| 南京熊猫 | | 中国人寿 | 中芯国际 | 中国移动 | | 华虹公司 | 南京熊猫电子 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | 13.44 | 1.22 9.98% | | 股份 | | | | 13.44 | | | | | | | | | 9.98% | | 13.03 | | | | | | | | | 6.63% | | 12.63 | | | | | | | | | 3.36% | | 12.22 | | | | | | | | | 0.00% | | 11.81 | | | | | | | | | 3.36% | | 11.41 | | | | | | | | | 6.63% | | 11.00 | | | | | | | | | 9.98% | | | | | | | | | | | 441万 | | | | | | | | | | | 294万 | | | | | | | | | | | 147万 | | | 09:30 | | 10:30 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [3][6][18]. Core Insights - The company is expected to see user growth and increased payment rates due to the recent updates in its AI models, particularly the launch of the One series and the Keling 2.6 version, which enhances user engagement and monetization opportunities [2][6][7]. - The financial forecasts have been adjusted, with revenue projections for 2025-2027 slightly lowered, but the adjusted net profit estimates remain stable, reflecting confidence in the company's core business despite macroeconomic pressures [5][6][18]. Financial Data and Profit Forecast - Revenue projections for the years 2023 to 2027 are as follows: - 2023: 113.47 billion RMB - 2024: 126.90 billion RMB - 2025: 142.19 billion RMB - 2026: 155.15 billion RMB - 2027: 169.33 billion RMB - The adjusted net profit estimates are: - 2023: 10.27 billion RMB - 2024: 17.72 billion RMB - 2025: 20.23 billion RMB - 2026: 22.28 billion RMB - 2027: 25.47 billion RMB - The company’s earnings per share (EPS) are projected to grow from 2.38 RMB in 2023 to 5.96 RMB in 2027, with a return on equity (ROE) forecasted to remain strong at around 21% to 29% over the same period [5][18]. Product Development and Market Position - The Keling AI has launched several significant updates, including the Keling O1 model, which supports multi-modal video generation, and the Keling 2.6 version, which features audio-visual synchronization, enhancing user experience and engagement [6][7][12]. - The pricing strategy for Keling's services shows a competitive advantage over rivals like Google Veo3.1 and Sora2, with lower per-second video generation costs, which is expected to attract more users and increase revenue [9][10]. Marketing and E-commerce Impact - The One series models have positively impacted the company's marketing and e-commerce sectors, with the OneRec model improving domestic marketing revenue by approximately 4%-5% and the OneSearch model enhancing product matching and user experience, leading to a 5% increase in search order volume [12][17].

来源：青岛财经日报 盘面上，科网股涨跌不一，快手涨幅超过11%，哔哩哔哩涨幅超过4%，阿里巴巴涨幅超过2%，网易、 小米跌幅超过2%；生物医药股涨幅居前，荣昌生物涨幅超过7%；内房股走强，融信中国涨幅超过6%； 脑机接口概念大涨，南京熊猫电子股份涨幅超过39%；石油股走弱，中石油跌幅超过3%；汽车股跌幅 居前，长城汽车跌幅超过6%。 2026年1月5日，港股三大指数涨跌不一。截至收盘，恒生指数涨0.03%，报26347.24点，恒生科技指数 涨0.09%，国企指数跌0.22%。 ...

深港通（南向）十大活跃成交公司 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 55.70 亿元 | -2.39 亿元 | | 中芯国际(00981) | 53.49 亿元 | +296.90 万元 | | 盈富基金(02800) | 52.86 亿元 | +52.72 亿元 | | 腾讯控股(00700) | 34.23 亿元 | -4.38 亿元 | | 中国海洋石油(00883) | 27.89 亿元 | -1.05 亿元 | | 快手-W(01024) | 26.93 亿元 | +4.02 亿元 | | 小米集团-W(01810) | 21.64 亿元 | +6.02 亿元 | | 南京熊猫电子股份(00553) | 16.35 亿元 | +1.05 亿元 | | 中国移动(00941) | 15.04 亿元 | -4.06 亿元 | | 华虹半导体(01347) | 14.99 亿元 | -1.02 亿元 | 智通财经APP获悉，2026年1月5日当天，阿里巴巴-W(09988)、中芯国际(00 ...

恒指报收26347.24点，涨0.03%，恒生科技指数报收5741.63点，涨0.09%。快手涨超11%，哔哩哔哩涨超 5%，蔚来汽车跌近6%，小鹏汽车跌超4%。（AI生成） 恒指报收26347.24点，涨0.03%，恒生科技指数报收5741.63点，涨0.09%。快手涨超11%，哔哩哔哩涨超 5%，蔚来汽车跌近6%，小鹏汽车跌超4%。（AI生成） ...

