Market Overview - The Hang Seng Index (HSI) closed at 27,742.89, down by 225.20 points or 0.81% as of January 29, 16:00 Eastern Time [1] - The index reached a high of 27,909.81 and a low of 27,419.65 during the trading session, with an average price of 27,664.73 [1] - The 52-week high for the index is 27,909.81, while the 52-week low is 19,335.70 [1] Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 138.219, up 0.45% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 619.286, down 0.44% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 622.000, with a slight increase of 1.000 or 0.16% [3] - Alibaba Group (09988) latest price is HKD 173.300, down by 0.200 or 0.12% [3] - HSBC Holdings (00005) latest price is HKD 137.600, up by 0.100 or 0.07% [3] - China Construction Bank (00939) latest price is HKD 8.160, up by 0.130 or 1.62% [3] - AIA Group (01299) latest price is HKD 90.950, up by 2.100 or 2.36% [3] - Xiaomi Group (01810) latest price is HKD 36.620, up by 0.300 or 0.83% [3] - NetEase (099999) latest price is HKD 206.600, down by 5.400 or 2.55% [3] - Meituan (03690) latest price is HKD 98.600, up by 0.250 or 0.25% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.640, up by 0.050 or 0.76% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 444.200, up by 5.000 or 1.14% [3] - Ping An Insurance (02318) latest price is HKD 73.300, up by 2.350 or 3.31% [3] - Baidu Group (09888) latest price is HKD 155.500, down by 0.600 or 0.38% [3] - China Bank (03988) latest price is HKD 4.760, up by 0.090 or 1.93% [3] - BYD Company (01211) latest price is HKD 101.800, down by 1.000 or 0.97% [3] - JD.com (09618) latest price is HKD 114.600, down by 1.700 or 1.46% [3] - Ctrip Group (09961) latest price is HKD 482.200, down by 13.200 or 2.66% [3]

花旗发布研报称，快手-W(01024)很可能于3月底左右公布业绩，预计其收入及调整后盈利大致符合市场 预期。鉴于当前政策发展及高基数效应，该行维持预测其商品交易总额(GMV)增长在2025年第四季度将 放缓至13%。人工智能带来的效率提升，以及短剧、漫剧和迷你游戏等垂直领域的优异表现，预计将推 动内地广告业务。花旗预计，可灵AI全年收入将录得强劲同比增长。该行将可灵AI良好的增长势头纳 入估值模型，并将目标价从88港元上调至95港元，评级"买入"。 在核心业务展望方面，花旗预计直播电商增长在2026年仍将快于传统电商平台。该行认为，快手将持续 加强对KOL及货架电商的流量支持，以驱动GMV增长，同时继续完善人工智能工具以提升广告效率。 该行预测，快手第四季度总收入同比增长9.6%至388亿元人民币(下同)，与市场共识一致，增长驱动力 来自广告及其他服务，预计分别录得同比升12%及升22.5%，以假设GMV同比增长13%计。得益于旺季 期间收入结构向广告和电商倾斜，毛利率预计将从第三季度的54.7%上升至55.5%；而由于人工智能研 发成本增加，调整后经营利润率估计为16.1%，调整后盈利预计为54亿元，符合市 ...

智通财经APP获悉，花旗发布研报称，快手-W(01024)很可能于3月底左右公布业绩，预计其收入及调整 后盈利大致符合市场预期。鉴于当前政策发展及高基数效应，该行维持预测其商品交易总额(GMV)增长 在2025年第四季度将放缓至13%。人工智能带来的效率提升，以及短剧、漫剧和迷你游戏等垂直领域的 优异表现，预计将推动内地广告业务。花旗预计，可灵AI全年收入将录得强劲同比增长。该行将可灵 AI良好的增长势头纳入估值模型，并将目标价从88港元上调至95港元，评级"买入"。 该行预测，快手第四季度总收入同比增长9.6%至388亿元人民币(下同)，与市场共识一致，增长驱动力 来自广告及其他服务，预计分别录得同比升12%及升22.5%，以假设GMV同比增长13%计。得益于旺季 期间收入结构向广告和电商倾斜，毛利率预计将从第三季度的54.7%上升至55.5%；而由于人工智能研 发成本增加，调整后经营利润率估计为16.1%，调整后盈利预计为54亿元，符合市场共识。 在核心业务展望方面，花旗预计直播电商增长在2026年仍将快于传统电商平台。该行认为，快手将持续 加强对KOL及货架电商的流量支持，以驱动GMV增长，同时继续完善 ...

