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( ...

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

一种由AI技术驱动的新内容形态——"漫剧"，正成为今年内容市场迅速崛起的赛道。在字节跳动和快手等科技巨头的助推下，这一结合了动漫形 式与短剧节奏的内容，正凭借其低成本、高效率的生产优势快速吸引资本和创作者，并为多模态AI模型找到了一个清晰且规模化的商业变现路 径。 据追风交易台消息，广发证券11月25日发布报告表示，今年以来，尤其是在夏季，漫剧市场迎来爆发式增长。真人短剧的付费投流模式增长见 顶，促使大量制作方和投流方转向成本更低的漫剧赛道。作为回应，字节跳动旗下平台迅速布局，不仅红果短剧APP内部设立了独立的漫剧频 道，更在11月推出了"红果免费漫剧"独立应用。 这一转变的核心驱动力在于AI技术对生产效率的颠覆性提升。AI赋能下的漫剧生产，将制作周期从传统方式的一到两个月缩短至一个月内，并大 幅降低了成本。对于字节跳动和快手等同时拥有大模型技术和内容分发平台的公司而言，这构成了一个从AI技术服务到内容消费变现的商业闭 环，标志着AI正从"兴趣"工具转变为刚性的生产力工具。 此轮内容迭代也吸引了版权方和更多专业机构的入场。阅文、番茄小说等IP持有方正开放大量网文版权用于漫剧改编，而平台方则通过流量扶 持、收益 ...

漫剧市场开出第一张罚单，高质量专业创作方将迎来更大机会 11月初，国家广电总局下发工作提示，即日起至2026年3月开展专项治理，将各类动画形式微短剧纳入 分类分层审核体系。11月20日，中国网络视听节目服务协会通报灵矩动漫漫剧《高考落榜，忽悠同学上 冥牌大学》因过度宣扬封建迷信，存在严重价值导向偏差，被全网下架。 智通财经APP获悉，中泰证券发布研报称，一众平台纷纷发力漫剧。11月初，国家广电总局下发工作提 示，即日起至2026年3月开展专项治理，将各类动画形式微短剧纳入分类分层审核体系。该行认为， Gemini 3为漫剧创作增添强力助手，大模型不断迭代让创作者以极低成本实现传统制作方式难以完成的 视觉效果。建议持续关注：漫画、网文等IP源头公司以及AI技术和平台优势公司。 中泰证券主要观点如下： 抖音单日播放破4亿，一众平台纷纷发力 11月16日，"漫剧有数"统计显示，抖音端原生单日新增播放已破4亿大关。11月18日，爱奇艺发布Q3财 报称正拓展漫剧业务，开发自制漫剧;11月19日，爱奇艺正式发布公告称平台已经上线漫剧专属频道。 11月21日，报道称腾讯正在测试"火星动漫""火星动漫社"两款漫剧微信小程序， ...

Group 1 - The internet sector saw a rise on November 25, 2025, with stocks like Huya up 4.92%, Xiaomi Group-W up 4.40%, and Bilibili-W up 4.14% [1] - Bilibili's self-developed game "Escape from Duckkov" has sold over 3 million copies, with peak concurrent users exceeding 300,000, indicating strong business growth potential [1] - Kuaishou's AI video model has completed the Turbo2.5 version upgrade, enhancing video clarity, smoothness, and logical coherence while reducing production costs [1] - Huayuan Securities' report emphasizes the importance of AI technology development and application by leading internet companies, suggesting a focus on strategic adjustments and execution progress in AI [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the CSI Overseas China Internet 30 Index include Alibaba-W, Tencent Holdings, Pinduoduo, Xiaomi Group-W, Meituan-W, NetEase-S, JD Group-SW, Trip.com Group-S, Baidu Group-SW, and Kuaishou-W, collectively accounting for 86.72% of the index [2]

公司点评 | 快手-W 盈利能力稳步提升，AI 业务商业化提供增量空间 证券研究报告 2025 年 11 月 25 日 快手-W（01024.HK）2025Q3 业绩点评 业绩摘要：公司 25Q3 单季度实现营业收入 355.54 亿元（YoY+14%），营 业利润 46.76 亿元（YoY+76%），净利润 44.88 亿元（YoY+37%），经调整 净利润 49.86 亿元（YoY+26%），经调整净利率为 14%，盈利能力稳步提升。 快手应用 25Q3 平均日活跃用户（DAU）4.16 亿（YoY+2.1%），平均月活 跃用户（MAU）7.31 亿（YoY+2.4%），每位日活跃用户平均线上营销服务 收入（ARPDAU）48.3 元（YoY+12%），总电商 GMV 为 3850.44 亿元 （YoY+15%）。 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 ...

