Group 1 - The company Kuaishou-W (01024) announced the grant of a total of 4.4865 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 Kuaishou Technology 快手科技 （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） （於開曼群島註冊成立以不同投票權控制的有限公司） 授出受限制股份單位 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。 董事會宣佈，本公司於2026年1月23日向若干合資格參與者根據2023股份激勵計劃 授出合共4,486,457份受限制股份單位，惟須待承授人接納方可作實。 授出受限制股份單位 所授出受限制股份單位的詳情如下： 股份於授出日期的收市價： 每股81.25港元 所授出受限制股份單位的 歸屬期： 所授出受限制股份單位的總歸屬期（即授出日期與最後 歸屬日的期間）約為0至48個月 就授予若干承授人的受限制股份單位而言，授出日期與 首個歸屬日之間的期限短於12個月，以反映（i）根據基 於表現目標的歸屬條件，該等與受限制股份單位掛鈎的 表現目標的達成，及╱或（ ...

Core Viewpoint - The article emphasizes that AI video generation is opening a second growth curve for content platforms, leading to a new balance between efficiency and commercialization as the industry transitions from reliance on traffic expansion and subsidies to sustainable cash flow and cost reduction in content production [5][11]. Group 1: Investment Logic - The three companies referred to as "Yi Zhong Tian" (Xin Yi Sheng, Zhong Ji Xu Chuang, Tian Fu Tong Xin) exemplify the logic of AI infrastructure, being essential yet often overlooked components of AI data centers [5]. - These companies share characteristics such as a clear second growth curve, slow realization of value, and a focus on cost reduction and efficiency rather than mere expansion [6][10]. - Their positions in the supply chain enhance their bargaining power, as they cater to more stable, high-demand clients rather than end consumers [8]. Group 2: Kuaishou's Position - Kuaishou is positioned similarly to the "Yi Zhong Tian" companies, with AI video generation enhancing production efficiency rather than merely increasing content supply [11]. - Kuaishou aims to balance creator costs, commercialization efficiency, and stable cash flow, aligning with the logic of the aforementioned companies [11]. - The current valuation of Kuaishou indicates that its second growth curve is recognized but not fully priced in, with the impact of AI on content efficiency and monetization still unfolding [11]. Group 3: Business Analysis - Kuaishou's core functions are evolving, with a focus on commercial acceleration and global market potential, as evidenced by the success of its AI features in various international markets [13][27]. - The introduction of the "Keling" AI video generation model has led to significant revenue growth, with daily revenue reaching 2.5 times the average from mid-December [30]. - The platform's community-driven nature enhances user retention and conversion rates, making it resilient in competitive environments [22]. Group 4: Advertising and E-commerce - AI is becoming a crucial tool for Kuaishou to enhance advertising efficiency, with the OneRec system contributing positively to ad revenue [37]. - The e-commerce segment is expected to maintain growth above industry averages, supported by optimized commission structures and product offerings [41]. - These established business segments provide a stable cash flow foundation for AI investments and new product development [42]. Group 5: Long-term Outlook - Kuaishou's projected net profits for 2025 and 2026 are estimated at 20.6 billion and 23.8 billion RMB, respectively, reflecting a growth of 16% and 15% year-on-year [44]. - The combination of stable earnings and technological advancements presents a favorable risk-return profile for long-term investors [45]. - Kuaishou is evolving into a content infrastructure provider that reduces production costs and enhances commercialization efficiency in the AI era [48].

Market Overview - The Hong Kong stock market indices collectively rose on January 23, with the Hang Seng Index increasing by 0.45% to 26,749 points, the Hang Seng China Enterprises Index up by 0.51%, and the Hang Seng Tech Index rising by 0.62% [1][2]. Key Stock Movements - Major tech stocks saw gains, with Xiaomi Group and Kuaishou both rising nearly 3%, Alibaba up over 2%, and JD.com and Meituan also showing increases [2][4]. - The commercial aerospace sector experienced significant gains, with JunDa shares soaring over 51% following the launch of six platforms related to commercial aerospace in Beijing [6]. - Brain-computer interface stocks were active, with Lens Technology rising over 9% [7]. - Gold stocks continued to strengthen, with Zijin Mining International increasing by over 8% as gold prices reached new highs [9]. - Solar energy stocks surged, with Keyuan New Energy rising over 14% and several others following suit [10]. Sector Performance - The commercial aerospace sector led the market with notable gains, driven by the launch of new platforms aimed at enhancing the industry [6]. - The brain-computer interface sector showed strong activity, supported by advancements in flexible chip technology [7]. - Gold stocks benefited from rising gold prices, which reached a historical high of $4,940.78 per ounce [9]. - The solar energy sector was buoyed by positive remarks from Tesla's CEO regarding solar capacity expansion [10]. Individual Stock Highlights - JunDa shares rose by 51.40% to 39.00, while other aerospace-related stocks also saw significant increases [6]. - Lens Technology increased by 9.36% to 31.78, reflecting strong interest in brain-computer interface technologies [8]. - Zijin Mining International rose by 8.43% to 205.80, benefiting from the surge in gold prices [9]. - Keyuan New Energy saw a rise of 14.44% to 4.36, reflecting optimism in the solar energy market [11]. Future Outlook - The Hong Kong stock market is expected to see a recovery in profit growth by mid-2026, with a slowdown in competition among internet platforms and a reduction in the drag from non-essential consumer spending [26].

