Core Viewpoint - The report from Guosen Securities maintains an "outperform" rating for Bilibili-W (09626), highlighting its commercial potential and significant growth in net profit and user engagement [1] Financial Performance - In Q3, Bilibili achieved a revenue of 7.69 billion yuan, with a substantial year-on-year increase in net profit, indicating an acceleration in profitability [1] - For the first three quarters of 2025, the company reported total revenue of 22.026 billion yuan, a year-on-year growth of 15.34%, and an operating profit margin increase of 34.2% to 8.033 billion yuan [1] - The adjusted net profit for the same period reached 1.712 billion yuan, with operating cash flow improving to 5.308 billion yuan compared to 4.614 billion yuan in the previous year [1] User Engagement - The platform's Monthly Active Users (MAU) and Daily Active Users (DAU) reached 376 million and 117 million, respectively, marking year-on-year growth of 8% and 9%, achieving historical highs [2] - Active users spend an average of 112 minutes daily on the platform, reflecting a 6% increase year-on-year, while the number of paying users grew by 17% to 35 million [2] Business Segments - The advertising segment showed strong growth, with revenue of 4.45 billion yuan in the first three quarters, up 20% year-on-year, driven by a significant increase in performance-based advertising [3] - In Q3 alone, advertising revenue reached 2.57 billion yuan, a 23% year-on-year increase, with AI-generated advertising materials accounting for 55% of total ad content [3] - The new game "Escape from Duckkov" sold over 3 million copies globally, indicating strong market performance, while the upcoming game "Three Kingdoms: Hundred Generals Card" is expected to launch in Q1 2026 [3] - Value-added services generated 3.023 billion yuan in Q3, reflecting a 7% year-on-year growth, with stable growth in membership and live streaming services [3] Investment Outlook - Guosen Securities is optimistic about Bilibili's commercial potential and has raised profit forecasts, projecting net profits of 1.223 billion, 2.041 billion, and 3.251 billion yuan for 2025, 2026, and 2027, respectively [4] - The adjusted net profit estimates for the same years are 2.548 billion, 3.366 billion, and 4.576 billion yuan, with corresponding price-to-earnings ratios of 31x, 24x, and 17x [4] - The company is expected to benefit from its community and user advantages, with growth opportunities in gaming, advertising, and value-added services supported by new technologies like AI [4]

Group 1 - The Nikkei average stock index rebounded after four trading days, rising by 1286.24 points (2.65%) to close at 49,823.94 points on November 20 [2][4] - During intraday trading, the index saw a rise exceeding 2000 points and briefly surpassed the 50,000 mark, although the gains narrowed in the afternoon [2][4] Group 2 - NVIDIA's quarterly earnings report released on November 19 significantly exceeded market expectations, and its sales outlook for the next quarter also surpassed forecasts, leading to a rise in its stock price during after-hours trading [4] - The positive performance of NVIDIA contributed to increased buying interest in Japanese AI-related stocks [4] - The Japanese yen fell to a 10-month low, trading at around 157 yen per dollar, which also supported the rise in the Japanese stock market [4]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Bilibili (09626), highlighting its commercial potential and significant growth in net profit and revenue [1] Financial Performance - In Q3, Bilibili achieved revenue of 7.69 billion yuan, with a year-on-year growth of 5% and a quarter-on-quarter growth of 5% [1] - For the first three quarters of 2025, the company reported total revenue of 22.026 billion yuan, a year-on-year increase of 15.34%, and a net profit of 680 million yuan [1] - Adjusted net profit reached 1.712 billion yuan, with operating cash flow of 5.308 billion yuan, showing a continuous upward trend [1] User Growth and Engagement - Monthly Active Users (MAU) and Daily Active Users (DAU) reached 376 million and 117 million, respectively, marking year-on-year growth of 8% and 9% [2] - Average daily usage time per active user increased to 112 minutes, a 6% year-on-year rise [2] - Monthly paying users grew to 35 million, reflecting a 17% year-on-year increase [2] Business Segments - Advertising revenue for the first three quarters reached 4.45 billion yuan, up 20% year-on-year, driven by significant growth in performance-based advertising [3] - In Q3 alone, advertising revenue was 2.57 billion yuan, a 23% year-on-year increase [3] - The new game "Escape from Duckkov" sold over 3 million copies globally, indicating strong growth potential [3] - Value-added services generated 3.023 billion yuan in Q3, with a year-on-year growth of 7% [3] Investment Outlook - The company is expected to see significant profit growth, with revised net profit forecasts for 2025, 2026, and 2027 set at 1.223 billion, 2.041 billion, and 3.251 billion yuan, respectively [4] - The company benefits from a strong community and user base, with growth opportunities in gaming, advertising, and value-added services supported by new technologies like AI [4]

