AI 重构商业化，电商和广告系统打开提效通道。除此前内容推荐领域的OneRec，快手近期在AI 提升商 业化效率上也进展显著。1）电商方面，OneSearch 是业界首个工业级部署的电商搜索端到端生成式框 架，目前已在快手多个电商搜索场景部署，服务数百万DAU，产生数千万PV，带来CTR 的稳定提升； 2）广告方面，生成式强化学习在广告自动出价场景落地，25 年至今实现超3% 的广告收入提升。 我们预测公司25-27 年经调整归母净利润为196/230/259 亿元。参考可比公司给予公司26 年17xPE 估 值，对应合理价值为3,911 亿CNY，折合4,281 亿HKD（港币兑人民币汇率0.914），目标价99.07 港元/ 股，维持"买入"评级。 机构：东方证券 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可灵技术迭代不及 预期 研究员：项雯倩/李雨琪/金沐阳 1） 可灵2.5 Turbo 延续围绕专业内容创作者需求的思路持续迭代，在稳定性和想象力上再度升级，核心 体现在：①文本理解能力显著提升，提示词响应和逻辑理解更加精细化；②高速动态质量更流畅稳定， 画面运动强度和幅度 ...

| 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | | --- | --- | --- | --- | --- | | 00981 | 中古国际 | (0) | 8.11% | 170.44% | | 01024 | 快手-W | | 7.74% | 122.92% | | 00285 | 比亚迪电子 | | 4.74% | 4.51% | | 09866 | 蔚来-SW | | 4.27% | 71.98% | | 09988 | 阿里巴巴-W | | 4.24% | 129.34% | | 09888 | 百度集团-SW | | 3.53% | 66.75% | | 01347 | 材料制体 | | 3.25% | 281.52% | | 01810 | 小米集团-W | | 2.69% | 60.72% | | 00700 | 腾讯控股 | | 2.64% | 64.97% | | 09618 | 京东集团-SW | | 2.38% | 7.33% | | 03690 | 美团-W | | 2.20% | -29.60% | | 09660 | 地平线机器人-W | | 1.98% | 171 ...

每经AI快讯，10月2日，港股快手-W(01024.HK)涨超7%，暂时领跑科网股。截至发稿，涨7.21%，报 90.7港元，成交额21.16亿港元。 （文章来源：每日经济新闻） ...

智通财经APP获悉，快手-W(01024)涨超7%，暂时领跑科网股。截至发稿，涨7.21%，报90.7港元，成交 额21.16亿港元。 消息面上，近日，可灵AI基座模型再升级，视频生成推出可灵2.5 Turbo 模型，效果进一步提升。可灵 2.5 Turbo 模型高品质模式(1080p)下生成5秒长度的视频仅需25灵感值，相比2.1模型同档位便宜近30%。 东方证券表示，多模态侧，快手可灵依靠底模迭代保持领先身位，2.5 Turbo版本在"性能升级+降价 30%"的组合策略下，有望进一步带动用户增长和流水上行。主业方面，AI带动核心主业提效持续演 绎，继此前内容推荐OneRec提供社区生态健康度支撑，商业化系统的AI重构更是为主业稳健增长带来 长效动能。 值得关注的是，北京时间10月1日凌晨，OpenAI宣布，正式发布其迄今最先进的视频生成模型Sora 2.0，并同步推出一款全新的社交应用"Sora"。Sora团队负责人表示，这可能会成为视频生成领域的 ChatGPT时刻。开源证券此前研报曾指出，AI视频生成工具可以大幅减少实景拍摄、降低视频制作成 本，Sora的发布或将成为AI视频应用的里程碑事件，有望打开 ...

中证报中证网讯(记者杨梓岩)快手9月30日发布公告称，为了更好地服务长效经营的商家，迎接未来增 长机会，决定对现有商业体系相关组织进行迭代升级。基于电商、生活服务、商业化三大核心商业场 景，快手对原商业化、本地、电商团队的相关业务进行重构。 快手方面表示，此次调整是为了让业务目标更明确，业务策略更一致，资源投入更聚焦，业务组织协同 更敏捷，从而进一步提升公司商业体系的组织效率和商业变现效率。 本次调整中，本地生活事业部正式更名为生活服务事业部。本地生活业务将与线索广告业务整合，原商 业化事业部下线索广告相关的行业团队、产品团队及相关中台团队调整至生活服务事业部下。刘逍担任 生活服务事业部负责人，向快手高级副总裁王剑伟汇报。公告同时宣布，笑古将不再担任本地生活事业 部负责人，转任公司业务顾问。 业内人士认为，快手此番调整可以将商家经营、营销投放两大主要诉求融合，由生活服务事业部为其提 供全流程、一站式服务。 ...

Core Points - The article discusses the fifth annual Mooncake Competition organized by Ciwei Gongshe, highlighting the evolution of mooncake offerings from internet companies over the past five years [1][2] - The competition features various innovative mooncake flavors and creative packaging designs from major internet firms, showcasing their unique branding and cultural elements [2][10][14] Summary by Sections Event Overview - The Mooncake Competition has become a significant event, reflecting the changing trends in festive gifts among internet companies [2][3] - The competition aims to evaluate mooncakes based on appearance, creativity, and taste, using a semi-blind testing method to ensure fairness [6][7] Participating Companies and Their Offerings - BOSS Zhipin presented a custard mooncake with a travel-themed gift box, appealing to a broad audience [10][12] - Tencent's pineapple peach mountain mooncake combined traditional and technological elements in its packaging, featuring interactive content [16][18] - Chasing the trend, Zhi Mi offered a golden custard mooncake with a unique gift box that included a custom music box, emphasizing its commitment to social causes [22][25] - Ctrip's dried tangerine peel and black bean mooncake sparked mixed reactions among judges, showcasing the adventurous flavor choices [29][32] - Meituan's classic five-nut mooncake was presented in a large, eye-catching gift box, reinforcing its brand identity [37][39] - Reading's hazelnut chocolate mooncake featured popular IP characters, appealing to fans of its literary content [44][46] - JD.com collaborated with a porcelain museum for a mooncake that highlighted traditional Chinese craftsmanship [50][53] - Douyin's passion fruit mooncake was part of a vibrant gift box that included practical items for users [57][59] - SHEIN's traditional lotus seed mooncake was packaged in a practical sports bag, showcasing a blend of tradition and utility [63][65] Awards and Recognition - The competition concluded with awards for various categories, including: - Best Appearance: Kuaishou with a score of 9.30 [137] - Best Overall Creativity: Zhi Mi with a score of 9.35 [137] - Best Taste: Ying Shi with a score of 9.70 [137] - The results reflect the diverse approaches companies take in creating mooncakes that resonate with consumers [137][138]

