Core Viewpoint - Bilibili-W (09626) has seen a significant increase in stock price, rising over 7% following the announcement of a new game and positive forecasts for future performance [1] Group 1: Company Developments - Bilibili has announced a new asymmetric competitive card game titled "Three Kingdoms: Hundred Generals Card," set to begin testing in October [1] - The company is expected to officially launch an exclusive agency SLG game "Three Kingdoms: Strategize the World" in early 2024, which is anticipated to perform well [1] - Bilibili has a strong pipeline of upcoming game products that are likely to contribute to revenue growth [1] Group 2: Market Analysis - According to招商证券, Bilibili's advertising market share is showing significant improvement, indicating strong commercialization potential [1] - 华泰证券 highlights the recent launch of OpenAI's Sora 2, which has topped the App Store free applications chart, suggesting a shift in content creation and distribution dynamics [1] - The integration of AI in video generation and social interaction is expected to enhance efficiency and transform business models across various industries, including video, social, gaming, advertising, and e-commerce [1] Group 3: Investment Insights - 华创证券 identifies Bilibili as a rare PUGV mid-video platform, suggesting that AI advancements could greatly enhance content creation possibilities [1]

第 1 頁 共 13 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 ...

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 0.87% on October 9, indicating a positive trend in the performance of popular Chinese concept stocks [1] Company Performance - NIO saw a rise of over 4% [1] - New Oriental experienced an increase of over 3% [1] - Bilibili and Xpeng Motors both rose by over 2% [1] - iQIYI, however, declined by over 2% [1]

Core Viewpoint - The majority of popular Chinese concept stocks experienced an increase on Wednesday, with the Nasdaq Golden Dragon China Index rising by 0.87% [1] Company Performance - NetEase saw an increase of over 2% [1] - Li Auto rose by more than 1% [1] - Futu Holdings increased by over 4% [1] - Xpeng Motors gained over 2% [1] - NIO surged by over 4% [1] - Bilibili experienced an increase of over 2% [1]

来源：第一财经 ①美股三大股指期货盘前走高，截至发稿，道指期货涨0.23%，标普500指数期货涨0.11%，纳指期货涨 0.09%； ②欧股主要股指集体走高，德国DAX指数涨0.7%，英国富时100指数涨0.89%，法国CAC40指数涨 0.87%； ③现货白银一度触及49美元/盎司，日内涨逾2%；现货黄金日内站上4040美元/盎司； 【时政新闻】 ①俄副外长：俄美关系已出现裂痕并在坍塌，美应对此负责； ②瑞典皇家科学院决定将2025年诺贝尔化学奖授予北川进（Susumu Kitagawa）、理查德·罗布森 （Richard Robson）以及奥马尔·M·亚吉（Omar M. Yaghi）三位科学家，以表彰其在金属有机骨架开发 领域的贡献； ③新西兰联储将基准利率下调50个基点至2.5%； ④日本实际工资连续8个月同比下降； ⑤日本在野党谋求联合推出首相人选； ⑥欧盟发布两项战略加快人工智能应用； 【市场动态】 (本文来自第一财经) ④热门中概股盘前多数走高，微博涨逾4%，哔哩哔哩涨逾2%； 【公司新闻】 ①软银集团拟以53.75亿美元收购ABB机器人业务； ②美国FDA前新冠疫苗负责人马克斯加入礼来； ③特 ...

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 0.2%, Nasdaq down 0.67%, and S&P 500 down 0.38% [1] - Popular tech stocks mostly declined, with Tesla dropping over 4% and Google down over 1%, while AMD and Intel saw gains of over 3% and 1% respectively [1] - The cryptocurrency sector and semiconductor equipment and materials faced significant declines, with Strategy down over 8% and ASML down nearly 4% [1] Chinese Market - The Nasdaq Golden Dragon China Index fell by 2.24%, with major Chinese concept stocks experiencing widespread declines, including Century Internet down over 6% and Alibaba down over 3% [3] Commodity Market - COMEX gold futures rose by 0.79%, closing at $4007.9 per ounce, while COMEX silver futures fell by 1.64%, closing at $47.655 per ounce [4] - WTI crude oil futures increased by 0.06%, closing at $61.73 per barrel, while Brent crude oil futures decreased by 0.03%, closing at $65.45 per barrel [5] French Bond Market - The French bond market faced severe sell-offs amid political turmoil, with the 10-year bond yield surpassing 3.6%, nearing levels seen during the 2011 Eurozone crisis [6] - The resignation of key political figures, including the newly appointed Defense Minister Le Maire, has raised concerns about France's fiscal stability [6][7] Global Market Trends - During the recent holiday period, overseas markets showed strong performance, particularly in the technology and semiconductor sectors, driven by positive sentiment and expectations for AI demand [9] - Gold prices surged due to geopolitical tensions and macroeconomic uncertainties, reflecting a strong demand for gold as a safe-haven asset [11] - The overall market sentiment is positive, with expectations for domestic markets to improve following strong performances in overseas markets [12][14]

来源：滚动播报 周二纳斯达克中国金龙指数跌2.24%，热门中概股多数下跌。百度跌超4%，阿里巴巴、哔哩哔哩跌约 3%，京东、理想汽车跌超2%，百胜中国、蔚来跌超1%。 ...

