除夕夜零点的红包雨，评论区不断刷新的"求点金卡"，直播间里此起彼伏的PK倒计时——当烟花在城市上空绽放，另一种热闹也在屏幕中同步升温。 春节向来是中国互联网一年之中最具确定性的流量高峰。阖家团圆的客厅、返乡途中的列车、深夜守岁的沙发，移动终端成为新的"团圆空间"。红包、春 晚与互动玩法叠加情绪节点，也构成了平台争夺用户活跃度的重要场景。 2026年春节期间，快手DAU规模再创历史新高，实现连续两年春节峰值突破。在流量竞争日趋白热化的当下，这一数据并非简单的补贴结果。与其说这 是一次简单的流量爆发，不如说是一次社交结构被重新激活的结果。DAU破峰是表象，背后则是红包机制、社交关系与年味场景的系统性升级。 从摇红包到换红包，创新玩法带动社交互动升温 在春节这一高频情绪节点，红包天然具备"流量入口"属性。但过去几年，红包更多承担的是流量刺激功能。今年快手的变化在于，将红包嵌入社交链路之 中，让福利成为关系互动的媒介。 经典玩法仍然构成基本盘。今年春节期间，"摇一摇发财树领红包"依旧是快手红包活动的主玩法。2025年快手首次推出该玩法，以"真给钱、好上手"迅速 走红，打破了过去春节红包依赖集卡任务的模式，简单直接的参 ...

半年内成功举办两届的"快手西北六省篮球争霸赛"，吸引了来自陕西、甘肃、青海、内蒙古、新疆、宁 夏的球队参赛，为跨区域文体交流提供平台。各队既有草根球员，又有前CBA球员、现役CUBA球员， 在场上展现出独特的技战术风格和鲜明的城市篮球文化；比赛间隙的非遗表演以及线上推出的互动玩 法，更让赛事成为外界了解西北六省的鲜活窗口。 马年新春伊始，篮球战火重燃，2025-2026赛季CBA联赛常规赛第二阶段即将启动。3月10日，快手宣布 与CBA公司达成合作，正式成为CBA联赛官方内容平台，获得本赛季CBA联赛的赛事直播及短视频权 益。据悉，这是继斩获NBA二创版权后，快手再次拿下篮球领域头部体育赛事版权，旨在进一步满足 更多篮球爱好者的内容消费需求。 本次合作生效后，用户可在快手免费观看CBA直播，解锁比赛日的无尽精彩。届时，杨鸣、朱芳雨等 篮球大咖等篮球大咖，将倾情加盟专业解说阵容；各界达人也将参与陪看，让大家边看边买赛事相关周 边好货。除了为球迷解锁篮球观赛新体验，快手与CBA联赛也将发力线下篮球活动，拉近CBA与篮球 爱好者间的距离。 近年来，快手不断牵手顶级赛事，持续夯实体育内容生态护城河。早在2021年，快 ...

