Since November, the Hong Kong stock market has ushered in an epic rebound and entered a "technical bull market", mainly because market expectations for further positive changes in epidemic prevention and control measures have become clearer.

Cinda Securities pointed out thatFrom the perspective of market reaction, funds focus more on the improvement of the overall economic situation and the recovery of individual stock performance next year, and the impact weight of short-term performance is relatively reduced.However, with the stable control of the epidemic and the recovery of the macro-economy, the business growth rate of platform economy is expected to recover further.

From the perspective of individual stocks, the Internet health sector is the most active.$TENCENT (00700.HK)$、$TRIP.COM-S (09961.HK)$The concept of recovery stocks rebounded strongly after the epidemic, and at the same time, the new car-building forces that were oversold in the early days,$BILIBILI-W (09626.HK)$、$KUAISHOU-W (01024.HK)$And other stocks also have a big rebound.

Among them, Bilibili Inc. Hong Kong stock rose astonishingly, up nearly 130% since November as of the close on December 7. It rose strongly again today. As of press time, Bilibili Inc. rose more than 17% to HK $181.4.

In fact, the continued volatility of Bilibili Inc. 's share price since 2022 has further deepened the pessimism in the market, with many analysts shouting, "Bilibili Inc. must prove to the market as soon as possible that he has survived the most difficult days, at least there is a clear inflection point in financial indicators. "

However, under the guidance of commercialization, substantial narrowing of losses and rapid growth of users, 2022Q3 financial statements have undoubtedly become the key answer for Bilibili Inc. to prove himself.There is no lack of market arguments that "Bilibili Inc. 's business inflection point is approaching" and "Bilibili Inc. 's hard life is coming to an end"-- which directly drove Bilibili Inc. 's US stocks to close up 22.32% that night.

Funds come in frequently to sweep the goods.

As the Hong Kong stock market began a strong rebound, foreign giants began to run into the market, a large number of bottom.Recently, global asset management giants such as JPMorgan Chase & Co, Blackrock and Goldman Sachs Group have opened the mode of "sweeping goods" in the Hong Kong stock market.

Recently, the trillion giant JPMorgan Chase & Co frequently buys and sells short-term operations in the Hong Kong stock market, cashing out and reducing his holdings many times, and gains a lot in the short term.

According to the Hong Kong Stock Exchange, JPMorgan Chase & Co bought 219800 shares of Bilibili Inc. at an average price of 84.23 Hong Kong dollars on November 4. After 11 days, JPMorgan Chase & Co sold another 1.3479 million shares of Bilibili Inc. at a price of 113.59 Hong Kong dollars. JPMorgan Chase & Co sold another 712600 shares of Bilibili Inc. at 122.46 Hong Kong dollars and bought back 1.2926 million shares at 120.98 yuan on November 30.

In addition, Goldman Sachs Group increased its stake in Bilibili Inc. by 4.84 million shares on November 9, increasing the number of shares held by the institution to 23.66 million shares.

Why can Bilibili Inc. be favored by funds?

UBS said that as cost optimisation measures and related timetables became clearer, investors were expected to be reassured about the sustainability of the company's business, raising the target price from HK $196 to HK $235.

According to the report, the company's platform traffic was strong during the period, with an increase of 24.5% in the number of monthly active users. The bank saidBilibili Inc. gradually shifted his focus from the growth of monthly active users to increasing user participation, which bodes well for marketing and cost control.It also refers to the firm determination and initiative of the management in cutting costs and forecasts that operating expenditure has peaked and is expected to decline in the first quarter of next year.

Oriental Securities said that the basic market of the company's community is stable and users are highly sticky, reducing costs and efficiency combined with commercial tools are constantly improving, gradually proving their commercial value to the market, improving profitability quarter by quarter, and maintaining a "buy" rating.

What are Bilibili Inc. 's next growth prospects?Profit margins are expected to improve, with a compound growth rate of 15.7 per cent in 2022-24, first Securities said. The company's gross profit margin and operating profit margin have improved this quarter, and it is expected to continue to take measures such as personnel optimization to tighten expenditure, while further streamlining investment in research and development, reducing projects with low success rates and investing more cautiously.In addition, we still maintain confidence in achieving the Non-GAAP operating profit margin to break even by 2024.

JPMorgan Chase & Co also believes that the next 12 months will be the key period for it to break even, continue to be optimistic about its growth prospects, and do not fully reflect the level of commercial realization compared with its peers, and may benefit from the trend of opening up in the future.