Bilibili-W (09626) surged nearly 5% again, climbing 4.92% to HK$268.8 by the time of writing, with a turnover of HK$568 million. On the news front, on January 25th, both Tencent Yuanbao and Baidu App announced their Spring Festival red envelope distribution plans, with total cash red envelopes set to reach 1.5 billion yuan. Heading into 2026, leading industry players are ramping up their efforts, serving as a key catalyst for institutions' continued optimism regarding investment opportunities in the AI application sector. CITIC Securities published a research report stating that AI applications have become the most significant incremental driver for Bilibili's current advertising placements, with Tongyi Qianwen (Qianwen App), as the exclusive title sponsor of the recent New Year's Eve gala, deeply involved in program content and real-time AI interaction segments. Besides Tongyi Qianwen, other major AI large model providers in the market, such as Moonshot AI (Kimi), ByteDance (Doubao), Zhipu AI, and Baidu's Ernie Bot, have also been running high-frequency advertising campaigns on Bilibili. These companies are leveraging Bilibili's highly engaged user environment, where average daily usage exceeds 100 minutes, to acquire customers precisely through collaborations with content creators (UP主) and performance advertising.