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].

据了解，笑古为快手科技核心管理成员，2019年加入快手。自2021年起先后担任电商事业部负责人、本 地生活事业部负责人，并参与快手商业生态委员会及经营管理委员会。 责任编辑：李昂 近日，网传消息称，快手高级副总裁、本地生活业务负责人笑古即将离职。此前，据多家媒体报道，快 手本地生活业务已进行架构调整，从独立事业部合并至商业化体系之下，由刘逍负责。 新浪科技就此询问快手，对方暂无回应。 ...

Summary of Key Points Core Viewpoint - On September 22, 28 Hong Kong-listed companies conducted share buybacks totaling 16.6395 million shares, with a total buyback amount of 926 million HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 862,000 shares for 550 million HKD, with a highest price of 643.000 HKD and a lowest price of 635.000 HKD, bringing its total buyback amount for the year to 54.359 billion HKD [1][2]. - Anta Sports repurchased 2.12 million shares for 199 million HKD, with a highest price of 95.150 HKD and a lowest price of 92.700 HKD, totaling 899 million HKD in buybacks for the year [1][2]. - Kuaishou-W repurchased 1 million shares for 73.7998 million HKD, with a highest price of 74.300 HKD and a lowest price of 73.450 HKD, totaling 2.074 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on September 22 was from Tencent Holdings at 550 million HKD, followed by Anta Sports at 199 million HKD [1][2]. - In terms of buyback volume, China Petroleum & Chemical Corporation led with 5.41 million shares repurchased, followed by Anta Sports with 2.12 million shares and MGM China with 1.20 million shares [1][2].

Major Events - Different Group (06090) has a public offering with a subscription rate of 3317.47 times the upper limit price [1] - Botai Che Lian (02889) plans to globally offer 10.4369 million H-shares from September 22 to September 25 [1] - Changhong Jiahua (03991) received a privatization offer from Changhong Group at a premium of approximately 32.93%, with resumption of trading on September 23 [1] - Huajian Medical (01931) signed a strategic cooperation agreement with Chuangsheng Group-B (06628) involving the tokenization of a $1.5 billion innovative drug pipeline asset [1] - Gilead Sciences-B (01672) reported that ASC47 combined with Semaglutide showed a weight loss effect improvement of up to 56.2% compared to Semaglutide alone in obese subjects [1] - Fosen Pharmaceutical (01652) plans to sell all equity of Henan Fosen Smart Energy Technology for 73 million yuan [1] - Maiyue Technology (02501) entered into strategic cooperation agreements with NetEase Youdao and Ferry International [1] - Zhongchuang Zhiling (00564) intends to invest 270 million yuan to establish Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. to enhance market competitiveness in automotive thermal management systems [1] - Garmin Group Holdings (01271) plans to sell a portfolio of four data center projects for 5.25 billion HKD [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 862,000 shares for 550 million HKD on September 22 [1] - Standard Chartered Group (02888) repurchased 517,100 shares for 7.3877 million GBP on September 19 [1] - Midea Group (00300) repurchased 3.415 million A-shares for 250 million yuan on September 22 [1] - Anta Sports (02020) repurchased 2.12 million shares for 199 million HKD on September 22 [1] - Kuaishou-W (01024) repurchased 1 million shares for 73.7998 million HKD on September 22 [1] - Heng Rui Pharmaceutical (01276) repurchased 656,000 A-shares for 45.7493 million yuan on September 19 [1] - Shenzhen Expressway Company (00548) received an increase of 25.38 million H-shares from shareholder Yunsong Capital [1]