1 [1] - For the Hong Kong stock market outlook, it is anticipated that the market will shift from valuation-driven to profit growth-driven, with valuation expansion likely to weaken but liquidity remaining supportive [1] - The combination of profit-driven growth and liquidity support is expected to emerge by 2026, with new supply creating new demand as a new driving force for the Hong Kong stock market [1] Group 2 - The technology sector in the US stock market is expected to become more rational, with AI remaining a key driver, and the regulatory environment being favorable for mergers and acquisitions [1] - The AI advancements are projected to continue driving revenue and valuation recovery in the Chinese internet sector's cloud business [1] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in mergers and acquisitions by large multinational pharmaceutical companies, as well as an increase in BD transactions [1] Group 3 - The automotive industry is expected to see flat or slightly declining sales next year, with current market sentiment being sufficiently pessimistic, presenting an opportunity to gradually accumulate stocks of companies with high earnings growth certainty [2] - The consumption sector's recovery remains uneven, suggesting a strategy of "anchoring on earnings while leveraging growth" for investment [2] - The education sector is viewed positively for its resilient growth and expansion opportunities [2] Group 4 - Recommended stocks for Q1 next year include: Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), Bilibili (BILI.US), Hansoh Pharmaceutical (03692), CanSino Biologics-B (02162), Innovent Biologics (01801), and others [2]

Group 1 - The company Bilibili-W (09626) announced the issuance of 3,000 Class Z ordinary shares on December 10, 2025, due to eligible participants (excluding the company's directors) exercising stock options under the 2018 Share Incentive Plan [1] - On the same day, 1 million Class Y ordinary shares will be converted into Class Z ordinary shares [1]

Core Points - Bilibili-W (09626) announced the issuance of 3,000 Class Z ordinary shares on December 10, 2025, under the 2018 Share Incentive Plan for eligible participants, excluding the company's directors [1] - On the same day, 1 million Class Y ordinary shares will be converted into Class Z ordinary shares [1]

Group 1 - The Hang Seng Index opened up by 0.66% on December 11 [1][2] - The Hang Seng Tech Index increased by 0.55% [1][2] - Companies such as Midea Group, Alibaba, NetEase, and Bilibili saw their stock prices rise by over 1% [1][2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 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 | 是 | | | 證券代號 (如上市) | 09626 | 說明 | Z類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年11月30日 | | 333,043,836 | | 0 | | 333,043,836 | | 1). ...

Group 1: Economic Outlook - The U.S. economy is expected to maintain moderate growth in the coming year, supported by factors such as Federal Reserve interest rate cuts and AI investments [1] - The Hong Kong stock market is anticipated to shift from valuation-driven to profit growth-driven, with a projected earnings growth rate of 6% to 10% for the Hang Seng Index [1] Group 2: Market Dynamics - The valuation expansion in the Hong Kong market may weaken, but liquidity will remain supportive, leading to a new supply creating new demand [1] - The dual liquidity easing in both China and the U.S. is expected to increase foreign and southbound capital supply, translating into new demand for Hong Kong stocks [1] Group 3: Sector Analysis - The U.S. tech sector is expected to become more rational, with AI continuing to be a key driver, while the regulatory environment will favor mergers and acquisitions [2] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in M&A activity from large multinational companies [2] - The automotive sector is projected to see flat or slightly declining sales, presenting opportunities to gradually accumulate stocks of companies with high earnings growth certainty [2] Group 4: Recommended Stocks - Top stock picks for the first quarter of next year include Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), and others [3]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

Group 1 - JPMorgan Chase & Co. increased its stake in Bilibili-W (09626.HK) by purchasing 737,100 shares at an average price of HKD 202.2662 per share, totaling approximately HKD 149 million [1] - Following this acquisition, JPMorgan's total holdings in Bilibili-W rose to 54,991,982 shares, increasing its ownership percentage from 15.95% to 16.16% [1][3]

Core Viewpoint - JPMorgan's long position in Bilibili Inc. (W) increased from 15.95% to 16.16% as of December 4, 2025 [1] Group 1 - JPMorgan's ownership stake in Bilibili Inc. (W) reflects a growing confidence in the company's prospects [1]

Group 1: Market Performance - US stock indices closed mixed on Tuesday, with the Dow Jones down 0.37%, Nasdaq up 0.13%, and S&P 500 down 0.08% [1][8] - Notable movements included Nvidia and Apple slightly down, while Amazon, Microsoft, Google, Broadcom, Tesla, and Walmart saw gains of over 1% [1][8] - The Nasdaq Golden Dragon China Index performed poorly, dropping over 2%, with significant declines in stocks such as Qudian down 7.52%, Beike down 5.01%, and Bilibili down 4.19% [1][8] Group 2: Macroeconomic Indicators - The US JOLTs job openings for October were reported at 7.67 million, exceeding expectations of 7.15 million [2][9] - The Conference Board's leading economic index for September was -0.3%, in line with expectations, compared to a previous value of -0.5% [2][9] - The EIA raised its short-term oil price forecasts, projecting Brent crude at $68.91 per barrel in 2025 (up from $68.76) and $55.08 in 2026 (up from $54.92) [2][9] Group 3: Central Bank Dynamics - The Director of the White House National Economic Council, Hassett, indicated that the Federal Reserve has significant room for interest rate cuts, potentially exceeding 25 basis points [3][10] - Hassett emphasized the importance of maintaining political neutrality if appointed as Fed Chair, focusing on economic data [3][10] - He is reportedly favored among Trump's advisors for the Fed Chair position, with final interviews scheduled this week [3][10] Group 4: Commodity and Asset Prices - International precious metal prices surged, with spot silver surpassing $60 per ounce, gaining over 3% in a day and up 108% year-to-date [5][11] - Spot gold broke through $4,220 per ounce, increasing by 0.70%, while New York futures for gold exceeded $4,250 per ounce, rising by 0.77% [5][11] - Cryptocurrency markets also strengthened, with Bitcoin rising above $94,000, up 3.73%, and Ethereum surpassing $3,300, up 5.71% [6][12] - US natural gas futures declined over 4%, currently priced at $3.707 per million British thermal units [7][13]