The three major U.S. stock indexes closed mixed, with the Nasdaq up 0.1%, the S&P 500 up 0.02%, and the Dow down 0.11%.
Popular Chinese concept stocks rose, and the Nasdaq China Golden Dragon Index rose 1.05%.
Bilibili rose more than 10%, Daiwa released a report saying that artificial intelligence-generated content (AIGC) is expected to be good for Bilibili's advertising business revenue, and the game business is still weak in the first half of the year but may turn around at the end of the second quarter or the beginning of the third quarter. Daiwa raised its revenue forecast for Bilibili by 2% and profit forecast by 4%-5% for this year and next due to higher advertising revenue, as the contribution from high-margin advertising is likely to continue to increase.
iQIYI rose more than 5%. On April 23, Yu Fengyuan, senior director of iQIYI and head of short drama marketing, said at the "2024 New List Short Drama Conference" that the short drama track is still in a period of rapid rise, the user's payment ceiling has not yet arrived, and there are still a lot of dividends to be grabbed in the future.
Yu Fengyuan believes that at present, short dramas are developing in the direction of high-quality products, but they are mainly differentiated and innovative in plots and themes, and they have not yet "rolled" to provide consumers with better player experience such as sound effects and visual effects. When the potential of each segment of the short drama is exhausted, a better platform playback experience and higher-end sound and image optimization will become the key to creating a better user experience.
Other Chinese concept stocks rose and fell, Weibo rose more than 4%, Futu Holdings, Weilai rose more than 3%, Alibaba, JD.com rose more than 2%, Tencent Music, NetEase, Baidu rose more than 1%. Li Auto fell more than 3%, Xpeng Motors fell more than 1%, and Pinduoduo fell slightly.
List of leading Chinese concept stocks:
List of Chinese Concept Stocks Leading Declines:
(Source: Hafu Securities)
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