瑞银指出，在公司披露可灵AI2025年12月ARR达到2.4亿美元后，据晚点LatePost报道，2026年1月可灵 日收入较2025年12月水平进一步提升约30%，显示商业化仍具上行空间。同时，可灵1月MAU已突破 1200万，付费用户规模环比增长350%。 瑞银认为，上述进展主要得益于2025年底以来一系列产品迭代，包括全球首个大一统多模态视频模型可 灵O1、具备"音画同出"能力的可灵2.6模型以及全新的动作控制功能。其中，在动作控制功能之下，用 户上传本地视频或是从动作库中选择需要模仿的动作，再上传一张人物主体参考图，就可以生成精准控 制动作及表情的角色视频。简易的操作和玩法，降低了使用门槛，带动了产品的自发讨论。从韩国蔓延 至全球的"宠物跳舞"AI视频，也让可灵AI获得了一轮"病毒式传播"。 1月28日，快手-W(01024)早盘高开后震荡上行，截至发稿报81.25港元，涨3.11%，成交额约12.4亿港 元。 消息面上，瑞银(UBS)近日发布最新研报称，快手旗下视频生成式AI产品可灵AI在2026年初的商业化进 展表现强劲，并据此上调对快手的分部估值及目标价。 基于上述判断，瑞银将2026年可灵收入 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - In 2025, Chinese companies' overseas expansion did not experience a singular turning point but rather accelerated along multiple changing trajectories, significantly impacting their overseas operations [6] - The focus of overseas market layout has shifted, with compliance and organizational setup becoming prerequisites, and localization evolving from a strategic option to a fundamental requirement [6] - The importance of 2025 lies not only in what occurred but in the changes that have begun to emerge, reshaping the decision-making logic of overseas enterprises and influencing their long-term choices [6] Summary by Sections Overall Changes in 2025 - The industry coverage for Chinese companies going abroad has expanded, encompassing retail e-commerce, tea drinks, entertainment, AI, automotive, and hardware, with Southeast Asia, the Middle East, Latin America, and Africa becoming significant growth sources [14] - The technological investment has increased, and compliance challenges have intensified, with a notable shift in export structure, as evidenced by a trade surplus exceeding $1 trillion for the first time in 2025 [19][21] Country-Specific Roles in Overseas Expansion - The Global South has emerged as a crucial growth source for Chinese companies, transitioning from a supplementary market to a core strategic depth [28] - The Gulf region is becoming a key node in the global AI capability competition, with significant investments in digital infrastructure and AI technologies [31] - Competition in the European and American markets has shifted towards regulatory and compliance aspects, with stringent measures impacting market access for Chinese firms [34] Industry-Specific Changes in Overseas Expansion - The automotive industry's focus has shifted from export expansion to deep localization, with significant investments in overseas manufacturing facilities [43][48] - The global AI landscape is being restructured, with Chinese AI capabilities transitioning from a follower to a leader in the market [49] - The competitive focus in cross-border e-commerce has shifted towards fulfillment and infrastructure capabilities, reflecting the need for robust operational frameworks [6] Strategic Responses of Companies and Service Systems - Chinese brands are entering a critical window for global reputation and brand premium, with the first generation of overseas experience beginning to systematically fail [4][10] - The overseas service system is evolving from a reactive response to customer needs to a proactive global service model, indicating a shift towards comprehensive service offerings [10]

Core Viewpoint - The rise of "quick dishes" reflects a shift in consumer preferences for convenience and quality during the Chinese New Year, contrasting with previous perceptions of pre-prepared meals as expensive and undesirable [2][3][4]. Group 1: Consumer Preferences - 74% of consumers view the Spring Festival as a time for relaxation, indicating a desire for convenience during meal preparation [3]. - Young consumers prioritize convenience, high quality, and a sense of ritual in their dining experiences, which quick dishes fulfill [3]. - Consumers are looking for innovative and shareable meal options while still wanting to retain familiar home flavors [3]. Group 2: Product Development and Trust - Quick dishes are developed through collaboration with chefs, allowing for standardized production that simplifies complex recipes for home cooks [3][4]. - Platforms are enhancing food safety by upgrading the quality of seafood and meat, offering organic and functional products to build consumer trust [4]. - The introduction of national food safety standards for pre-prepared dishes aims to increase transparency and consumer confidence in the market [4]. Group 3: Changing Expectations - Quick dishes are not seen as a sign of laziness but rather as a response to changing expectations for family meals, allowing more time for relaxation and family bonding [5]. - The preparation of the most important dinner of the year can still be rich and fulfilling, with the process being enjoyable and stress-free [5].