Core Viewpoint - Kuaishou E-commerce has launched the "Star Plan" for 2026, focusing on the entire growth cycle of new merchants and upgrading ten key measures to support small and medium-sized businesses [1] Group 1: Key Measures - The plan includes upgrades to deposit policies, reductions in operating costs, and enhancements to smart tools for efficiency [1] - New merchant growth incentives and support for merchants in industrial belts are also part of the initiative [1] - The platform aims to optimize the user experience and provide guarantees for merchants [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 根據香港聯合交易所有限公司證券上市規則的規定，本公告及其所述上市文件僅供參考，且不構 成收購、購買或認購本文所述證券的邀請或要約。本公告或其任何內容（包括上市文件）均不構成 任何合約或承諾的基礎。為免生疑問，刊發本公告及其所述上市文件不應被視為就香港法例第32 章公司（清盤及雜項條文）條例而言根據本公司或代表本公司刊發的招股章程作出的證券要約，亦 不構成香港法例第571章證券及期貨條例所指其中載有邀請公眾訂立或要約訂立收購、出售、認購 或包銷證券之協議的廣告、邀請或文件。 本公告並非在美國或任何其他司法權區提呈本公司證券以供出售或收購的邀請或要約，亦非提呈 購買本公司證券的要約招攬，未根據任何該等司法權區的證券法登記或獲批准而於上述司法權區 進行相關邀請、要約、收購、招攬或出售均屬違法。 本公告及其任何副本均不得攜入美國或其他司法權區，亦不得在美國或其他司法權區分發，未根 據任何該等司法權區的證券法登記 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 根據香港聯合交易所有限公司證券上市規則的規定，本公告及其所述上市文件僅供參考，且不構 成收購、購買或認購本文所述證券的邀請或要約。本公告或其任何內容（包括上市文件）均不構成 任何合約或承諾的基礎。為免生疑問，刊發本公告及其所述上市文件不應被視為就香港法例第32 章公司（清盤及雜項條文）條例而言根據本公司或代表本公司刊發的招股章程作出的證券要約，亦 不構成香港法例第571章證券及期貨條例所指其中載有邀請公眾訂立或要約訂立收購、出售、認購 或包銷證券之協議的廣告、邀請或文件。 本公告並非在美國或任何其他司法權區提呈本公司證券以供出售或收購的邀請或要約，亦非提呈 購買本公司證券的要約招攬，未根據任何該等司法權區的證券法登記或獲批准而於上述司法權區 進行相關邀請、要約、收購、招攬或出售均屬違法。 本公告及其任何副本均不得攜入美國或其他司法權區，亦不得在美國或其他司法權區分發，未根 據任何該等司法權區的證券法登記 ...

Summary of Key Points Core Viewpoint - On January 22, 35 Hong Kong-listed companies conducted share buybacks, totaling 17.519 million shares and an aggregate amount of HKD 3.81 billion [1]. Group 1: Company Buyback Details - Xiaomi Group-W repurchased 5.7138 million shares for HKD 201.73 million, with a highest price of HKD 35.240 and a lowest price of HKD 34.920, bringing its total buyback amount for the year to HKD 22.50 billion [1]. - Sunny Optical Technology repurchased 1.25 million shares for HKD 79.26 million, with a highest price of HKD 63.850 and a lowest price of HKD 62.450, totaling HKD 7.65 billion in buybacks for the year [1]. - Kuaishou-W repurchased 380,000 shares for HKD 29.97 million, with a highest price of HKD 79.150 and a lowest price of HKD 78.550, accumulating HKD 89.88 million in buybacks for the year [1]. Group 2: Buyback Amount Rankings - The highest buyback amount on January 22 was from Xiaomi Group-W at HKD 201.73 million, followed by Sunny Optical Technology at HKD 79.26 million, and Kuaishou-W among the top [1]. - In terms of buyback volume, Xiaomi Group-W led with 5.7138 million shares, followed by Sunny Optical Technology with 1.25 million shares and Guoquan with 1.198 million shares [1]. Group 3: Additional Company Buyback Information - China Resources Gas repurchased 947,600 shares for HKD 20.66 million, with a highest price of HKD 22.000 and a lowest price of HKD 21.560 [1]. - Xiansheng Pharmaceutical repurchased 862,000 shares for HKD 10.04 million, with a highest price of HKD 11.680 and a lowest price of HKD 11.570 [1]. - Geely Automobile repurchased 571,000 shares for HKD 9.49 million, with a highest price of HKD 16.740 and a lowest price of HKD 16.580 [1].

Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]

格隆汇1月23日丨快手-W(01024.HK)发布公告，公司已向联交所申请以仅向专业投资者发行债务的方 式，将6亿美元于2031年到期的4.125%优先票据及9亿美元于2036年到期的4.750%优先票据(统称"票据") 上市及买卖。预期票据的上市及买卖批准将自2026年1月23日起生效。 ...