Core Viewpoint - The article emphasizes the significant growth and transformation of the mobile internet landscape in China by 2025, driven by advancements in AI technology and changing user demographics, leading to new competitive dynamics among major internet companies. Group 1: Mobile Internet Growth - By December 2025, the monthly active user (MAU) count for mobile internet reached 1.276 billion, with average daily usage time increasing to 7.96 hours, reflecting a year-on-year growth of 6% [4][18] - The user engagement metrics, including daily usage frequency of 112.9 times, also saw a year-on-year increase of 2.1% [4][18] - The growth is attributed to improved user quality, with 73.3% of users coming from tier-three cities and above, and significant increases in specific sectors like AIGC and audiobooks, which saw usage time growth of 176.7% and 64.4% respectively [4][5] Group 2: User Demographics and Spending Power - The user base is segmented into three age groups: 21.2% under 24 years, 51% between 25 to 50 years, and 27.8% over 51 years, indicating a strong consumer potential among the 25 to 50 age group [5] - The proportion of users with a spending capacity of over 1,000 yuan reached 72.4%, while those in the mid-to-high price segment (over 2,000 yuan) accounted for 70.2% [5] - The aging population trend is leading to an increase in the "silver economy," with older users becoming a significant consumer group [5] Group 3: Competitive Landscape - The competition among major internet companies has intensified, with Tencent, Douyin, and Alibaba leading the user base, each exceeding 1.2 billion MAUs [7][27] - Tencent remains the largest player with 1.275 billion users, while Douyin and Alibaba are rapidly closing the gap with growth rates of 11.9% and 3.7% respectively [7] - The competition has shifted from merely acquiring users to leveraging AI technologies for deeper user engagement and ecosystem development [27][30] Group 4: AI Integration and Application - By December 2025, the overall scale of AI on mobile platforms reached 722 million, with AI-native apps showing a significant increase in user engagement, averaging 143.2 minutes per user [6][30] - AI applications are increasingly replacing traditional apps, with user time on AI-native apps growing by 22.3% from January to December 2025 [6] - Major companies are investing heavily in AI-native applications, with the top 50 AI apps dominated by Alibaba, Baidu, Douyin, and Tencent, which collectively account for 64% of the user base [6][30] Group 5: Marketing and Advertising Trends - The internet advertising market in China reached 793.08 billion yuan in 2025, growing by 4.6% year-on-year, driven by AI marketing and emotional marketing strategies [50] - The advertising strategies are evolving, with a focus on emotional and experiential marketing, particularly in sectors like tourism and lifestyle [50][61] - The integration of online and offline marketing channels is becoming increasingly important, with brands leveraging local consumption scenarios to enhance engagement [75][79]

2026.03. 10 本文字数：739，阅读时长大约1分钟 作者 | 一财阿驴 09:27 CPO概念股高开，瑞斯康达涨停，天孚通信涨超7%，汇绿生态、中贝通信、罗博特科纷纷高 开。 盘面上，算力硬件产业链反弹，CPO、存储器方向领涨；云计算、算力租赁题材反复活跃；半导 体、AI应用、人形机器人、锂矿概念股涨幅居前。油气股现跌停潮，煤炭、海运、化工板块大幅回 调。 09:24 港股人工智能概念股集体高开，智谱高开12%，金山云涨超5%，minimax-wp、美图公司、腾 讯控股纷纷高开。消息面上，近期，一款名为OpenClaw的开源AI助手在国内掀起现象级热潮。据市 场统计，中国主流大模型日均Token消耗已从2024年初的1000亿飙升至2026年2月的180万亿级别， 智能体数量预计将在2031年突破3.5亿。 09:21 港股开盘丨恒生指数高开1.31% 恒生指数高开1.31%，恒生科技指数涨2%。宁德时代涨近6%，哔哩哔哩涨逾4%，小鹏汽车涨逾 3%，华虹半导体、快手、小米集团等涨逾2%。 | મટા 恒生指数 | | 25740.29 | 331.83 | 1.31% | | --- | --- ...

关注数字化和智能化，汇聚最专业的人，提供有料有趣有价值的内容。 本文作者：周享玥，编辑：赵艳秋，头图来自：AI生成 以下文章来源于数智前线 ，作者周享玥 数智前线 . 这是一个百亿级风口，各类玩家蜂拥而至。"原来做传统影视、动画、网文、游戏，以及做信息技 术、智能体研发的，全都在往赛道上跑。"罗琳凡观察，赛道中也不乏跨界者，如有的本是投融资出 身，希望通过漫剧切入AI赛道。 企查查数据显示，2025年新增注册漫剧相关企业8.02万家，同比增长37.1%。截至2026年2月5日，现 存24.5万家，2026年已新增注册7307家。 AI视频生成领域的变化颇为戏剧性。 1月底，在成都一场由非凡产研发起的AIGC线下沙龙上，火山引擎大模型产品高级总监陈杰向数智 前线坦言，短剧、漫剧的AI应用2025年才起步，承制方可用AI替代部分镜头，但在相当长一段时间 因抽卡率仅20%–30%，完全自动化尚不可行。当抽卡率提升至50%以上，应用价值才会显著提升。 仅仅10多天之后，Seedance2.0发布，局面彻底改变。数智前线获悉，Seedance已经成为字节排首位 的新兴业务。 "很多传统影视行业的人在春节里睡不着觉。"与 ...

