Group 1 - Kuaishou Technology's stock opened strong on January 14, with an intraday increase of over 6%, closing at HKD 82.75, a rise of 5.48% [1] - Kuaishou's Keling AI reported a revenue exceeding USD 20 million in December 2025, corresponding to an annual recurring revenue (ARR) of USD 240 million, indicating accelerated commercialization progress [1] - Keling AI achieved a significant milestone within two years of its launch, doubling its ARR from USD 100 million in March 2025 to USD 240 million in just nine months, surpassing market expectations [1] Group 2 - Multiple international investment banks noted that Keling AI's commercialization is entering a realization phase, with Citigroup indicating December's revenue slightly exceeding previous expectations, suggesting potential upward revisions for 2026 [2] - Morgan Stanley estimated Keling AI's revenue for Q4 2025 to be around RMB 350-400 million, significantly higher than the company's prior guidance of RMB 300 million [2] - Jefferies highlighted that Keling AI achieved an ARR of USD 240 million within 19 months of launch, with ongoing model breakthroughs and product innovations being key drivers for long-term revenue growth [2]

Core Viewpoint - Kuaishou Technology (1024.HK) experienced a nearly 7% increase in stock price, reaching HKD 83.9, following the announcement of its plan to issue US dollar and RMB senior notes [1] Group 1: Company Announcement - Kuaishou announced its intention to issue senior notes in both US dollars and RMB [1] - The net proceeds from the issuance will primarily be used for general corporate purposes [1] - Specific details regarding the total principal amount, interest rate, payment date, and other terms and conditions have yet to be determined [1]

Core Viewpoint - The Hong Kong stock market is experiencing a resurgence in AI-related stocks, with major internet companies showing strong performance, particularly Kuaishou, Alibaba, Xiaomi, and Tencent, as well as the Hong Kong Internet ETF (513770) attracting significant capital inflow [1][3]. Group 1: Market Performance - Kuaishou-W shares rose over 4%, Alibaba-W increased by more than 2%, and both Xiaomi Group-W and Tencent Holdings also saw gains [1]. - The Hong Kong Internet ETF (513770) opened high and saw an intraday increase of 1.76%, currently up by 1.23%, with a total capital inflow of 1.144 billion yuan over the past 10 days [1][2]. Group 2: AI Developments - Kuaishou announced that its AI product, Keling, is expected to generate over $20 million in revenue by December 2025, with an annualized revenue run rate of $240 million [1]. - Kuaishou has launched the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model, which features "audio-visual synchronization" capabilities, indicating rapid product iteration [1]. Group 3: Future Outlook - According to Guotai Junan Securities, AI applications are expected to transition from usable to user-friendly by 2026, with diverse business models emerging, positioning AI applications as a core theme in the 2026 AI industry market [3]. - The easing of external liquidity pressures is likely to support the valuation recovery of Hong Kong tech stocks, with expectations of a resonance in buying from both domestic and foreign investors in the AI sector [3]. Group 4: ETF Composition - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, where the top ten weighted stocks account for over 78% of the index [3].

国泰海通证券表示，2026年有望看到AI应用从可用到好用，与多元化商业模式落地，AI应用有望成为2026年AI产业行情核心主线。看好具备流量入口优势 与用户粘性，持续加码资本开支且产品成熟度高的互联网平台公司。 此外，美国CPI意外"爆冷"，美国劳工部发布的数据显示，2025年12月CPI同比上涨2.7%；剔除波动较大的食品和能源价格后，去年12月核心消费者价格指 数同比上涨2.6%，低于预期。降息预期再升温，市场预计美联储今年降息的时点有望提前。 1月14日，港股AI再启升势，互联网龙头多数走强。截至发稿，快手-W涨超4%，阿里巴巴-W涨超2%，小米集团-W、腾讯控股跟涨。港股AI核心工具—— 港股互联网ETF（513770）高开高走，场内价格一度上涨1.76%，现涨1.23%。近期持续受资金关注，上交所数据显示，港股互联网ETF（513770）近10日 累计吸金11.44亿元。 | | | F9 标前指后 叠加 九转 画线 工具 @ 2 >> | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 513770[港 ...

