Summary of Key Points Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.13% on September 25, with southbound capital transactions totaling HKD 156.31 billion, indicating a net inflow of HKD 11.046 billion [1][2]. Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 1,563.10 million, with buy transactions at HKD 836.78 million and sell transactions at HKD 726.32 million, resulting in a net buy of HKD 110.46 million [1]. - The breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 577.51 million, with net buying of HKD 62.16 million, while the Shanghai Stock Connect had a total transaction amount of HKD 985.59 million, with net buying of HKD 48.30 million [1]. Active Stocks - Alibaba-W led the southbound capital transactions with a total transaction amount of HKD 182.84 million and a net buy of HKD 46.32 million, despite a closing price drop of 1.15% [1][2]. - Other notable stocks included Xiaomi Group-W with a total transaction amount of HKD 114.02 million and a net sell of HKD 8.02 million, and SMIC with a total transaction amount of HKD 77.63 million and a net buy of HKD 9.59 million [1][2]. Continuous Net Buying - Alibaba-W and SMIC were highlighted for their continuous net buying, with Alibaba-W experiencing 25 consecutive days of net buying totaling HKD 720.86 million, while SMIC had 5 consecutive days with a total net buy of HKD 25.60 million [2].

Group 1 - The core event is the announcement of the "2025 Hatsune Miku: Future with You Concert" to be held in mainland China, with Kuaishou as the exclusive live streaming platform [1] - Kuaishou previously held the exclusive live stream for the "Hatsune Miku: Future with You 2024 China Tour Concert" in July last year, which attracted a total viewership of 83.04 million [1]

Core Insights - On September 25, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 11.969 billion, 7.178 billion, and 4.734 billion respectively [1] - The same companies also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with trading amounts of 6.315 billion, 4.224 billion, and 3.029 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 11.969 billion, net buying of 2.469 billion [2] - Xiaomi Group-W (01810): Trading amount of 7.178 billion, net selling of 0.287 billion [2] - SMIC (00981): Trading amount of 4.734 billion, net buying of 0.666 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 6.315 billion, net buying of 2.163 billion [2] - Xiaomi Group-W (01810): Trading amount of 4.224 billion, net selling of 0.515 billion [2] - SMIC (00981): Trading amount of 3.029 billion, net buying of 0.293 billion [2]

Group 1 - Kuaishou concept stocks rose by 1.36%, ranking third in the concept sector, with 38 stocks increasing in value [1][2] - The top gainers in the Kuaishou concept include Yiwang Yichuang, which rose by 12.73%, followed by Online and Offline with an increase of 8.51%, and Zhide Mai with a 5.23% rise [1][2] - The concept sector saw a net inflow of 625 million yuan from main funds, with 28 stocks experiencing net inflows, and five stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The leading stock in terms of net inflow was Zhongwen Online, with a net inflow of 195 million yuan, followed by Yiwang Yichuang with 192 million yuan, and Blue Focus with 134 million yuan [2][3] - The net inflow ratios for Yiwang Yichuang, Yakang Co., and Qingniao Fire Protection were 11.32%, 11.02%, and 10.92% respectively, indicating strong interest from main funds [3][4] - The overall performance of the Kuaishou concept stocks reflects a positive trend in investor sentiment within the sector [1][2]

Core Insights - Kuaishou has launched a new feature called "AI Wanshang," allowing users to create customized gift effects for live streaming, enhancing user engagement and interaction [1] - The feature was developed in collaboration with Keling AI and marks the first large-scale application of AI technology in Kuaishou's live streaming platform [1] - On the launch day, users paid to create and send over 100,000 customized gifts, indicating strong initial user interest and potential for revenue generation [1] Company Developments - The "AI Wanshang" series includes four initial gift options, showcasing Kuaishou's commitment to innovation in live streaming [1] - The collaboration with Keling AI highlights the growing trend of integrating AI technology into social media and live streaming platforms [1] User Engagement - The ability for users to upload photos and select AI templates to generate personalized gifts enhances the interactive experience for both streamers and their audiences [1] - The significant number of paid gift creations on the first day suggests a positive reception and potential for future growth in user-generated content [1]

