Core Insights - Goldman Sachs states that Kuaishou's Keling AI, following its model upgrade and new feature launch in December last year, is expected to enhance user recognition in overseas markets and boost revenue, potentially raising Kuaishou's revenue forecast for fiscal year 2026 and uplifting its stock price [1][2]. Company Summary - Goldman Sachs analyst Lincoln Kong predicts Keling AI's revenue to exceed $140 million in 2025 and reach approximately $230-240 million in 2026 [1][2]. - The company is expanding its overseas business development team and attracting more enterprise clients, which is expected to drive significant growth in the next 1-2 years [1][2]. Industry Summary - The artificial intelligence video generation industry is still in its early stages, with a projected market size of $39 billion by 2033, compared to an estimated $1 billion in 2025, indicating a compound annual growth rate of 56% [1][2].

Market Overview - The Hang Seng Index (HSI) closed at 26,526.37, down by 184.08 points or 0.69% from the previous close [1] - The index opened at 26,762.67 and reached a low of 26,524.46 during the trading session [1] - The trading volume was 44.585 million shares, with an average price of 26,644.01 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.849, down 0.74% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 630.832, down 0.26% from the Hong Kong close [2] - Alibaba Group (W) saw a decline of 1.31%, closing at HKD 150.800 [3] - China Ping An increased by 4.96%, closing at HKD 72.000 [3] - Meituan (W) had a slight increase of 0.66%, closing at HKD 106.100 [3] ADR Performance - Tencent's ADR price was USD 630.832, reflecting a decrease of 0.26% compared to its Hong Kong stock price [3] - Alibaba's ADR was USD 146.902, down 2.58% from its Hong Kong counterpart [3] - HSBC's ADR closed at USD 127.849, down 0.74% compared to its Hong Kong price [3]

Core Viewpoint - Kuaishou's AI product, Keling, has launched significant updates in December, which are expected to drive user growth and increase payment rates. The updates include the first global multi-modal video model Keling O1 and the audio-visual synchronization model Keling 2.6, among others [1] Group 1: Product Updates - Keling AI launched several new versions in December, including Keling O1, the first unified multi-modal video model, and Keling 2.6, which supports audio-visual synchronization [1] - Keling O1 is noted as the world's first video generation model supporting full-modal editing, enhancing workflow efficiency [1] - Keling 2.6's audio-visual synchronization feature is expected to integrate well with various industries such as gaming, advertising, short dramas, and live streaming [1] Group 2: Market Position and Competition - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Keling 2.6 offers a notable price advantage over Google Veo 3.1 and Sora 2, with high-quality video generation priced at 0.88 RMB to 0.44 RMB per second for different membership tiers [1][2] - Keling 2.6's pricing is competitive with Sora 2, which is priced at approximately 0.1 USD per second [2] Group 3: Financial Performance and Projections - Kuaishou's Keling AI generated over 300 million RMB in revenue in Q3 2025, with an annual revenue forecast of 1.4 billion USD [2] - The One series of end-to-end generative models has positively impacted the company's core business, contributing to a 4%-5% increase in domestic marketing revenue and a 5% increase in e-commerce order volume [2] - Revenue forecasts for Kuaishou have been adjusted downwards for 2025-2027, with expected revenues of 142.2 billion RMB, 155.2 billion RMB, and 169.3 billion RMB respectively [3]

Core Viewpoint - Morgan Stanley expresses optimism about Kuaishou Technology's stock price, highlighting the significant growth potential driven by its Keling AI's performance in overseas markets [1] Group 1: Keling AI's Overseas Success - Keling AI's popularity surged in early January 2026, with daily revenue increasing by 102% compared to December 2025, driven by a new motion control feature that sparked a "pet dancing" trend on social networks [2] - In South Korea, Keling AI's daily revenue skyrocketed by 1300% compared to December 2025, contributing 6% to its total revenue over the past three months [2] - Keling AI topped download charts in four countries and ranked in the top ten in ten regions, with significant revenue contributions from the US, UK, and South Korea [2] Group 2: Financial Projections and Market Potential - Morgan Stanley predicts Keling AI's revenue will grow by 62% year-on-year to 1.7 billion yuan in 2026, supported by product upgrades and enterprise spending [3] - The global market for AI video generation is projected to reach $140 billion, with Keling AI positioned as a leading model with substantial monetization opportunities [3] Group 3: Kuaishou's Valuation and Growth Drivers - Kuaishou is considered one of the most undervalued AI stocks globally, with a projected P/E ratio of only 12 times for 2026, while profit growth is expected to compound at 21% from 2026 to 2027 [4] - AI technology is expected to drive advertising growth in 2026, with non-e-commerce ads showing strong growth despite challenges in the e-commerce sector [4] Group 4: Profitability and Investment Outlook - Kuaishou's adjusted net profit is forecasted to grow by 20% in 2026, with a net profit margin increase of 1.4 percentage points, exceeding market expectations by 8% [5] - Increased capital expenditure for AI model development and advertising technology upgrades is expected to enhance core competitiveness and drive high-margin advertising growth [5] Group 5: Target Price and Investment Rationale - Morgan Stanley maintains a target price of 89 HKD for Kuaishou, indicating a 22% upside from the current price of 73.60 HKD [6] - Key investment rationales include underutilized monetization in advertising and e-commerce, a shift towards higher-margin revenue streams, and Keling AI's rapid revenue growth as a significant growth engine [6]