Group 1: Market Overview - The A-share market continues to decline, primarily due to external volatility [3] - Global equity markets generally fell, with only Vietnam and India showing gains [3] - Commodity prices mostly decreased, and the China-US interest rate spread narrowed [3] Group 2: Fixed Income and Economic Indicators - The current Gusheng fundamental high-frequency index is 128.8 points, with a year-on-year increase of 6.1 points [3] - The industrial production high-frequency index remains at 127.5, with a year-on-year increase of 5.2 points [3] - The CPI and PPI month-on-month forecasts are both 0.1% [4] Group 3: Company Insights - Wanchen Group - Wanchen Group, established in 2011, became a key national leader in the edible fungus sector, achieving revenue of 540 million yuan in 2024 [6] - The company expanded into the snack retail sector in 2022, rapidly building a store network through acquisitions, reaching 15,365 stores by June 2025 [6] - In the first three quarters of 2025, the snack retail segment generated revenue of 36.16 billion yuan, accounting for 98.9% of total revenue, with a net profit margin of 5.3% in Q3 2025 [6] Group 4: Company Insights - Saiwei Era - Saiwei Era is a technology-driven leader in cross-border apparel, leveraging a digital platform to create a multi-brand matrix [7] - The company is expected to achieve revenues of 12.12 billion, 14.35 billion, and 16.50 billion yuan from 2025 to 2027, with corresponding net profits of 340 million, 570 million, and 710 million yuan [7] Group 5: Company Insights - Miniso - Miniso reported a revenue of 5.8 billion yuan for Q3 2025, reflecting a year-on-year growth of 28.2% [9] - The adjusted net profit for the same period was 767 million yuan, up 11.7% year-on-year, with an operating profit margin of 17.6% [9] - The company is positioned as a global leader in daily goods retail, expanding rapidly through a light-asset model [9] Group 6: Company Insights - Kuaishou - Kuaishou's Q3 2025 revenue reached 35.6 billion yuan, a year-on-year increase of 14.2% [11] - The company recorded a total operating profit of 5.3 billion yuan, with a profit margin of approximately 14.9% [11] - E-commerce GMV grew by 15.2% to 385 billion yuan, with AI models enhancing marketing and operational efficiency [14]

Summary of Kuaishou Technology Conference Call Company Overview - **Company**: Kuaishou Technology - **Date**: November 20, 2025 - **Current Stock Price**: 64.95 HKD - **Target Price**: 89.00 HKD Key Points Industry and Market Context - Kuaishou's stock price increased by 2% following the release of Q3 2025 earnings, while the Hang Seng Tech Index fell by 1% [1][12] - Concerns exist regarding competition from similar models (Google, OpenAI, ByteDance) and potential declines in e-commerce monetization in Q4 2025 and 2026 due to sluggish market growth and increased tax burdens on small businesses [1][12] Financial Performance - Q3 2025 non-GAAP operating profit increased by 56% year-over-year, with operating profit margin rising by 4.4 percentage points [1][12] - Q3 2025 advertising revenue grew by 14% year-over-year, surpassing the 13% growth in Q2 2025, attributed to improved advertising technology [1][12] - The company expects Q4 2025 advertising revenue to maintain a healthy growth rate of 12% year-over-year [1][12] Revenue Guidance and Projections - Kuaishou's revenue guidance for 2025 is set at 1.40 billion USD, which is considered conservative [1][12] - The company is expanding its reach to larger enterprises, increasing the proportion of revenue from this segment from 30% to 40% [1][12] - Projected compound annual growth rate (CAGR) for Kuaishou's revenue from 2026 to 2027 is estimated at 47% due to the large potential market for global video generation [1][12] Capital Expenditure and Profitability - Kuaishou raised its capital expenditure guidance for 2025 from 12 billion CNY to 14 billion CNY, up from 8 billion CNY in 2024 [7][12] - Increased capital expenditure is expected to enhance model capabilities and drive high-margin advertising business growth [7][12] - Despite rising costs from AI and R&D, the company anticipates a 20% increase in net profit for 2026, exceeding market consensus by 7% [7][12] Risks and Challenges - Risks include competition from Douyin and WeChat Channels, regulatory risks from potential content scrutiny, execution risks, and concerns over Tencent's potential divestment [20][12] Valuation and Investment Thesis - The target price of 89 HKD is based on a 14x forward P/E ratio for 2026, with a projected profit CAGR of 21% from 2026 to 2027 [19][12] - Kuaishou's advertising and e-commerce businesses are expected to grow faster than the overall market, with a projected CAGR of 13% for 2026-2027 [18][12] Additional Financial Metrics - Adjusted net profit for FY 2025 is projected at 20.95 billion CNY, with an adjusted EPS of 4.75 CNY [11][12] - Revenue for FY 2025 is expected to reach 142.06 billion CNY, with a growth rate of 11.9% [11][12] Conclusion Kuaishou Technology is positioned for growth with strong advertising revenue performance and strategic investments in AI and advertising technology. However, it faces competitive and regulatory challenges that could impact its future performance. The investment thesis remains positive, supported by a robust target price and growth projections.