Group 1 - The top short-selling ratios are recorded for China Resources Beer (100.00%), Anta Sports (100.00%), and Li Ning (100.00%) [1][2] - The highest short-selling amounts are for Pop Mart (1.209 billion), Xiaomi Group (1.075 billion), and Alibaba (0.974 billion) [1][2] - The highest deviation values are for CRRC (42.51%), Li Ning (38.82%), and Ping An Insurance (30.07%) [1][2] Group 2 - The top short-selling amounts list includes Pop Mart (1.209 billion), Xiaomi Group (1.075 billion), and Alibaba (0.974 billion) with respective short-selling ratios of 28.53%, 19.43%, and 8.66% [2] - The top short-selling ratio rankings show China Resources Beer, Anta Sports, and Li Ning all at 100.00% with short-selling amounts of 19.28 thousand, 9.50 thousand, and 10.09 thousand respectively [2] - The deviation values indicate that CRRC has a significant deviation of 42.51%, followed by Li Ning at 38.82% and Ping An at 30.07% [2][3]

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

Core Viewpoint - The report highlights the technological upgrades of Kuaishou's AI video generation capabilities, transitioning from high-quality video generation to reconstructing the AI video creation workflow, indicating a significant evolution in the industry [1]. Investment Highlights - Revenue projections for Kuaishou from FY25 to FY27 are estimated at 142 billion, 156.4 billion, and 170.1 billion RMB, reflecting year-on-year growth of 12%, 10%, and 9% respectively. Adjusted net profits are forecasted at 20.6 billion, 23.7 billion, and 28.1 billion RMB, with year-on-year increases of 16%, 15%, and 19% [1]. - The global video streaming revenue is expected to reach 214.6 billion USD by 2025, with an estimated AI video penetration rate of 10%, leading to a Total Addressable Market (TAM) for AI video of 25 billion USD. A bottom-up approach suggests a TAM of 21.8 billion USD, indicating significant market potential [1]. - Kuaishou's valuation is set with a target price of 104 HKD, based on a 15x PE for traditional business and a 30x PS for its AI capabilities, maintaining a "Buy" rating [1]. Industry Dynamics - The AIGC video generation sector is entering a phase of differentiation characterized by general models versus vertical capabilities and platform ecosystems. Kuaishou's model stands out for its integrated audio-visual generation and cost-effective batch production capabilities [2]. - Kuaishou has established a closed loop of technology, ecosystem, and monetization, showcasing long-term value. In Q1 to Q3 of 2025, Kuaishou's revenues were 150 million, 250 million, and 300 million RMB respectively, with a monthly revenue exceeding 20 million USD in December 2025, indicating a strong annual revenue run rate of 240 million USD [2]. - By the end of 2025, Kuaishou AI is projected to have 60 million creators globally, generating over 600 million videos and collaborating with more than 30,000 enterprise users, highlighting its commercial viability [2].

Group 1 - The core viewpoint is that Kuaishou's Keling AI has achieved significant growth in user scale and revenue, indicating the advancement of domestic AI video models to a global forefront level [1][4] - In January 2026, Kuaishou's Keling AI monthly active users (MAU) surpassed 12 million, with a 350% month-on-month increase in paid users and a 30% month-on-month increase in daily revenue [1][2] - The rapid growth of Keling AI MAU is attributed to two main factors: the release of advanced video models and the introduction of action control features, which have enhanced user engagement and content generation capabilities [2][4] Group 2 - The 2026 animated drama market is expected to reach a scale of 22 billion yuan, contributing 50% of the growth in the short drama industry, with a compound growth rate of 12% in user scale and 24% in playback volume from June to December 2025 [3] - AI applications in the creative, content production, and editing operations of animated dramas have shown significant efficiency improvements, with cost reductions of over 70% and productivity increases of over 80% [3][4] - The high playback volumes of 2D animations and AI-generated dramas indicate that AI-generated content has gained audience recognition, paving the way for large-scale production in the future [4]

