| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | | | 高翩然(分析师) | 0755-80305701 | gaopianran@gtht.com | S0880525040066 | [当前价格 Table_CurPrice] (港元)： | 81.25 | 全球 AIGC 视频商业化加速，可灵打通"技术-生态-变现"闭 环释放长期价值 快手-W(1024) 快手可灵专题报告 本报告导读： 可灵通过 2.5 Turbo（基础能力升级）-O1（全模态与成片能力突破）-2.6（音画一体 化革命）的阶梯式迭代，完成从 "高质量视频生成" 到 "重构 AI 视频创作工作流" 的技术升级。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- ...

舜宇光学科技回购数量85.00万股，回购金额5415.15万港元，回购最高价为64.000港元，最低价为63.150 港元，年内累计回购金额8.20亿港元；华润燃气回购数量105.24万股，回购金额2280.22万港元，回购最 高价为22.000港元，最低价为21.480港元，年内累计回购金额4346.61万港元；碧桂园服务回购数量 210.00万股，回购金额1317.36万港元，回购最高价为6.330港元，最低价为6.210港元，年内累计回购金 额7408.18万港元。 以金额进行统计，1月23日回购金额最多的是舜宇光学科技，回购金额为5415.15万港元；其次是华润燃 气，回购金额为2280.22万港元；回购金额居前的还有碧桂园服务、快手-W等。回购数量上看，1月23 日回购股数最多的是碧桂园服务，当日回购量为210.00万股；其次是华润燃气、中国恒有源集团等，回 购数量分别为105.24万股、100.00万股。（数据宝） 1月23日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a decrease in the heavy allocation ratio of A-share media stocks by public funds, with a concentration decline [4] - The report highlights a shift in fund allocation towards the news publishing sector, while gaming and advertising sectors saw reductions [4] - The report suggests continued focus on segments with favorable market conditions and AI industry logic, particularly in gaming and IP derivatives [4] Summary by Sections A-share Media Fund Heavy Allocation Ratio Decline - In Q4 2025, the heavy allocation ratio for A-share media stocks was 1.32%, down from 2.56% in Q3 2025, a decrease of 1.24 percentage points [13] - For A+H shares, the allocation ratio was 4.41%, down from 5.99%, a decrease of 1.58 percentage points [13] Changes in Fund Allocation by Sector - The gaming sector's allocation decreased from 67.34% in Q3 2025 to 65.20% in Q4 2025, a drop of 2.14 percentage points [27] - The advertising sector's allocation fell from 24.35% to 22.41%, a decrease of 1.94 percentage points [27] - The news publishing sector saw an increase in allocation from 1.93% to 6.29%, an increase of 4.35 percentage points [27] Concentration of A-share Media Heavy Holdings - The top five heavy holdings in the A-share media sector accounted for 78.48% of the total heavy holdings value, down 6.57 percentage points [42] - The top ten heavy holdings accounted for 88.04%, down 4.93 percentage points [42] Hong Kong Internet Sector Fund Holdings - In Q4 2025, companies like DaMai Entertainment and Meituan-W saw increased holdings, while Kuaishou-W and Pop Mart experienced reductions [4] Investment Recommendations - The report recommends focusing on segments with favorable market conditions and AI applications, particularly in gaming and long video sectors [4]

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.43亿股 | 70.92% | | 绿色动力环保(01330) | 2.80亿股 | 69.34% | | 凯盛新能(01108) | 1.69亿股 | 67.61% | | 天津创业环保股份(01065) | 2.30亿股 | 67.53% | | 中国神华(01088) | 22.34亿股 | 66.14% | | 大眾公用(01635) | 3.51亿股 | 65.81% | | 南方恆生科技(03033) | 93.69亿股 | 65.62% | | 昊天国际建投(01341) | 72.52亿股 | 65.35% | | 广汽集团(02238) | 17.71亿股 | 62.95% | | 昭衍新药(06127) | 0.75亿股 | 62.72% | | 中远海能(01138) | 8.00亿股 | 61.70% | | 吉宏股份(02603) | 0.41亿股 | 60.42% | | 弘业期货(03678) | 1.49亿股 | 59.57% | | 中州证券(013 ...

