Bank of America Securities released a research report stating that Bilibili's performance in the third quarter is expected to exceed expectations, with a positive outlook for the fourth quarter. The institution believes that Bilibili's main business trends are progressing well. Driven by the strong performance of the new game 'Sanmou,' the group's gaming business is growing well. Bank of America Securities expects the company's advertising business momentum to continue in the second half of the year, with a 25% increase year-on-year, mainly benefiting from the strong growth of video e-commerce and game advertising. Bilibili's gross margin structure is shifting towards a high-margin business model, coupled with cost optimization, the company is expected to achieve financial balance in the third quarter. Nomura Securities expects Bilibili's third-quarter revenue to increase by 25% year-on-year to 7.3 billion yuan, 2% higher than market expectations. In addition, Sinolink Securities expects Bilibili's Q3 performance to turn positive, while China Merchants Securities expects Tencent Holdings and Bilibili's third-quarter performance to exceed market expectations.