京华大地，气象万千，学习贯彻党的二十届四中全会精神的热潮持续涌动。近日，市宣讲团深入各区各系统，用心用情宣讲党的二十届四中全会精神，引 导全市广大党员干部群众进一步凝聚思想共识，激发奋进力量。 ·党建引领行业 护航互联网发展· 美团（北京）党委副书记杜建波听完宣讲后说："美团党委将深入领会全会精神，自觉服务大局，坚持党建引领与技术赋能相结合，持续完善平台治理。 下一步，美团将积极履行社会责任，加强新就业群体权益保障，推动其职业发展和社会融入，以高质量党建助力企业与行业健康可持续发展。" 11月26日，市宣讲团成员、市委改革办分管日常工作的副主任胡雪峰走进昌平区，对全会精神进行全面系统的阐释，并对昌平发展新兴产业和未来产业、 促进科技成果转化落地、探索农业农村领域改革创新、推动站城融合和地下空间更新利用等相关工作提出了针对性建议。 报告会后，胡雪峰前往北京市合成生物制造产业集聚区·会客厅、北京市合成生物制造技术创新中心开展调研，并与党员干部和基层代表围绕学习贯彻全 会精神交流心得体会。 报告会反响热烈，参会代表纷纷表示，宣讲报告深入浅出、系统全面，听后倍感振奋、深受鼓舞，将继续深入学习领会全会精神，积极投身到贯 ...

作为OpenAI在视频生成领域的王牌，Sora 2曾被寄予厚望。奥特曼还为其加入社区等社交功能，在OpenAI内部，Sora 2甚至被视为能颠覆现有短视频格局 的"核武器"。 然而，短短两个月的时间，市场就给出了最冰冷的反馈。 近日，硅谷风投机构a16z合伙人Olivia Moore在社交媒体上爆料称，Sora 的下载量仍在增长，但早期用户留存率数据（如下所示，与 TikTok 对比）看起来 相当疲软。 Olivia Moore晒出一张APP数据监测服务SensorTower的截图：Sora的30天用户留存率1%，60天用户留存率0%。 "这说明这种模式确实很火，而且有一批重度用户在制作和导出 Sora 的视频。但是，大多数用户并没有坚持使用这款应用。"她说。 这不仅是一次产品的滑铁卢，更是给"AI技术强行嫁接社交属性"模式泼了一盆冷水。 Sora 2凭借OpenAI的金字招牌，在发布初期通过取消邀请制和全平台铺量，轻松实现了iOS首周百万安装、Android首日47万下载的爆发式增长，一度霸榜 App Store。 可Sora 2给用户带来的是什么呢？极低的成片率、每天却仅有30个短视频的免费额度，以及达到 ...

Core Viewpoint - The investment strategy focuses on long-term investments while also utilizing short-term shorts to identify alpha opportunities through bottom-up analysis of individual companies' fundamentals [1] Group 1: Investment Strategy - The approach emphasizes medium to long-term investment duration [1] - The goal is to identify companies with strong fundamentals, sustainable competitive advantages, and growth potential [1]

智通财经APP获悉，根据2025年11月28日披露数据，中国电信（00728）、绿色动力环保（01330）、大 眾公用（01635）位居港股通持股比例前3位，分别为72.72%、69.20%、68.60%。此外，万国黄金集团 （03939）、阿里巴巴－W（09988）、快手-W（01024）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+119.66亿元、+108.43亿元、+12.76亿元;盈富基金（02800）、中芯国际（00981）、恆 生中国企业（02828）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-26.36亿元、-15.15 亿元、-8.09亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 万国黄金集团(03939) | +119.66亿元 | +37582.04万股 | | 阿里巴巴－W(09988) | +108.43亿元 | +7157.37万股 | | 快手-W(01024) | +12.76亿元 | +1881.69万股 | | ...