Core Viewpoint - Kuaishou Technology announced that its Keling AI is expected to exceed $20 million in revenue for December 2025, corresponding to an annual recurring revenue (ARR) of $240 million [1] Group 1: Financial Performance - Citigroup had previously anticipated a strong performance for Keling AI in December, and the actual results slightly exceeded their expectations, indicating a solid revenue outlook for 2026 [1] - Analysts, including Brian Gong, noted that the strong performance in December may be attributed to the launch of Kling Video 2.6, which features a new "motion control" function that has gained popularity in overseas markets for AI-generated video content [1] - The annual revenue for Keling AI is projected to potentially exceed $250 million [1] Group 2: Market Position and Ratings - Despite facing some adverse factors in Kuaishou's core e-commerce business, the strong performance of Keling AI has led Citigroup to maintain a buy rating on Kuaishou's Hong Kong stock [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月14日，港股AI再启升势，互联网龙头多数走强。截至发稿，快手-W涨超4%，阿里巴巴-W涨超2%， 小米集团-W、腾讯控股跟涨。港股AI核心工具——港股互联网ETF（513770）高开高走，场内价格一 度上涨1.76%，现涨1.23%。近期持续受资金关注，上交所数据显示，港股互联网ETF（513770）近10日 累计吸金11.44亿元。 | 分时 · | F9 盘前盘后 叠加 九村 面线 工具 @ 2 > | 港股互联网ETF 1 | 0.574 +0.007 +1.23% | 513770[温般互联网ETF] 09:48 价 0.574 涨跌 0... | 513770 | 1,76% | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE CNY 9:48:17 交易中 查看L2全覆 | T+0 88 × 101 84 | 华 ...

Core Viewpoint - Kuaishou-W (01024) shares increased nearly 5%, reaching HKD 81.95 with a trading volume of HKD 536 million, following the announcement of Keling AI's revenue performance for December 2025, which exceeded expectations [1] Group 1: Company Performance - Keling AI announced that its revenue for December 2025 surpassed USD 20 million, leading to an annual recurring revenue (ARR) of USD 240 million [1] - Previously, Keling AI reported an ARR of over USD 10 million in March 2025, just ten months after its official launch [1] - The strong performance in December is attributed to the launch of Keling Video 2.6, which features a new "motion control" capability that has gained popularity in overseas markets for AI-generated video content [1] Group 2: Market Expectations - Citigroup had anticipated a strong performance from Keling AI in December, and the actual results slightly exceeded their expectations, indicating a robust revenue outlook for 2026 [1] - Citigroup estimates that Keling's total revenue for the year could exceed USD 250 million [1]

港股AI应用板块回暖，知行科技、智谱高开逾7%，MINIMAX涨近3%，阿里巴巴涨超2%，快手、微盟 集团、百度涨近2%。 | 代码 | 名称 | | 昌新价 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 01274 | 知行科技 | C | 7.080 | 7.60% | | 02513 | 智谱 | | 194.700 | 7.10% | | 00100 | MINIMAX-WP | | 375.000 | 2.74% | | 09988 | 阿里巴巴-W | | 163.800 | 2.44% | | 06651 | 五一视界 | | 54.000 | 2.08% | | 02498 | 速腾聚创 | | 38.180 | 2.03% | | 01024 | 快手-W | | 80.000 | 1.98% | | 02013 | 微鼎集团 | | 2.370 | 1.72% | | 02252 | 微创机器人-B | | 26.660 | 1.68% | 港股AI应用板块回暖，知行科技、智谱高开逾7%，MINIMAX涨近3%，阿里巴巴涨超2%，快手、微盟 集团、 ...

Core Insights - Kuaishou's subsidiary, Keling AI, reported a revenue of $20 million in December, slightly exceeding Citigroup's expectations, indicating a robust revenue outlook for 2026 [1] - The strong performance in December is attributed to the launch of Kling Video 2.6, which features a new "motion control" function that has gained popularity in overseas markets for AI-generated video content [1] - Analysts project that Keling AI's annual revenue may exceed $250 million, despite challenges faced by Kuaishou's core e-commerce business [1] - Based on Keling AI's impressive performance, Citigroup maintains a buy rating on Kuaishou's Hong Kong stock [1]

Group 1 - Anta Sports (82020), Lenovo Group (80992), and Kuaishou (81024) have the highest short-selling ratios at 100.00%, 78.04%, and 71.83% respectively [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with 2.968 billion, 1.700 billion, and 1.588 billion respectively [1][2] - China National Building Material (03323), Jiangsu Nanjing Highway (00177), and China Liansu (02128) have the highest deviation values at 33.68%, 31.58%, and 22.77% respectively [1][2] Group 2 - The top short-selling stocks by amount include Alibaba (09988) at 2.968 billion, Tencent Holdings (00700) at 1.700 billion, and Xiaomi Group (01810) at 1.588 billion [2] - The top short-selling ratios are led by Anta Sports (82020) at 100.00%, followed by Lenovo Group (80992) at 78.04%, and Kuaishou (81024) at 71.83% [2] - The highest deviation values are recorded for China National Building Material (03323) at 33.68%, Jiangsu Nanjing Highway (00177) at 31.58%, and China Liansu (02128) at 22.77% [2][3]