快手年货节重磅推出平台通用大额券，券包最高可领取350元，用户最低享受"满150元减15元"优惠，最高可享"满2000元减200元"。大额消费券无指定品 类限制，无论是在直播间还是商城均可使用，用户可在大促主会场、直播间左上角挂件等多种方式领取大额券。 3.1元秒杀天天有，大牌尖货天天抢 伴随春节脚步临近，快手年货节正式开售。1月5日至1月14日，快手开启预售活动。此次正式开售将从1月15日持续至2月3日。今年玩法更简单、活动优惠 力度也更大，快手官方推出官方立减75折、9折大额消费券、天天秒杀等优惠活动，为消费者带来极致的实惠价格与优质丰富的热销好货。消费者可在快 手搜索"年货节"，直达年货节优惠活动专区。 1.官方立减折上折，到手低至75折 年货节期间，快手电商大额补贴平台热销的年货商品，用户在快手商城下单带有"官方立减"标识的商品，即可享受单件商品直降88折，再叠加10%-12%的 平台优惠券，优惠力度叠加后最低可达75折，消费者在快手搜索"官方75折"可直达领券专区。 2.发放大额消费券，至高可领350元 今年，快手年货节将通过实实在在的补贴、丰富有趣的玩法、全面的年货消费保障，让每一位快手用户都能在 ...

Core Viewpoint - The Kuaishou concept stock has experienced a significant decline, with a drop of 4.58%, placing it among the top losers in its sector, while several other stocks within the sector also faced substantial losses [1]. Group 1: Market Performance - As of January 16, the Kuaishou concept stock fell by 4.58%, ranking it among the top decliners in its sector [1]. - Other notable decliners in the Kuaishou concept include Xinhua Du, Vision China, and Shengguang Group, which hit the daily limit down, while stocks like *ST Tianze, Wanrun Technology, and Yiwan Yichuang saw gains of 4.98%, 3.82%, and 3.53% respectively [1]. - The Kuaishou concept sector saw a net outflow of 6.034 billion yuan, with 40 stocks experiencing net outflows, and 13 stocks seeing outflows exceeding 100 million yuan [2]. Group 2: Fund Flow Analysis - The stock with the highest net outflow in the Kuaishou concept was BlueFocus, with a net outflow of 1.978 billion yuan, followed by Zhongwen Online, Shengguang Group, and Tianyu Digital, which had net outflows of 511.7 million yuan, 487.3 million yuan, and 444.0 million yuan respectively [2][3]. - The stocks with the highest net inflows included Wanrun Technology, with a net inflow of 191.39 million yuan, followed by Online and Offline and Ruijie Network, with net inflows of 40.41 million yuan and 34.87 million yuan respectively [5].

Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index down 0.29% at 26,844.96 points, the Hang Seng Tech Index down 0.11% at 5,822.18 points, the National Enterprises Index down 0.5% at 9,220.81 points, and the Red Chip Index down 0.34% at 4,139.41 points [1] Company News - Tencent Holdings (00700.HK) repurchased 1.017 million shares for HKD 636 million at a price range of HKD 619-632 [2] - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 148 million at a price range of HKD 37.86-37.92 [3] - Six Fortune Group (00590.HK) reported a retail value increase of 26%, retail income increase of 17%, and same-store sales increase of 15% in Q3, exceeding expectations [3] - China Southern Airlines (01055.HK) reported a 11.89% increase in passenger capacity and a 19.28% increase in cargo capacity for December 2025 [6] Industry Insights - Tianfeng Securities noted that the Hong Kong stock market has a basis for short-term valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [7] - The firm suggested a focus on technology and consumer sectors that are relatively undervalued [7] - According to Huatai Securities, the market is experiencing a shift towards a bullish sentiment, with historical data indicating a high probability of price increases following a period of panic [8] - Industry recommendations include prioritizing leading companies in the AI sector and exploring opportunities in insurance, banking, energy, and new consumption areas [8]