花旗发表研报指，快手很可能于3月底左右公布业绩，该行预计第四季度总收入按年增长9.6%至388亿 元，与市场共识一致，增长驱动力来自直播、广告及其他服务；得益于旺季期间收入结构向广告和电商 倾斜，预计毛利率将从第三季度的54.7%升至55.5%。此外，该行预计可灵AI全年收入将录得强劲按年 增长。该行将可灵AI良好的增长势头纳入估值模型，将快手的目标价从88港元上调至95港元，评级"买 入"。 ...

主播@小瑜家鲜果 将在1月30日走进连云港，围绕海产年货进行溯源直播。龙虾尾、大虾、带鱼段等年货高 频品类，将从产地加工、冷链运输到成品标准，在直播间逐一呈现。通过实地探访，小瑜将把海鲜年货背 后的产地条件、分拣流程和品质要点讲清楚，让用户在年货选购时更有底气。 另一位生鲜主播@榴莲大叔（胖吨吨），也将在1月29日走进花香蓝莓种植园，开启蓝莓溯源直播。直播 中，他将结合实地画面，讲解高海拔环境、土壤结构、水源条件等因素如何影响蓝莓的口感与品质。对很 多用户而言，蓝莓早已不只是水果，更是年货季中走亲访友、家庭囤货的热门选择，而溯源内容也让这种 选择变得更直观、更可信。 年味正在被重新"搬回"源产地。这个年货节，快手电商围绕"好年货 真省钱"的主题，鼓励平台主播走进特 色年货产业带，用溯源直播的方式，把产地、工艺与真实场景带进直播间，让用户看见年货从哪里来、为 什么好。 溯源，正在成为年货节内容的重要组成部分。相比单一的带货讲解，源产地直播不仅丰富了直播内容形 态，也更契合年货消费对"安心、真实、讲究"的需求。年货节期间，快手电商将通过流量扶持、资源支持 等方式，鼓励更多主播前往产业带溯源，做有内容、有故事的年货 ...

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

1月26日，快手电商"丰收中国"系列IP活动在内蒙古自治区呼和浩特正式启动，同步开启内蒙古网上年货节快手双选会。作为2026年快手电商重磅推出的 IP计划，"丰收中国"每月落地一期，深度绑定优质带货达人助力地方经济，首站落地内蒙古呼和浩特，为内蒙古本土商品探索全新的销售契机。 202 丰歌中国 202 点击数 L. 107 E 兴安盟商务口岸局积极组织科沁万佳、可为食品、圣雪森林、蒙乡农牧4家本土重点企业参加双选会。活动现场，企业代表与蛋蛋等快手达人团队开展面 对面洽谈，精准对接直播带货合作需求，推动兴安盟农畜产品借助短视频直播风口拓宽销售渠道。此次双选会涵盖多行业资源，为内蒙古企业搭建了与头 部达人、优质平台对接的桥梁，为年货节期间产品销量增长奠定坚实基础。据悉，1月30日蛋蛋将开启内蒙古商品专场带货直播，兴安盟优质农畜产品将 通过该渠道走向全国亿万消费者。 官 (1) 圖 TI 国营 gh 供稿/敖思思 编辑/刘 磊 一审/孙天航 二审/郭佳佳 三审/鞠 乐 好货源源销 張马乾陽財送宽 好许如潮財派 旺 新春报告打早满 手錶還鲜到餐桌哪 家家等食年收了 = 22 mar 22 ( 2017 11:20 日 ...

