线上营销服务持续回暖，借助AI技术持续升级线上营销投放产品 国泰海通发布研报称，维持快手-W(01024)"增持"评级，目标价77.9港元。25Q3快手盈利能力显著提 升，主要得益于线上营销服务收入的持续回暖以及电商GMV实现15.2%的稳健增长，AI技术在优化内容 创作、提升广告效果和电商转化方面贡献显著。 25Q3线上营销服务收入201.0亿元，同比+14.0%。外循环和内循环营销服务收入均实现较快同比增 长;UAX消耗占外循环总消耗比例提升至70%。直播业务收入95.7亿元，同比+2.5%。其他服务收入58.8 亿元，同比+41.3%。25Q3快手电商月均买家结构趋向健康发展，电商活跃用户复购频次同比持续提 高。端到端生成式检索架构OneSearch驱动商城搜索订单量提升近5%，OneRec为电商商城信息流带来 GMV高单位数的提升。 国泰海通的主要观点如下： 业绩收入提速，盈利能力同比提升 25Q3快手实现收入355.5亿元，同比+14.1%。毛利率54.7%，同比+0.3pct。经营利润53.0亿元，同比 +69.9%;经营利润率14.9%，同比+4.9pct，经调整净利润49.9亿元，同比+26. ...

智通财经APP获悉，国泰海通发布研报称，维持快手-W(01024)"增持"评级，目标价77.9港元。25Q3快 手盈利能力显著提升，主要得益于线上营销服务收入的持续回暖以及电商GMV实现15.2%的稳健增长， AI技术在优化内容创作、提升广告效果和电商转化方面贡献显著。 国泰海通的主要观点如下： 业绩收入提速，盈利能力同比提升 25Q3快手实现收入355.5亿元，同比+14.1%。毛利率54.7%，同比+0.3pct。经营利润53.0亿元，同比 +69.9%;经营利润率14.9%，同比+4.9pct，经调整净利润49.9亿元，同比+26.3%;经调整净利率14.0%，同 比+1.3pct。 不断提升基础模型质量，AI赋能内外部应用场景 25Q3快手DAU、MAU分别为4.16、7.31亿人，同比+2.1%、+2.4%，DAU/MAU 56.9%。单用户日均使 用时长134.1分钟，用户总使用时长同比+3.6%。电商业务GMV达3850亿元，同比+15.2%，短视频电商 GMV保持健康增长;泛货架电商GMV占比超32%。25年9月可灵AI推出2.5Turbo模型，在文本响应、动态 效果、风格保持、美学效果等维度 ...

格隆汇11月20日｜中金发表研究报告指，快手第三季收入356亿元，按年增长14%，好过该行预期的354 亿元；非国际财务报告准则归母净利润49.9亿元，高过该行预期的48.2亿元；商品交易总额(GMV)按年 增长15%至3850亿元，高于该行预期的3840亿元，整体符合该行预期。因快手的费用控制良好，该行上 调对其2025年非国际财务报告准则净利润预测3%至206亿元，维持"跑赢行业"评级及目标价89港元。 ...

Core Insights - Kuaishou reported a total revenue of 35.554 billion yuan for Q3, marking a year-on-year growth of 14.2% [1] - Operating profit increased by 69.9% year-on-year to 5.299 billion yuan, while adjusted net profit rose by 26.3% to 4.986 billion yuan [1] Revenue Breakdown - Revenue from other services, including e-commerce and Keling AI, grew by 41.3% to 5.9 billion yuan [1] - Online marketing service revenue increased by 14% to 20.1 billion yuan [1] - Live streaming revenue saw a modest growth of 2.5% to 9.6 billion yuan [1] - Keling AI generated over 300 million yuan in revenue during Q3, while e-commerce GMV grew by 15.2% to 385 billion yuan [1] User Engagement - The average daily active users reached 416 million, with monthly active users at 731 million [1] AI Integration and Market Position - Kuaishou's CEO attributed financial performance to the deep integration of AI capabilities across various business scenarios [2] - The video generation sector is experiencing rapid technological iteration and product exploration, with Keling AI positioned in the leading tier globally [2] - Keling AI launched the 2.5 Turbo model, enhancing multiple dimensions such as text response and aesthetic quality [2] Product Strategy and Future Outlook - Kuaishou aims to focus on AI film creation, enhancing technology and product capabilities [2] - The company is optimistic about the commercialization of video generation, particularly in consumer applications [3] - Kuaishou plans to explore consumer application scenarios while enhancing the experience for professional creators [3]