Core Viewpoint - The Hang Seng Index rose by 1.38% on January 6, closing at 26,710.45 points, with a net inflow of HKD 2.879 billion through the southbound trading channel [1]. Group 1: Market Activity - The total trading volume for the southbound trading on January 6 was HKD 133.353 billion, with a net buying amount of HKD 2.879 billion [1]. - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 81.029 billion, with a net buying of HKD 0.975 billion, while the Shenzhen Stock Exchange had a transaction amount of HKD 52.324 billion and a net buying of HKD 1.903 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount of HKD 50.49 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 44.27 billion and HKD 41.10 billion, respectively [1]. - Alibaba-W recorded a net buying amount of HKD 20.61 billion, despite a closing price drop of 1.31% [1]. - China Mobile had the highest net selling amount of HKD 8.75 billion, with a closing price decrease of 0.12% [1]. Group 3: Shenzhen Stock Exchange Activity - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also led with a transaction amount of HKD 43.74 billion, followed by Tencent Holdings and SMIC with HKD 28.76 billion and HKD 20.96 billion, respectively [2]. - The highest net buying stock was Ping An Insurance, with a net buying amount of HKD 10.81 billion, and it closed up by 4.96% [2]. - Tencent Holdings experienced the highest net selling amount of HKD 8.15 billion, while its closing price increased by 1.28% [2].

Group 1 - The Hang Seng Index rose by 1.38% on January 6, with southbound trading totaling HKD 133.35 billion, including HKD 68.12 billion in buying and HKD 65.24 billion in selling, resulting in a net buying amount of HKD 2.88 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 52.32 billion, with net buying of HKD 1.90 billion, while the trading through Stock Connect (Shanghai) totaled HKD 81.03 billion, with net buying of HKD 0.98 billion [1] - Active stocks in southbound trading included Alibaba-W with a total trading amount of HKD 94.23 billion, Tencent Holdings with HKD 69.86 billion, and SMIC with HKD 65.23 billion [1] Group 2 - Among the stocks, China Ping An had a net buying amount of HKD 18.40 billion, closing with a price increase of 4.96%, while Alibaba-W had a net buying of HKD 16.19 billion [2] - Xiaomi Group-W, SMIC, and Alibaba-W were among the stocks with the highest consecutive net buying days, with 4 days for Xiaomi Group-W and SMIC, and 3 days for Alibaba-W [2] - The total trading amount for China Ping An was HKD 32.79 billion, with a net buying of HKD 18.40 billion, while Tencent Holdings had a total trading amount of HKD 69.86 billion with a net selling of HKD 8.04 billion [2]

Core Viewpoint - Kuaishou-W (01024) announced the issuance of shares based on various stock option plans and incentive programs following its initial public offering [1] Group 1: Share Issuance Details - The company exercised options to issue 1.4315 million shares under the post-IPO stock option plan adopted on January 18, 2021 [1] - The company issued 183.8 thousand shares under the pre-IPO employee stock ownership plan adopted on February 6, 2018 [1] - A total of 32 million new shares were issued and held by trustees to fulfill the vesting of restricted stock units granted under the 2023 equity incentive plan [1] - Additionally, 6.3 million new shares were issued and held by trustees to fulfill the vesting of restricted stock units granted under the post-IPO restricted stock unit plan [1]

Core Viewpoint - Kuaishou-W (01024) has announced the issuance of shares based on various stock option plans and incentive programs, indicating ongoing efforts to manage employee equity and incentivize performance [1] Group 1: Share Issuance Details - The company exercised options to issue 1.4315 million shares under the post-IPO stock option plan adopted on January 18, 2021 [1] - The company also issued 183,800 shares under the pre-IPO employee stock ownership plan adopted on February 6, 2018 [1] - A total of 32 million new shares will be issued and held by a trustee to fulfill the vesting of restricted stock units granted under the 2023 equity incentive plan [1] - Additionally, 6.3 million new shares will be issued and held by a trustee to fulfill the vesting of restricted stock units granted under the post-IPO restricted stock unit plan [1]

公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2026年1月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

中国平安今日涨4.96%，资金前5日加仓162万股，短线保持流入态势。 阿里巴巴-W今日跌1.31%，资金前5日减持248万股，短线以流出为主。 中国人寿今日涨4.29%，资金前5日加仓840万股，短线延续流入趋势。 快手-W今日涨2.58%，资金前5日减持893万股，短线仍以流出为主。 金风科技今日涨5.72%，资金前5日加仓1125万股，短线加速流入。 腾讯控股今日涨1.28%，资金前5日减持657万股，短线以流出为主。 中国移动今日跌0.12%，资金前5日减持6429万股，短线仍在加速流出。 注：由于港交所T+2结算，实际为截至两日前的近5个交易日数据 智通财经1月6日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1333.53亿港元，较前一日缩量约103亿，约占恒指成交总额的45.72%，占比再度跌 至5成以下。 港股今日继续走强，但南向资金仅净流入约28.79亿港元。其中，沪港股通净流入约9.75亿港元，深港股通净流入约19.03亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：中国平安(02318.HK)18.40亿港元；阿里巴巴-W(09988.HK)16.19亿港元；中国人 ...