快手-W(01024)涨超4%，截至发稿，涨4.51%，报82.35港元，成交额29.05亿港元。 消息面上，据晚点此前独家调研数据，快手旗下可灵AI的月活跃用户数在2026年1月已突破1200万；截 至2026年1月20日，可灵App端付费用户规模环比增长达350%，1月的日均收入较12月日均高出约30%。 2025年，可灵全年收入预计将达到1.4亿美元，远超快手在2025年初定下的6000万美元收入目标。而最 近刚刚上市的大模型公司Minimax 旗下同类型产品海螺 AI 2025 年1月-9 月的收入为1746万美元，该公 司现总市值已超1500亿港元。 瑞银认为，可灵正在逐步突破专业用户圈层，向更广泛的大众用户渗透。该行认为，这一趋势有助于进 一步扩大用户基数，并提升商业化的规模化能力。瑞银将2026年可灵收入预测上调至23亿元人民币，同 比增长128%。招商证券国际也表示，若AI促进商业化变现得到进一步变现，快手主业有望迎来重估。 现快手旗下可灵的市场估值普遍为20-30倍市销率，相较港股上市同业及美国领先AI公司具有吸引，且 可灵具有客观收入规模和高速增长。 ...

消息面上，据晚点此前独家调研数据，快手旗下可灵AI的月活跃用户数在2026年1月已突破1200万；截 至2026年1月20日，可灵App端付费用户规模环比增长达350%，1月的日均收入较12月日均高出约30%。 2025年，可灵全年收入预计将达到1.4亿美元，远超快手在2025年初定下的6000万美元收入目标。而最 近刚刚上市的大模型公司Minimax 旗下同类型产品海螺 AI 2025 年1月-9 月的收入为1746万美元，该公 司现总市值已超1500亿港元。 瑞银认为，可灵正在逐步突破专业用户圈层，向更广泛的大众用户渗透。该行认为，这一趋势有助于进 一步扩大用户基数，并提升商业化的规模化能力。瑞银将2026年可灵收入预测上调至23亿元人民币，同 比增长128%。招商证券国际也表示，若AI促进商业化变现得到进一步变现，快手主业有望迎来重估。 现快手旗下可灵的市场估值普遍为20-30倍市销率，相较港股上市同业及美国领先AI公司具有吸引，且 可灵具有客观收入规模和高速增长。 智通财经APP获悉，快手-W(01024)涨超4%，截至发稿，涨4.51%，报82.35港元，成交额29.05亿港元。 ...

Core Viewpoint - UBS has raised its valuation and target price for Kuaishou due to strong commercialization progress of its AI product, Keling AI, expected to reach significant revenue growth by early 2026 [1][2] Group 1: Keling AI Performance - Keling AI's annual recurring revenue (ARR) is projected to reach $240 million by December 2025, with January 2026 daily revenue increasing by approximately 30% compared to December 2025 [1] - Keling AI's monthly active users (MAU) surpassed 12 million in January, with a 350% quarter-over-quarter growth in paid users [1] Group 2: Product Development and User Engagement - Recent product iterations, including the unified multimodal video model Keling O1 and the Keling 2.6 model with "audio-visual synchronization" capabilities, have contributed to Keling AI's success [1] - The introduction of action control features allows users to create videos with precise movements and expressions, lowering the usage barrier and enhancing organic discussions around the product [1] Group 3: Market Potential and User Base Expansion - UBS estimates the potential global user base for video generation AI to be between 90 million and 140 million, corresponding to an annual revenue potential of $11 billion to $23 billion, indicating a low current industry penetration rate [2] - Keling's user base is expanding beyond professional users to a broader audience, which is expected to enhance its commercialization capabilities [2] Group 4: Financial Projections and Ratings - UBS has raised its revenue forecast for Keling to 2.3 billion RMB for 2026, reflecting a 128% year-over-year growth [2] - UBS maintains a "Buy" rating for Kuaishou and has increased its target price from 95 HKD to 108 HKD, primarily due to the enhanced valuation of Keling [2] - The core business of Kuaishou, excluding Keling, is expected to continue showing steady growth in revenue and operating profit through 2026, with current valuation levels remaining attractive compared to peers [2]