Core Viewpoint - Morgan Stanley expresses optimism about Kuaishou Technology's stock price, highlighting the significant growth potential driven by its Keling AI's performance in overseas markets [1] Group 1: Keling AI's Overseas Success - Keling AI's popularity surged in early January 2026, with daily revenue increasing by 102% compared to December 2025, driven by a new motion control feature that sparked a "pet dancing" trend on social networks [2] - In South Korea, Keling AI's daily revenue skyrocketed by 1300% compared to December 2025, contributing 6% to its total revenue over the past three months [2] - Keling AI topped download charts in four countries and ranked in the top ten in ten regions, with significant revenue contributions from the US, UK, and South Korea [2] Group 2: Financial Projections and Market Potential - Morgan Stanley predicts Keling AI's revenue will grow by 62% year-on-year to 1.7 billion yuan in 2026, supported by product upgrades and enterprise spending [3] - The global market for AI video generation is projected to reach $140 billion, with Keling AI positioned as a leading model with substantial monetization opportunities [3] Group 3: Kuaishou's Valuation and Growth Drivers - Kuaishou is considered one of the most undervalued AI stocks globally, with a projected P/E ratio of only 12 times for 2026, while profit growth is expected to compound at 21% from 2026 to 2027 [4] - AI technology is expected to drive advertising growth in 2026, with non-e-commerce ads showing strong growth despite challenges in the e-commerce sector [4] Group 4: Profitability and Investment Outlook - Kuaishou's adjusted net profit is forecasted to grow by 20% in 2026, with a net profit margin increase of 1.4 percentage points, exceeding market expectations by 8% [5] - Increased capital expenditure for AI model development and advertising technology upgrades is expected to enhance core competitiveness and drive high-margin advertising growth [5] Group 5: Target Price and Investment Rationale - Morgan Stanley maintains a target price of 89 HKD for Kuaishou, indicating a 22% upside from the current price of 73.60 HKD [6] - Key investment rationales include underutilized monetization in advertising and e-commerce, a shift towards higher-margin revenue streams, and Keling AI's rapid revenue growth as a significant growth engine [6]

Core Viewpoint - The Hang Seng Index rose by 1.38% on January 6, closing at 26,710.45 points, with a net inflow of HKD 2.879 billion through the southbound trading channel [1]. Group 1: Market Activity - The total trading volume for the southbound trading on January 6 was HKD 133.353 billion, with a net buying amount of HKD 2.879 billion [1]. - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 81.029 billion, with a net buying of HKD 0.975 billion, while the Shenzhen Stock Exchange had a transaction amount of HKD 52.324 billion and a net buying of HKD 1.903 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount of HKD 50.49 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 44.27 billion and HKD 41.10 billion, respectively [1]. - Alibaba-W recorded a net buying amount of HKD 20.61 billion, despite a closing price drop of 1.31% [1]. - China Mobile had the highest net selling amount of HKD 8.75 billion, with a closing price decrease of 0.12% [1]. Group 3: Shenzhen Stock Exchange Activity - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also led with a transaction amount of HKD 43.74 billion, followed by Tencent Holdings and SMIC with HKD 28.76 billion and HKD 20.96 billion, respectively [2]. - The highest net buying stock was Ping An Insurance, with a net buying amount of HKD 10.81 billion, and it closed up by 4.96% [2]. - Tencent Holdings experienced the highest net selling amount of HKD 8.15 billion, while its closing price increased by 1.28% [2].

Group 1 - The Hang Seng Index rose by 1.38% on January 6, with southbound trading totaling HKD 133.35 billion, including HKD 68.12 billion in buying and HKD 65.24 billion in selling, resulting in a net buying amount of HKD 2.88 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 52.32 billion, with net buying of HKD 1.90 billion, while the trading through Stock Connect (Shanghai) totaled HKD 81.03 billion, with net buying of HKD 0.98 billion [1] - Active stocks in southbound trading included Alibaba-W with a total trading amount of HKD 94.23 billion, Tencent Holdings with HKD 69.86 billion, and SMIC with HKD 65.23 billion [1] Group 2 - Among the stocks, China Ping An had a net buying amount of HKD 18.40 billion, closing with a price increase of 4.96%, while Alibaba-W had a net buying of HKD 16.19 billion [2] - Xiaomi Group-W, SMIC, and Alibaba-W were among the stocks with the highest consecutive net buying days, with 4 days for Xiaomi Group-W and SMIC, and 3 days for Alibaba-W [2] - The total trading amount for China Ping An was HKD 32.79 billion, with a net buying of HKD 18.40 billion, while Tencent Holdings had a total trading amount of HKD 69.86 billion with a net selling of HKD 8.04 billion [2]

Core Viewpoint - Kuaishou-W (01024) announced the issuance of shares based on various stock option plans and incentive programs following its initial public offering [1] Group 1: Share Issuance Details - The company exercised options to issue 1.4315 million shares under the post-IPO stock option plan adopted on January 18, 2021 [1] - The company issued 183.8 thousand shares under the pre-IPO employee stock ownership plan adopted on February 6, 2018 [1] - A total of 32 million new shares were issued and held by trustees to fulfill the vesting of restricted stock units granted under the 2023 equity incentive plan [1] - Additionally, 6.3 million new shares were issued and held by trustees to fulfill the vesting of restricted stock units granted under the post-IPO restricted stock unit plan [1]