1、恆指：投資者看多情緒高漲，認為國慶期間沖28000沒太大問題，持有牛證，收回價25050 Simon:指數升至26855點，全日收在高位。目前恆指的技術信號為"賣出"。數據系統分析的27200點和27500是目前兩個阻力位。假設會調整的話，參考下方 的支持位在26200點和25500點，兩個支持位可以給大家參考。 恆指 (HSI) | | | 恆指(HSI)衍生品回顧 68% 35% 33% 2.78% 2.78% 2.78% 端銀認購證 瑞銀牛證 摩通認購證 18783 55354 19413 蛋商堡 2、快手-W (01024.HK)：創新高，投資者問後市有機會直上90元嗎？持有行使價91.05元的認購證 快手 (01024) 買入信號 信號總結 賣出信號 中立信號 重品 7 9 5 官閱翻 快手(01024)衍生品回顧 109% 107% 89% 11.90% 11.90% 11.90% 瑞銀認購證 中銀認購證 滙豐牛證 15122 61399 15154 3、嗶哩嗶哩-W (09626.HK)：投資者問股價波動這麼大，本週可以上到230元嗎？也有投資者選擇220做空至200。 Simon:高見22 ...

Group 1 - Deli Group issued an apology for the dismissal of an employee with a disability, confirming the situation was largely accurate and outlining corrective measures to prevent discrimination [3] - Huawei announced that Meng Wanzhou will serve as the rotating chairman from October 1, 2025, to March 31, 2026 [5] - Alibaba is reportedly in negotiations to acquire the top 13 floors of a building in Hong Kong for approximately HKD 7 billion (USD 899 million) [8][9] Group 2 - Xiaomi clarified that the "2200MPa Xiaomi super steel" label was misinterpreted, stating it is a project name for a material development initiative [5] - Kuaishou announced a restructuring of its local life services division, appointing Liu Xiao as the new head [12] - Yushun Technology reported that it has addressed most security vulnerabilities in its robots and will continue to improve permission management [12] Group 3 - New tea beverage brands are rapidly expanding overseas, with Bawang Tea Ji set to open its 200th store in Malaysia and Heytea surpassing 100 international locations [15] - OpenAI reported a revenue of USD 4.3 billion for the first half of the year, a 16% increase compared to the previous year [22] - Nvidia's CEO Huang Renxun sold 225,000 shares, cashing out over USD 40 million [19] Group 4 - The Chinese passenger car new energy market saw retail sales of 1.039 million units from September 1 to 27, a 9% year-on-year increase [27][28] - Faraday Future reported a fire at its U.S. headquarters, ruling out the possibility of battery-related ignition [19] - Tesla plans to mass-produce its third-generation humanoid robot by 2026, aiming for an annual output of 1 million units by 2030 [19]

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRIETS | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 663.000 | +3.000 | 0.45% | TCEHY | 662.660 | -0.340 | | 2 | 阿里巴巴-W | 09988 | 177.000 | +3.600 | 2.08% | BABA | 173.866 | -3.134 | | 3 | 汇丰控股 | 00005 | 109.400 | +0.600 | 0.55% | HSBC | 110.477 | +1.077 | | 4 | 建设银行 | 00939 | 7.480 | 0.000 | 0.00% | CICHY | 7.459 | -0.021 | | 5 | 小米集团-W | 01810 | 54.000 | +0.450 | 0.84% | XIACY | 54.102 | +0.102 | | 6 | 友邦保险 | ...

【#快手商业生态体系升级##快手成立生活服务事业部#】快手发布公告表示，为了更好地服务长效经营 的商家，迎接未来增长机会，决定对现有商业体系相关组织进行迭代升级。基于电商、生活服务、商业 化三大核心商业场景，快手对原商业化、本地、电商团队的相关业务进行重构。 公开资料显示，刘逍2020年加入快手，在快手5年半期间，前后担任内容运营中心、房产和招聘业务中 心、商业化外循环和基础产品部、快手内容消费和线索广告产品部、快手联盟产品部多个业务负责人。 原商业化事业部下内循环产品、运营、销售等相关行业团队，则调整到电商事业部。通过将电商业务与 内循环广告业务做整合，构建"流量-交易-广告转化-商家服务"的闭环能力，可以更好地提升流量分配效 率，平衡用户体验、商家成长和商业变现，为商家提供更一体化的服务体验。 本次调整后，商业化事业部将为平台做好广告中台能力的支撑，同时聚焦发展内容消费、综合平台、品 牌营销、聚星、快手联盟等业务。 快手方面表示，此次调整是为了让业务目标更明确，业务策略更一致，资源投入更聚焦，业务组织协同 更敏捷，从而进一步提升公司商业体系的组织效率和商业变现效率。 本次调整中，本地生活事业部正式更名为生 ...