Group 1 - The core idea of the articles revolves around the rising popularity of "quick dishes" as a convenient solution for the traditional Chinese New Year dinner, contrasting with the negative perception of "pre-made dishes" due to lack of transparency and consumer choice [1][2][3] - Consumer preferences are shifting towards convenience, high quality, and a sense of ritual during the Spring Festival, with 74% viewing it as a time for relaxation [2] - Quick dishes are seen as a way to simplify meal preparation, allowing consumers to enjoy the festive experience without the extensive time commitment typically associated with cooking [2][3] Group 2 - Trust is a prerequisite for consumer acceptance of quick dishes, with platforms focusing on food safety and quality to alleviate concerns [3] - Industry standards are evolving, with new food safety regulations being drafted to enhance transparency and consumer confidence in pre-made dishes [3] - The changing expectations of consumers indicate a desire for less time spent cooking while still enjoying a rich and authentic dining experience during the New Year celebration [3]

阿里巴巴-W（09988）、中国移动（00941）、中国太保（02601）南向资金净流出金额位列市场前三， 分别净流出-14.88 亿、-7.45 亿、-4.66 亿 智通财经APP获悉，1月23日,泡泡玛特（09992）、小米集团-W（01810）、快手-W（01024）南向资金 净流入金额位列市场前三，分别净流入7.45 亿、6.09 亿、5.35 亿 前10大净流入比榜 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 民生银行(01988) | 68.65% | 1.26 亿 | 3.820（+0.53%） | | 美的置业(03990) | 60.58% | 227.38 万 | 4.060（-0.25%） | | 环球新材国际(06616) | 51.04% | 2634.44 万 | 8.600（-2.82%） | | 四川成渝高速公路 | 50.36% | 504.87 万 | 5.200（+1.76%） | | --- | --- | --- | --- | | (00107) | | | | | 江苏宁沪高速公路 | 5 ...

Core Insights - The competition in the local lifestyle sector remains intense, with major internet platforms like Alibaba, Douyin, and Kuaishou actively engaging in various strategies to capture market share [1][2][6][10] Market Overview - The O2O market in China is projected to reach 33,076.1 billion yuan in 2024, growing by 18.7% year-on-year, with home services accounting for 17,718.6 billion yuan and in-store services for 15,357.5 billion yuan [1] - By 2028, the O2O market is expected to exceed 59,000 billion yuan [1] Company Strategies - Kuaishou has launched the "Kuaishou Circle" app, focusing on local services such as recruitment and home services, aiming to leverage its existing user base [2][14] - Kuaishou's local lifestyle division has seen significant growth, with GMV increasing 25 times and buyer numbers growing 23 times in 2023 [8] - Douyin continues to expand its market share in local services, reporting a 59% year-on-year increase in total transaction volume for 2025 [10] Competitive Landscape - Major players like JD.com and Alibaba are investing heavily in local services, with JD.com committing 1 billion yuan to enhance home services and Alibaba upgrading its local service offerings through AI technology [1][17] - The competition has shifted from merely acquiring traffic to focusing on service depth and ecosystem breadth, indicating a strategic pivot in the industry [22][23] Organizational Changes - Kuaishou has restructured its local lifestyle division, integrating it with its commercial and e-commerce teams to enhance operational efficiency and focus on service delivery [11][13] - The leadership change aims to streamline business objectives and improve collaboration across departments [11] Future Trends - The local lifestyle sector is witnessing a resurgence as companies explore previously overlooked service areas, such as recruitment and home services, which were once deemed low-margin and high-effort [15][22] - The evolution of local services is expected to redefine how digital platforms interact with real-world needs, emphasizing the importance of trust and service quality [23][24]

