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。 ...

同日，微博、快手平台分别就约谈作出回应。微博方面发文称，其高度重视，诚恳接受主管部门的批评 和处理意见，第一时间成立整改落实工作小组，针对热搜榜单生态治理问题进行专项整改等。快手在公 告中表示，将进一步完善热搜榜单管理机制，针对网信部门找出的具体问题，已第一时间组建整改专项 团队，围绕热搜榜单推进生态治理，不断提升榜单内容的规范性和多样性等。 9月11日，小红书因热搜榜单频繁呈现多条炒作明星个人动态和琐事类词条等不良信息内容，被网信部 门查处。对此，小红书回应已第一时间成立整改专项工作小组，推进热搜榜单生态专项治理，进一步提 升热搜榜单管理能力。 UC平台的问题在于，未落实信息内容管理主体责任，在热搜榜单主榜扎堆呈现极端敏感恶性案事件词 条等非权威部门、权威媒体发布的信息，涉及网络暴力、未成年人隐私等相关话题，破坏网络生态秩 序。为此，国家网信办指导广东省委网信办，依据《网络信息内容生态治理规定》等有关规定，对UC 平台采取约谈、责令限期改正、警告、从严处理责任人等处置处罚措施。 据南都此前报道，9月20日，国家网信办还因类似原因通报过微博、快手平台。两大平台未落实信息内 容管理主体责任，在热搜榜单主榜高位呈 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,109.58, down by 49.54 points or 0.19% on September 23 [1] - The index reached a high of 26,404.34 and a low of 26,106.95 during the trading session, with a trading volume of 65.684 million shares [1] - The 52-week high for the index is 26,915.35, while the 52-week low is 18,856.77, indicating a volatility of 1.14% [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 109.177 HKD, up by 0.53% compared to the previous close [2] - Tencent Holdings closed at 633.990 HKD, down by 0.24% compared to the previous close [2] - Alibaba Group (ADR) closed at 158.517 HKD, down by 0.55% compared to the previous close [3] - Other notable performances include: - AIA Group down by 1.53% to 70.900 HKD [3] - Meituan down by 2.79% to 101.000 HKD [3] - JD.com down by 4.40% to 128.300 HKD [3] Summary of Key Stock Movements - Tencent Holdings: Latest price 635.500 HKD, down by 0.86% [3] - Alibaba Group: Latest price 159.400 HKD, up by 0.13% [3] - HSBC Holdings: Latest price 108.600 HKD, up by 1.31% [3] - Xiaomi Group: Latest price 55.450 HKD, down by 1.16% [3] - BYD Company: Latest price 106.300 HKD, down by 3.10% [3] - Baidu Group: Latest price 128.400 HKD, down by 5.38% [3]

Core Insights - The launch of the Keling AI 2.5 Turbo model emphasizes a price reduction strategy, highlighting a nearly 30% decrease compared to the previous 2.1 model, showcasing improved cost-effectiveness [2] - Baidu initiated a price war in the domestic video model market by significantly lowering the price of its "Steam Engine" 2.0 version, claiming a reduction to 70% of similar products, aiming to make high-cost Hollywood effects affordable [2] - The video generation models are recognized as a foundational capability for major internet companies, with high operational costs and significant token consumption, especially for high-resolution video [3] Pricing Strategies - Keling AI offers a tiered subscription model with prices set at 66 RMB/month for Gold members, 266 RMB/month for Platinum members, 666 RMB/month for Diamond members, and 1314 RMB/month for Black Gold members [4] - The subscription model for Jimeng AI is relatively cheaper, with three tiers priced at 79 RMB, 239 RMB, and 649 RMB per month [6] - The pricing strategies among different companies are diverging, with some vertical model companies targeting high-end professional users, while major internet firms focus on ecosystem empowerment through low-cost or free strategies [8] Market Performance - Keling AI reported a quarterly revenue exceeding 250 million RMB, making it the only major model with publicly disclosed earnings [9] - The upgraded Keling 2.5 Turbo model has shown significant improvements in text response, dynamic effects, style retention, and aesthetic quality, enhancing its applicability in various creative fields [9] - Keling AI is actively entering the traditional film production market, participating in the 30th Busan International Film Festival to discuss the application prospects of video generation models in the film and music industries [9]