Core Viewpoint - Kuaishou-W (01024) has announced the issuance of shares based on various stock option plans and incentive programs, indicating ongoing efforts to manage employee equity and incentivize performance [1] Group 1: Share Issuance Details - The company exercised options to issue 1.4315 million shares under the post-IPO stock option plan adopted on January 18, 2021 [1] - The company also issued 183,800 shares under the pre-IPO employee stock ownership plan adopted on February 6, 2018 [1] - A total of 32 million new shares will be issued and held by a trustee to fulfill the vesting of restricted stock units granted under the 2023 equity incentive plan [1] - Additionally, 6.3 million new shares will be issued and held by a trustee to fulfill the vesting of restricted stock units granted under the post-IPO restricted stock unit plan [1]

公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2026年1月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

中国平安今日涨4.96%，资金前5日加仓162万股，短线保持流入态势。 阿里巴巴-W今日跌1.31%，资金前5日减持248万股，短线以流出为主。 中国人寿今日涨4.29%，资金前5日加仓840万股，短线延续流入趋势。 快手-W今日涨2.58%，资金前5日减持893万股，短线仍以流出为主。 金风科技今日涨5.72%，资金前5日加仓1125万股，短线加速流入。 腾讯控股今日涨1.28%，资金前5日减持657万股，短线以流出为主。 中国移动今日跌0.12%，资金前5日减持6429万股，短线仍在加速流出。 注：由于港交所T+2结算，实际为截至两日前的近5个交易日数据 智通财经1月6日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1333.53亿港元，较前一日缩量约103亿，约占恒指成交总额的45.72%，占比再度跌 至5成以下。 港股今日继续走强，但南向资金仅净流入约28.79亿港元。其中，沪港股通净流入约9.75亿港元，深港股通净流入约19.03亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：中国平安(02318.HK)18.40亿港元；阿里巴巴-W(09988.HK)16.19亿港元；中国人 ...

Core Viewpoint - Kuaishou's AI video generation model "Kling" has seen explosive growth in overseas markets, significantly boosting its stock price, which has risen over 18% in just three trading days as of January 6, 2026. Analysts attribute this surge to the strong performance of Kling and stable expectations for the company's core business [1][2]. Group 1: Product Performance and Market Impact - Kling AI has gained immense popularity, particularly in South Korea, where a challenge involving static images turning into dynamic videos garnered over 500 million views in three days. This rapid spread is supported by the capabilities of Kuaishou's Kling AI [2]. - The updated Kling AI model, launched in December 2025, allows for the generation of complete 10-second videos with natural language, sound effects, and environmental sounds, streamlining the video creation process [2][3]. - As of January 2026, Kling AI has become the highest downloaded application in several countries, with the U.S. contributing 46.1% of downloads. The app's daily revenue on January 3, 2026, was 2.5 times the average for December [3]. Group 2: Revenue Growth and Projections - Kuaishou's AI business has become a core growth engine, with Kling's revenue exceeding 700 million yuan in the first three quarters of 2025. The company has raised its revenue forecast for Kling to 1.4 billion USD for the full year 2025, more than doubling its initial target [4]. - Analysts predict that Kling's revenue will grow by 62% year-on-year in 2026, reaching 1.7 billion yuan, driven by continuous updates and expansion into B-end users [4]. Group 3: Competitive Landscape and Market Potential - The AI video generation market is concentrated, with Chinese firms holding a strong position. Kuaishou's Kling is among the leading models, competing closely with others like MiniMax and ByteDance's Dream AI [6]. - The global market for AI video generation is expected to reach approximately 6 billion USD in 2024, with significant growth potential as it expands into consumer applications [8]. - Kuaishou currently holds about 20% market share in the AI video generation sector, indicating a leading position, while competition is expected to deepen as technology continues to evolve [8].

Group 1 - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 1.38% to 26,710.45 points, and the Hang Seng Tech Index increasing by 1.46% to 5,825.26 points, indicating a bullish sentiment in the market [1] - The brokerage sector led the gains, with notable increases such as China Merchants Securities up over 12%, Guotai Junan International up over 11%, and CICC up over 8% [1] - In the large tech stocks, Tencent Holdings rose by 1.28%, JD.com increased by 1.58%, while Alibaba fell by 1.31%, reflecting mixed performance among major tech companies [1] Group 2 - Goldman Sachs forecasts stable performance for Macau gaming stocks in Q4, with gross gaming revenue in the previous month rising by 15% year-on-year to 20.9 billion MOP, slightly above market expectations [2] - The annual gross gaming revenue growth is projected to be slightly above 9%, compared to market expectations of 7% to 8%, indicating a positive outlook for the sector [2] - The increase in inbound travelers to Macau, particularly from mainland China, is expected to support the gaming sector, with a 22% year-on-year increase in mainland visitors [2] Group 3 - Galaxy Securities expresses optimism about the AI sector, noting a slight decline in December but highlighting opportunities for left-side positioning in AI hardware such as optical modules and PCBs [3] - The report indicates that the market is currently experiencing a divergence, with a focus on short-term trading opportunities, while the overall sentiment is influenced by external factors like interest rate expectations [3] - Some AI application companies have shown marginal improvements in Q3 earnings, suggesting potential for growth in specific sub-sectors and leading companies [3] Group 4 - Huafu Securities emphasizes the importance of solid-state batteries as a transformative technology in the industry, recognized for their high energy density and safety [4] - The shift towards solid-state battery technology is expected to disrupt existing material and equipment systems, prompting global innovation and competition [4] - The year 2027 is identified as a critical milestone for achieving small-scale production and process standardization in solid-state battery development [4]

公司名稱: 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 | USD | | 45,938.94 | | 增加 / 減少 (-) | | | | | | ...