潮新闻客户端 记者 楼纯 春节作为中国最盛大的传统节日，是快手用户活跃的高峰期，更是品牌不容错过的关键营销节点。近日，快手2026春节招商项目通案正式发布，围绕"玩、 逛、看、聚、购"在快手，打造马年新春超级互动和内容盛宴，同时集结聚星达人、品牌产品、营销科学等丰富资源，为用户营造热闹喜庆年味氛围，为品 牌搭建新春营销高光舞台，携手共迎温暖欢腾的中国年。 浓浓年味在快手，"玩逛看聚购"一站满足 当"上快手过大年"成为亿万老铁的选择，在快手布局新春营销也为品牌高效连接7亿+老铁的重要路径。快手数据显示，2025年春节期间，快手月活跃用户达 到巅峰期，快手春节活动视频总播放量超2000亿，互动会场摇发财树红包超57亿次。 面对即将到来的马年春节，快手带来鲜活滚烫的"新年味"，营造"玩、逛、看、聚、购"在快手的浓郁年味氛围，打造线上线下同频共振的超级营销矩阵，携 手更多品牌，与老铁一起奔赴温暖、热闹的2026年新春。 在快手，新春祝福"玩"出新花样，摇红包、集福卡等互动玩法成为数字时代"新年俗"；从东北冰灯到岭南醒狮，云"逛"大江南北，领略神州大地鲜活年俗新 图景；顶流星达花式贺岁，"看"好戏连台，收获满满快乐；天 ...

港股通周二净流入111亿港元，其中阿里巴巴(09988.HK)净流入最多，达56亿港元，其次是快手 (01024.HK)。另一方面，中国海洋石油(00883.HK)录得最大净流出，达2.03亿，其次是中芯国际 (00981.HK)。 美股交易员持续关注可能影响美联储后续货币政策决议的任何消息。根据芝商所的美联储观察工具，市 场预计美联储12月减息25个基点的概率超过80%。另外，据知情人士透露，在特朗普的顾问和盟友看 来，哈塞特在接替现任美联储主席鲍威尔的竞争中处于领先地位。交易员迅速提高了对未来一年减息的 押注，反映出市场一致预期哈塞特将落实美国总统唐纳德・特朗普所呼吁的激进减息。 来源：凯基证券 ...

Core Insights - Kuaishou Technology reported Q3 2025 earnings with revenue of 35.6 billion yuan, a year-on-year increase of 14.2% [1] - The company achieved a total operating profit of 5.3 billion yuan, with an operating profit margin of approximately 14.9% [1] - Non-GAAP net profit attributable to shareholders was 5 billion yuan, up 26.3% year-on-year, with a non-GAAP net profit margin of about 14.0% [1] Revenue Breakdown - Online marketing services, live streaming, and other services generated revenues of 20.1 billion, 9.6 billion, and 5.9 billion yuan respectively, with year-on-year growth rates of 14.0%, 2.5%, and 41.3% [1] E-commerce Performance - E-commerce GMV grew by 15.2% year-on-year to 385 billion yuan, with a healthy development in the average buyer structure and active user repurchase frequency [2] - The share of general merchandise e-commerce GMV exceeded 32%, indicating strong growth [2] AI Integration - AI models like OneSearch and OneRec contributed to a significant increase in e-commerce order volume and advertising revenue, with OneRec driving domestic online advertising revenue growth of approximately 4%-5% [2] - The introduction of the Keling 2.5 Turbo model improved performance while reducing video generation costs by about 30%, enhancing its commercial viability [3] Future Projections - The company expects revenues of 141.5 billion, 155 billion, and 167 billion yuan for 2025-2027, with growth rates of 11%, 10%, and 8% respectively [3] - Adjusted net profits are projected to be 20.5 billion, 24.8 billion, and 27.8 billion yuan for the same period, with growth rates of 16%, 21%, and 12% respectively [3] Investment Rating - The company maintains a "Buy" rating with a target price of 94 HKD based on a 15x P/E ratio for 2026 [3]