友邦保险-R(81299)、京东健康-R(86618)、百度集团-SWR(89888)上一交易日沽空比率位于前三位，分别 为100.00%、100.00%、95.46%。泡泡玛特(09992)、阿里巴巴-W(09988)、小米集团-W(01810)的沽空金 额位居前三，分别为13.00 亿元、12.60 亿元、10.64 亿元。百度集团-SWR(89888)、深圳高速公路股份 (00548)、商汤-WR(80020)的偏离值位居前三，分别为62.11%、37.02%、34.65%。 前十大沽空比率排行 前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 百度集团-SWR(89888) | 119.43 万元 | 95.46% | 62.11% | | 深圳高速公路股份(00548) | 164.67 万元 | 48.73% | 37.02% | | 商汤-WR(80020) | 15.48 万元 | 87.41% | 34.65% | | 中国平安-R(82318) | 245.20 万元 | 72.58% | 33.06% ...

Core Insights - The report from CITIC Securities highlights the advancements in multimodal technology by leading companies like Google and Kuaishou, addressing challenges in character consistency and physical logic, marking a shift from entertainment to productivity [1][2] - AI-generated content, particularly AI comic dramas, is emerging as a new growth area, with platforms like ByteDance incentivizing high-quality content creation, potentially reshaping advertising and gaming asset production [1][7] Group 1: Company Developments - Google has established strong barriers in long-context understanding and native audio-video integration with models like Veo, Gemini, and Nanobanana [2] - Kuaishou's Keling model integrates multiple creative tasks into a unified engine, achieving a victory ratio of 247% in image reference tasks and 230% in instruction transformation tasks [3] - Alibaba's Tongyi Wanshang 2.6 model introduces commercial role-playing capabilities, ensuring character consistency across different shots and supporting high-definition video generation [4] - Zhizhu's GLM-Image model, developed in collaboration with Huawei, is the first to complete full-process training on a domestic computing platform, addressing industry challenges like Chinese character rendering [5] Group 2: Market Trends and Opportunities - Kuaishou's Keling AI has seen a significant increase in active users, surpassing 12 million, with a 350% growth in paid users, indicating a shift of multimodal AI tools from entertainment to essential productivity tools in industries like film and advertising [6] - The AI comic drama sector is rapidly expanding, with ByteDance implementing aggressive incentive policies to promote high-quality content, reflecting a potential market size growth for short dramas and comic dramas [7][8] - The evolution of multimodal technology is expected to reshape business logic across various industries, including search and marketing, entertainment, and gaming, with advancements in generative AI leading to new commercial opportunities [8]