Group 1 - The core point of the article highlights the trend of the "Double Eleven" shopping festival starting earlier each year, with preparations and marketing activities beginning as early as September [1][2] - Companies are adapting to this trend by planning their inventory, pricing strategies, and marketing campaigns well in advance, indicating a shift from a one-day event to a shopping season lasting over three months [1][2] - The balance between early promotion and timely marketing is seen as beneficial, allowing platforms and merchants to engage consumers more effectively and reduce impulsive buying [2] Group 2 - The "Monitoring Report" released by the National Market Supervision Administration and Zhidao Technology reveals four core trends in the consumer market for the second quarter of 2025 [3][4] - These trends include the dual drive of policy guidance and technological innovation leading to inclusive consumption upgrades, a shift from entertainment to specialized and practical consumption content, a focus on quality experiences, and a growing emphasis on health across all age groups [4] - The report also indicates that the "Z Generation" consumers prioritize experience-driven consumption, with significant interests in cultural entertainment, technology, and health [5] Group 3 - Major platforms are actively preparing for this year's "Double Eleven," with Kuaishou and JD.com announcing substantial promotional strategies and financial incentives to attract merchants and consumers [6][7] - Kuaishou plans to invest 180 billion in traffic subsidies and 20 billion in user red packets during the event, while JD.com is implementing a VALUE methodology to enhance user engagement and brand value [7][8] - The emergence of new e-commerce players, such as Zhongpin Weidu, is also noteworthy, as they focus on decentralized commerce models that empower participants and enhance market vitality [10][11]

Group 1 - The Hong Kong stock market saw mixed performance with the Hang Seng Technology Index slightly down by 0.13%, while the National Enterprises Index rose marginally by 0.01% [2] - The Hang Seng Technology Index experienced a peak increase of 2% during the trading session before closing with a minor decline [2] Group 2 - Major technology stocks generally maintained an upward trend, with Xiaomi rising by 4.48%, JD.com by 3.46%, and Baidu by 2.33% [4] - Automotive stocks collectively increased, with Chery Automobile seeing a significant rise of nearly 14% on its first trading day, while other companies like Li Auto, NIO, and BYD also posted gains [4] - Copper prices surged due to supply tightness following an accident at the world's second-largest copper mine, leading to strong performances in the copper sector, with China Daye Non-Ferrous Metals soaring by 25% [4]

Core Viewpoint - DBS Bank predicts Kuaishou-W (01024) will see adjusted profit growth of 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] Group 1: Financial Projections - Advertising revenue for Kuaishou is expected to grow by 12%, 12%, and 11% from 2025 to 2027, which is above industry growth [2] - E-commerce GMV is projected to increase by 14%, 11%, and 9% during the same period, also surpassing industry growth [2] - Live streaming revenue is forecasted to grow by 6%, 4%, and 3% from 2025 to 2027 [2] - E-commerce revenue is anticipated to rise by 23%, 12%, and 10% over the same fiscal years [2] Group 2: Strategic Insights - Kuaishou has over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - The company leverages proprietary data to train advanced AI models, enhancing user engagement and creating new revenue streams [1] - The AI image and video generation tools are seen as having significant global monetization potential, with projected revenue reaching 2.7 billion RMB by the fiscal year 2027 [1]

Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) is expected to see adjusted profit growth of 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] - The new OneRec model is anticipated to enhance user engagement and improve advertising distribution efficiency, particularly in lower-tier cities where user purchasing power shows robust growth [1] - DBS Bank has resumed coverage of Kuaishou with a "Buy" rating and a target price of HKD 98, based on a 15x price-to-earnings ratio for the fiscal year 2026, which is one standard deviation above the average of the past two years [1] Group 2 - Kuaishou, as China's second-largest short video platform, boasts over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - The company leverages vast proprietary datasets to train advanced AI models, such as OneRec, to enhance user stickiness, explore new revenue streams, and reduce costs for merchants [1] - The AI image and video generation tools developed by Kuaishou are seen as rare applications with global monetization potential, with projected revenue reaching RMB 2.7 billion by the fiscal year 2027 [1] Group 3 - Advertising revenue for Kuaishou is forecasted to grow by 12%, 12%, and 11% for the fiscal years 2025 to 2027, while e-commerce GMV is expected to increase by 14%, 11%, and 9%, all exceeding industry growth rates [2] - Live streaming revenue is projected to grow by 6%, 4%, and 3%, and e-commerce revenue is anticipated to rise by 23%, 12%, and 10% during the same period [2]

Core Viewpoint - Kuaishou-W (01024) shares have seen a price increase of 2.93%, currently trading at HKD 79.10, with a trading volume of HKD 1.742 billion, driven by the launch of the upgraded Keling AI model, Keling 2.5 Turbo, which enhances video generation capabilities [1] Group 1: Company Developments - The newly launched Keling 2.5 Turbo model generates a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper compared to the previous 2.1 model at the same quality level [1] - Goldman Sachs anticipates that the new AI model will lead to sustained increases in user engagement for Kuaishou [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on Kuaishou, citing reasonable growth expectations with a price-to-earnings ratio of 15 times for this year and 12 times for next year, alongside a projected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The upward potential of video generation AI is highlighted as a significant factor for Kuaishou's growth [1] - Investor holdings in Kuaishou are relatively low, suggesting potential for increased investment interest [1]