Core Insights - The article highlights the growing popularity of comic conventions in China, particularly during the Mid-Autumn Festival and National Day holidays, with at least 413 events scheduled nationwide [5][6]. Group 1: Event Statistics - During the holiday period, major comic conventions attract tens of thousands of visitors, with events like Wonder Festival (WF) 2025 in Shanghai expected to draw 100,000 attendees [3]. - WF 2025 has seen a 33% increase in corporate exhibitors and an 11% increase in individual creators compared to the previous year, with ticket sales showing a 20% year-on-year growth [3]. - Comicup 2025 Shanghai Plus (CPSP) also experienced rapid ticket sales, with hotel bookings near the venue increasing by 524% [4]. Group 2: Visitor Demographics and Spending - The demographic of convention attendees is primarily young, with a significant portion being under 24 years old, indicating a strong interest in the "二次元" (2D) culture [8][10]. - The average spending per visitor at events like the Firefly Comic and Game Carnival was 663 yuan, with 18% of attendees spending over 1,000 yuan [6]. Group 3: Industry Growth and Market Potential - The number of "二次元" users in China is projected to reach 503 million by 2024, with the market size expected to grow to 597.7 billion yuan [9]. - The emotional engagement and community aspects of "二次元" culture provide a unique opportunity for businesses to differentiate themselves in a competitive market [10]. Group 4: Revenue Streams and Business Models - Revenue for comic conventions primarily comes from ticket sales and brand sponsorships, with costs including venue, security, and promotional activities [9]. - Smaller companies in the convention space often struggle to achieve profitability solely through event hosting and may need to diversify their business models [9].

Core Insights - The Wonder Festival 2025 (WF2025), hosted by Bilibili, has set new records in scale and popularity, attracting over 400 brands and more than 2,000 individual creators, with over 100,000 exhibits showcased [1][2] - The event saw a significant increase in both brand exhibitors and individual creators, with growth rates of 33% and 11% respectively, and the number of licensed works doubling compared to last year [1][3] - The first day tickets sold out in just 4 minutes, and total attendance exceeded 120,000 over the two days, indicating strong consumer demand [1][2] Industry Trends - The festival is characterized as a niche event, primarily attracting hardcore fans of figurines who come to purchase and replenish their collections [2][3] - Bilibili has enhanced the brand lineup, with over 35% of the brands being new entrants, including international names like Alter, which debuted at the event [2][3] - The event featured over a thousand exclusive and new products, showcasing the growing diversity and innovation within the industry [2][3] Creator Ecosystem - The participation of over 2,000 individual creators marks an 11% increase from the previous year, reflecting the high recognition of the festival among domestic creators [3] - Bilibili has collaborated with over 35 well-known IPs to support the creator ecosystem, with a total of 62 IPs involved, enhancing the creative output and engagement [3] - The "same-day copyright system" allows creators to showcase and sell figurines related to open copyright IPs, significantly boosting creativity and interaction [3] Consumer Behavior - The event highlighted the substantial purchasing power of the secondary market, with many attendees buying more than they initially planned [4] - Smaller manufacturers and individual creators used the event to gather consumer feedback for future product development, indicating a responsive market approach [4] - The festival has evolved beyond traditional "anime" themes, showcasing a variety of products, including lifelike models of dinosaurs and other creatures, appealing to a broader audience [4][5] Cultural Integration - The emergence of "Guochao" (national trend) figurines reflects the integration of Chinese cultural elements into the designs, with popular themes including characters from folklore and mythology [5] - Creators are increasingly breaking the conventional boundaries of figurines, presenting works that resemble contemporary sculptures, thus expanding the consumer base [5]

Group 1 - The Nasdaq China Golden Dragon Index fell by 1.15% on October 4, with a cumulative increase of 2.58% for the week [1] - Most popular Chinese concept stocks experienced declines, with Global Data down over 4%, Li Auto down nearly 4%, Xpeng down over 3%, NIO down over 2%, and Bilibili and JD down over 1% [1] - In contrast, Baidu saw an increase of over 1% [1]