财务数据与估值 证券研究报告 | 公司点评报告 2025 年 11 月 30 日 快手-W（01024.HK） OneRec 赋能商业化增长，可灵收入环比持续高增 TMT 及中小盘/传媒 事件：公司发布2025年三季报，25Q3公司实现收入355.5亿元，同比增长14.2% （VS 彭博一致预期同比增速为 13.5%）；经调整净利润为 49.9 亿元，同比增 长 26.3%（VS 超彭博一致预期同比增速为 22.4%）。25Q3 可灵 AI 收入超过 3 亿元，继 Q1 的 1.5 亿和 Q2 的 2.5 亿后再创新高。 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 113470 | 126898 | 142130 | 152045 | 160661 | | 同比增长 | 20% | 12% | 12% | 7% | 6% | | 营业利润(百万元) | 6431 | 15287 | 18845 | 23051 | 26542 | | 同比增长 | -151 ...

快手新银发人群丨洞察报告 核心摘要： 随着 45岁以上群体从2 020 年的 4.6亿增至2 023 年的 6.6亿，以"活力、价值、得劲"为核心特征的"新 银发人群"已崛起成为消费市场的重要引擎。他们的需求也推动我国银发经济从"基础养老"向"品质生活"加 速跃迁。 在此背景下，艾瑞咨询联合快手磁力引擎发布《 2025快手新银发人群洞察报告》。洞察揭示，在政策、技 术、经济的共同驱动下，随着该群体自我意识的深化，其消费需求正从满足'可用'的基础层面向追求'心 安'的品质层面升级。这一深刻变迁，与快手平台的内容与电商生态高度契合，从而充分激发了新银发人群 的消费潜力。 本白皮书通过对行业趋势、人群画像与生态优势的全面解构，深度聚焦快手主版超 1亿新银发人群，详细分 析其群体特征与消费习惯；并结合典型商家案例，系统梳理经营方法论，旨在为品牌及商家方提供一张把握 新银发经济机遇、撬动未来增长的战略路线图。 行业趋势： 新银发市场规模与潜力爆发，政策技术双轮驱动 45岁以上新银发人群规模占比攀升，人口红利持续释放 公开资料显示， 2023 年我国 45岁以上人口消费规模已超1 4万 亿，消费比例逐年提升。随着 "银发 ...

快手新银发人群 丨洞察报告 核心摘要： 随着 45岁以上群体从2 020 年的 4.6亿增至2 023 年的 6.6亿，以"活力、价值、得劲"为核心特征的"新银发人群"已崛起成为消费市场的重要引擎。他们的需求也 推动我国银发经济从"基础养老"向"品质生活"加速跃迁。 在此背景下，艾瑞咨询联合快手磁力引擎发布《 2025快手新银发人群洞察报告》。洞察揭示，在政策、技术、经济的共同驱动下，随着该群体自我意识的深化，其 消费需求正从满足'可用'的基础层面向追求'心安'的品质层面升级。这一深刻变迁，与快手平台的内容与电商生态高度契合，从而充分激发了新银发人群的消费潜 力。 本白皮书通过对行业趋势、人群画像与生态优势的全面解构，深度聚焦快手主版超 1亿新银发人群，详细分析其群体特征与消费习惯；并结合典型商家案例，系统梳 理经营方法论，旨在为品牌及商家方提供一张把握新银发经济机遇、撬动未来增长的战略路线图。 新银发力量定义：活力绽放、价值彰显、"得劲"生活 新银发力量以45岁以上人群为核心，围绕"健康自护+兴趣自洽+价值自立"塑造全新消费新生态，展现出"活力、价值、'得劲'"的群体共性特征，打破 了传统银发群体刻板印象， ...

