Core Viewpoint - Macquarie's report indicates that Kuaishou-W (01024) has shown strong performance in Q2, with accelerated growth in advertising business and sustained momentum in Keling AI, which is expected to enhance advertising conversion rates through updates in AIGC marketing material solutions and a healthy user ecosystem [1] Group 1: Financial Performance - Kuaishou's Q2 revenue from Keling AI exceeded 250 million RMB, with the launch of the Keling 2.1 model series in May, which is believed to further solidify Kuaishou's leadership in the video large model sector [1] - Macquarie has raised Kuaishou's target price by 7% to HKD 80.7, anticipating that Kuaishou's domestic advertising business will continue to outperform peers, with online marketing service revenue expected to grow by 14% year-on-year in the second half of the year [1] Group 2: Earnings Forecast - Adjusted earnings per share forecasts for the next two years have been increased by 5% and 3% respectively, reflecting positive performance and strong prospects for the advertising business [1]

Group 1: Company Ratings and Target Prices - Bank of America upgraded Miniso's rating to Neutral with a target price raised to HKD 46.9, driven by a 23% revenue and 11% profit growth in Q2, exceeding expectations [1] - Minsheng Securities maintained a recommendation rating for XPeng Motors, anticipating revenue growth from 2025 to 2027 to reach HKD 888.3 billion, HKD 1,406.4 billion, and HKD 1,925.1 billion respectively [1] - CICC downgraded China Software International's rating to Outperform the Market but raised the target price to HKD 7.1, citing the launch of Huawei's HarmonyOS personal computers as a key growth driver [3] Group 2: Company Performance and Growth Potential - CMB International maintained a Buy rating for China Biologic Products, noting double-digit revenue growth driven by innovative and biosimilar drugs, despite short-term pressure on core pharmaceutical profits due to increased R&D spending [2] - Morgan Stanley maintained a rating of In Line for Kuaishou, raising the target price to HKD 76, reflecting strong demand for AI applications and an increase in capital expenditure guidance from RMB 10 billion to RMB 12 billion [4] - Guosen Securities maintained a Buy rating for Xiaomi Group with a target price of HKD 62.3, driven by short-term growth from the YU7 series car deliveries and long-term potential from AIoT products [5] Group 3: Financial Performance and Trends - Huatai Securities maintained a Buy rating for ZhongAn Online, highlighting a positive trend across insurance, investment, technology, and banking sectors, with health insurance premiums growing by 38.3% year-on-year [6] - Huaxin Securities maintained a Buy rating for Tencent Holdings, projecting net profits of HKD 2,523.1 billion, HKD 2,861.0 billion, and HKD 3,246.3 billion for 2025, 2026, and 2027 respectively, supported by stable growth in gaming and AI-driven services [7] - Bank of America reiterated a Buy rating for SOTY Technology, raising the target price to HKD 46, with expectations of significant performance growth in the coming years [8]

Core Insights - Kuaishou is shifting its focus from solely pursuing e-commerce GMV to leveraging AI for growth opportunities, as indicated by its recent financial performance and strategic direction [1][6] Financial Performance - In Q2 2025, Kuaishou reported a revenue increase of 13.1% year-on-year to 35 billion yuan, with operating profit rising 35.4% to approximately 5.3 billion yuan, and net profit increasing 23.7% to about 4.9 billion yuan [1] - Adjusted net profit for the quarter was approximately 5.6 billion yuan, reflecting a year-on-year growth of 20.1% [1] AI Integration and Growth - The integration of AI technology has led to improved marginal effects in Kuaishou's business, particularly in online marketing services and other service revenues [1] - Online marketing service revenue reached 19.8 billion yuan in Q2, growing 12.8% year-on-year, while other services, including e-commerce and Keling AI, saw a significant revenue increase of 25.9% to 5.2 billion yuan [1][5] Keling AI Performance - Keling AI generated over 250 million yuan in revenue in Q2, up from over 150 million yuan in Q1, indicating strong commercial potential [2] - The annualized revenue run rate for Keling AI surpassed 100 million USD within ten months of its launch, with monthly revenue exceeding 100 million yuan in April and May [2] Strategic Shift in E-commerce - Kuaishou's CFO announced that starting Q1 2026, the company will stop separately disclosing quarterly and annual GMV, emphasizing a shift towards a more diversified e-commerce business model [6] - The growth drivers for e-commerce will now focus on diverse e-commerce scenarios, AI-enabled merchant solutions, and enhanced user experiences [6] Investment in AI Capabilities - Kuaishou has increased its investment in Keling AI's inference computing power, expecting a doubling of Capex for Keling AI in 2025 compared to initial budgets [4] - The company anticipates that the overall impact of AI investments on profit margins will remain between 1% and 2% for the year [4] Future Growth Areas - Kuaishou aims to explore growth opportunities in local life services and automotive sectors, as well as content consumption industries like short dramas and mini-games [6]