Banking Sector - In the first ten months, new RMB loans increased by nearly 15 trillion, with corporate medium to long-term loans accounting for over 60%, indicating an ongoing optimization of credit structure [2] - Listed banks' Q3 reports show resilient profitability, with revenue and net profit steadily increasing year-on-year, and a stabilization in interest margins alongside a boost in wealth management [2] - Long-term funds such as insurance and asset management companies continue to increase holdings in high-dividend stocks, highlighting the value of low-valuation and high-dividend investments [2] - Guosen Securities (Hong Kong) suggests that the banking sector is likely to present good investment opportunities before the spring rally, advising investors to overlook short-term fluctuations [2] Nasdaq - U.S. inflation data continues to cool, with PCE and CPI both showing better-than-expected deceleration, reinforcing expectations for a Federal Reserve rate cut, which supports liquidity for the Nasdaq [3] - The acceleration of AI application commercialization and deepening cloud computing collaborations are expected to enhance earnings growth for Nasdaq component stocks [3] - According to招商证券, while short-term sentiment may be volatile, the fundamentals remain intact, maintaining a "tactically cautious, strategically bullish" outlook [3] - The Nasdaq ETF (159941) has reached a scale of 29.068 billion, ranking first among similar products, with a recent increase of 3.71% [3] Communication Sector - The Ministry of Industry and Information Technology has introduced policies to boost the satellite communication industry and enhance "millisecond computing" capabilities, providing policy dividends for the communication sector [4] - As of September 2025, China has 4.705 million 5G base stations and 2.888 billion mobile IoT terminal users, indicating continuous improvement in network infrastructure [4] - In the first half of 2025, the communication industry's revenue and net profit grew by 10.07% and 11.26% year-on-year, respectively, with high growth in sub-sectors like optical modules [4] - 中泰证券 emphasizes that AI computing power is becoming a major growth driver for the communication industry, with a focus on the optical module supply chain [4] Coal Sector - Huatai Securities notes strong demand and low inventory levels, with coastal thermal coal inventory down 4% year-on-year, while production capacity utilization rates have been declining [7] - The coal price is expected to remain supported at high levels in Q4 due to these factors [7] - The energy ETF (159945), which tracks the CSI All-Share Energy Index, is gaining market attention [7] Automotive Sector - 华创证券 indicates that retail sales in October fell short of expectations due to the impact of trade-in quotas, with Q4 projections also expected to be lower than previously anticipated [8] - The automotive ETF (159512), which tracks the CSI All-Share Automotive Index, is worth monitoring, alongside the largest Hong Kong automotive ETF (520600) with a recent scale of 546 million [8]

