Core Insights - Bilibili (B站) is leveraging video podcasts to create a new content ecosystem, aiming to provide high-quality long-form interview programs rather than merely replicating traditional podcasts [1][5][25] - The platform has seen significant engagement, with notable episodes achieving millions of views and discussions across various topics, indicating a growing acceptance of this content format among users [3][6][21] - Bilibili's strategy includes collaborating with established events and media, such as the CCTV and the Wuzhen Theatre Festival, to enhance its reach and credibility in the video podcast space [1][40] Group 1: Content Format and Engagement - Video podcasts on Bilibili have generated substantial viewership, with episodes featuring prominent figures like Luo Yonghao and Lu Yu achieving over 4.7 million and 3 million views respectively [3][6] - The platform's unique approach combines elements of traditional interviews with interactive features like bullet comments, enhancing viewer engagement and creating a lively discussion environment [5][31] - Bilibili's video podcasts are not limited to celebrity interviews; they also include diverse topics and creators, catering to various audience interests and fostering a rich content ecosystem [21][24] Group 2: Audience and Market Position - The audience for Bilibili's video podcasts is expanding beyond traditional podcast listeners, as users increasingly appreciate the depth and quality of long-form content [5][31] - Bilibili's content strategy focuses on creating relatable and engaging discussions that resonate with everyday concerns, thus attracting a broader demographic [6][9] - The platform's ability to connect with niche audiences through specialized content, such as political discussions and lifestyle topics, positions it favorably in the competitive media landscape [21][38] Group 3: Future Prospects and Innovations - Bilibili aims to evolve its video podcast format by incorporating innovative elements and structured segments to enhance viewer retention and engagement [43][46] - The potential for monetization exists through Bilibili's existing paid content channels, as loyal viewers are likely to engage with brands featured in the podcasts [43][46] - The platform is expected to continue refining its production quality and commercial strategies, paving the way for a more mature and diverse content ecosystem in the future [46]

Market Performance - All three major U.S. stock indices reached record closing highs on October 24, with the Dow Jones up 1.01% at 47,207.12 points, the Nasdaq up 1.15% at 23,204.87 points, and the S&P 500 up 0.79% at 6,791.69 points [1][3] - The indices recorded approximately a 2% increase for the week [3] Economic Indicators - The U.S. Consumer Price Index (CPI) for September showed a year-over-year increase of 3% and a month-over-month increase of 0.3%, both slightly below economists' expectations of 3.1% and 0.4% respectively [3] - The core CPI, excluding food and energy, also rose 3% year-over-year and 0.2% month-over-month, again lower than market expectations [3] - Following the mild inflation data, market participants increased bets on the Federal Reserve continuing to lower interest rates, with a 96.7% probability of a 25 basis point cut in the upcoming meeting [3] Federal Reserve Developments - The Federal Reserve announced a comprehensive reform plan for its annual "stress tests" of large banks, aiming to enhance transparency and public accountability [7] - The plan includes annual disclosures of key stress test details, including models and scenarios used, and a change in the data date for balance sheets from December 31 to September 30 [7][8] - The most stringent scenario for the 2026 stress test will require banks to assess their responses to a global economic recession, stock and real estate market crashes, and a double-digit unemployment rate [8] Trade Policy Insights - Nearly 50 economists, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, urged the U.S. Supreme Court to overturn most of the tariffs imposed by the Trump administration, arguing that these tariffs were based on a misunderstanding of the global economy [10] - The economists stated that trade deficits between the U.S. and other countries are a "normal phenomenon" and that tariffs cannot rectify these deficits [10]

Market Performance - On October 24, U.S. stock markets opened higher, with all three major indices reaching historical highs during the session. The Dow Jones increased by 0.77%, the S&P 500 rose by 0.73%, and the Nasdaq Composite gained 1.00% [1] Technology Sector - Most large-cap tech stocks saw gains, with Google rising over 2%, Nvidia increasing by over 1%, and Amazon, Apple, Microsoft, and Meta experiencing slight increases. However, Tesla fell by over 2% [3] - Chip stocks collectively strengthened, with AMD surging nearly 7% to a record high, Intel rising nearly 6%, Micron Technology increasing by over 4%, Broadcom gaining over 2%, and TSMC rising over 1% [4][5] Chinese Stocks - Among popular Chinese stocks, Bilibili rose over 2%, Alibaba, Xpeng Motors, and iQIYI increased by over 1%, while Weibo, Li Auto, and NIO experienced declines [6] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the core Consumer Price Index (CPI), excluding volatile food and energy prices, rose by 0.2% from August, which was below economists' expectations of 0.3%. This was primarily influenced by the smallest increase in housing costs since early 2021 [7] - The release of the September CPI report was delayed due to the federal government shutdown. The lower-than-expected reading is seen as a surprise, particularly for Federal Reserve officials concerned about further rate cuts. The market has fully priced in expectations for two 25 basis point rate cuts by the end of the year [7][9]

