Core Insights - Kuaishou's video generation model, Keling AI, has surpassed 12 million monthly active users (MAU) as of January 21 [1] - The growth in user base is attributed to intensive product iterations since December and the introduction of features like "motion control" [1] - The number of paying users for the Keling AI app has increased by approximately 350% compared to December 2022, with daily revenue rising by about 30% [1] - According to Sensor Tower, Keling AI ranks first in download volume in the art/design category on Google Play and Apple Store across over 40 countries and regions [1]

Group 1 - The top three companies with net inflow of southbound funds are SMIC (10.84 billion), Xiaomi Group (8.70 billion), and Hua Hong Semiconductor (5.82 billion) [1] - The top three companies with net outflow of southbound funds are China Mobile (-11.60 billion), Alibaba Health (-4.83 billion), and Kuaishou-W (-4.55 billion) [1] - In terms of net inflow ratio, Qinhuangdao Port (82.38%), 361 Degrees (76.04%), and Southern Hong Kong Stock Connect (62.50%) lead the market [1] Group 2 - The top ten companies with the highest net inflow include SMIC (10.84 billion, 15.56%), Xiaomi Group (8.70 billion, 11.77%), and Hua Hong Semiconductor (5.82 billion, 15.18%) [2] - The top ten companies with the highest net outflow include China Mobile (-11.60 billion, -39.71%), Alibaba Health (-4.83 billion, -20.48%), and Kuaishou-W (-4.55 billion, -15.50%) [2] - The top three companies with the highest net inflow ratio are Qinhuangdao Port (82.38%), 361 Degrees (76.04%), and Southern Hong Kong Stock Connect (62.50%) [2][3] Group 3 - The top three companies with the highest net outflow ratio are Jiangnan Buyi (-60.89%), Yancoal Australia (-60.02%), and Standard Chartered Group (-56.28%) [3] - Other notable companies with significant net outflow include Tianli International Holdings (-55.78%) and China Shenhua Energy (-48.70%) [3]

Market Overview - The Hang Seng Index closed at 26,246.02, down by 241.49 points or 0.91% [1] - The index reached a high of 26,469.55 and a low of 26,233.40 during the trading session [1] - The average price for the day was 26,351.48, with a trading volume of 46.7434 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 128.682, up by 0.22% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 593.183, down by 1.30% compared to the Hong Kong close [2] - Alibaba Group (W) closed at HKD 159.700, down by 0.44% [3] - Xiaomi Group (W) closed at HKD 35.480, down by 2.74% [3] - Meituan (W) closed at HKD 97.350, down by 1.17% [3] Stock Price Changes - Tencent Holdings saw a decrease of HKD 9.000, or 1.48% [3] - HSBC Holdings increased by HKD 1.400, or 1.10% [3] - China Ping An rose by HKD 0.600, or 0.88% [3] - BYD Company experienced a decline of HKD 3.700, or 3.67% [3] - Kuaishou Technology (W) fell by HKD 0.700, or 0.91% [3]

Core Viewpoint - Kuaishou-W has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2] Group 1: Share Buyback Details - On January 20, Kuaishou-W repurchased 393,000 shares at prices ranging from 75.850 to 76.700 HKD, totaling 29.9525 million HKD [2] - The stock closed at 76.050 HKD on the same day, reflecting a decrease of 0.91%, with a total trading volume of 1.621 billion HKD [2] - Since January 19, the company has repurchased a total of 785,000 shares, with a cumulative buyback amount of 59.9129 million HKD, during which the stock has declined by 2.94% [2] Group 2: Buyback Summary Table - The buyback details include: - January 20: 39.30 thousand shares repurchased at a maximum price of 76.700 HKD and a minimum price of 75.850 HKD, amounting to 29.9525 million HKD [2] - January 19: 39.20 thousand shares repurchased at a maximum price of 76.750 HKD and a minimum price of 76.100 HKD, amounting to 29.9604 million HKD [2]

Core Viewpoint - Kuaishou-W (01024) announced a share buyback plan, indicating a strategic move to enhance shareholder value through repurchasing shares at a price range of 75.85 to 76.7 HKD per share [1] Group 1: Share Buyback Details - The company plans to repurchase 393,000 shares for a total expenditure of 29.9525 million HKD [1] - The buyback is scheduled for January 20, 2026 [1] - The repurchase price per share ranges from 75.85 to 76.7 HKD [1] Group 2: Share Issuance - The company issued 8,667 shares through the exercise of options under the post-IPO share option plan adopted on January 18, 2021 [1] - Additionally, 22,100 shares were issued through the exercise of options under the pre-IPO employee shareholding plan adopted on February 6, 2018 [1]