1月26日，快手电商在内蒙古呼和浩特举办"丰收中国"启动仪式，宣布正式启动"丰收中国"系列IP活动，并同步开启内蒙古网上年货节快手双选会，邀请数 百位内蒙古品牌、商家、达人到场洽谈合作，为内蒙古本土商品探索全新的增长机会。 启动仪式当天，快手电商在内蒙古同步落地双选会，数百位来自内蒙古本地的品牌、商家和达人来到现场洽谈合作，商家领域涵盖食品生鲜、母婴亲子、男 装女装、茶酒健康等多个行业。选品完成之后，1月30日，蛋蛋将开启内蒙古商品的专场带货直播，为亿万快手消费者带来物美价廉的内蒙古特色产品。 2026年，快手电商将陆续上线多元营销IP，以系统的流量策略、精准的资源匹配，为商家与达人构建起从内容种草到生意转化的全链路增长路径。随着各项 活动陆续落地及IP持续迭代升级，快手电商将进一步助力产地好物、老字号品牌及产业带好货，通过电商场域触达更广泛的消费人群，最终实现商家生意增 长、达人能力升级与消费者品质消费的多方共赢。 "丰收中国"是快手电商在2026年推出的重磅系列IP。快手电商将通过整合平台的优质达人资源，以及全国各地域的特色商品货盘，深入全国各地方产业带， 开展溯源直播等特色内容营销事件，助力全国各地特色 ...

"丰收中国"是快手电商在2026年推出的重磅系列IP。快手电商将通过整合平台的优质达人资源，以及全国各地域的特色商品货盘，深入全国各地方产业带， 开展溯源直播等特色内容营销事件，助力全国各地特色商品资源走进更多消费者的家中。 1月26日，快手电商在内蒙古呼和浩特举办"丰收中国"启动仪式，宣布正式启动"丰收中国"系列IP活动，并同步开启内蒙古网上年货节快手双选会，邀请数 百位内蒙古品牌、商家、达人到场洽谈合作，为内蒙古本土商品探索全新的增长机会。 "丰收中国"计划每月落地一期，每一期深度绑定多位快手优质带货达人，助力地方经济发展。该计划首站选择落地内蒙古呼和浩特，并与快手电商达人蛋蛋 达成合作，将通过专场带货，助力内蒙古特色牛羊肉产业在年货节期间的销售爆发。 启动仪式当天，快手电商在内蒙古同步落地双选会，数百位来自内蒙古本地的品牌、商家和达人来到现场洽谈合作，商家领域涵盖食品生鲜、母婴亲子、男 装女装、茶酒健康等多个行业。选品完成之后，1月30日，蛋蛋将开启内蒙古商品的专场带货直播，为亿万快手消费者带来物美价廉的内蒙古特色产品。 2026年，快手电商将陆续上线多元营销IP，以系统的流量策略、精准的资源匹配，为商 ...

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

Group 1: Market Overview - The Hang Seng Index closed at 26,765.52, up 16 points or 0.06%, after fluctuating throughout the day, with a high of 26,911 and a low of 26,619 [3][4] - The total market turnover was 261.699 billion, with a net outflow of 0.826 billion from northbound trading [3] - Among the 88 blue-chip stocks, 46 rose while 39 fell, indicating mixed performance in the market [3] Group 2: Macro & Industry Dynamics - The current geopolitical environment is favorable for Hong Kong, enhancing its role as a "super connector" for companies looking to shift from traditional markets to China and Asia [7] - The Hong Kong government has received over 30 applications for company relocations since implementing the mechanism in May last year, with 14 approved, indicating positive market response [8] - The People's Bank of China emphasized the need for proactive macro policies to address economic uncertainties and enhance financial stability [10] Group 3: Company News - Zijin Mining announced a plan to acquire Allied Gold Corporation for approximately 5.5 billion CAD (about 280 billion RMB), expanding its footprint in the gold mining sector [12] - TianShu Intelligent Chip released a roadmap for its fourth-generation architecture, aiming to surpass Nvidia's offerings, with significant performance improvements reported [13] - JD Technology's shopping AI, JoyGlance, has launched on Rokid's smart glasses, marking a significant advancement in AI-driven shopping technology [15]