Market Strategy - The market is expected to remain in a volatile state, with a focus on defensive strategies and opportunities for low-cost positioning [2][8] - The Shanghai Composite Index is holding above 3900 points, while the Shenzhen Component and ChiNext are at the lower end of the fluctuation range since September [8] - The technology sector, particularly the STAR 50 index, has fallen below its fluctuation range, indicating a weak market sentiment [8] Industry Strategy - The food and beverage sector is anticipated to undergo a valuation recovery followed by performance-driven growth, with a focus on gradual positioning [3][8] - The sector has seen a significant improvement in capital returns, particularly in non-bank financials, steel, basic chemicals, machinery, and some consumer goods [8] - The consumer staples sector is showing signs of performance improvement, with expectations for a performance bottom in 2026 [8] Thematic Strategy - The non-ferrous metals sector is gaining a "growth" attribute due to financial characteristics and AI demand, enhancing its appeal [4][8] - Precious metals are becoming increasingly attractive as global central banks diversify reserves amid rising U.S. fiscal deficits and weakening dollar credit [8] - Industrial metals are benefiting from improved supply-demand dynamics and increased demand from AI and new energy sectors [8] - New demand drivers in small metals, particularly lithium, are expected to lead to a cyclical reversal [8]

Core Viewpoint - Kuaishou's revenue for the last quarter increased by 14% year-on-year, meeting the expectations of both the bank and the market, while adjusted net profit grew by 26%, exceeding expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 1: Financial Performance - Kuaishou's revenue growth of 14% year-on-year aligns with market expectations [1] - Adjusted net profit increased by 26%, surpassing the bank's and market's forecasts [1] - AI's contribution to Kuaishou's business is becoming evident, with AI revenue exceeding 300 million yuan in the third quarter, again exceeding expectations [1] Group 2: Future Outlook - The bank forecasts a 10% year-on-year revenue growth for Kuaishou in the fourth quarter, driven by robust growth in online marketing and e-commerce [1] - Profit forecasts for 2025 to 2027 have been slightly adjusted upwards by up to 2% [1] - Target price has been raised from 84 HKD to 88 HKD, maintaining a "buy" rating [1]

Core Viewpoint - The report from CMB International forecasts a 10% year-on-year revenue growth for Kuaishou-W (01024) in Q4, driven by robust growth in online marketing and e-commerce [1] Group 1: Revenue and Profit Forecast - Kuaishou's revenue in the last quarter grew by 14% year-on-year, aligning with both CMB International's and market expectations [1] - Adjusted net profit increased by 26%, exceeding CMB International's and market expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 2: AI Impact - The value of AI empowerment across Kuaishou's business segments is becoming evident, with AI revenue surpassing 300 million RMB in Q3, again exceeding expectations [1] - AI has contributed to an additional 4% to 5% growth in domestic advertising revenue, indicating a positive outlook on AI development [1] Group 3: Target Price and Rating - CMB International has slightly raised its profit forecasts for 2025 to 2027 by up to 2% and increased the target price from 84 HKD to 88 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - Kuaishou-W (01024) is expected to see a 10% year-on-year revenue growth in Q4, driven by robust growth in online marketing and e-commerce [1] Group 1: Financial Performance - Kuaishou's revenue grew by 14% year-on-year in the last quarter, aligning with market expectations [1] - Adjusted net profit increased by 26%, exceeding the bank's and market's expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 2: Future Outlook - The profit forecast for 2025 to 2027 has been slightly raised by up to 2% [1] - The target price has been increased from HKD 84 to HKD 88, maintaining a "Buy" rating [1] Group 3: AI Impact - The value of AI empowerment across Kuaishou's business is becoming evident, with AI revenue surpassing RMB 300 million in Q3, exceeding expectations [1] - AI has also contributed to an additional 4% to 5% growth in domestic advertising revenue, indicating a positive outlook on AI development [1]

