Citi Research's July 13 report reveals three core signals from Bilibili's 2025 Investor Day: commitment to long-form content strategy amid industry oversupply, AI-driven advertising growth outpacing industry average, and gaming focus on young demographics with anime IP advantages. Analysts maintain neutral rating with $23 target but warn of high volatility risks. Key focus: How AIGC technology empowers content ecosystem globalization and whether diversified monetization can ease profitability pressure.