Core Insights - The article highlights the launch of the "Spring New Arrival" campaign by Kuaishou, aimed at boosting the apparel industry during the peak season for new product releases in March [1][3]. Group 1: Campaign Structure - The "Spring New Arrival" campaign is divided into three phases: the "38 Promotion" period before March 10, the first wave of spring new arrivals from March 15 to 25, and the second wave from April 7 to 14 [3]. - Key promotional events include the "38 Goddess Day" and "Spring/Summer Peak Day" to maximize consumer engagement and sales [3]. Group 2: Merchant Incentives - Kuaishou offers various incentives for merchants, including a direct discount activity where merchants can receive an additional 10%-12% subsidy from the platform upon meeting discount thresholds [8]. - Incentive types include full-cycle incentives for merchants with a single event capability of over 1 million, single-event incentives for those with over 200,000, and a "Red Packet Rain" for smaller merchants [5][6]. Group 3: Marketing Innovations - The campaign introduces a "New Clothing Show" feature, transforming traditional fashion shows into immersive live-streaming experiences to enhance marketing effectiveness [9][10]. - Merchants participating in the "New Clothing Show" will receive exclusive benefits, including tailored event planning and resource support [9]. Group 4: Short Video and Marketing Support - Kuaishou encourages merchants to create short videos around trending topics to gain exclusive traffic support, focusing on three key trends: "Self-Love Plus Size," "Urban Sports," and "New Chinese Style" [11][14]. - Merchants can also benefit from marketing management support for new products, including promotional boosts and exposure through competitive pricing strategies [13][14]. Group 5: Overall Strategy - The "Spring New Arrival" campaign is designed to leverage precise timing, multiple policy resources, and innovative marketing strategies to help apparel merchants capitalize on the spring shopping season [14].

世界顶级赛事扎堆、群众体育热点不断，2026全球体育盛宴将至，品牌如何抓住机遇撬动增量？近日，快手磁力引擎《2026体育营销招商手册》发布，结合 体育营销趋势洞察，以"每一种热爱都是主场"为核心，构建体育大事件、版权合作、特色运动超级内容矩阵，以及品效销一体化体育营销闭环生态，同时集 结明星达人、创新产品、AI玩法等丰富资源，打造高燃沉浸的体育营销主场，助力品牌驶入体育营销"快车道"，"赛"出好生意。 精准把握体育营销新趋势，共赴全年体育狂欢盛宴 品牌提前把握体育营销趋势，有助于抢占先机、精准爆发。2026年，大型赛事呈现三大新趋势，即用户碎片化观赛、品牌"听劝营销"兴起，情绪价值凸显、 用户更关注赛事情感底色，以及"黑科技"带动内容消费新方式；大众体育则迎来用户从"观看"转向"参与"的时代变革，展现出从专业赛场到生活现场的场域 平权、从仰望巨星到表达自我的内核迁移、从竞技本身到社会文化容器的价值破圈三大新变化。 - - - - - - - - - 热爱参与互动体 25年月均运动兴趣 与新趋势同频共振，快手已构建起国民级体育主会场和繁荣新"体域"，从亚运会等顶级赛事、NBA等版权合作，到《快手村BA》等群众体 ...