快手电商服务商与区域运营成长部 操盘手工作手册 跨越周期 CROSSING THE CYCLE 序言 笑古 快手电商负责人 过去三年，是直播电商迅猛生长的三年，也是快手电商高速发展的三年：2018年快手电商 GMV才9600万元，2020年就达到3812亿元，两年增长近4000倍。可以说，快手电商在2018 年到2020年完成了第一阶段的爆发增长和原始积累。 如今，越来越多从业者涌入快手电商生态，除了数量持续增长的电商主播，品牌方等多元供 应链、流量投手、各种类型的服务商和操盘手都在加快入局。不管是快手电商、主播、商家 还是服务商，大家都很清楚，粗放增长的时代已经结束，现在是比拼战略思考和专业化、系 统化、精细化运营的时代。 战略层面，快手电商在今年7月明确提出"大搞信任电商、大搞品牌、大搞服务商"的三个方 向，我们希望构建买卖双方的"极致信任"，让商品交易也能成为人与人之间的一种情感链 接和流动的方式；我们希望传统品牌和新锐品牌加快融入快手电商生态，补全和提升我们的 商品供给；我们希望服务商用主播孵化、直播运营、流量营销、供应链、服务履约等五大专 业能力帮助生态里的主播、商家高效成长，并且自己也能从中获取收 ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Core Insights - The article highlights significant developments in the AI industry, including new product launches, funding rounds, and strategic partnerships, reflecting the rapid evolution and investment in AI technologies globally. Group 1: AI Product Developments - Baidu's Wenxin App is introducing a social feature with "multi-agent group chat" capabilities, aiming to enhance user interaction without directly competing with WeChat [8] - Anker Innovation and Feishu launched the AI hardware product "Anker AI Recording Bean," which features advanced audio recording capabilities and integrates with Feishu's AI functionalities [9] - Baidu released the official version of Wenxin Model 5.0, which supports multi-modal understanding and has 2.4 trillion parameters [17] - Baichuan Intelligence launched the M3 Plus model, which significantly reduces factual hallucinations to 2.6% [19] - Alibaba Health introduced the AI product "Hydrogen Ion," aimed at clinical and research applications with a focus on low hallucination rates [27] Group 2: AI Company Funding and Valuation - OpenEvidence, a medical AI startup, completed a $250 million Series D funding round, valuing the company at $12 billion [22] - OpenAI's CFO announced that the company's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024 [38] - ElevenLabs is negotiating new funding that could raise its valuation to $11 billion [29] - The AI startup Anthropic is seeking to raise at least $25 billion, with Sequoia Capital expected to participate [28] Group 3: AI Industry Trends and Insights - Nvidia's CEO highlighted the increasing demand for skilled tradespeople, suggesting that roles like plumbers and electricians could see six-figure salaries due to the AI-driven infrastructure boom [11] - The global AI financing events decreased by 13 compared to the previous period, with a total disclosed financing amount of 9.57 billion RMB [42] - The distribution of AI funding in China is concentrated in Guangdong and Jiangsu provinces, indicating regional investment trends [47] Group 4: AI Market Competition and Strategic Moves - Google DeepMind's CEO praised ByteDance as a leading AI company in China, suggesting they are only six months behind the cutting edge [11] - Apple plans to significantly revamp Siri into an AI chatbot, aiming to enhance its competitive position in the AI market [36] - Tesla's CEO Elon Musk is pushing for a transformation into a robotics company, with the Optimus robot as a key focus, despite production challenges [8]

Market Overview - The US stock market indices showed mixed performance on Friday, with the Hang Seng Index ADR closing at 26,719.08 points, down by 30.43 points or 0.11% compared to the Hong Kong close [1]. Major Blue-Chip Stocks - HSBC Holdings closed at HKD 130.896, up by 0.69% from the Hong Kong close [2]. - Tencent Holdings closed at HKD 598.184, up by 0.54% from the Hong Kong close [2]. Stock Performance Summary - Tencent Holdings (HKD 595.000) saw a decrease of HKD 2.500, or -0.42%, with its ADR price at HKD 598.184, reflecting an increase of HKD 3.184 or 0.54% [3]. - Alibaba Group (HKD 168.500) increased by HKD 3.700, or 2.25%, with its ADR price at HKD 168.834, up by HKD 0.334 or 0.20% [3]. - HSBC Holdings (HKD 130.000) rose by HKD 0.300, or 0.23%, with its ADR price at HKD 130.896, up by HKD 0.896 or 0.69% [3]. - Xiaomi Group (HKD 36.240) increased by HKD 1.000, or 2.84%, with its ADR price at HKD 36.287, up by HKD 0.047 or 0.13% [3]. - AIA Group (HKD 83.050) rose by HKD 0.550, or 0.67%, with its ADR price at HKD 83.077, up by HKD 0.027 or 0.03% [3]. - Meituan (HKD 97.550) increased by HKD 0.550, or 0.57%, with its ADR price at HKD 97.735, up by HKD 0.185 or 0.19% [3]. - Kuaishou (HKD 81.250) rose by HKD 2.150, or 2.72%, with its ADR price at HKD 82.648, up by HKD 1.398 or 1.72% [3]. - Ctrip Group (HKD 485.400) increased by HKD 3.800, or 0.79%, with its ADR price at HKD 490.273, up by HKD 4.873 or 1.00% [3].