Core Insights - Kuaishou's Q3 2025 financial report shows a total revenue increase of 14.2% year-on-year to 35.6 billion yuan, with core business revenue growing by 19.2% [1] - The average daily active users (DAU) reached 416 million, marking a historical high for three consecutive quarters [1] - The integration of AI capabilities across various business scenarios has significantly enhanced operational efficiency and financial performance [1] Revenue Growth - Total revenue for Q3 2025 was 35.6 billion yuan, a 14.2% increase year-on-year [1] - Core business revenue, including online marketing services and e-commerce, grew by 19.2% [1] - Operating profit increased by 69.9% to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 5 billion yuan, achieving an adjusted net profit margin of 14% [1] User Engagement - Average DAU reached 416 million, with monthly active users at 731 million [1] - User engagement metrics improved, with daily private message penetration among dual users increasing by over 3% year-on-year [1] AI Integration - AI technologies, including the OneRec model, have been applied to enhance content understanding, recommendation distribution, and marketing decision optimization [2] - The OneRec model contributed approximately 4-5% incremental revenue growth in online marketing services [2] - Automation and intelligence upgrades in both external and internal marketing processes have improved efficiency for small and medium-sized clients [2] E-commerce Performance - E-commerce GMV grew by 15.2% year-on-year to 385 billion yuan [3] - The platform's initiatives have led to increased user repurchase frequency and enhanced user trust in the e-commerce ecosystem [3] - The introduction of the OneSearch model improved product matching and user understanding, resulting in a nearly 5% increase in search order volume [3] Video Production Capabilities - Kuaishou's AI video production platform, Keling, launched the 2.5Turbo model, significantly enhancing video generation capabilities [4] - The model reduces video generation costs by approximately 30%, improving creator efficiency [4] - Keling AI has served over 45 million global users, generating over 200 million videos and 400 million images [6] Content Ecosystem and Live Streaming - The community interaction on Kuaishou has strengthened, with daily private message penetration among dual users increasing by over 3% [7] - Live streaming revenue reached 9.6 billion yuan, with a healthy growth in signed agency institutions and streamers [8] - Kuaishou's overseas business continues to grow steadily, particularly in Brazil, with increased user engagement and marketing efficiency [8]

Group 1 - The Hang Seng Tech Index has decreased by 0.82% as of November 20, 2025, with mixed performance among constituent stocks, where Baidu Group-SW led with a rise of 2.79% and Kingsoft fell by 8.98% [1] - Kuaishou Technology reported a 14.2% year-on-year revenue growth in Q3, reaching 35.6 billion yuan, with operating profit increasing by 69.9% to 5.3 billion yuan [1] - The Hang Seng Tech Index ETF has seen a 4.59% increase over the past three months, with a current trading price of 0.8 yuan [1] Group 2 - CITIC Securities predicts a rebound in the Hong Kong stock market in 2026, driven by a recovery in fundamentals and significant valuation discounts [2] - The report suggests five long-term investment directions, including the technology sector, healthcare, resource commodities, essential consumer goods, and sectors benefiting from RMB appreciation [2] Group 3 - The latest size of the Hang Seng Tech Index ETF is 4.278 billion yuan [3] - The ETF has reached a new high with 5.639 billion shares outstanding, and has seen continuous net inflows over the past 15 days totaling 69.6169 million yuan [4] - The top ten weighted stocks in the Hang Seng Tech Index account for 68.89% of the index, including Alibaba-W, SMIC, and Tencent Holdings [4]

| | 木經審核 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至9月30日止三個月 | | | | | | | 2025年 | | 2024年 | | | | | 佔收入 | | | 佔收入 | | | | 金額 | 百分比 | 金額 | 百分比 | 同比筹動 | | | (人民幣自萬元,百分比除外) | | | | | | 收入 | 35,554 | 100.0 | 31.131 | 100.0 | 14.2% | | 毛利 | 19.434 | 54.7 | 16.914 | 54.3 | 14.9% | | 經營利潤 | 5,299 | 14.9 | 3.119 | 10.0 | 69.9% | | 期內利潤 | 4.489 | 12.6 | 3.270 | 10.5 | 37.3% | | 非國際財務報告會計準則計量： | | | | | | | 經調整利潤淨額(1) | 4.986 | 14.0 | 3.948 | 12.7 | 26.3% | | 經調整EBITDA(2) | 7,653 | 21.5 | 5.578 | 17.9 | ...