随着春节临近，线上年货采购需求进入高峰期。为提升消费者购物体验、助力商家把握销售旺季，快手 电商推出"年货放心购"专项服务，通过整合多项平台保障权益，为消费者打造更便捷、更安心的购物环 境，同时为年货节商家提供流量与信任赋能。 全链路服务保障，提升用户年货购物体验 "年货放心购"是快手电商为年货节量身打造的官方信任标识，旨在满足消费者在年货采购期间对商品品 质、物流时效、售后服务的更高要求。 第二，提升转化效率。显性的保障标识能有效增强消费者信任感，从而提高商品点击率与订单转化率。 快手年货节期间，打标"年货放心购"的商品将在平台内获得显著标识展示，帮助消费者快速识别优质保 障商品，降低决策成本，实现放心下单、安心收货。 精准赋能年货节商家，提升经营成效 对商家而言，"年货放心购"不仅是服务承诺，更是获取平台流量支持和消费者信任的重要抓手。参与该 服务的商家将享受以下权益： 第一，专属流量曝光。平台将为打标商品提供专属推荐流量，增加在"年货放心购"专属会场、推荐流等 场景的展示机会。 据了解，该标识并非单一权益，而是一套覆盖购物全流程的权益组合包，具体可包括"假一赔十"、"七 天无理由退货"、"退货包运费"、 ...

快手（港币柜台股份代号：01024╱人民币柜台股份代号：81024）今日发布公告，称公司发行6亿美元于2031年到期的4.125%优先票据、9亿美元于2036年 到期的4.750%优先票据及35亿元于2031年到期的2.450%优先票据。 快手董事会宣布，于2026年1月15日（纽约时间），本公司及有关初始买家就票据发行订立有关购买协议。 雷递网 乐天 1月16日 2031年美元票据将按年利率4.125%计息。2031年美元票据利息将自2026年1月22日起累计，自2026年7月22日起每半年（于每年的1月22日及7月22日）须支 付一次，惟若任何付息日为非工作日，则应顺延至下一个工作日。利息将按一年360日，分为12个月及每月30日的基准计算。 2036年美元票据将按年利率4.750%计息。2036年美元票据利息将自2026年1月22日起累计，自2026年7月22日起每半年（于每年的1月22日及7月22日）须支 付一次，惟若任何付息日为非工作日，则应顺延至下一个工作日。利息将按一年360日，分为12个月及每月30日的基准计算。 人民币票据将按年利率2.450%计息。人民币票据利息将自2026年1月22日起累 ...

Core Viewpoint - Kuaishou-W (01024) has achieved significant revenue growth with its Keling AI, surpassing $20 million in December last year, indicating strong market performance and potential for future growth [1] Group 1: Financial Performance - Keling AI's annualized revenue run rate (ARR) reached $240 million, marking a milestone just 19 months after its launch [1] - The revenue growth reflects the successful introduction of new models and updates by Kuaishou, which have received positive feedback in overseas markets [1] Group 2: Technology and Innovation - The dynamic control features of Kuaishou's new offerings are particularly well-received in international markets, suggesting a competitive edge [1] - Although the film generation model is still in its early stages, ongoing technological breakthroughs and innovations indicate significant revenue upside potential [1] Group 3: Analyst Rating - Jefferies maintains a "Buy" rating for Kuaishou, setting a target price of HKD 106, reflecting confidence in the company's growth trajectory [1]

Core Viewpoint - Kuaishou's subsidiary, KuaLing AI, achieved over $20 million in revenue in December last year, marking a significant milestone with an annual recurring revenue (ARR) of $240 million after 19 months of operation [1] Group 1: Financial Performance - KuaLing AI's revenue surpassed $20 million in December, indicating strong growth potential [1] - The annual recurring revenue (ARR) for KuaLing AI is reported at $240 million [1] Group 2: Product Development and Market Reception - Kuaishou has launched a series of new models and updates, which have received positive feedback in overseas markets due to their dynamic control features [1] - The film generation model is still in its early stages, but ongoing technological breakthroughs and innovations suggest potential for revenue growth [1] Group 3: Analyst Rating - Jefferies maintains a "Buy" rating for Kuaishou with a target price of HKD 106 [1]