Investment Rating - The report maintains a positive investment rating for the industry, indicating a favorable outlook for future growth [14]. Core Insights - The AI comic drama market is expected to experience explosive growth by 2025, with market size projected to reach 168 billion, potentially exceeding 240 billion as AI technology continues to evolve [8][25]. - The supply side of the market is characterized by diverse content types, including dynamic comics and humorous comics, with a clear monetization model emerging [8][27]. - The demand side shows a robust growth trajectory, with a monthly compound growth rate of approximately 12% in user numbers from June to December 2025, primarily driven by younger male audiences [8][37]. Summary by Sections Market Overview - Prior to 2025, the comic drama market had fewer than 1,000 works. By the end of 2024, initial supply efforts began, but significant scale effects were not yet realized. The market is anticipated to explode in 2025 due to advancements in AI technology [2][25]. Supply and Demand Dynamics - The supply side is dominated by copyright and distribution entities, with a rich variety of content types emerging, including dynamic comics and humorous comics, which have clear profit models. The demand side is primarily composed of young male users under 30, with strong consumption capabilities and willingness to pay [8][27][37]. Production Efficiency - AI technology is expected to reduce production cycles by over 50%, from 50-60 days to under 30 days, significantly lowering costs to 10%-30% of traditional dynamic comics [9][44]. This efficiency allows production teams to focus on core creative tasks [9][44]. Commercialization and Monetization - The industry has developed a mature commercial ecosystem involving five key roles: copyright holders, producers, distributors, technology providers, and platforms. This ecosystem supports a closed-loop commercialization process, enhancing the scalability of the market [56]. Platform Support and Competition - Major platforms are actively investing in the comic drama sector, providing comprehensive support in terms of traffic, funding, and technology. This has led to a competitive landscape where the number of new works is rapidly increasing, with a notable head effect where a small number of high-quality dramas capture the majority of viewership [10][60][62].

本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | 0.0000053 | USD | | 45,938.94 | | 增加 / 減少 (-) | | ...

Group 1 - The core viewpoint is that the company is optimistic about the commercial potential of Keling AI, maintaining its technological and commercialization leadership, with a target price of HKD 86, indicating a potential upside of 42% [1] Group 2 - By December 2025, Keling AI is expected to have over 60 million global users, generating over 600 million videos and collaborating with over 30,000 enterprise users across various creative content production scenarios [1] - Monthly revenue for Keling AI is projected to exceed USD 20 million by December 2025, corresponding to an ARR of USD 240 million [1] - The release of Keling 3.0 in February 2026 will enhance narrative depth and control in content production, showcasing industrial-grade content production potential [1] Group 3 - The potential market size for video generation models is estimated to reach USD 17 billion, USD 23 billion, and USD 38 billion under pessimistic, neutral, and optimistic scenarios by 2030, with a long-term potential of USD 90 billion [1] - Revenue for Keling AI is estimated at USD 290 million in 2026, with expectations to exceed USD 1.5 billion by 2030 [1] - The video generation field is still considered a blue ocean market, with competition focusing on model and product capability iterations to drive subscription user growth and commercialization revenue [1] Group 4 - For Kuaishou, total revenue is projected to be CNY 142.2 billion and CNY 156.6 billion for 2025 and 2026, respectively, with year-on-year growth of 12% and 10% [2] - Online marketing revenue is expected to grow by 12% and 11% year-on-year, driven by improvements in advertising load rates and prices [2] - Live streaming revenue is forecasted to grow by 5% and 1% year-on-year, focusing on ecological health, vertical operation, and scene expansion [2] Group 5 - Adjusted net profit for Kuaishou is expected to be CNY 20.4 billion and CNY 22.4 billion for 2025 and 2026, reflecting year-on-year growth of 15% and 10% [2] - The increase in operating expenses is primarily attributed to R&D investments to support Keling AI's technology and business development [2] - The potential for increased revenue share from online marketing and high-margin businesses is expected to enhance overall profitability, offsetting the impact of AI investments [2] Group 6 - The valuation is based on a SOTP approach, with a target price of HKD 86, where the main business is valued at HKD 70 based on a 12x 2026 P/E ratio [3] - Keling AI is valued at HKD 16 based on a 30x 2026 P/S ratio, considering its leading advantages in technology, products, and commercialization [3] - The company is optimistic about Keling AI's potential to maintain its leadership in technology and products, as well as the prospects for growth in domestic internet advertising share [3]