Market Performance - On October 24, U.S. stock markets opened higher, with all three major indices reaching historical highs. The Dow Jones increased by 0.77%, the S&P 500 rose by 0.73%, and the Nasdaq Composite gained 1.00% [1] - Major technology stocks mostly saw gains, with Google rising over 2%, Nvidia up more than 1%, and Amazon, Apple, Microsoft, and Meta experiencing slight increases. Tesla, however, fell over 2% [3] Technology Sector - Chip stocks in the U.S. experienced a strong rally, with AMD rising nearly 7% to reach a historical high, Intel increasing by nearly 6%, Micron Technology up over 4%, Broadcom gaining over 2%, and TSMC rising over 1% [5] - Specific stock performances included AMD at $251.337 (+6.96%), Intel at $38.644 (+1.27%), and Micron Technology at $216.165 (+4.57%) [5] Chinese Stocks - Chinese stocks listed in the U.S. showed mixed results, with Bilibili rising over 2%, Alibaba, Xpeng Motors, and iQIYI increasing by over 1%, while Weibo, Li Auto, and NIO saw declines [6] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the core Consumer Price Index (CPI), excluding volatile food and energy prices, rose by 0.2% from August, which was below economists' expectations of 0.3%. This was primarily influenced by the smallest increase in housing costs since early 2021 [7] - The delayed CPI report, originally scheduled for October 15, was impacted by the federal government shutdown, but the BLS managed to release it to assist in calculating the annual cost-of-living adjustment for Social Security, which will increase by 2.8% next year [7]

Group 1 - Morgan Stanley's stake in Bilibili-WH shares increased from 15.94% to 16.38% as of October 20 [1]

Core Viewpoint - Bilibili (BILI.US) stock has shown positive movement, with a closing increase of 0.84% and a pre-market rise of 1.11%, attributed to the successful launch of the game "Escape from Duckkov," which has sold over 1 million copies within a week of its release [1]. Group 1: Stock Performance - Bilibili's stock closed at $28.95, reflecting an increase of $0.24 or 0.84% [1]. - In pre-market trading, the stock rose to $29.27, an increase of $0.32 or 1.11% [1]. - The stock's trading volume was 2.3061 million shares, with a total transaction value of approximately $66.09 million [1]. Group 2: Game Launch Success - "Escape from Duckkov," developed by Bilibili's in-house team "Carbonated Squad," achieved over 1 million sales shortly after its launch on October 16 [1]. - The game is characterized as a single-player, top-down, loot-and-evacuate shooting game with a duck theme [1]. Group 3: Financial Metrics - Bilibili's total market capitalization stands at approximately $11.965 billion [1]. - The company has a total share capital of 413 million shares, with a circulating value of about $8.282 billion [1]. - The stock has a price-to-earnings ratio (P/E) of 396.58, indicating a loss [1].

Core Viewpoint - The Hong Kong tech stocks experienced a strong rally towards the end of trading on October 24, with notable gains in companies such as Bilibili, Alibaba, Tencent Music, and Baidu [1] Group 1: Company Performance - Bilibili (09626.HK) saw an increase of over 3% [1] - Alibaba (09988.HK) rose by more than 2% [1] - Tencent Music (01698.HK) and Baidu (09888.HK) also followed with gains [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is expected to achieve revenue of 7.65 billion RMB in Q3 2025, representing a year-over-year increase of 4.7%. The revenue breakdown by business segment includes gaming at 1.52 billion RMB (down 16.5% YoY), VAS at 3.12 billion RMB (up 10.5% YoY), advertising at 2.52 billion RMB (up 20% YoY), and e-commerce at 490 million RMB (down 14% YoY) [1] - The self-developed game "Escape from Duckkov" has exceeded expectations with sales surpassing 1 million copies within a week of its global release, potentially generating over 150 million RMB in revenue [2] - The company is actively enhancing its AI product functionalities, including AI translation and video generation tools for content creators, as well as integrating AI capabilities into its advertising offerings to improve efficiency and effectiveness [3] Revenue Forecast and Valuation - The company is projected to generate revenues of 22.53 billion RMB in 2023, increasing to 36.42 billion RMB by 2027, with a compound annual growth rate of approximately 8.8% [4] - Adjusted net profit forecasts for 2025, 2026, and 2027 are revised to 2.44 billion RMB, 3.77 billion RMB, and 4.83 billion RMB respectively, reflecting an upward adjustment of 14%, 7%, and 4% compared to previous estimates [3]

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

（文/陈济深 编辑/张广凯） 10月16日，B站自研单机游戏《逃离鸭科夫》在各大PC平台上线。游戏一经上线迎来口碑销量双丰收， 在一周不到的时间就突破了100万销量，成为了继《苏丹的游戏》《情感反诈模拟器》《明末渊虚之 羽》《盛世天下》后今年第五款销量破百万的国产游戏。 在游戏发售后的第四天，我们联系到了《逃离鸭科夫》的制作人Jeff并和他聊了聊游戏从想法到落地的 诸多细节。 对于游戏目前的成绩，Jeff坦言游戏在立项时，搜打撤在当时并不是一个风口，自己预估能卖30万份左 右，能卖50万份就是远超预期，根本没敢往更多的销量去想，目前游戏的玩家类型非常多样化，甚至有 中年钓鱼佬群体也在玩鸭科夫。 作为搜打撤游戏鼻祖《逃离塔科夫》的资深玩家，他谈到了对于逃离塔科夫乃至搜打撤这个游戏品类的 独特认知——PVP并不是搜打撤的必需品，搜集、养成、建造、任务的一整套类RPG体系就是一个完 整的玩法核心。 Jeff认为，搜打撤玩法的核心循环可以和战斗做好剥离，把前者做好也可以是一个大家爱玩的搜打撤游 戏。 不过这也不代表《逃离鸭科夫》在射击方面就是短板，在删除了塔科夫原作几乎全部硬核的射击系统 后，鸭科夫在俯视角射击体验上 ...