日前，快手电商发布2026年"星耀计划"，围绕新商成长经营全周期，升级十大惠商举措，涵盖保证金政策升级、经营费用减免、智能工具提效、新商成长激 励、产业带商家扶持、平台保障体验优化等多项举措，赋能新商和中小商家成长，提升商家经营的长期确定性。 一、深化降本增效：经营费用减免，AI工具提效 举措一：保证金政策再升级，降低中小商家经营成本 ·扩展0元开店类目：持续扩展0元保证金开店类目，帮助商家低成本开启店铺经营。 ·下调优质新商保证金："0元开店"试运营期结束后，优质企业店商家再享保证金优惠政策（预计2026年3月生效）。 ·新商首销返现：26年新入驻报名参与首销活动的商家（除个人店以外），发布并实现首销可得直返现金和专享流量包，单商最高得240元现金和4600流量 券。 举措二："退货包运费"服务费减免 ·26年新商"退货包运费"服务费补贴：报名、开通"退货包运费"且符合要求的商家最高可享1300单服务费免单。 ·中小优质潜力新商专享90天补贴计划：26年1月首销商家，"退货包运费"服务7天不关闭，则7天内享最高1000单服务费免单；"退货包运费"服务90天不关 闭，则90天内可享服务费最高免1000单；活动 ...

Core Insights - The article discusses three distinct paths taken by companies in the AI video sector: Sora2's rapid growth but poor retention, Keling AI's successful monetization, and Jimeng AI's long-term ecological strategy [1][5][14] - The competition reflects differing understandings of AI video technology and its commercialization timing, impacting product strategies and resource allocation [16][27] Group 1: Company Performances - Keling AI has achieved over 12 million monthly active users and is projected to generate $140 million in revenue by 2025, benefiting from a clear tool positioning and monetization model targeting professional creators and enterprises [2][11] - Sora2, despite reaching 1 million downloads in just 5 days, faces a significant drop in user retention, with only 1% remaining after 30 days, indicating a lack of sustainable engagement [3][8] - Jimeng AI, backed by ByteDance, focuses on building a long-term content ecosystem rather than immediate monetization, with a user base of 8.93 million as of March 2025 [14][18] Group 2: Strategic Approaches - Keling AI's business model is centered around professional creators, with nearly 70% of its revenue coming from paid subscriptions, showcasing effective monetization [10][17] - Sora2's attempt to blend tool and social media functionalities has resulted in a lack of clarity in product positioning, leading to low user retention and engagement [10][16] - Jimeng AI emphasizes ecological construction and reducing content creation barriers, supporting AI-generated short dramas with significant funding and promotional exposure [23][18] Group 3: Industry Challenges - The high cost of generating quality videos remains a fundamental challenge, with industry estimates placing the cost at $30 to $50 per minute, complicating profitability for many AI video companies [25] - User behavior exacerbates the issue, as the need for repeated generation due to unpredictable results leads to increased costs without guaranteed outputs [26] - The future of AI video will depend on balancing technology, ecology, and sustainability, with companies needing to address the controllability of generated content to transition from novelty to reliable tools [27][25]

Investment Rating - The report assigns an "Accumulate" rating to Kuaishou-W with a target price of 104 HKD, based on a valuation of 15x PE for traditional business and 30x PS for Kuaishou's AI video model [2][11]. Core Insights - The report highlights the acceleration of AIGC (AI Generated Content) video commercialization, emphasizing Kuaishou's ability to integrate technology, ecosystem, and monetization to unlock long-term value [1][11]. - Kuaishou's revenue is projected to grow from 142 billion RMB in 2025 to 170 billion RMB by 2027, with adjusted net profit expected to increase from 20.6 billion RMB to 28.1 billion RMB during the same period [5][11]. - The global video streaming revenue is anticipated to reach 214.6 billion USD in 2025, with AI video penetration expected to contribute significantly to the total addressable market (TAM) of approximately 25 billion USD [27][11]. Summary by Sections 1. AIGC Video Generation Technology - AIGC is transitioning from a creative tool to a core productivity driver in the content industry, supported by advancements in deep learning and multimodal models [13][15]. - The demand for efficient content supply in industries like media, e-commerce, and advertising is driving the adoption of AIGC technologies [15][23]. 2. Competitive Landscape - The AIGC video generation market is entering a phase of differentiation among general models, vertical capabilities, and platform ecosystems [34][36]. - Kuaishou's Kling 2.5 Turbo ranks highly in performance and cost-effectiveness compared to competitors, showcasing its advantages in integrated audio-visual generation and understanding of the Chinese context [34][36]. 3. Kuaishou's Value Creation - Kuaishou has established a closed loop of technology, ecosystem, and monetization, with significant revenue growth from its AI video model, which reached an annualized revenue run rate of 240 million USD by December 2025 [11][44]. - The report notes that Kuaishou's AI model has generated over 600 million videos and collaborated with more than 30,000 enterprise users, indicating strong commercial potential [11][44]. 4. Financial Projections and Valuation - Kuaishou's financial forecasts indicate a steady revenue growth trajectory, with adjusted net profit expected to grow at a compound annual growth rate (CAGR) of 16% from 2025 to 2027 [5][11]. - The report suggests a conservative valuation approach, applying a 15x PE for traditional business and a 30x PS for the AI segment, reflecting the company's growth potential in the AIGC space [11][11].