当前，电商平台普遍采用"召回、粗排、精排"的级联式搜索架构。该架构虽然成熟稳定，但仍面临诸多痛点：商品描述混乱、相关性问题突出、级联结构存 在瓶颈以及冷启动难题，导致搜索结果往往不尽如人意。 为了解决这些挑战，快手(01024)提出了业界首个工业级部署的电商搜索端到端生成式框架——OneSearch，目前，该系统已在快手多个电商搜索场景中成功 部署，每日服务数百万用户，产生数千万页面浏览量。 订单量、买家数等多项指标实现大幅提升 离线实验表明，OneSearch相比现有级联式系统各项指标均有显著提升。在线部署结果更为突出：订单量提升3.22%，买家数增长2.4%。这是在大规模工业 场景下，这是生成式模型首次在大规模工业场景中完整替代传统搜索链路，具备重要落地意义。 | Method | Item CTR | PV CTR | PV CVR | Buy | | --- | --- | --- | --- | --- | | MCA w/o ranking | -9.97% | -20.33% | -11.55% | -28.78 | | OneSearch4 | -1.10% | -2.06% | +0.39% ...

Group 1 - The National Internet Information Office has conducted interviews with platforms including Toutiao and UC Browser due to the presence of inappropriate content in their trending search lists [1] - UC Browser has expressed its commitment to addressing the issues raised by the regulatory body and has established a special task force to enhance the management of its trending search list [1] - UC Browser aims to improve the compliance and responsibility of its trending search list management, ensuring a clearer online environment [1] Group 2 - Previous platforms such as Xiaohongshu, Weibo, and Kuaishou have also responded to regulatory notifications, indicating their commitment to rectify the identified issues [2] - Weibo plans to continuously optimize its trending search algorithm to reinforce the public nature and correct value orientation of its trending list [2] - Kuaishou and Xiaohongshu have stated their intentions to further improve their trending search list management mechanisms and strengthen their content management responsibilities [2]

智通财经APP获悉，当前，电商平台普遍采用"召回、粗排、精排"的级联式搜索架构。该架构虽然成熟稳定，但仍面临诸多痛点：商品描述混乱、相关性问 题突出、级联结构存在瓶颈以及冷启动难题，导致搜索结果往往不尽如人意。 在关键词增强层次量化编码(KHQE)模块中，采用RQ-OPQ编码方案，从纵向与横向两个维度建模商品特征，为每个商品生成具备丰富语义层次的"智能身份 证"，极大提升生成式检索的区分能力和准确性。 多视角用户行为序列注入策略则让OneSearch能有效捕捉用户的近期偏好与长期兴趣，基于用户的长短期行为序列构建具有区分性的用户标识。使系统实现 更全面、深层的用户意图理解，显著提升个性化搜索准确性与用户体验。 偏好感知奖励系统(PARS)是结合多阶段监督微调与自适应奖励强化学习机制，捕捉细粒度用户偏好信号。该机制在提升排序性能的同时，保障生成多样 性，有效避免"奖励破解"问题。 订单量、买家数等多项指标实现大幅提升 离线实验表明，OneSearch相比现有级联式系统各项指标均有显著提升。在线部署结果更为突出：订单量提升3.22%，买家数增长2.4%。这是在大规模工业 场景下，这是生成式模型首次在大规模工业场景 ...

