Group 1 - The Hang Seng Index closed up by 1.37% [1] - Technology stocks led the gains, with GDS Holdings rising approximately 7% and Kuaishou increasing around 4% [1] - Semiconductor stocks also saw an increase, with SMIC up about 6% and Hua Hong Semiconductor rising around 4% [1]

Core Viewpoint - Kuaishou has upgraded its AI video generation model to Keling 2.5 Turbo, enhancing video generation capabilities and cost-effectiveness compared to previous versions [1][14][40] Group 1: Model Upgrades - Keling 2.5 Turbo introduces significant improvements in text response, dynamic effects, style retention, and aesthetic quality [15][22] - The model can generate a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper than the previous Keling 2.1 model [16][40] - The model shows enhanced understanding of both simple and complex prompts, allowing for more nuanced video generation [18][20] Group 2: Performance and User Experience - The new model demonstrates better physical dynamics and emotional capture in generated videos, reducing the "uncanny valley" effect [26][31] - User feedback indicates a mix of amazement and some concerns regarding physical realism, with many users expressing satisfaction with the generated content [32][40] - Keling has undergone over 30 iterations since its launch, indicating a commitment to rapid development and improvement [35][36] Group 3: Market Position - Keling models have quickly gained market share, with Keling 2.0-Master capturing 21% of video generation requests within three weeks of its release [38] - The market share of traditional AI video generation tools like Runway has significantly decreased, from approximately 60% to 20% [39] - The Keling 2.5 Turbo model is expected to further increase market penetration due to its enhanced capabilities and cost-effectiveness [40]

Market Overview - The Hong Kong and Shenzhen stock exchanges continued normal trading despite the approaching super typhoon "Haikui" [8][9] - On the morning of the 24th, the A-share market opened lower but quickly rebounded, with the Shanghai Composite Index rising by 0.63% and the ChiNext Index increasing by 1.76% [2][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.41 trillion yuan, a decrease of 288.5 billion yuan compared to the previous trading day [2][4] Sector Performance - The semiconductor, real estate, and oil & gas sectors showed significant gains, with the semiconductor industry experiencing a collective surge [2][4] - Notable stocks included Jiangfeng Electronics and Zhangjiang Hi-Tech, both hitting the daily limit up, while the real estate sector also saw strong performance with stocks like Dalong Real Estate achieving three consecutive limit-ups [2][4] - Conversely, the tourism sector faced a collective decline, with Yunnan Tourism hitting the daily limit down [3] Hong Kong Market Dynamics - The Hong Kong stock market saw a slight decline before rebounding, with the Hang Seng Index up by 0.91% and the Hang Seng Technology Index rising by 2.18% [5][6] - Notable performers included SMIC, which rose by 7.02%, and Alibaba, which increased by 6.40% [5][6] - The trading volume in Hong Kong reached 150.9 billion HKD, with net inflows from southbound trading amounting to 6.58 billion HKD [6]

每经AI快讯，9月24日，港股快手-W(01024.HK)涨近4%，截至发稿，涨3.78%，报76.85港元，成交额 12.26亿港元。 （文章来源：每日经济新闻） ...

高盛发研报称，预期快手可灵AI的新模型将推动快手用户参与度持续提升，现时维持快手2025财年AI 相关收入达到1.54亿美元的预测(相对公司指引为1.25亿美元)，并重申"买入"评级，基于2026年底每股 盈利预测的约14倍，给予目标价83港元。高盛预期，可灵新模型能以更具竞争力的成本提供顶级性能的 AI影片生成方案，认为目前AI影片生成行业仍处于早期阶段，市场规模正快速增长，并可能颠覆传统 广告及短剧制作模式，而关键正在于持续升级的模型能力与用户渗透率。 来源：智通财经网 消息面上，9月23日，可灵AI基座模型再升级，视频生成推出可灵2.5 Turbo 模型，效果进一步提升。文 本理解与响应显著提升，能更深入理解具有因果关系的复杂指令，实现对创意表达的精细化控制。动态 效果进一步增强，能生成动态幅度更大的动作和运镜，在提升运动呈现幅度和强度的同时，更流畅，更 稳定。同时，可灵2.5 Turbo 模型高品质模式(1080p)下生成5秒长度的视频仅需25灵感值，相比2.1模型 同档位便宜近30%。 快手-W(01024)涨近4%，截至发稿，涨3.78%，报76.85港元，成交额12.26亿港元。 ...