主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,830 | -0.38% | +28.77% | | 恒生科技指数 | 5,606 | -0.69% | +25.49% | | 国企指数 | 9,151 | -0.26% | +25.53% | | 沪深 300 | 4,588 | +0.44% | +16.60% | | 上证综合指数 | 3,946 | +0.18% | +17.75% | | 深证成份指数 | 13,080 | -0.00% | +25.59% | | 中小板指 | 7,943 | -0.18% | +24.46% | | 道琼斯指数 | 46,138 | +0.10% | +8.45% | | 标普 500 指数 | 6,642 | +0.38% | +12.93% | | 纳斯达克指数 | 22,564 | +0.59% | +16.85% | | 伦敦富时指数 | 9,507 | -0.47% | +16.33% | | CAC40 指数 | 7,953 | -0.18% | +7 ...

港股點評 2025年11月20日9:30 a.m 恒指跌 99 點，滬指升 6 點，標普 500 升 24 點 港股反覆向下。恒指高開 24 點，初段升 115 點見 26,045 點後再度向下，午後曾 跌 187 點一度低見 25,742 點，全日跌 99 點或 0.4%，收 25,830 點；國指跌 23 點 或 0.26%，收 9,151 點；恒生科技指數跌 38 點或 0.7%，收 5,606 點。大市全日 成交總額 2,114.26 億元。 人民銀行 19 日在公開市場開展 3,105 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 1,955 億元逆回購到期，單日淨投放 1,150 億元。人民幣兌美元 中間價按日下調 16 點，報 7.0872 兌一美元。A 股三大指數微微低開後走勢反 覆。內銀股支撐滬指回穩，創板曾升超過 1%後幾乎抹去升幅，至尾市再度回升。 滬指全日收報 3,946 點，升 6 點或 0.2%，成交額 7,209 億元；深證成指全日平 收，報 13,080 點，成交額約 1 萬億元；創業板指全日收報 3,076 點，升 7 點或 0.3%，成交額 4,557 億元。 ...

Core Insights - Kuaishou's Q3 2025 financial report shows a total revenue increase of 14.2% year-on-year to 35.6 billion yuan, with core business revenue growing by 19.2% [1] - Operating profit increased by 69.9% year-on-year to 5.3 billion yuan, and adjusted net profit rose by 26.3% to 5 billion yuan, achieving an adjusted net profit margin of 14% [1] - The average daily active users reached 416 million, marking a historical high for three consecutive quarters, while monthly active users reached 731 million [1] Business Performance - The online marketing service revenue for Q3 2025 reached 20.1 billion yuan, a 14% year-on-year increase, with AI technologies contributing approximately 4-5% to this growth [3][4] - E-commerce GMV grew by 15.2% year-on-year to 385 billion yuan, supported by various policies and tools that enhanced user engagement and retention [4][5] AI Integration - Kuaishou continues to deepen the integration of AI across its content and commercial scenarios, enhancing efficiency in key areas such as content understanding and marketing optimization [3][4] - The launch of the OneSearch generative search architecture improved product matching and user understanding, leading to a nearly 5% increase in search order volume [5] Content Ecosystem - The platform's community interaction improved, with daily private message penetration among dual users increasing by over 3% year-on-year [9] - Kuaishou's content ecosystem was enriched through various events and collaborations, including a live broadcast with Beijing TV that attracted over 5.4 million concurrent viewers [9] Live Streaming and International Growth - Live streaming revenue reached 9.6 billion yuan, with a healthy growth in the number of signed agencies and streamers [17] - Kuaishou's international business, particularly in Brazil, showed steady growth, with increased user engagement and successful marketing strategies [17]