智通财经APP获悉，东方证券发布研报称，今年来多模态行业迭代势头迅猛，技术上底模上下限能力均 有提升，作用于产品和商业化落地。竞争激烈的同时产品路径呈现出分化态势，如谷歌Veo系列和快手 可灵系列更专注专业内容创作者、Sora则更偏重C端用户，不同产品路线演绎下对应商业应用均有加速 趋势，B端向制作难度更高的内容领域渗透、C端产品商业模式后续落地，共同作用于多模态行业整体 规模扩容向上提速。该行认为应重视垂类多模态AI应用机会，看好技术突破、成本优化带来产业趋势 加速发展，带动用户增长、付费渗透和商业化再上台阶。 东方证券主要观点如下： 技术层面，10月海外厂商模型相继迭代，今年来行业的技术下限、上限同步提升。 海外主要厂商来看，10月OpenAI和Google陆续更新视频模型，其中：①OpenAI的Sora2相较前代模型进 步显著，物理运动规律和画面真实感大幅提升，差异化亮点在于分镜能力和叙事性达到SOTA，且对多 语种内容的产出支持最好，时长上也实现突破(Pro用户可生成25秒视频，vs其他模型5~10秒);②Google Veo3.1则是小版本迭代，音频生成效果、画面质感较前代模型进一步提升，且开始具备 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The multi-modal industry is experiencing rapid iteration this year, with improvements in both lower and upper limits of technology, impacting product and commercialization [2] - There is a trend of product path differentiation, with companies like Google and Kuaishou focusing on different user segments, leading to accelerated commercial applications [2] - The industry is expected to expand significantly due to increased user growth, payment penetration, and commercialization [3] Summary by Sections Industry Overview - The multi-modal technology sector is seeing significant advancements, with major players like OpenAI and Google updating their video models, enhancing capabilities in narrative and visual quality [7] - The introduction of OpenAI's Sora app has rapidly increased user engagement, indicating a shift towards consumer-oriented applications [7] Investment Recommendations - Emphasis is placed on vertical multi-modal AI application opportunities, particularly those with international expansion strategies, which may experience faster growth [3] - Recommended stocks include Kuaishou-W (01024, Buy), Meitu Inc. (01357, Buy), and Wanjun Technology (300624, Not Rated) [3] - Attention is advised on major companies like Alibaba-W (09988, Buy) and Tencent Holdings (00700, Buy) for their potential revenue growth and valuation restructuring [3]

Group 1 - The event "Hai Hao You Ni - Zhongguancun Campus Recruitment Season" kicked off in the Beijing-Zhangjiakou Railway Ruins Park, featuring over 80 well-known companies and institutions from Haidian District offering more than 1,000 quality job positions [1][2] - The recruitment fair attracted participation from over 1,000 young students from more than 50 universities, showcasing a strong demand for talent in cutting-edge fields, particularly in artificial intelligence [1][2] - The event is set to continue until March 2026, with more than ten dual-selection activities planned, releasing over 10,000 recruitment demands [2] Group 2 - Notable participating companies include Xiaomi, Huawei, Baidu, Tencent, and Meituan, indicating a strong presence of major tech firms in the recruitment landscape [1][2] - A "Corporate Mentor Team" consisting of representatives from five companies, including Xiaomi and Huawei, was present to provide guidance and support to students, emphasizing the importance of retaining talent in Haidian [2] - The recruitment fair also expanded its reach by setting up a sub-venue in Hong Kong and simultaneously releasing job postings in Singapore, aiming to attract global talent [2]

Core Insights - The rapid growth of the short video sector has led to increased interest in the Kuaishou platform, particularly from various agencies and individuals looking to capitalize on its user base and live streaming ecosystem [1][5] Group 1: Application Process for Kuaishou Guilds - Establishing a Kuaishou guild requires registration under a company or institution, as personal accounts are not eligible [3] - Applicants must provide a complete business license with relevant operational scope, including cultural, media, and performance agency categories, which serves as a basic entry requirement [3][4] - A stable operational team and fixed office space are necessary to support streamers with training, content planning, and traffic support, ensuring long-term viability [3][4] Group 2: Application Requirements and Documentation - After preparing the necessary qualifications, applicants must fill out detailed application information on Kuaishou's official guild entry page, including company details, contact information, and an operational plan [4] - The operational plan must clearly outline the guild's positioning, streamer recruitment strategies, content development direction, and future plans, significantly increasing the chances of approval [4] - The platform will also check the credit history of the applying company to ensure there are no negative business records or legal disputes [4] Group 3: Quality and Compliance Considerations - Kuaishou emphasizes the quality of content and streamer ecosystems, encouraging guilds to cultivate positive, talented streamers who can consistently produce quality content [5] - Demonstrating a commitment to content compliance and having a clear growth plan for streamers can serve as advantages during the application process [5] - The review process for guild applications can be lengthy, with potential communication or site visits from platform staff, making it crucial for applicants to maintain open lines of communication and cooperate with the review process [5] Group 4: Professional Guidance - Given the complexity of the application process, it is advisable for applicants to seek professional guidance to avoid common pitfalls that could lead to application failures [6]