Core Viewpoint - The article discusses the evolving expectations of young consumers regarding smartphones, emphasizing the need for a device that is not only functional but also aligns with their aesthetic and experiential desires. The focus is on how brands like Honor are adapting to these needs by actively listening to user feedback and integrating it into product development [3][5][59]. Group 1: User Preferences and Expectations - A survey revealed that 92.8% of young users prioritize system smoothness and stability as the most important features in a smartphone [8][11]. - Young consumers are increasingly discerning, with many expressing dissatisfaction with their current devices, indicating a desire for better performance and user experience [1][5]. - The aesthetic and user interface design of smartphones has become crucial, with 78.2% of respondents valuing the operating system and UI design highly [11][12]. Group 2: Honor's Approach to User Feedback - Honor has established a dedicated department for consumer insights to systematically gather and analyze user feedback, transforming it into actionable product improvements [15][60]. - The introduction of the YOYO AI assistant and the "YOYO Wish Pool" initiative allows users to suggest features directly, which are then rapidly implemented through regular updates [18][20][40]. - Honor's commitment to frequent updates, with over 3,500 pushes and 5,000 optimizations in the past year, demonstrates its responsiveness to user needs [37][38]. Group 3: The Role of AI in User Experience - AI capabilities are increasingly seen as essential by young consumers, with over 60% believing current AI functionalities are inadequate [32][33]. - Honor's AI Gaming Engine and the integration of AI into everyday tasks aim to enhance user experience by providing seamless transitions between different applications and tasks [40][43]. - The expectation for AI to evolve from a novelty to a core functionality reflects a significant shift in consumer priorities [31][36]. Group 4: Broader Market Implications - The article highlights the importance of creating a smartphone that caters to diverse user needs, including those of older adults and individuals with disabilities, emphasizing inclusivity in technology [52][53]. - Honor's strategy of focusing on user-centric design and continuous improvement positions it well in a competitive market where consumer expectations are rapidly changing [59][60]. - The concept of a "young" smartphone is redefined to encompass flexibility and adaptability, appealing to a wider audience beyond just young consumers [50][56].

Core Viewpoint - Kuaishou-W (01024) maintains an "Overweight" rating with a target price of HKD 77.9, driven by significant improvements in profitability due to the recovery of online marketing service revenue and a robust 15.2% growth in e-commerce GMV, with AI technology playing a crucial role in optimizing content creation and enhancing advertising effectiveness [1] Group 1: Financial Performance - In Q3 2025, Kuaishou achieved revenue of CNY 35.55 billion, a year-on-year increase of 14.1% [2] - Gross margin stood at 54.7%, up 0.3 percentage points year-on-year [2] - Operating profit reached CNY 5.30 billion, a substantial increase of 69.9% year-on-year, with an operating margin of 14.9%, up 4.9 percentage points [2] - Adjusted net profit was CNY 4.99 billion, reflecting a year-on-year growth of 26.3%, with an adjusted net margin of 14.0%, up 1.3 percentage points [2] Group 2: User Engagement and AI Development - Kuaishou's DAU and MAU reached 416 million and 731 million respectively, with year-on-year growth of 2.1% and 2.4%, resulting in a DAU/MAU ratio of 56.9% [3] - Average daily usage time per user was 134.1 minutes, with total user engagement time increasing by 3.6% year-on-year [3] - E-commerce GMV hit CNY 385 billion, marking a 15.2% year-on-year increase, with short video e-commerce maintaining healthy growth [3] - The launch of the 2.5 Turbo model by Kuaishou AI in September 2025 significantly improved content generation efficiency, reducing creator costs by nearly 30% [3] - Kuaishou AI generated over CNY 300 million in revenue in Q3 2025, contributing to a 4%-5% increase in online marketing service revenue [3] Group 3: Online Marketing Services - Online marketing service revenue reached CNY 20.10 billion in Q3 2025, a year-on-year increase of 14.0% [4] - Both external and internal marketing service revenues experienced rapid year-on-year growth, with UAX consumption accounting for 70% of total external consumption [4] - Live streaming revenue was CNY 9.57 billion, up 2.5% year-on-year, while other service revenues surged by 41.3% to CNY 5.88 billion [4] - The monthly buyer structure in Kuaishou's e-commerce segment is showing healthy development, with increased repurchase frequency among active users [4] - The OneSearch architecture improved search order volume by nearly 5%, while OneRec enhanced e-commerce information flow, contributing to high single-digit GMV growth [4]