Core Insights - The animation market experienced significant growth in the past year, with monthly online views skyrocketing from 3 billion to 15 billion, and total views exceeding 75 billion, surpassing traditional animation market size within a year [1] - Despite the rise of short animations, long video platforms have not been significantly impacted, as top IP annual series remain stable, indicating a parallel development path [1][2] - The rapid evolution of short animations towards IP and quality production is expected to disrupt the current market equilibrium [1][7] Group 1: Market Dynamics - The domestic drama market faced a notable impact from short dramas, with the top 20 long dramas in 2025 seeing a 20% reduction in effective views compared to previous years [2] - Animation has become a crucial support for long video users, with 6 out of the top 10 new shows on Tencent Video being anime series, enhancing user acquisition and retention [2] - The overall impact of short animations on long-form anime remains limited, as the latter continues to attract substantial viewership [5][6] Group 2: Content Quality and Audience Engagement - Current short animations primarily serve as "fast food" entertainment, lacking the depth and emotional connection found in long-form anime, which continues to dominate viewer preferences [5][6] - The transition of short animations towards quality and IP-driven content is anticipated, with platforms beginning to leverage classic stories to establish emotional connections with audiences [9][10] - The rise of male and female-targeted short animations is expected to cater to diverse audience needs, potentially shifting viewer demographics [10] Group 3: Platform Strategies - Major platforms like Tencent Video and Bilibili are actively engaging in the short animation space, with Tencent Video launching initiatives to support quality content creation [11][19] - Bilibili's unique UGC community is driving the production of short animations, although it faces challenges in upgrading to higher-quality 3D animations [19][21] - Platforms are exploring collaborations with web novel IPs to enhance the quality and appeal of short animations, indicating a shift towards more structured content creation [10][23]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Kuaishou** and its subsidiary **Keling AI** in the context of the video production market and AI integration within the industry [1][2][3]. Key Points and Arguments Keling AI's Financial Performance - Keling AI's revenue in December 2025 was nearly **$500,000**, with the first week of January 2026 reaching close to **$1 million**, reflecting a **200% month-over-month growth**, indicating significant commercial potential [2][3]. - The **Annual Recurring Revenue (ARR)** for Keling AI reached **$240 million** in December 2025, showcasing strong commercial capabilities [3]. Product and Technology Developments - Keling AI launched the **O1** multi-modal creation tool on December 1, 2025, integrating text, video, and images, which enhances revenue growth and reduces production costs [4][5]. - The introduction of **audio-visual synchronization** features has significantly decreased manual editing efforts, improving efficiency [4]. - Kuaishou has improved advertising matching efficiency through a **reinforcement learning bidding model** and an **end-to-end recommendation model**, with promotional products now accounting for over **65%** of internal consumption [4][9]. Competitive Advantages - Keling AI holds a competitive edge in video generation by focusing on AI-driven content creation and leveraging its short video platform's user base to better understand user needs [6]. - The company’s strong technological capabilities and product integration allow for effective interaction design and continuous innovation [6]. Market Size and AI Penetration - The global video production market is valued at approximately **$140 billion**, with AI penetration expected to reach **$20-30 billion**, representing about **20%** of the market [7]. - Long-term projections suggest that AI penetration could exceed **50%**, particularly in self-media, advertising, and e-commerce content creation [7]. Kuaishou's Business Performance - In Q3 2025, Kuaishou's core business showed stability, with live streaming revenue nearing **$10 billion**, a **2.5%** year-over-year increase, and advertising revenue exceeding **$20 billion**, a **14%** increase [8][9]. - E-commerce revenue approached **$6 billion**, growing over **40%** year-over-year [9]. - Future projections indicate that Kuaishou's advertising growth is expected to be **15.5%** and e-commerce GMV growth at **11.4%**, both significantly above industry averages [9]. Organizational Changes - Since August 2025, **Gai Kun** has taken on the role of Keling AI's technical head, streamlining responsibilities and enhancing the integration of technology and product development [10]. Additional Important Insights - The integration of advanced AI tools and the focus on user engagement are critical for Keling AI's growth trajectory and Kuaishou's overall market positioning [4][6][10].

Core Viewpoint - Citigroup maintains a "Buy" rating on Kuaishou-W (01024) with a target price of HKD 88, despite challenges in its core e-commerce business, due to the strong performance of Keling AI [1] Group 1: Keling AI Performance - Kuaishou announced that Keling AI's monthly revenue exceeded USD 20 million in December 2025, indicating an annualized revenue run rate of USD 240 million [1] - The strong performance in December is likely attributed to the launch of Kling Video version 2.6, which features a popular "action control" function that gained significant traction in overseas markets for AI-generated video content [1] - The monthly revenue of over USD 20 million slightly surpassed Citigroup's expectations, reflecting a robust revenue outlook for 2026, with potential annual revenue exceeding USD 25 million [1]