传统推荐架构正成为技术与业务演进的瓶颈。从最早的规则引擎到线性模型，再到深度学习进入推荐、行为序列建模，每一次技术跃迁都伴随着可 用算力的数量级提升。以 FM 到基于行为序列的精排模型为例，单个推荐 item 的计算量大约提升了 5 个数量级，同时带来显著效果增益。然而， 近两年 LLM 突飞猛进，推荐领域却更多停留在精排等局部环节的微调上，整体创新进入瓶颈。如果我们仍将迭代重心局限于排序模块、围绕单点 模型做细节优化，要获得数量级的提升将愈发困难。 能否直接借用 LLM 的技术栈与算力方案，重构一套端到端的推荐系统？ 直接采用 LLM 架构来做推荐的想法，看似美好，但深入思考并不简单，根本原因在于 LLM 与推荐的在线服务场景差异巨大。推荐是典型的低延 迟、高并发服务，需要实时响应海量请求；而在 Chatbot 等场景中，用户可以接受更长的等待时间，请求量也与推荐系统不在同一量级。 因此，当被询问"能不能用 LLM 来做推荐"时，团队往往会给出"想法很好但不现实"的反馈，常见理由有三点：其一，推荐模型本身已经很大。若将 用于表示物料 ID 的稀疏 Embedding 计算在内，推荐模型规模已达 T 级（万亿 ...

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Kuaishou Technology (1024.HK) Conference Call Summary Company Overview - **Company**: Kuaishou Technology - **Ticker**: 1024.HK - **Market Cap**: HK$292.7 billion / $37.6 billion - **Current Price**: HK$68.65 - **12-Month Target Price**: HK$83.00, indicating an upside of 20.9% [2][22] Key Industry Insights - **AI Integration**: Kuaishou is leveraging AI to enhance user experience and advertising monetization, with a focus on the Kling AI platform [1][5] - **User Ecosystem**: The user base is divided into professional (P-end) and business (B-end) users, with a notable shift in user mix from 70:30 to 60:40 in favor of B-end users [7][8] Core Business Highlights - **User Growth**: - Approximately 200 million professional users globally, with a low single-digit percentage of paying users out of 20-30 million monthly active users (MAU) [7] - Average Revenue Per User (ARPU) is currently between $20-$30 per month, with expectations for stability in the short term [7] - **Advertising and E-commerce**: - Advertising revenue growth of 4-5% in Q3 2025 attributed to AI technology [12] - E-commerce now accounts for approximately 30% of total Gross Merchandise Value (GMV), with a target to increase this to over 40% [11] - The aggregate take rate is around 4%, with 1% from e-commerce commissions and 3% from e-commerce ads [11] Financial Projections - **Kling AI Revenue**: Expected to reach $343 million by 2027, with a forecast of $45 million+ in Q4 2025 [14][16] - **Revenue Growth**: - Revenue projections for Kuaishou are as follows: - 2025E: RMB 142.0 billion - 2026E: RMB 157.0 billion - 2027E: RMB 172.4 billion [19][22] Risks and Challenges - **Key Risks**: - Slower-than-expected recovery in advertising budgets - Weaker monetization of the Kling platform - Slower growth in user engagement metrics - Lower-than-expected profitability and AI progress [20] Additional Insights - **User Engagement**: Kuaishou is focusing on attracting younger users through diverse content categories to drive daily active users (DAU) and traffic [12] - **Advertising Strategy**: The current ad load is approximately 9%, with plans to increase this to over 9% through improved native advertising and algorithm enhancements [12] - **Financial Health**: The company is maintaining a strong gross margin, projected to reach 57.3% by 2027 [19] This summary encapsulates the key points from the conference call, highlighting Kuaishou's strategic focus on AI, user growth, and financial projections while also addressing potential risks that could impact its performance.

在净流入比方面，南方东西精选（03441）、保诚（02378）、南方港美科技（03442）以88.59%、 85.03%、71.70%位列市场前三。 在净流出比方面，GX中国（03040）、绿城服务（02869）、艾迪康控股（09860） 以-91.54%、-58.74%、-54.29%位列市场前三。 智通财经APP获悉，11月25日,阿里巴巴-W（09988）、快手-W（01024）、泡泡玛特（09992）南向资 金净流入金额位列市场前三，分别净流入55.87 亿、5.67 亿、3.77 亿 盈富基金（02800）、中芯国际（00981）、中国铝业（02600）南向资金净流出金额位列市场前三，分 别净流出-3.64 亿、-1.87 亿、-1.45 亿 前10大净流入比榜 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 南方东西精选(03441) | 88.59% | 844.14 万 | 10.300（+0.19%） | | 保诚(02378) | 85.03% | 1173.21 万 | 107.800（+0.94%） | | 南方港 ...

Core Insights - Kuaishou reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14.21% and a quarter-on-quarter increase of 1.45% [1] - Adjusted EBITDA for Q3 2025 reached 7.653 billion yuan, up 37.2% year-on-year, while adjusted net profit was 4.986 billion yuan, reflecting a 26.3% year-on-year growth [1] Revenue Growth - The online marketing revenue for Kuaishou in Q3 2025 was 20.102 billion yuan, marking a 14.0% year-on-year increase, with growth accelerating from 12.8% in Q2 2025 [1] - The DAU and MAU reached 416 million and 731 million respectively, both hitting record highs for three consecutive quarters, with daily usage time averaging 134.1 minutes [1] AI Empowerment - The OneRec model has enhanced the platform's ecosystem, leading to accelerated growth in online marketing revenue [1] - AI technology has significantly improved advertising content creation and distribution, with AIGC marketing materials driving over 3 billion yuan in online marketing service consumption in Q3 2025 [1] E-commerce Performance - Kuaishou's e-commerce GMV reached 385 billion yuan in Q3 2025, a year-on-year increase of 15.2% [2] - The OneSearch model has improved product matching and user experience, increasing search order volume by nearly 5.0% [2] Future Outlook - The company aims to continue enhancing its e-commerce business through AIGC content production and improving merchant efficiency [2] - Kuaishou's Keling AI generated over 300 million yuan in revenue in Q3 2025, with the new Keling AI 2.5 Turbo model achieving significant improvements in content generation [3] Financial Projections - Revenue projections for Kuaishou are estimated at 142.062 billion yuan, 154.990 billion yuan, and 167.064 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 20.498 billion yuan, 22.915 billion yuan, and 25.308 billion yuan [3]

