Core Viewpoint - Kuaishou is set to create a diverse content matrix for the 2026 Spring Festival, integrating online and offline experiences to enhance the festive atmosphere across various regions in China [1][8]. Group 1: Event Activities - From February 4 to 23, Kuaishou will launch a series of red envelope activities, including various interactive games and cash rewards, to create an immersive New Year experience [3][14]. - On February 10, Kuaishou will host a 12-hour live broadcast titled "Immersive Northeast New Year," showcasing local traditions and festivities in cities like Shenyang and Huludao [5][6]. - Kuaishou will collaborate with local talents for live performances, including a special event featuring popular figures from the "Liu Laogen Stage" to celebrate the New Year [6][8]. Group 2: Cultural Integration - Kuaishou will present a variety of cultural events, including the "Cloud Temple Fair" IP series, which allows users to experience traditional customs both online and offline [10][12]. - The platform will feature a range of performances, including traditional Chinese opera and folk shows, to celebrate the New Year and promote regional cultural diversity [6][8]. - Kuaishou will also produce a series of themed videos and short films in collaboration with Xinhua News Agency, highlighting unique local stories and traditions [14]. Group 3: Interactive Features - Kuaishou will introduce new interactive features such as "Red Packet Exchange" and "Golden Card" to enhance user engagement during the festive period [15][17]. - The platform will host a "Kuaishou Scholar" quiz series with AI-generated hosts, providing entertainment and cash rewards to participants [17]. - Kuaishou will also launch a "New Year Player Carnival" featuring popular games and exclusive rewards, aiming to attract gamers during the holiday season [17]. Group 4: Community Engagement - Kuaishou aims to foster a warm community atmosphere by connecting users through various online and offline activities, enhancing the sense of togetherness during the Spring Festival [17]. - The platform will distribute over 10,000 movie vouchers and organize more than 20 private screenings in multiple cities to encourage social interactions among users [7][12].

Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) is expected to achieve adjusted net profit of 20.4 billion, 22.5 billion, and 25.9 billion CNY for the years 2025, 2026, and 2027 respectively, with a target price of 104.36 HKD per share, maintaining a "buy" rating [1] Group 2 - In January, Kuaishou's overseas expansion has shown strong performance, with revenue and DAU remaining at relatively high levels, indicating sustained popularity [2] - The mobile revenue for Kuaishou in January reached 3.09 million USD, a month-on-month increase of 112%, with DAU at 6.94 million, a month-on-month increase of 139% [3] - The upcoming Kuaishou 3.0 version is currently in internal testing, which is expected to further enhance creative efficiency and maintain product popularity if released before the Lunar New Year [4]

Core Viewpoint - Dongfang Securities predicts Kuaishou-W (01024) adjusted net profit for 2025-2027 to be CNY 20.4 billion, CNY 22.5 billion, and CNY 25.9 billion respectively, maintaining a 2026 PE valuation of 18x, corresponding to a fair value of CNY 404.8 billion, or HKD 454.2 billion, with a target price of HKD 104.36 per share and a "Buy" rating [1] Group 1 - Kuaishou's overseas expansion has shown strong performance in January, with revenue and DAU remaining at relatively high levels, indicating sustained interest [1] - The new version of Kuaishou, version 3.0, is currently in internal testing, which is expected to enhance workflow connectivity and differentiate itself from competitors through native text output, potentially driving further technological advancements [1][3] Group 2 - In January, Kuaishou's mobile overseas revenue reached USD 3.09 million, a month-on-month increase of 112%, with DAU at 6.94 million, up 139% [2] - The revenue from the U.S. remains volatile but is the largest source of income for the mobile platform, with projections for January revenue to reach USD 2.4 to 2.6 million, reflecting a month-on-month growth of 20% to 30% [2] Group 3 - The anticipated release of Kuaishou 3.0 before the Lunar New Year could spark a new wave of creative activity, leveraging the product's January momentum [3] - Key upgrades in version 3.0 include multi-modal training support, improved video generation capabilities, and enhanced consistency in character and scene details during transitions [3]

Core Viewpoint - The sudden and severe sell-off in Hong Kong's tech stocks on February 3, 2026, was driven by a combination of external macroeconomic factors, domestic policy rumors, and technical market dynamics, leading to a significant loss in market value and investor confidence [1][4][8]. Group 1: Market Reaction - The Hang Seng Tech Index experienced a drop of over 4%, with major companies like Tencent and Kuaishou seeing declines of 5.18% and 6.56% respectively, resulting in a market value loss exceeding 330 billion HKD [2][4]. - The sell-off was characterized as indiscriminate, affecting not only tech stocks but also sectors like semiconductors and electric vehicles, with companies like SMIC and XPeng also facing declines around 2.6% [2][4]. Group 2: External Factors - A key trigger for the market's downturn was the rumor regarding the potential nomination of Kevin Walsh, known for his hawkish stance, as the next Federal Reserve Chair, which raised concerns about a faster tightening of monetary policy [4][5]. - The immediate reaction in the bond and forex markets included a sharp rise in the U.S. 10-year Treasury yield and a strengthening of the U.S. dollar, which negatively impacted capital flows into Hong Kong's markets [5]. Group 3: Domestic Policy Rumors - Concurrently, rumors circulated about potential changes to tax policies affecting internet companies, including the possible removal of the 15% corporate tax rate for high-tech firms and significant increases in VAT for digital services [7]. - Despite being debunked by analysts, these rumors exacerbated market fears regarding the profitability of major internet companies, further fueling the sell-off [7]. Group 4: Technical Market Dynamics - The Hang Seng Tech Index had been in a downward trend since reaching a peak in October 2025, and the breach of the annual support line triggered automated sell orders, intensifying the market's decline [8][10]. - The market's structure, combined with pre-holiday cash preservation strategies, led to a liquidity squeeze, as investors sought to liquidate positions in response to the downturn [10][11]. Group 5: Key Technical Levels - The index approached a critical support level at 5390 points, which had previously provided support, leading to a battle between buyers and sellers, with each breach prompting further selling pressure [11].

