6月12日恒生指数下跌1.36%，南向资金全天合计成交金额为1297.36亿港元，其中，买入成交676.60亿 港元，卖出成交620.76亿港元，合计净买入金额55.85亿港元。具体来看，港股通（深）累计成交金额 467.96亿港元，买入成交242.65亿港元，卖出成交225.31亿港元，合计净买入金额17.33亿港元；港股通 （沪）累计成交金额829.40亿港元，买入成交433.96亿港元，卖出成交395.44亿港元，合计净买入金额 38.51亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是泡泡玛特，合计成交额63.24亿港元， 阿里巴巴-W、小米集团-W成交额紧随其后，分别成交59.78亿港元、58.50亿港元。以净买卖金额统 计，净买入的个股共有8只，小鹏汽车-W净买入额为7.67亿港元，净买入金额居首，该股收盘股价下跌 6.66%，信达生物净买入额为4.37亿港元，建设银行净买入额为3.98亿港元。净卖出金额最多的是阿里 巴巴-W，净卖出16.40亿港元，该股收盘股价下跌3.21%，腾讯控股、快手-W遭净卖出8.32亿港元、8.17 亿港元。 | 代码 | 简称 | 成交金额（万港元 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 41.89 亿元 | -11.80 亿元 | | 泡泡玛特(09992) | 40.61 亿元 | -5804.06 万元 | | 小米集团-W(01810) | 39.29 亿元 | +1.53 亿元 | | 建设银行(00939) | 20.81 亿元 | +3.98 亿元 | | 美团-W(03690) | 20.70 亿元 | -2.96 亿元 | | 快手-W(01024) | 16.87 亿元 | -6675.04 万元 | | 腾讯控股(00700) | 16.32 亿元 | -1.39 亿元 | | 小鹏汽车-W(09868) | 16.00 亿元 | +5.94 亿元 | | 中国银行(03988) | 15.35 亿元 | +1.39 亿元 | | 中国海洋石油(00883) | 15.25 亿元 | -3.91 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 泡泡玛特(09992) | ...

Group 1 - The Hang Seng Index fell over 1% [1] - The Hang Seng Tech Index declined by 1.8% [1] - Xpeng Motors and Kuaishou both dropped over 5% [1]

Group 1 - The core viewpoint of the article is that Minglue Technology, a leading data intelligence application software company, is facing significant challenges despite its previous successes and is now preparing for an IPO after a failed attempt last year [1][8]. - Minglue Technology was founded in 2006 and is recognized as the largest intelligent data application software provider in China as of 2023, focusing on transforming enterprise marketing and operational strategies through data intelligence [2][3]. - The company's main products include multi-modal data integration, insights, and AI-driven decision-making capabilities, with its marketing intelligence segment featuring the "MiaoZhen System," which connects with over 4,700 media platforms for advertising monitoring [3]. Group 2 - Minglue Technology has attracted significant investment from notable firms, raising over $627 million, with major shareholders including Tencent (27.33% ownership) and Sequoia China (7.52% ownership) [4]. - The company's valuation has drastically decreased from approximately $3.051 billion in December 2020 to $1.666 billion by March 2024, representing a nearly 45.4% decline [5]. - Despite a slight revenue increase from 1.269 billion RMB in 2022 to 1.462 billion RMB in 2023, the revenue fell to 1.381 billion RMB in 2024, primarily due to a decrease in operational intelligence business income and a strategic shift in marketing intelligence [6]. Group 3 - The company's profitability has significantly declined, with net profit dropping from 1.638 billion RMB in 2022 to 7.949 million RMB in 2024, influenced by changes in the fair value of financial instruments [7]. - Research and development expenditures have also decreased, falling from 751 million RMB in 2022 (59.2% of total revenue) to 353 million RMB in 2024 (25.6% of total revenue), indicating potential financial strain [7]. - As the company approaches its IPO, it faces critical questions about its future strategy in a cooling capital market, emphasizing the need for solid revenue conversion to support its "AI + big data" narrative [8].

Group 1 - The core viewpoint of the articles emphasizes the integration of AI technology with short video platforms, which is reshaping industry logic and driving social value creation [1][2][3] - AI models are being utilized to enhance user creativity, support rural revitalization, preserve cultural heritage, and promote the growth of small and medium-sized enterprises [1][2] - The digital economy in China is accelerating, with short video platforms creating significant employment opportunities and fostering new job roles such as online anchors and live recruitment specialists [2] Group 2 - AI technology is demonstrating dual value in social governance by filtering harmful content and creating innovative job opportunities through live streaming [2] - The introduction of non-heritage protection plans by platforms is allowing traditional skills to transcend geographical limitations, ensuring the preservation and commercialization of cultural heritage [2] - The company is exploring new paths for integrating social and commercial value through advanced technologies, aiming to create long-term value for users and partners [3]