智通财经APP讯，快手-W(01024)发布公告，于2026年1月20日，该公司斥资2995.25万港元回购39.3万股 股份，每股回购价格为75.85-76.7港元;根据首次公开发售后购股权计划(于18/01/2021采纳)行使期权而发 行8667股股份;根据首次公开发售前雇员持股计划(于06/02/2018采纳)行使期权而发行2.21万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 2). | | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 22,052 | 0.0005 % | HKD | 0.3273 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | | | 根據首次公開發售前僱員持股計劃 (於 06/02/2018 採納)行使期權 | | | | | | | | 變動日期 | 2026年1月20日 | | | | | | | | 於下列日期結束時的結存 (註5及6) | 2026年1月20日 | 3,658,904,328 | | 0 | | 3,658,904,328 | | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 購回股份擬註銷但尚未註銷 | | 462,000 | 0.0106 % | HKD | 64.7845 | | | | ...

Core Insights - The annual live streaming gala "Glory Night" by Kuaishou has evolved into a significant event, showcasing over a hundred performers and recognizing thousands of streamers, marking its growth as a benchmark IP in the industry [3][27][28] - The event serves as a reflection of Kuaishou's unique content ecosystem, fostering connections between streamers, users, and the platform, while maintaining a distinct identity amidst a homogenized entertainment landscape [5][32] Group 1: Event Highlights - "Glory Night" featured a blend of popular cultural symbols from Kuaishou, such as shout rap and DJ songs, creating an immersive experience for users [6][8] - The gala showcased a diverse range of performances, integrating traditional and modern elements, and highlighted the platform's unique cultural identity [10][18] - The event emphasized the collaboration between stars and streamers, allowing for a shared creative space that resonated with the audience [11][20] Group 2: Platform and User Engagement - Kuaishou's approach to the gala reflects a deep understanding of user needs, focusing on emotional connections and community engagement [16][21] - The event provided a visible pathway for streamers to gain recognition and enhance their careers, with over 10,000 streamers receiving awards and increased visibility [20][28] - The emotional resonance of the event was evident, as it fostered a sense of belonging among users, enhancing their connection to the platform [30][31] Group 3: Industry Implications - The success of "Glory Night" offers insights for the broader industry on creating distinctive content IPs that empower ecosystems and engage audiences [27][32] - Kuaishou's innovative use of technology, such as AI for enhanced visual experiences, sets a precedent for future events in the industry [34]

Core Insights - Goldman Sachs reports that the Chinese gaming and entertainment sector experienced significant stock price increases in 2025, with large and mid-cap stocks rising by 50% to 80% compared to the Hang Seng China Enterprises Index's 26% [1] - The report indicates that the strong performance is driven equally by valuation expansion and earnings per share growth [1] - Looking ahead to 2026, the firm believes the risk-reward profile remains attractive, with a focus on "alpha" driven opportunities [1] Group 1: Market Trends - Chinese gaming publishers and content platforms, represented by Tencent Holdings and NetEase, are accelerating their overseas expansion, leveraging capital, talent, and technological capabilities [2] - The global market share of Chinese game manufacturers is expected to increase from the current level of approximately 15% [2] Group 2: AI Impact - AI is seen as a transformative force, reducing production and labor costs while enhancing efficiency and revenue potential, particularly in gaming and advertising sectors [2] - The total addressable market (TAM) for AI-generated film tools is projected to expand tenfold by 2028 [2] Group 3: Investment Recommendations - Goldman Sachs identifies key buy stocks including Tencent, NetEase, Kuaishou, Bilibili, and Tencent Music, with Tencent's core business expected to maintain low to mid-double-digit growth annually [2] - The firm maintains a "buy" rating on Tencent, lowering the target price from HKD 770 to HKD 752 [2]

Summary of Company Buybacks Companies Involved - China Communications Construction Company (01800) - Kuaishou Technology (01024) - SF Holding (06936) - Sunny Optical Technology (02382) - Xiaomi Group (01810) Key Points - **China Communications Construction Company** repurchased 1.267 million A-shares for a total of approximately 10.6379 million CNY on January 19 [1] - **Kuaishou Technology** spent about 29.9604 million HKD to buy back 392,000 shares on January 19 [2] - **SF Holding** repurchased 1.355 million A-shares for approximately 52.343 million CNY on January 19 [3] - **Sunny Optical Technology** repurchased 1.22 million shares for about 78.812 million HKD on January 19 [4] - **Xiaomi Group** repurchased 4 million shares for approximately 146 million HKD on January 19 [5] Additional Important Information - The buyback activities indicate a trend of companies investing in their own shares, which may reflect confidence in their future performance and an effort to enhance shareholder value [6]