机构：西部证券 研究员：郑宏达/李想 公司持续推进AI 业务商业化：公司于2025 年9 月底推出了可灵2.5 Turbo模型，登顶Artificial Analysis 全 球文生视频模型和图生视频模型榜单第一名。 可灵AI 在25Q3 单季度收入超过3 亿元。公司持续优化OneRec 端到端生成式推荐大模型，将应用场景从 短视频内容推进扩展至线上营销、电商商城等场景。此外，公司还推出了生成式强化学习出价模型 G4RL，让广告投放在整段周期内自动实现预算与ROI双最优。OneRec 等大模型技术已在25Q3为公司国 内线上营销收入带来4%–5%的提升。 公司主营业务稳健增长：公司核心商业收入（线上营销服务和以电商为主的其他服务）同比增长 19.2%。公司线上营销服务25Q3 单季度收入为201 亿元（YoY+14%），直播服务25Q3 单季度收入为96 亿元（YoY+2.5%）。 我们认为：在生成式AI 应用加速落地的背景下，公司基于多模态大模型技术积极迭代软硬件，或将进 一步促进公司主营业务持续增长，同时，公司生成式AI 应用不断推进技术落地和商业化也有望为公司 带来新的增量空间。 投资建议：我们预计公司 ...

受美联储委员再放鸽、中美元首通话等利好提振，主要指数集体高开。早盘，市场主要围绕AI产业链 展开，指数大幅走强： 硬件端，谷歌OCS概念在隔夜美股映射下率先走强，叠加Meta考虑采购数十亿美元谷歌TPU、特朗 普"创世纪计划"等催化，CPO、PCB、TPU芯片等环节集体上涨； 应用端，新加坡AISG计划放弃Meta转向阿里千问等消息提振情绪，AI应用延续强势，部分核心品种再 创新高，并带动游戏等低位方向展开补涨。 截至2025年11月26日 09:37，中证港股通科技指数(931573)上涨0.81%，成分股美团-W(03690)上涨 5.95%，三生制药(01530)上涨3.35%，高伟电子(01415)上涨3.16%，比亚迪股份(01211)上涨2.51%，信达 生物(01801)上涨2.45%。港股科技ETF(159751)上涨1.11%， 冲击3连涨。最新价报1.1元。 东吴证券认为，港股短期风险因素在减少，从中长期配置来看，当前位置有吸引力。 其一，美联储12月降息预期摇摆，导致近期美股为代表的海外市场走势相对疲软。如果美联储降息预期 升温，有利于港股回升。 其二，我们预计12月中央经济工作会议前市 ...

智通财经APP获悉，长城汽车-R(82333)、京东集团-SWR(89618)、中银香港-R(82388)上一交易日沽空比 率位于前三位，分别为100.00%、94.41%、93.33%。阿里巴巴-SW(09988)、小米集团-W(01810)、腾讯 控股(00700)的沽空金额位居前三，分别为46.33 亿元、14.48 亿元、10.11 亿元。中银香港-R(82388)、中 国平安-R(82318)、中国海洋石油-R(80883)的偏离值位居前三，分别为56.68%、51.38%、48.09%。 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-SW(09988) | 46.33 亿元 | 19.96% | 3.93% | | 小米集团-W(01810) | 14.48 亿元 | 11.32% | -5.60% | | 腾讯控股(00700) | 10.11 亿元 | 10.84% | -5.18% | | 快手-W(01024) | 6.95 亿元 | 19.47% | -3.19% | | 小鹏汽车-W(09868) | 5. ...