截至2025年10月16日，根据朝阳永续季度业绩前瞻数据： 1. 快手-W第三季度业绩预期怎么样？ 预测公司Q3营业收入352.00~355.30亿元，同比增长13.1%~14.1%；预测Q3净利润41.71~41.95亿元，同 比增长27.6%~28.4%；预测Q3经调整净利润47.06~49.40亿元，同比增长19.2%~25.1%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 来源：朝阳永续 分业务来说： 1) 电商业务：GMV同比增长17.6%，泛货架电商GMV占比超过32%，短视频电商GMV同比增长超 30%。 2) 营销业务：外循环收入增长受内容消费、本地生活和汽车行业需求驱动，内循环通过迭代核心工具 提升商家营销素材投放稳定性。 3) 可灵AI：功能、场景和商业化持续升级，新功能灵动画布提升创作体验，应用场景扩展至广告营 销、影视短剧、游戏互动和智能硬件等，商业化收入超2.5亿元，预计2025年收入翻倍。 国海证券认为：快手-W在2025Q2季报中显示营收350.46亿元，同比增长13.1%，毛利率55.7%，净利润 49.22亿元，净利率14.0%， ...

智通财经APP讯，快手-W(01024)发布公告，公司于2025年10月17日向若干合资格参与者根据2023股份 激励计划授出合共656.73万份受限制股份单位，惟须待承授人接纳方可作实。 ...

格隆汇10月17日丨快手-W(01024.HK)宣布，公司于2025年10月17日向若干合资格参与者根据2023股份 激励计划授出合共656.7万份受限制股份单位，惟须待承授人接纳方可作实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。 董事會宣佈，本公司於2025年10月17日向若干合資格參與者根據2023股份激勵計劃 授出合共6,567,269份受限制股份單位，惟須待承授人接納方可作實。 授出受限制股份單位 所授出受限制股份單位的詳情如下： Kuaishou Technology 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） （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） 授出受限制股份單位 股份於授出日期的收市價： 每股72.95港元 所授出受限制股份單位的 歸屬期： 所授出受限制股份單位的總歸屬期（即授出日期與最後 歸屬日的期間）約為0至48個月 就授予若干承授人的受限制股份單位而言，由於本公司 出於行政原因於年內分批授出受限制股份單位，因此授 出日期與首個歸屬日之間的期限短於12個月，以反映該 等受限制股份單位本應授出 ...

截至2025年10月17日 13:02，中证沪港深游戏及文化传媒指数(931580)成分股方面涨跌互现，中原传媒 (000719)领涨1.89%，分众传媒(002027)上涨1.75%，无线传媒(301551)上涨1.23%；视觉中国(000681)领 跌。游戏传媒ETF(517770)最新报价1.18元。 游戏传媒ETF紧密跟踪中证沪港深游戏及文化传媒指数，中证沪港深游戏及文化传媒指数从内地与香港 市场中选取50只业务涉及游戏、影视、广播电视、营销、出版、教育以及文化演出等领域的上市公司证 券作为指数样本，以反映内地与香港市场游戏及文化传媒主题的整体表现。 10月15日，快手旗下视频生成大模型可灵AI（KlingAI）在全球顶级电视与内容产业盛会——法国戛纳 MIPCOM上首次亮相，并携手来自世界各地的AI超级创作者作品进行展映，充分展现了视频大模型在 影视创作领域的无限潜力。 数据显示，截至2025年9月30日，中证沪港深游戏及文化传媒指数(931580)前十大权重股分别为快手- W(01024)、腾讯控股(00700)、分众传媒(002027)、巨人网络(002558)、哔哩哔哩-W(09626)、恺英 ...

Group 1 - The core viewpoint is that the Hang Seng Technology sector is in the early stage of a macro liquidity recovery and an AI technology cycle, presenting high mid-term allocation value [1] Group 2 - The current fundamentals of Hang Seng Technology benefit from the explosion in application and content driven by new technological changes, with the AI technology cycle at its starting point [2] - The long-term logic involves competition for user numbers and engagement in a diminishing traffic dividend environment, which tests organizational capabilities [2] - High-quality companies are showing strong shareholder return capabilities post traffic dividend decline, with a focus on tracking EPS changes and policies, particularly in the consumer sector [2] Group 3 - The Hang Seng Technology sector is currently influenced by the Federal Reserve's transition to a liquidity easing phase, following the fastest and most extensive rate hikes since the 1980s [3] - The current price-to-earnings ratio (TTM) for Hang Seng Technology is at the 34th percentile of the past five years [3] Group 4 - Investment recommendations suggest focusing on AI-related sectors, particularly those likely to achieve performance realization first [3] - The AI hardware and computing power supply chain is expected to maintain high prosperity due to accelerated capital expenditure from global major companies [3] - The software application and content ecosystem are in the early stages of AI empowerment, with optimism for overseas software performance and other industry advancements [3] Group 5 - The e-commerce, local life, and advertising technology sectors are performing steadily under policy stimulus and operational efficiency improvements [3] - The acceleration of smart driving and mobility scenarios is anticipated to become a new growth driver for the industry [3] Group 6 - Recommended companies for investment include Tencent Holdings as a preferred choice, Alibaba and Baidu as mid-term elastic stocks, and Lenovo, Yueda Group, Trip.com, and Sunny Optical as stable slow-growth options [3] - Elastic stocks include Kuaishou, Horizon Robotics, Kingdee International, and Xpeng Motors [4]