9月19日晚，一则颇具冲击力的消息传来，据市场监管总局官网发布公告，根据前期核查，依法对成都快购科技有限公司涉嫌违反《中华人民共和国电子 商务法》等法律法规的行为立案调查。 天眼查信息显示，成都快购科技有限公司是快手旗下的全资子公司，更是快手电商业务的核心载体，快手电商交易平台"快手小店"便由其运营，负责供货 商入驻、服务商入驻、直播基地入驻等业务。 其法定代表人、总经理杨远熙，监事银鑫，两人均为快手集团的核心高管。 在官方通报中，监管部门对当前直播电商领域的问题提出了严厉批评，点出行业内虚假营销、假冒伪劣等违法违规行为，句句直指快手平台运营的核心问 题。 一直以来，这样的行业顽疾，在快手身上似乎体现得更为突出。作为以下沉市场为核心用户基本盘的平台，快手的用户群体对商品信息的辨别能力相对有 限，信息差的存在，在某种程度上为虚假营销提供了滋生的土壤；而头部主播的"退网"风波以及此前多次违规带货被处罚，也让平台失去了关键的流量锚 点。 据《奇点湃》观察，另一个不容忽视的现象是，在快手的销售排行榜上，缺乏品牌背书、品控标准模糊的白牌商品长期占据C位，成为消费者投诉的重灾 区，让快手电商业务的口碑持续承压。 再向前回 ...

机器之心报道 编辑：Panda、张倩 前段时间，谷歌母公司 Alphabet 市值突破 3 万亿美元，成为第四家市值达到这一门槛的公司。 如果时间倒回到两年半以前，谷歌自己可能都没有想到这一结果。当时，ChatGPT 带来的冲击让外界开始质疑谷歌能否守住营收，尤其是广告营收。甚至还有人 发出灵魂追问：谷歌会成为下一个诺基亚吗？ 然而，事实的发展出乎许多人意料 —— 谷歌不仅稳住了广告基本盘，还通过将生成式 AI 融入搜索和广告投放，提升了用户意图理解和广告匹配效率，让广告价 值进一步放大。 在国内，我们也看到了这种趋势。上个月，快手发布了 Q2 财报。财报显示，这一季度， 快手线上营销服务收入 198 亿元，同比增长 12.8% 。财报明确指出，大 模型在投放出价、营销推荐方面的应用取得显著进展。在营销出价方面，快手优化了生成式出价算法，运用强化学习和长期价值策略，提升了广告转化效果。在 营销推荐环节，快手利用大语言模型的内容理解和推理能力，采用生成式方法筛选广告，深入挖掘用户行为与广告转化的关联性，生成符合用户兴趣的广告内 容，经过排序优化后显著提高点击率，推动营销服务收入实现两位数增长。 这些信号表明，A ...

Core Insights - The article emphasizes the ongoing growth and competition in the mobile internet ecosystem, driven by advancements in AI and technology, with a focus on user engagement and the expansion of various applications and services [3][4][11]. Group 1: Mobile Internet Growth - As of August 2025, the total internet traffic reached 1.267 billion, with WeChat Mini Programs contributing 950 million, indicating a steady increase in user scale [11]. - Key areas of growth include smart devices, mobile games, and mobile video apps, reflecting the sustained demand for hardware ecosystems and entertainment [13]. - The advertising resources are increasingly concentrated in short video, e-commerce, and instant messaging platforms, with their expenditure share continuing to rise [15]. Group 2: Competitive Landscape - Major companies like JD.com and Douyin Group have achieved double-digit growth rates, highlighting the intensifying competition in traditional e-commerce and local services [16]. - Companies are leveraging core and emerging business synergies to strengthen their market positions, with Tencent's gaming sector and Alibaba's travel services showing significant growth [18]. Group 3: User Engagement Strategies - Platforms are employing diverse subsidy strategies, such as red envelopes and discounts, to attract new users and encourage higher frequency of consumption [25]. - The tourism sector has shown impressive growth, with the top four online travel platforms experiencing year-on-year increases in user numbers [29]. Group 4: AI Integration and Ecosystem Expansion - News platforms are utilizing AI to enhance information retrieval efficiency, with smart assistants becoming crucial for user retention [33]. - AI application plugins are rapidly expanding, with increasing user acceptance and the embedding of AI capabilities into existing ecosystems to create new traffic distribution channels [35]. Group 5: Cross-Platform Collaboration - Vertical platforms are achieving ecosystem expansion through cross-industry collaborations, such as Didi extending its membership system to dining and hotel services [50]. - The integration of various media channels is enhancing user engagement and interaction across multiple devices and platforms [38].