导火索很直接：美国在格陵兰岛问题上的强硬态度，让丹麦民众反美情绪高涨。 21岁 青年开发"UdenUSA"（意为"没有美国"）应用，通过扫描商品条码识别产地，下载量超 10 万次。丹麦最 大连锁超市主动标注欧盟替代商品。 大家不想再被美系生态绑定，开始主动寻找替代方案。 于是， 中国软件成了丹麦人的热门选择 。 办公用 WPS 365，跨国会议自动显示时区，不用手动换算，效率拉满；日常刷微博、B 站，追求"100%中国 含量"；AI 工具则用 DeepSeek 替代 ChatGPT。 最近丹麦民间掀起一股 换软件 热潮：线下抵制美国商品，线上把手机里的美系 App，悄悄换成中国软件。 （参考：大河报、央视财经，本文经由 AI 优化） ...

Investment Rating - The investment rating for Bilibili-W (09626.HK) is "Outperform the Market" [1][4][13] Core Views - 2026 is expected to be a significant year for the gaming industry and AI application advertising, which will likely lead to increased advertising revenue and profits for Bilibili [2][3][5] - Bilibili is anticipated to capture more advertising budgets from gaming and AI application advertisers, driving revenue and profit growth [3][5] Revenue and Profit Forecast - Revenue projections for Bilibili are estimated at 30.2 billion, 32.6 billion, and 36.5 billion for the years 2025, 2026, and 2027 respectively [4][13] - Adjusted net profits are forecasted to be 2.5 billion, 3.4 billion, and 4.6 billion for the same years [4][13] Industry Insights - The gaming industry is expected to see a rapid increase in game approvals, with a nearly 60% year-on-year growth in the number of game approvals in 2025, excluding casual games [3][5] - Bilibili's gaming advertising is projected to achieve over 30% year-on-year growth in 2026 due to increased competition among top game publishers [3][5] - AI application advertising budgets are expected to increase significantly in 2026, with Bilibili's user base overlapping with core AI application audiences [3][5] User Engagement and Advertising Metrics - Bilibili's Daily Active Users (DAU) is expected to maintain a growth rate of over 5% in 2026, with improvements in AI technology enhancing ad load from 6.7% to 7.1% and a projected 5% increase in ECPM [6][7] - The advertising revenue growth for native and brand ads is expected to be in single digits due to macroeconomic influences [7]

Investment Rating - The media industry is rated as stable, with a focus on digital transformation in the upcoming years [1] Core Insights - The media industry is entering a critical phase of digital transformation, with a competitive landscape characterized by the concentration of traffic among major players and the struggle for survival among traditional media [1] - The demand structure of the media industry is undergoing a transformation due to the proliferation of digital technology and changing user habits, leading to a shift from passive consumption to active participation [12] Industry Supply Capacity Analysis - Traditional media, particularly book retail, experienced negative growth in 2025, with a retail market value decline of 2.24% and a sales value drop of 3.80% [2] - New media user base continues to expand, with internet users in China reaching 1.123 billion and an internet penetration rate of 79.7% by June 2025 [2] - The gaming market maintained growth, achieving a record revenue of 350.79 billion yuan in 2025, a year-on-year increase of 7.68% [3] Industry Demand Matching Capability Analysis - Content e-commerce surpassed platform e-commerce to become the largest retail channel in 2025, reflecting a shift to a "content-driven" phase in the book retail market [8] - Short videos and live streaming emerged as significant catalysts for consumer spending, with 45.9% of users making purchases influenced by these formats [9] - The number of micro-short dramas broadcasted on satellite channels increased significantly, with a total of 124 dramas aired in 2025, marking a 254.3% increase from the previous year [10] Industry Competitive Landscape Analysis - The media industry is experiencing a competitive environment where traffic is increasingly concentrated among major players, with ByteDance and Tencent dominating the market [16] - Traditional media is undergoing a challenging transformation, with leading traditional media outlets actively seeking breakthroughs in digitalization [16] Industry Credit Rating Analysis - The media industry's bond issuers are primarily concentrated in traditional media, with AAA ratings being predominant; the issuance scale of AA+ rated entities saw significant growth in 2025 [23] - The average credit spread for unsecured bonds in the media industry has remained relatively stable since the second quarter of 2025 [23] Industry Development Outlook - The media industry is expected to enter a critical phase of digital transformation, with a projected market recovery driven by the integration of artificial intelligence and the emergence of new business models [29] - Companies with strong cash flow and proactive engagement in AI technologies are likely to recover faster, while those relying on high leverage may face continued market pressure [29]