Bilibili-W (09626) rose more than 5% during trading. As of the latest update, the stock was up 5.16%, trading at HK$252.8, with a turnover of HK$1.05 billion. On the news front, Guosen Securities released a research report stating that Bilibili is well-positioned to capture more advertising budgets from game and AI application advertisers. In the gaming sector, game license approvals saw rapid growth in 2025. According to data from the National Press and Publication Administration, the number of licenses for App, PC, and console games increased by nearly 60% year-on-year in 2025 (excluding casual games). It is anticipated that competition for user traffic among major game publishers will intensify in 2026, with overall industry advertising budgets expected to rise. The report estimates that Bilibili's gaming ad revenue could achieve a year-on-year growth rate of over 30% in 2026. In terms of AI applications, advertising budgets from AI application advertisers are projected to increase significantly in 2026. Bilibili's user base overlaps considerably with the core audience for AI applications, enabling AI advertisers to acquire highly engaged users on the platform.