舜宇光学科技回购数量85.00万股，回购金额5415.15万港元，回购最高价为64.000港元，最低价为63.150 港元，年内累计回购金额8.20亿港元；华润燃气回购数量105.24万股，回购金额2280.22万港元，回购最 高价为22.000港元，最低价为21.480港元，年内累计回购金额4346.61万港元；碧桂园服务回购数量 210.00万股，回购金额1317.36万港元，回购最高价为6.330港元，最低价为6.210港元，年内累计回购金 额7408.18万港元。 以金额进行统计，1月23日回购金额最多的是舜宇光学科技，回购金额为5415.15万港元；其次是华润燃 气，回购金额为2280.22万港元；回购金额居前的还有碧桂园服务、快手-W等。回购数量上看，1月23 日回购股数最多的是碧桂园服务，当日回购量为210.00万股；其次是华润燃气、中国恒有源集团等，回 购数量分别为105.24万股、100.00万股。（数据宝） 1月23日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a decrease in the heavy allocation ratio of A-share media stocks by public funds, with a concentration decline [4] - The report highlights a shift in fund allocation towards the news publishing sector, while gaming and advertising sectors saw reductions [4] - The report suggests continued focus on segments with favorable market conditions and AI industry logic, particularly in gaming and IP derivatives [4] Summary by Sections A-share Media Fund Heavy Allocation Ratio Decline - In Q4 2025, the heavy allocation ratio for A-share media stocks was 1.32%, down from 2.56% in Q3 2025, a decrease of 1.24 percentage points [13] - For A+H shares, the allocation ratio was 4.41%, down from 5.99%, a decrease of 1.58 percentage points [13] Changes in Fund Allocation by Sector - The gaming sector's allocation decreased from 67.34% in Q3 2025 to 65.20% in Q4 2025, a drop of 2.14 percentage points [27] - The advertising sector's allocation fell from 24.35% to 22.41%, a decrease of 1.94 percentage points [27] - The news publishing sector saw an increase in allocation from 1.93% to 6.29%, an increase of 4.35 percentage points [27] Concentration of A-share Media Heavy Holdings - The top five heavy holdings in the A-share media sector accounted for 78.48% of the total heavy holdings value, down 6.57 percentage points [42] - The top ten heavy holdings accounted for 88.04%, down 4.93 percentage points [42] Hong Kong Internet Sector Fund Holdings - In Q4 2025, companies like DaMai Entertainment and Meituan-W saw increased holdings, while Kuaishou-W and Pop Mart experienced reductions [4] Investment Recommendations - The report recommends focusing on segments with favorable market conditions and AI applications, particularly in gaming and long video sectors [4]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.92%, Green Power Environmental (01330) at 69.34%, and Kaisa Group Holdings (01108) at 67.61% [1][2] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 4.041 billion, Hang Seng China Enterprises (02828) with 1.783 billion, and Alibaba - W (09988) with 1.455 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.395 billion, Innovent Biologics (01801) with 589 million, and UBTECH Robotics (09880) with 556 million [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.843 billion shares, representing 70.92% [2] - Green Power Environmental (01330) has a holding of 280 million shares, representing 69.34% [2] - Kaisa Group Holdings (01108) has a holding of 169 million shares, representing 67.61% [2] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 4.041 billion in holding amount, with a change of 14.9907 million shares [2] - Hang Seng China Enterprises (02828) increased by 1.783 billion, with a change of 1.8975 million shares [2] - Alibaba - W (09988) increased by 1.455 billion, with a change of 0.8637 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) experienced a decrease of 2.395 billion, with a change of -3.01224 million shares [3] - Innovent Biologics (01801) saw a decrease of 589 million, with a change of -0.70319 million shares [3] - UBTECH Robotics (09880) had a decrease of 556 million, with a change of -0.38639 million shares [3]