Core Insights - Kuaishou Technology is transforming AI from a cost center into a profit center, demonstrating how AI can drive efficiency in traffic, advertising, and e-commerce operations [1][6] - The company’s AI tool, Keling AI, is transitioning from a user acquisition phase to a monetization phase, with projected quarterly revenue exceeding $45 million by Q4 2025 and annual revenue reaching $343 million by 2027 [1][4] Keling AI Development - Keling AI is positioned as a "professional content creation tool," with a significant shift in user demographics from 70% consumer to 60% business users, indicating a move towards B2B applications [4] - The tool has onboarded approximately 10,000 B2B clients, including platforms like Freepik and various advertising agencies, which are expected to provide higher retention and payment capabilities compared to C-end users [4] Cost Efficiency and Model Performance - The latest Keling 2.5 Turbo model has significantly reduced video generation costs while maintaining high performance, with costs per video dropping to as low as $0.201 [5] - AI algorithms have contributed to a 4-5% growth in Kuaishou's core advertising business, showcasing the effectiveness of AI in enhancing revenue streams [6] User Engagement and Revenue Metrics - Despite recent price reductions aimed at expanding the user base, increased user engagement has mitigated the impact on revenue, with average revenue per user (ARPU) stabilizing between $20 and $30 per month [7] - The global market for professional video creators is vast, with a low penetration rate indicating significant growth potential for Keling AI [7] AI's Impact on Core Business - AI-driven systems like OneRec are applied to 25%-30% of traffic distribution, resulting in at least a 1% increase in video views and user engagement, translating to substantial commercial value [8] - The application of AI in advertising has led to a 4-5% incremental growth in ad revenue for Q3 2025, highlighting the technology's effectiveness in improving return on investment (ROI) [8] Traditional Metrics and Growth Opportunities - Kuaishou's current ad load rate is approximately 9%, significantly lower than competitors like Douyin, which stands at 14%-15%, indicating room for improvement [9] - The company aims to increase its shelf-based e-commerce GMV from 30% to over 40% by enhancing product offerings and integrating more live-streaming links [9]

Core Insights - The article emphasizes the shift in consumer behavior towards a more rational approach, focusing on genuine quality of life, which necessitates brands to engage in meaningful marketing that resonates with everyday life [1][12] - The collaboration between Jetta, Kuaishou, and New Weekly to create the "Little Shop China" IP effectively connects brand values with real-life scenarios, enhancing user emotional engagement and driving sales conversion [1][9] Group 1: Brand Marketing Strategy - Jetta's marketing strategy centers around "content creativity + product performance + emotional resonance," utilizing the "Little Shop China" IP to create relatable narratives that foster emotional connections with users [1][5] - The documentary-style short films highlight the daily lives of small shop owners, showcasing the Jetta VS8's product features while amplifying emotional resonance through storytelling [3][5] - The campaign transforms Jetta's brand perception from merely a transportation tool to a reliable companion in users' lives, establishing a new marketing path based on shared values [1][8] Group 2: Content Creation and User Engagement - Kuaishou's approach involves immersive short films that evoke emotional responses, effectively embedding the Jetta VS8 into the daily routines of small shop owners, thus enhancing brand penetration [5][6] - The campaign leverages real-life scenarios to naturally present the VS8's selling points, reinforcing user recognition of product functionality while aligning with positive life philosophies [8][10] - Kuaishou's integration of high-traffic IPs and warm content facilitates deep engagement with potential consumers, driving brand awareness and emotional connection [9][14] Group 3: Targeted Marketing for VS5 - For the Jetta VS5, Kuaishou employs seasonal themes and collaborates with rural influencers to create relatable content that highlights the vehicle's strengths in everyday rural scenarios [12] - The campaign avoids overt technical specifications, instead showcasing the VS5's advantages through authentic, relatable moments in rural life, enhancing its market positioning [12][14] - Kuaishou's strategic use of various advertising resources ensures broad exposure for the brand, maintaining discussion momentum around the vehicles [14]

快手-W(01024)发布公告，该公司于2025年11月28日注销165万股已回购股份。 于同日，根据首次公开发售前雇员持股计划(于2018年2月6日采纳)行使期权而发行2.03万股;及转换 627.31万股A类普通股至B类普通股。 ...