Core Viewpoint - Morgan Stanley's report highlights Kuaishou's second-quarter e-commerce gross merchandise volume (GMV) growth of 18%, exceeding expectations and indicating a significant acceleration compared to the stable growth of 13%-14% over the past year [1] Group 1: Financial Performance - Kuaishou's GMV growth in the second quarter is a notable acceleration, with a forecasted growth of 15% for the third quarter [1] - Morgan Stanley has raised Kuaishou's capital expenditure guidance for the year, reflecting strong demand for its AI applications, such as Kling [1] Group 2: Earnings Forecast and Target Price - Based on the improved performance and outlook, Morgan Stanley has increased its earnings per share forecast for Kuaishou by 3%-6% for the years 2025 to 2027 [1] - The target price for Kuaishou has been raised from HKD 67 to HKD 76, while maintaining a "market perform" rating [1]

Core Viewpoint - Kuaishou's top streamer Xinba announced his permanent exit from the live streaming industry due to severe lung health issues, coinciding with his brand "Mian Mima" facing a health controversy, highlighting the uncontrollable risks and decentralization trends in the live streaming sector [1][4]. Group 1: Xinba's Exit Announcement - Xinba, a controversial figure in China's e-commerce, created the "818" shopping festival, which generated over 2.7 billion yuan in sales last year [2]. - This year, during the "818" live stream, Xinba did not promote any products and instead shared his emotional farewell, contrasting sharply with previous years' promotional efforts [2]. - This marks Xinba's first transfer of management rights to his wife, signaling a potential genuine exit from the industry [3]. Group 2: Health Concerns - Xinba revealed that his lung health has severely deteriorated, with doctors warning that his lung condition resembles that of a 95-year-old, indicating a serious health crisis [3]. - The incident raises alarms about the sustainability of the high-pressure work environment for live streamers, prompting a need for industry-wide reflection on health management practices [3]. Group 3: Brand Controversy - Xinba's brand "Mian Mima" is embroiled in a health scandal involving high levels of a carcinogenic substance in its sanitary products, leading to consumer complaints [4]. - The brand has responded by asserting compliance with national standards and emphasizing product safety, while industry experts have defended its reliability [4]. Group 4: Industry Implications - Xinba's exit could lead to a short-term decline in Kuaishou's GMV, as he previously accounted for 30-40% of the platform's live commerce sales [5]. - Kuaishou is adapting its strategy by supporting mid-tier streamers and launching initiatives to enhance their visibility and sales performance [6]. Group 5: Decentralization Trends - The live streaming industry is experiencing a shift towards decentralization, with a growing number of controversies surrounding top influencers, prompting platforms to reduce reliance on them [7]. - Future trends in the industry are expected to focus on decentralization, brand quality, and technology-driven content, moving away from the heavy reliance on star streamers [8][9].

Investment Ratings - Kuaishou Technology: HOLD, Target Price (TP) raised to HK$76.00 [5][7] - Bilibili Inc: BUY, TP set at US$28.00 / HK$219.00 [9][10] - ZTO Express: BUY, TP set at US$21.00 [13][14] - AAC Technologies: BUY, TP raised to HK$62.90 [16][17] - China Communications Services: BUY, TP raised to HK$5.15 [19][20] - BOC Aviation: BUY, TP raised to HK$83.90 [22][23] - MINISO Group: BUY, TP set at US$24.80 / HK$48.40 [24][25] Core Insights - Kuaishou Technology reported a 13% YoY topline growth and a historical high adjusted net profit of RMB5.6 billion, exceeding consensus estimates [5][6] - Bilibili Inc achieved a 20% YoY topline growth in 2Q25, with adjusted operating profit surpassing consensus by 16% [9][12] - ZTO Express experienced an 11% YoY growth in core express delivery revenue, although it missed consensus by 1% [13][15] - AAC Technologies reported an 18% YoY revenue increase, with a significant 62% surge in net income, despite some misses on expectations [16][18] - China Communications Services saw a 3.4% YoY revenue increase, with non-telco and international sales growing by 12.6% YoY [19][21] - BOC Aviation's total revenue increased by 5.8% YoY, with a 20% YoY rise in core net profit [22][23] - MINISO Group's revenue grew by 23% YoY, reflecting positive developments in various markets [24][26] Summary by Company Kuaishou Technology - 2Q25 topline growth of 13% YoY and adjusted net profit of RMB5.6 billion, beating consensus by 2% and 11% respectively [5][6] - AI strategies are enhancing monetization and efficiency, despite potential challenges in 2H25 [6][7] Bilibili Inc - 2Q25 revenue growth of 20% YoY met consensus, with adjusted operating profit exceeding expectations [9][12] - Anticipated sustainable profitability growth driven by diversified revenue streams [9][10] ZTO Express - Core express delivery revenue grew 11% YoY, but missed consensus by 1% [13][15] - Adjusted FY2025 parcel volume guidance reflects industry challenges [14] AAC Technologies - Revenue increased 18% YoY to RMB13 billion, with net income surging 62% [16][18] - Management's optimistic outlook for 2H25 suggests potential margin recovery [17] China Communications Services - 1H25 net profit increased by 0.2% YoY, with total revenue up 3.4% YoY [19][21] - Growth in non-telco and international sales indicates strong demand for digital infrastructure [20] BOC Aviation - Total revenue and other income rose 5.8% YoY, with core net profit increasing by 20% [22][23] - Attractive dividend yield and solid business model support investment thesis [22] MINISO Group - 2Q25 revenue growth of 23% YoY, exceeding guidance [24][26] - Positive developments in IP strategy and customer engagement [25]