可灵模型技术全球领先。根据快手25Q1 财报，快手在2025 年4 月宣布对视频生成大模型的重大升级， 面向全球用户推出了可灵AI 2.0 版本，在动态质量、语义响应，画面美学等维度，保持全球领先。根据 AI 基准测试机构 Artificial Analysis 发布的全球视频生成大模型榜单，快手可灵 1.6pro（高品质模式） 以 1000 分的 Arena ELO 基准测试评分登陆图生视频（Image to Video）赛道榜首，Google Veo 2、Pika Art 位居榜单第二、三名。 可灵AI 与网易热门游戏《逆水寒》合作，游戏B 端用户付费强，商业化空间打开。可灵AI 宣布与热门 手游《逆水寒》达成深度合作，推出全新"图生动图"玩法，玩家可通过简单操作将静态图片转化为动感 画面。快手与网易合作，将业内领先的视频模型置于头部游戏，不仅丰富了游戏的社交玩法，也为可灵 AI 在游戏领域开辟了新的商业化路径。 机构：申万宏源研究 研究员：林起贤/任梦妮 可灵全球技术领先，商业化超预期，短期有望贡献增量收入，中长期有可能成为新入口，业绩和估值均 有弹性。根据快手25Q1 财报，25Q1 可灵AI 贡献收 ...

Group 1 - The Hang Seng Index fell by 0.08% to close at 24,162.87 points on June 10, with a total net inflow of HKD 7.59 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 124.87 billion, with a net buying amount of HKD 7.59 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 79.04 billion with a net buying of HKD 4.80 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 45.83 billion with a net buying of HKD 2.80 billion [1] Group 2 - In the top ten active stocks for the Shanghai-Hong Kong Stock Connect, Meituan-W had the highest trading amount of HKD 3.32 billion, followed by Xiaomi Group-W and Tencent Holdings with trading amounts of HKD 2.97 billion and HKD 2.34 billion respectively [2] - In terms of net buying, the highest was for CSPC Pharmaceutical Group with a net buying amount of HKD 368 million, while Tencent Holdings had the highest net selling amount of HKD 1.04 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W led with a trading amount of HKD 1.72 billion, followed by Tencent Holdings and Meituan-W with trading amounts of HKD 1.64 billion and HKD 1.53 billion respectively [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 75.9 billion HKD on June 10, with notable net purchases in Meituan-W (9.85 billion HKD), CSPC Pharmaceutical Group (7.61 billion HKD), and Innovent Biologics (5.19 billion HKD) [1] - Tencent Holdings saw a significant net sell-off of 18.92 billion HKD, alongside other companies like Xiaomi Group-W (8.99 billion HKD) and Alibaba-W (7.71 billion HKD) [1] - Meituan has experienced 17 consecutive days of net buying, totaling 185.1264 billion HKD, while Tencent has faced 8 consecutive days of net selling, amounting to 99.4492 billion HKD [1] Group 2 - Tencent Holdings experienced a slight decline of 0.87% and repurchased 973,000 shares at a price range of 509-520 HKD per share, costing 500 million HKD [6] - Meituan's stock dropped by 2.7%, while JD.com's daily order volume for food delivery surpassed 25 million, capturing over 31% of the national market share [6] - Meituan launched its first AI Coding Agent product, NoCode, aimed at various applications including data analysis and product prototype design [7] Group 3 - Xiaomi Group's stock fell by 1.29%, and the company addressed rumors regarding a fatal accident during high-level driving training, stating that it would pursue legal action against those spreading false information [7]

Core Insights - The rapid growth of short video platforms is approaching 1 billion monthly active users, which supports the expansion of their business landscape and positions them as a significant source of domestic employment [1] Employment Impact - As of the end of 2024, Kuaishou has created 43.2 million job opportunities, with 23 million being direct jobs for short video creators and streamers, and 20.2 million indirect jobs, including 5.73 million from content ecosystems and 14.47 million from live e-commerce ecosystems [2] - The integration of short video and live streaming platforms with the real economy is fostering new industries and professions, contributing to a digital transformation that enhances employment opportunities [3][11] New Occupations - The platform economy has led to the emergence of new job roles such as user growth operation specialists, online streamers, and live recruitment specialists, which have been officially recognized as new professions by the Ministry of Human Resources and Social Security [6] - Kuaishou's data indicates that by the end of 2024, the platform has generated 174 new job roles, with live e-commerce GMV (Gross Merchandise Volume) growth of 1 billion yuan leading to an increase of approximately 1,200 jobs [12] Recruitment Innovations - Live streaming recruitment has proven to be significantly more efficient than traditional recruitment methods, with some HR companies reporting up to ten times the efficiency [17] - Kuaishou's "Kuaipin" service, launched in January 2022, combines internet and live streaming for recruitment, addressing the job-seeking needs of key groups such as unemployed graduates and migrant workers [20] Training and Development - Public employment service departments are increasingly offering free live operation vocational training courses, covering areas such as e-commerce operations and short video production, which not only help key groups find employment but also provide long-term career development opportunities [20]

高盛发布研报称，快手-W(61,-1.40,-2.24%)（01024）旗下可灵AI的年化收入运行率于3月突破1亿美元， 其后4月和5月的月度付费金额亦超过1亿元人民币，相信运行率将超越公司指引及市场预期。该行预计，可灵 AI的2025财年的收入将超过1.2亿美元，其后仍将快速增长。该行予快手"买入"评级，目标价63港元。 快手-W(01024):可灵AI次季收入趋势胜预期,评级"买入" 美国高盛 ...