Core Viewpoint - Kuaishou-W (01024) shares rose nearly 4%, with a current increase of 3.78%, trading at HKD 76.85, with a transaction volume of HKD 1.226 billion [1] Group 1: Product Development - On September 23, Kuaishou upgraded its AI model, launching the Keling 2.5 Turbo model, which significantly enhances video generation capabilities [1] - The new model improves text understanding and response, allowing for a deeper comprehension of complex instructions with causal relationships, enabling refined control over creative expressions [1] - The dynamic effects have been enhanced, allowing for greater motion and camera movement, resulting in smoother and more stable video presentations [1] - The 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 than the previous 2.1 model at the same level [1] Group 2: Market Outlook - Goldman Sachs forecasts that Kuaishou's new AI model will continue to drive user engagement, maintaining a prediction of AI-related revenue reaching USD 154 million for the fiscal year 2025, compared to the company's guidance of USD 125 million [1] - Goldman Sachs reiterated a "Buy" rating, with a target price of HKD 83, based on an estimated earnings multiple of approximately 14 times for the end of 2026 [1] - The firm anticipates that the new model will provide top-tier performance in AI video generation at a more competitive cost, highlighting that the AI video generation industry is still in its early stages, with rapidly growing market potential that could disrupt traditional advertising and short film production models [1]

智通财经APP获悉，快手-W(01024)涨近4%，截至发稿，涨3.78%，报76.85港元，成交额12.26亿港元。 消息面上，9月23日，可灵AI基座模型再升级，视频生成推出可灵2.5 Turbo 模型，效果进一步提升。文 本理解与响应显著提升，能更深入理解具有因果关系的复杂指令，实现对创意表达的精细化控制。动态 效果进一步增强，能生成动态幅度更大的动作和运镜，在提升运动呈现幅度和强度的同时，更流畅，更 稳定。同时，可灵2.5 Turbo 模型高品质模式(1080p)下生成5秒长度的视频仅需25灵感值，相比2.1模型 同档位便宜近30%。 高盛发研报称，预期快手可灵AI的新模型将推动快手用户参与度持续提升，现时维持快手2025财年AI 相关收入达到1.54亿美元的预测(相对公司指引为1.25亿美元)，并重申"买入"评级，基于2026年底每股 盈利预测的约14倍，给予目标价83港元。高盛预期，可灵新模型能以更具竞争力的成本提供顶级性能的 AI影片生成方案，认为目前AI影片生成行业仍处于早期阶段，市场规模正快速增长，并可能颠覆传统 广告及短剧制作模式，而关键正在于持续升级的模型能力与用户渗透率。 ...

高盛预期，可灵新模型能以更具竞争力的成本提供顶级性能的AI影片生成方案，认为目前AI影片生成 行业仍处于早期阶段，市场规模正快速增长，并可能颠覆传统广告及短剧制作模式，而关键正在于持续 升级的模型能力与用户渗透率。 快手昨日(23日)发布可灵AI2.5Turbo新模型，该模型在文本回应、动画效果、风格一致性及美学质量等 多个维度的能力都显著提升，并进一步增强影片生成的可控性、稳定性与一致性，在高品质模式下生成 5秒影片的定价仅需25点，较同级别的2.1模型降低近30%。 高盛发布研报称，预期快手-W(01024)可灵AI的新模型将推动快手用户参与度持续提升，现时维持快手 2025财年AI相关收入达到1.54亿美元的预测(相对公司指引为1.25亿美元)，并重申"买入"评级，基于 2026年底每股盈利预测的约14倍，给予目标价83港元。 ...

高盛预期，可灵新模型能以更具竞争力的成本提供顶级性能的AI影片生成方案，认为目前AI影片生成 行业仍处于早期阶段，市场规模正快速增长，并可能颠覆传统广告及短剧制作模式，而关键正在于持续 升级的模型能力与用户渗透率。 智通财经APP获悉，高盛发布研报称，预期快手-W(01024)可灵AI的新模型将推动快手用户参与度持续 提升，现时维持快手2025财年AI相关收入达到1.54亿美元的预测(相对公司指引为1.25亿美元)，并重 申"买入"评级，基于2026年底每股盈利预测的约14倍，给予目标价83港元。 快手昨日(23日)发布可灵AI 2.5 Turbo新模型，该模型在文本回应、动画效果、风格一致性及美学质量等 多个维度的能力都显著提升，并进一步增强影片生成的可控性、稳定性与一致性，在高品质模式下生成 5秒影片的定价仅需25点，较同级别的2.1模型降低近30%。 ...

相关事件 快手-W(01024.HK)9月22日耗资7380万港元回购100万股 快手-W(01024.HK)：利润率新高 可灵持续超预 期 特别派息20亿港币 高盛发表研究报告指，快手昨日发布可灵AI 2.5 Turbo新模型，该模型在文本回应、动画效果、风格一 致性及美学质量等多个维度的能力都显著提升，并进一步增强影片生成的可控性、稳定性与一致性。高 盛预期，可灵新模型能以更具竞争力的成本提供顶级性能的AI影片生成方案，认为目前AI影片生成行 业仍处于早期阶段，市场规模正快速增长，并可能颠覆传统广告及短剧制作模式，而关键正正在于持续 升级的模型能力与用户渗透率。 高盛预期可灵AI的新模型将推动快手用户参与度持续提升，现时维持快手2025财年AI相关收入达到1.54 亿美元的预测(相对公司指引为1.25亿美元)，并重申"买入"评级，基于2026年底每股盈利预测的约14 倍，给予目标价83港元。 ...