在近期的一次业绩电话会上，快手科技分享了其2025年第二季度的财务表现及AI技术的最新进展。 会上，快手首席财务官金秉详细阐述了AI技术在公司内部提质增效方面所取得的显著成果。他指出，AI不仅在内容创作和商业生态中逐渐展现出其巨大价 值，特别是在可灵AI的商业化营收上，更是取得了令人瞩目的快速进展。 基于上述良好表现，金秉对集团的AI整体投入对全年利润率的影响进行了评估。他表示，预计这一影响将保持在1-2%左右。这意味着，尽管增加了在AI上 的投入，快手依然有信心实现全年经调整净利润率同比保持平稳的目标。 金秉还分享了快手对中长期发展的看法。他强调，从长远来看，可灵的单位训练成本和推理成本曲线有望进一步降低。同时，随着AI对内容和商业生态赋 能价值的持续释放，快手相信AI的增量投入将为公司带来可持续的业绩增长机会。 在成本控制方面，金秉表示，快手在年初的预算中已经充分考虑到了吸引和保留AI技术人才所需的投入。目前来看，这部分费用开支并未发生显著变化， 显示出快手在成本控制上的稳健策略。 可灵AI在推理算力层面已经实现了毛利率转正。快手在保持产品迭代升级的同时，可灵AI的推理层面毛利率依然保持稳定。这意味着，尽 ...

Core Viewpoint - The competition in large language models has highlighted the importance of mathematical and coding reasoning capabilities, with the introduction of the Klear-Reasoner model by Kuaishou's Klear team, which achieves state-of-the-art performance in various benchmarks [1][2]. Group 1: Model Performance - Klear-Reasoner outperforms other strong open-source models in benchmarks such as AIME2024 and AIME2025, achieving scores of 90.5% and 83.2% respectively, making it the top 8B model [2]. - The model's performance is attributed to the innovative GPPO (Gradient-Preserving Clipping Policy Optimization) algorithm, which enhances exploration capabilities while maintaining training stability [5][24]. Group 2: Technical Innovations - The GPPO algorithm allows for the retention of all gradients during training, which contrasts with traditional clipping methods that can hinder model exploration and slow down convergence [8][10]. - GPPO enables high-entropy tokens to participate in backpropagation, thus preserving exploration ability and accelerating error correction [10]. Group 3: Training Methodology - The Klear team emphasizes the importance of data quality over quantity during the supervised fine-tuning (SFT) phase, demonstrating that high-quality data sources yield better training efficiency and outcomes [12]. - For high-difficulty tasks, retaining some erroneous samples can enhance model performance by providing additional exploration opportunities [16]. - In the reinforcement learning (RL) phase, using soft rewards based on test case pass rates is more effective than hard rewards, leading to improved training stability and efficiency [19]. Group 4: Future Implications - The release of Klear-Reasoner not only showcases impressive performance but also offers a reproducible and scalable approach for reasoning models in supervised and reinforcement learning tasks, providing valuable insights for future applications in mathematics, coding, and other RLVR tasks [24].

该行表示，今年资本支出指引由100亿元上调至120亿元，显示可灵(Kling)和其他AI应用的推理需求强 劲。该行将2025年至27年每股盈测上调介乎3%至6%，目标价由67港元上调至76港元，维持"与大市同 步"评级。 摩根士丹利发表研报指，快手次季电商商品交易总额(GMV)增长18%，胜该行预期，在内容和货架主导 的电商所推动下，过去一年GMV增长稳定于13%至14%区间，这无疑是一次显著的增长加速。快手变现 能力也有所提升，该行对其第三季GMV增长15%的指引亦感正面。 ...

考虑到业务架构改善及核心业务增强，而AI投资仍然可控，该行维持对其"跑赢大市"评级，目标价上调 7%至80.7港元，预期快手国内广告业务将持续跑赢同业，料下半年在线营销服务收入按年增长14%。 麦格理发表研报指，快手第二季业绩表现强劲，广告业务加速发展，同时可灵AI增长势头持续，预期 AIGC营销素材解决方案更新及健康的用户生态均有助提升广告转化率。可灵AI次季收入逾2.5亿元，5 月升级推出可灵2.1模型系列，该行相信有助进一步巩固快手在视频大模型领域的领导地位，将今明两 年经调整每股盈利预测上调5%及3%，以反映业绩表现向好及广告业务前景强劲。 ...