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by the leadership of DeepSeek in the domestic AI trend, with growth anticipated to continue into 2026, particularly in the competitive landscape of AI and generative video applications [1] Industry Summary - The competition between China and the United States in the fields of AI models, applications, cloud services, and autonomous driving (Robotaxi) is expected to intensify [1] - Despite geopolitical challenges, the Chinese gaming and e-commerce sectors are experiencing rapid growth in overseas markets, although there is a cautious outlook for the domestic e-commerce sector [1] Investment Strategy - Citi favors sectors related to AI, gaming, and health, predicting that industry revenue and adjusted EBIT will grow by 12% and 29% year-on-year, respectively [1] - China is expected to lead the global implementation of AI applications [1] Preferred Stocks - Citi has listed six preferred stocks for 2026, including Tencent, Xiaomi, Alibaba, NetEase, Kuaishou, and JD Health, highlighting optimism for Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by AI trends led by DeepSeek, with growth anticipated to continue into 2026, particularly in the competitive landscape of AI and generative video applications [1] Industry Summary - The competition between China and the United States in the fields of AI models, applications, cloud services, and autonomous driving (Robotaxi) is expected to intensify [1] - Despite geopolitical challenges, the Chinese gaming and e-commerce sectors are experiencing rapid growth in overseas markets, although there is a cautious outlook for the domestic e-commerce sector [1] Investment Strategy - Citi prefers sectors related to AI, gaming, and health, believing that China is poised to lead in the global application of AI [1] - Six preferred stocks for 2026 have been identified, including Tencent, Xiaomi, Alibaba, NetEase, Kuaishou, and JD Health, with particular optimism for Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

Group 1 - The core point of the article highlights a decline in Hong Kong's tech stocks, with notable companies such as Bilibili, Tencent Music, and Kuaishou experiencing drops of over 2% [1] - Alibaba, Tencent Holdings, BOSS Zhipin, Alibaba Health, and NetEase also saw declines, indicating a broader trend in the tech sector [1] Group 2 - The article mentions specific stock performance, indicating that multiple key players in the tech industry are facing downward pressure [1]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by NVIDIA, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with NVIDIA in absolute computing power, the focus is shifting to system efficiency and scene adaptability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - The industry consensus is that breakthroughs in single-point technology are insufficient for winning the competition; ecological collaboration, particularly the "two-way approach" between models and chips, is becoming crucial for the true independence of domestic AI [1] - Looking ahead to 2025, global large model technology capabilities are expected to advance, overcoming productivity scenarios and making significant progress in reasoning, programming, Agentic, and multimodal capabilities, although there are still shortcomings in model generalization stability and hallucination rates [1] - By 2026, further breakthroughs in large models are anticipated in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal, progressing towards the long-term goal of AGI [2] Group 3 - The commercial value of AI-assisted programming tools is gradually being recognized, leading to an increased willingness among enterprise users to pay for software development, data analysis, and business process automation scenarios, which is expected to benefit domestic AI large models [2] - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Group 1 - JD.com (SWR 89618) has the highest short-selling ratio at 85.52%, followed by AIA Group (R 81299) at 77.11% and Lenovo Group (R 80992) at 67.79% [1][2] - Tencent Holdings (00700) leads in short-selling amount with 2.709 billion yuan, followed by Pop Mart (09992) at 974 million yuan and Xiaomi Group (W 01810) at 793 million yuan [1][2] - Huatai Securities (06886) has the highest deviation value at 40.23%, followed by Tong Ren Tang Technologies (01666) at 35.46% and China Ship Leasing (03877) at 26.75% [1][2] Group 2 - The top ten short-selling ratios include JD.com at 85.52%, AIA Group at 77.11%, and Lenovo Group at 67.79% [2] - The top ten short-selling amounts show Tencent Holdings at 2.709 billion yuan, Pop Mart at 974 million yuan, and Xiaomi Group at 793 million yuan [2] - The top ten deviation values are led by Huatai Securities at 40.23%, followed by Tong Ren Tang Technologies at 35.46% and China Ship Leasing at 26.75% [2]

可灵 3.0 有望进一步推进技术前沿 买入（维持） 核心观点 快手-W 01024.HK 公司研究 | 动态跟踪 核心观点：1 月初可灵海外出圈后，整个 1 月看收入和 DAU 端都保持相对高位，热度持 续性表现好。目前数据意义在于整体稳在更高水位后，从 1 月初主要在低 ARPU 地区流 量扩圈（如东南亚、中亚等）→高付费能力地区收入震荡爬升，预期后者对可灵 ARR 提升作用更大。此外新一代可灵 3.0 版本内测中，统一架构下工作流衔接性更好，且区 别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿水平。产品层面更侧重于 专业创作各环节提效，若年前能全量使用，有望延续 1 月产品热度，带动需求释放。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年经调整归母净利润为 204/225/259 亿元。维持此前给予公司 26 年 18xPE 估值，对应合理价值为 4,048 亿 CNY，折合 4,542 亿 HKD（港币兑人 民币汇率 0.891），目标价 104.36 港元/股，维持"买入"评级。 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可 灵技术迭代不及预期 公司主要 ...