Core Viewpoint - Bilibili-W (09626) has seen a stock price increase of over 5%, currently trading at 252.8 HKD with a transaction volume of 1.05 billion HKD, driven by positive forecasts from Guosen Securities regarding advertising budgets from game and AI application sectors [1] Group 1: Gaming Industry Insights - The gaming industry is expected to experience rapid growth in game licenses, with a projected year-on-year increase of nearly 60% in 2025 for App/PC/console game licenses, excluding casual games, according to data from the National Press and Publication Administration [1] - In 2026, competition for promotional traffic among leading game manufacturers is anticipated to intensify, leading to an overall increase in industry budgets [1] - Guosen Securities estimates that Bilibili's gaming advertising revenue could achieve a year-on-year growth rate exceeding 30% in 2026 [1] Group 2: AI Application Advertising - In 2026, there is expected to be a significant increase in advertising budgets from AI application advertisers [1] - Bilibili's user base has a high overlap with the core audience of AI applications, making it an attractive platform for AI advertisers seeking high retention users [1]

Core Viewpoint - Bilibili-W (09626) is experiencing a significant stock price increase, rising over 5% to 252.8 HKD, with a trading volume of 1.05 billion HKD, driven by positive market sentiment regarding its advertising potential in the gaming and AI sectors [1] Group 1: Gaming Industry - The gaming industry is expected to see a rapid increase in game approvals, with a projected nearly 60% year-on-year growth in the number of game licenses issued in 2025, excluding casual games [1] - Bilibili is anticipated to achieve over 30% year-on-year growth in gaming advertising revenue by 2026, as competition for promotional traffic among leading game developers intensifies [1] Group 2: AI Applications - The advertising budget for AI applications is expected to increase significantly in 2026, with Bilibili's user base overlapping substantially with the core audience of AI advertisers, allowing for high user retention [1]