Core Insights - The fund managed by Zhao Yi, the Quan Guo Xu Yuan three-year holding mixed fund, reported a return of 45.58% for its A share in Q3 2023, significantly outperforming the benchmark return of 13.49% [1] - As of the end of Q3, both A and C share net asset values exceeded 1.1 yuan [1] - The fund's stock allocation decreased from 92.42% to 85.50% in Q3, with adjustments made to the heavy stock portfolio [1] Stock Portfolio Adjustments - The fund increased its holdings in Enjie Co., Kuaishou, Tianci Materials, Alibaba, and SMIC, while reducing its positions in CATL, Tencent, Codali, Luxshare Precision, and Yingliu [1] - Tianci Materials saw its stock price double in Q3, with an increase of over 110%, while Luxshare Precision, SMIC, and Codali all experienced gains of over 70% [1] Investment Focus - The fund's investment strategy is concentrated in high-end manufacturing sectors such as new energy, electronics, and mechanical industries, as well as Hong Kong internet companies [4] - In the AI sector, the focus is on efficiency-driven internet leaders, companies driven by new application scenarios, and computing power and cloud service firms [4] - In the new energy sector, the emphasis is on the lithium battery supply chain, with a belief that the current cycle of price and volume increases will be healthier and more sustainable than previous cycles [4]

Core Viewpoint - The multi-modal industry is experiencing rapid iteration this year, with improvements in both lower and upper technical limits, leading to accelerated commercialization and product differentiation among competitors [1][2]. Technology Perspective - In October, major overseas companies like OpenAI and Google updated their video models, enhancing the technical capabilities of the industry. OpenAI's Sora2 shows significant improvements in physical motion realism and narrative capabilities, allowing Pro users to generate 25-second videos, compared to 5-10 seconds for other models. Google’s Veo3.1 has improved audio generation and visual quality [1]. - Domestic companies such as Kuaishou and others have also made advancements in their models, enhancing capabilities in physical laws, visual aesthetics, and consistency [1]. Product Perspective - OpenAI's Sora app has rapidly gained traction, surpassing 3 million users within 10 days of launch, indicating a shift towards C-end user engagement. The product paths for video models are becoming clearer, with OpenAI focusing on narrative-driven content creation for casual users, while Veo and Kuaishou cater to professional content creators [2][3]. Industry Expansion - The use of AI video tools is accelerating in high-difficulty content production areas such as films and TV series. The first AIGC war film, "Take Me to Fly," has achieved significant success, indicating the potential for AI video technology to enhance commercial operations [3]. - The application of Sora is expected to further commercialize C-end user engagement through advertising and IP sharing, contributing to the overall growth of the multi-modal industry [3]. Investment Recommendations - The report emphasizes the importance of vertical multi-modal AI application opportunities, highlighting the potential for technological breakthroughs and cost optimization to drive user growth and commercialization. Companies with international multi-modal AI applications are expected to see faster growth [4]. - Specific companies to watch include Kuaishou, Meitu, and Wanxing Technology, with recommendations to monitor major players like Alibaba and Tencent for their practical application developments [4].

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]

Core Viewpoint - Kuaishou-W is expected to report Q3 revenue between 35.2 billion to 35.53 billion RMB, representing a year-on-year growth of 13.1% to 14.1% [1] - The net profit for Q3 is projected to be between 4.171 billion to 4.195 billion RMB, with a year-on-year increase of 27.6% to 28.4% [1] - Adjusted net profit is forecasted to be between 4.706 billion to 4.940 billion RMB, showing a year-on-year growth of 19.2% to 25.1% [1] Revenue and Profit Forecast - Q3 revenue forecast: 35.2 billion to 35.53 billion RMB, with a growth rate of 13.1% to 14.1% [1][2] - Q3 net profit forecast: 4.171 billion to 4.195 billion RMB, with a growth rate of 27.6% to 28.4% [1][2] - Q3 adjusted net profit forecast: 4.706 billion to 4.940 billion RMB, with a growth rate of 19.2% to 25.1% [1][2] Business Performance Insights - In Q2 2025, Kuaishou-W achieved revenue of 35.046 billion RMB, a year-on-year increase of 13.1% [3][5] - The gross margin was reported at 55.7%, with a net profit of 4.922 billion RMB and a net profit margin of 14.0% [5] - E-commerce GMV grew by 17.6%, with short video e-commerce GMV increasing by over 30% [4][5] Marketing and AI Developments - Online marketing services revenue grew by 12.8%, driven by content consumption and local life demands [3][4] - The AI application, "Keling AI," has seen continuous upgrades, with commercial revenue exceeding 250 million RMB, and is expected to double in 2025 [4][5]

Core Points - Kuaishou-W (01024) announced the grant of a total of 6.5673 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan, effective on October 17, 2025, pending acceptance by the grantees [1]

Core Viewpoint - Kuaishou-W (01024.HK) announced the grant of a total of 6.567 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan, pending acceptance by the grantees [1] Summary by Category - **Company Announcement** - Kuaishou-W will grant 6.567 million restricted stock units to qualified participants [1] - The grant is part of the 2023 Share Incentive Plan [1] - Acceptance by the grantees is required for the grant to take effect [1]

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 ...

Group 1 - The core viewpoint of the articles highlights the advancements in AI technology, particularly in video generation and its potential impact on the film and content creation industry, as showcased by Kuaishou's KlingAI at the MIPCOM event [1][2] - The China Galaxy Securities report indicates that major players in the AI industry are making progress in video generation, reasoning capabilities, architectural innovation, and service accessibility, marking a critical transition from technological breakthroughs to large-scale applications [1] - The performance improvement of AI models alongside decreasing usage costs is expected to accelerate industry penetration, with AI applications beginning to show transformative effects across various sectors [1] Group 2 - The CSI Hong Kong-Shenzhen Game and Cultural Media Index consists of 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances, reflecting the overall performance of the gaming and cultural media theme in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Game and Cultural Media Index include Kuaishou-W, Tencent Holdings, and others, collectively accounting for 56.63% of the index [2]