11月27日，快手宣布通过北京快手公益基金会捐赠500万港元，支援香港大埔火灾的紧急救援和灾后恢 复工作。快手表示，向在事故中不幸遇难的同胞致以深切哀悼，向奋战在一线的消防、医护人员以及参 与救灾的各界力量致以崇高敬意。快手将持续关注灾情进展，并与相关机构保持协作，支持后续各项救 援与恢复工作。愿受灾居民早日渡过难关，恢复正常生活。(智通财经记者 范佳来） ...

在陕北，唢呐的曲子是这方水土中不可或缺的一种关乎生命的韵律。代代相传的子洲唢呐在时光中走过，以陕北群山为坐标的音乐标记，同信天游、秧 歌、剪纸、民俗等具有陕北文化内涵的所有事物交织于一体，成为整个陕北民间文化最嘹亮、高亢的文化符号。高鹏的唢呐启蒙，正是扎根于这样深厚的文 化土壤中。 回忆起学艺时光，高鹏说："最基础的就是拔长音，每天早上起来，一个音一个音地练。"辛苦吗？他笑了笑："那时候就像玩一样，挺好玩的。"十六七 岁时，他在一场农村婚礼上完成了首次登台。"紧张是肯定的，"他坦言，"但舞台多了就习惯了。"这把唢呐，从父亲手中传到他手里，传递的不仅是技艺， 更是一份责任。 陕北的传统里，唢呐有着严格的规矩。"红事要选喜庆的曲子，白事吹哀怨的曲牌，连曲名都很讲究。"高鹏细数着这些祖辈传下的规矩。然而，时代在 变，唢呐也需要新的声音。 《黄土谣》和《沸腾的大理河》的出现带来了转机。这两首由作曲家张伦创作，高鹏父亲首吹的新式唢呐曲，打破了传统曲牌的固定模式。这两首曲子 在保留陕北唢呐传统框架的基础上，借鉴现代协奏曲和交响乐的创作手法，改变了陕北传统唢呐全程粗犷豪放的风格，运用细腻多变的气息指法，使旋律在 强弱对比中 ...

Core Viewpoint - The Hong Kong technology sector is experiencing a strong rally, driven by multiple favorable factors including increased expectations for Federal Reserve interest rate cuts and improved market liquidity, alongside significant revenue growth in Alibaba's cloud business and a resurgence in AI focus [1]. Group 1: Market Performance - As of November 27, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) has seen a strong increase, with notable gains in constituent stocks such as Huahong Semiconductor (up 5.36%), Kangfang Biotech (up 4.89%), and Li Auto (up 3.87%) [1]. - The Hong Kong Technology ETF (159751) has risen by 0.73%, marking its fourth consecutive increase, with the latest price reported at 1.1 HKD [1]. Group 2: Influencing Factors - The recent rally in the Hong Kong technology sector is attributed to the anticipated easing of monetary policy by the Federal Reserve, which is expected to enhance liquidity in the market [1]. - The combination of the Federal Reserve's halt on balance sheet reduction and the relaxation of SLR regulations is expected to limit liquidity pressure in the medium term [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index comprises 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of leading technology stocks within the Hong Kong Stock Connect [1]. - As of October 31, 2025, the top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, and SMIC, collectively accounting for 66.81% of the index [2].

吉利汽车-R(80175)、快手-WR(81024)、京东健康-R(86618)上一交易日沽空比率位于前三位，分别为 100.00%、100.00%、100.00%。阿里巴巴-SW(09988)、美团-W(03690)、小米集团-W(01810)的沽空金额 位居前三，分别为37.68 亿元、22.72 亿元、15.84 亿元。中国平安-R(82318)、吉利汽车-R(80175)、快 手-WR(81024)的偏离值位居前三，分别为64.42%、56.33%、40.21%。 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；偏离值为当前股票的沽空比率与该股过去30天平均沽空比率的差值。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 吉利汽车-R(80175) | 18.37 万元 | 100.00% | 56.33% | | 快手-WR(81024) | 44.57 万元 | 100.00% | 40.21% | | 京东健康-R(86618) | 4.78 万元 | 100 ...

| 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 途虎-W(09690) | 65.44% | 1313.77 万 | 17.130（+1.90%） | | 越秀交通基建(01052) | 57.38% | 215.33 万 | 4.420（+1.84%） | 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.60 亿 | 13.22% | 154.500（+4.67%） | | 腾讯控股(00700) | 11.68 亿 | 8.38% | 624.500（+2.38%） | | 快手-W(01024) | 8.17 亿 | 17.96% | 68.550（+7.11%） | | 南方恒生科技(03033) | 6.34 亿 | 6.56% | 5.425（+2.94%） | | 小米集团-W(01810) | 4.84 亿 | 5.33% | 38.660（+1.52%） | | 招商银行(03968) | ...