大型蓝筹股涨跌不一，汇丰控股收报108.109港元，较香港收市涨1.23%；腾讯控股收报622.043港元，较香港收市跌0.47%。 | .HSIADR 恒生指数ADR | | | --- | --- | | 25939.89 ↑ +45.34 +0.18% | 收盘价 11/25 16:00 美东 | | 三月日日 | | | 最高价 26014.67 开盘价 26014.67 成交量 6141.2万 | | | 最低价 25878.31 昨收价 25894.55 | 平均价 25946.49 | | 52周最高 27275.90上 涨 -- | 中国 | | 52周最低 18856.77下 跌 -- | 振 幅 0.53% | | 800000 恒牛指数 25894.55 +178.05 +0.69% | | 智通财经APP获悉，周二，美股三大指数集体收涨。恒生指数ADR上涨，按比例计算，收报25939.89点，较香港收市涨45.34或0.18%。 | 序号 名称 | | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | ...

11月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 1005982.72 | 350409.44 | 2.14 | | 09988 | 阿里巴巴-W | 港股通(深) | 640151.00 | 211183.37 | 2.14 | | 01810 | 小米集团-W | 港股通(沪) | 506056.06 | -20340.43 | 4.35 | | 00981 | 中芯国际 | 港股通(沪) | 282316.23 | 24589.52 | -0.15 | | 01810 | 小米集团-W | 港股通(深) | 252327.00 | 43480.79 | 4.35 | | 00700 | 腾讯控股 | 港股通(沪) | 207284.09 | -16891.78 | 0.08 | | 00981 | 中芯国际 | 港股通(深) | 206974.00 | -42209.63 | -0.15 | ...

Core Insights - The emergence of "manju" as an AI-driven low-cost content format is rapidly gaining traction in the content market, particularly as the costs of live-action short dramas rise [2][3] - Major players like ByteDance and Kuaishou are leveraging AI technology to create a commercial ecosystem that enhances production efficiency and reduces costs, marking a shift from AI as a tool of interest to a rigid production tool [3][4] Market Dynamics - The manju market has experienced explosive growth, particularly in the summer of this year, as the paid traffic model for live-action short dramas reaches its peak, prompting many producers to shift towards the more cost-effective manju format [2][5] - The production cost of live-action short dramas has increased significantly, from around 200,000-300,000 yuan to 700,000-800,000 yuan, driving creators to seek higher return opportunities in manju [9][12] Production Efficiency - AI technology has drastically reduced the production cycle for manju from 50-60 days to under 30 days, with costs for a typical manju being only about 30,000-40,000 yuan [12][14] - The integration of AI across the entire production process—from script adaptation to voice acting—has enabled a more industrialized production approach, lowering the entry barrier for creators [12][15] Competitive Landscape - The current manju landscape is characterized by a shift towards industrialization and quality competition, with major IP holders like Yuewen and Tomato Novel opening up their copyrights for adaptation [4][21] - Platforms are incentivizing creators through traffic support, revenue subsidies, and investments, indicating a move towards a more structured and competitive market [4][15] Future Outlook - The manju market is expected to expand further, particularly by targeting female audiences, as current content is predominantly male-oriented [19][24] - Major online literature platforms are opening thousands of IP copyrights and establishing funds to support manju adaptations, enriching the available content pool [21][24] - Regulatory policies are evolving to establish a review mechanism similar to that of live-action short dramas, which may increase compliance costs but also enhance market structure [24]

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 64.02 亿元 | +21.12 亿元 | | 小米集团-W(01810) | 25.23 亿元 | +4.35 亿元 | | 中芯国际(00981) | 20.70 亿元 | -4.22 亿元 | | 腾讯控股(00700) | 19.92 亿元 | +7893.05 万元 | | 快手-W(01024) | 10.86 亿元 | +4.47 亿元 | | 中国海洋石油(00883) | 7.77 亿元 | -2.03 亿元 | | 汇量科技(01860) | 6.28 亿元 | -6434.96 万元 | | 中国移动(00941) | 6.07 亿元 | +1.65 亿元 | | 赣锋锂业(01772) | 5.68 亿元 | +2720.67 万元 | | 长飞光纤光缆(06869) | 5.20 亿元 | +4935.83 万元 | 智通财经APP获悉，2025年11月25日当天，阿里巴巴-W(09988)、小米集团-W(01810)、中芯国际( ...