恒生指数高开0.09%，恒生科技指数涨0.33%。快手涨近6%，阿里巴巴、中芯国际涨幅靠前；理想汽 车、小鹏汽车、携程集团跌幅靠前。 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 18.723 billion HKD today [1] - The top net purchases included: - Tracker Fund of Hong Kong: 6.826 billion HKD - Kuaishou-W: 1.556 billion HKD - Xiaomi Group-W: 1.019 billion HKD - SMIC: 360 million HKD - CNOOC: 328 million HKD - Hua Hong Semiconductor: 322 million HKD - Meituan-W: 279 million HKD - Alibaba-W: 272 million HKD - China Life: 245 million HKD - Nanjing Panda Electronics: 105 million HKD [1] Group 2 - Southbound funds net sold Tencent Holdings worth 918 million HKD and China Mobile worth 406 million HKD [2] - Tencent has seen a continuous net sell for 6 days, totaling 4.86189 billion HKD [2] - Hua Hong Semiconductor has experienced a continuous net buy for 5 days, totaling 936.63 million HKD [2] - SMIC has seen a net buy for 3 consecutive days, totaling 1.5115 billion HKD [2] - Xiaomi has also seen a net buy for 3 consecutive days, totaling 1.48281 billion HKD [2] Group 3 - In the Shanghai Stock Connect, Alibaba-W had a net sell of 239 million HKD with a trading volume of 5.57 billion HKD [3] - In the Shenzhen Stock Connect, Kuaishou-W had a significant increase of 11.1% with a net buy of 1.154 billion HKD [3] - Xiaomi Group-W experienced a decrease of 2.3% with a net buy of 602 million HKD [3] - Nanjing Panda Electronics saw a notable increase of 39.8% with a net buy of 105 million HKD [3]

智通财经APP获悉，1月5日港股市场，北水成交净买入187.23亿港元，其中港股通(沪)成交净买入98.09亿港元，港股通(深)成 交净买入89.14亿港元。 北水净买入最多的个股是盈富基金(02800)、快手-W(01024)、小米集团-W(01810)。北水净卖出最多的个股是腾讯(00700)、中 国移动(00941)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 26.65亿 | 29.04亿 | 55.70亿 | | | | | -2.39 亿 | | 中芯国际 | 26.76 乙 | 26.73亿 | 53.49 乙 | | HK 00981 | | | +296.90万 | | 盈富基金 | 52.79 乙 | 702.11万 | 52.86 亿 | | HK 02800 | | | +52.72 乙 | | 腾讯控股 | 14.93亿 | 19.31亿 | 34.23 乙 | | HK 00700 | | | -4.38 Z | | 中国海洋 ... | 13.42 ...

智通财经APP获悉，1月5日港股市场，北水成交净买入187.23亿港元，其中港股通(沪)成交净买入98.09亿港元，港股通(深)成 交净买入89.14亿港元。 北水净买入最多的个股是盈富基金(02800)、快手-W(01024)、小米集团-W(01810)。北水净卖出最多的个股是腾讯(00700)、中 国移动(00941)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 26.65亿 | 29.04亿 | 55.70亿 | | HK 09988 | | | -2.39 Z | | 中芯国际 | 26.76 乙 | 26.73亿 | 53.49 乙 | | HK 00981 | | | +296.90万 | | 盈富基金 | 52.79 乙 | 702.11万 | 52.86亿 | | HK 02800 | | | +52.72 乙 | | 腾讯控股 | 14.93亿 | 19.31 乙 | 34.23 亿 | | HK 00700 | | | -4.38 Z | | :洪映圖中 | 13.42 乙 ...

Investment Rating - The investment rating for Kuaishou-W (01024) is maintained as "Buy" [2] Core Insights - Kuaishou's AI model, Keling, has seen significant updates, including the launch of the world's first unified multimodal video model, Keling O1, and the audio-visual synchronization model, Keling 2.6, which are expected to drive user growth and payment rates [7][8] - The One series of end-to-end generative models continues to boost the core business, with improvements in marketing and e-commerce driving revenue growth [19] - The company has adjusted its revenue and profit forecasts for 2025-2027, maintaining a "Buy" rating despite macroeconomic pressures [7] Financial Data and Earnings Forecast - Revenue projections for Kuaishou are as follows: - 2023A: 113,470 million RMB - 2024A: 126,898 million RMB - 2025E: 142,185 million RMB - 2026E: 155,153 million RMB - 2027E: 169,326 million RMB - Adjusted net profit forecasts are: - 2023A: 10,271 million RMB - 2024A: 17,716 million RMB - 2025E: 20,228 million RMB - 2026E: 22,284 million RMB - 2027E: 25,470 million RMB - The projected earnings per share (EPS) are: - 2023A: 2.38 RMB - 2024A: 4.12 RMB - 2025E: 4.74 RMB - 2026E: 5.22 RMB - 2027E: 5.96 RMB - The return on equity (ROE) is expected to be 21% in 2027 [6][21] User Growth and Product Development - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax and Midjourney by the end of December 2025 [7] - The Keling 2.6 model offers a pricing advantage over competitors such as Google Veo3.1 and Sora2, with video generation costs being lower [10] - The OneRec model has improved marketing revenue by approximately 4%-5% and enhanced e-commerce order volume by 5% through better product matching [19][13]