Core Insights - The Hong Kong stock market saw a net inflow of 30.43 million HKD from northbound trading on October 9, with a net buy of 48.53 billion HKD from the Shanghai Stock Connect and a net sell of 18.1 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - Kuaishou-W (01024) received the highest net buy of 10.85 billion HKD, driven by positive sentiment regarding its AI video capabilities and expected revenue growth of 13% year-on-year to 35.3 billion RMB in Q3 [4][5] - ZTE Corporation (00763) had a net buy of 4.57 billion HKD, supported by the launch of its SuperPod solution aimed at enhancing AI training capabilities for enterprise clients [5] - Xiaomi Group-W (01810) saw a net buy of 2.31 billion HKD, with a reported increase in electric vehicle deliveries to over 40,000 units in September, up from 36,000 in August [5] Group 2: Notable Sell-offs - Alibaba-W (09988) faced a net sell of 7.5 billion HKD, influenced by negative news regarding Oracle's server rental performance, which impacted global cloud computing stocks [6] - Semiconductor stocks experienced significant net sell-offs, with SMIC (00981) and Hua Hong Semiconductor (01347) seeing net sells of 23.96 billion HKD and 11.41 billion HKD respectively, attributed to changes in margin trading regulations [6][7] - Tencent (00700) and CNOOC (00883) also experienced net sells of 4.63 billion HKD and 1.55 billion HKD respectively [7]

Core Insights - The Hong Kong stock market saw a net inflow of 30.43 million HKD from Northbound trading on October 9, with a net buy of 48.53 billion HKD through the Shanghai Stock Connect and a net sell of 18.1 billion HKD through the Shenzhen Stock Connect [1] Group 1: Stock Performance - Kuaishou-W (01024) received the highest net buy of 10.85 billion HKD, driven by positive sentiment from a report by Guosen Securities highlighting its leadership in the AI video sector [4] - ZTE Corporation (00763) had a net buy of 4.57 billion HKD, supported by the launch of its SuperPod solution aimed at enhancing AI training capabilities for enterprise clients [5] - Xiaomi Group-W (01810) saw a net buy of 2.31 billion HKD, with September electric vehicle deliveries exceeding 40,000 units, reflecting improved production capacity [5] - Alibaba-W (09988) faced a net sell of 7.5 billion HKD, influenced by negative news regarding Oracle's server rental income [6] - Semiconductor stocks, including SMIC (00981) and Hua Hong Semiconductor (01347), experienced significant net sells of 23.96 billion HKD and 11.41 billion HKD respectively, attributed to changes in margin financing policies [7] Group 2: Market Trends - The overall trading activity indicates a strong interest in AI-related companies, with Kuaishou and ZTE being highlighted for their advancements in AI technology [4][5] - The semiconductor sector is under pressure due to high valuations and regulatory changes affecting margin trading, despite a general bullish outlook on AI-driven growth [7]

Core Viewpoint - Kuaishou-W (01024) shares rose over 4%, reaching HKD 89.2 with a trading volume of HKD 4.677 billion, driven by the anticipated impact of OpenAI's new video generation model Sora2 on the short video ecosystem [1] Group 1: Company Performance - Kuaishou is expected to benefit from advancements in AI video technology, positioning itself as a leader in the AI video sector [1] - The company is projected to achieve a 13% year-on-year revenue growth in Q3, reaching RMB 35.3 billion, with a 15% increase in Gross Merchandise Volume (GMV) [1] - Kuaishou's gross margin is expected to expand to approximately 55%, with non-IFRS profit estimated at around RMB 4.84 billion [1] Group 2: Industry Trends - OpenAI's Sora2 is anticipated to reshape the short video ecosystem, potentially increasing the proportion of AI-generated content and narrowing the content gap between other short video platforms and Douyin [1] - The development of AI video models is seen as a significant trend, with the market for video generation being in its early stages and poised for substantial growth [1]

Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of over 4%, currently trading at 89.2 HKD with a transaction volume of 4.677 billion HKD, driven by the anticipated impact of OpenAI's new video generation model Sora 2 on the short video ecosystem [1] Group 1: Company Performance - Kuaishou is expected to benefit from advancements in AI video technology, positioning itself as a leader in the AI video sector [1] - The company is projected to achieve a 13% year-on-year revenue growth in Q3, reaching approximately 35.3 billion RMB, with a total transaction volume (GMV) expected to rise by 15% [1] - Kuaishou's gross margin is anticipated to expand to around 55%, with non-IFRS profit estimated at about 4.84 billion RMB [1] Group 2: Industry Insights - OpenAI's launch of Sora 2 is expected to reshape the short video ecosystem, potentially increasing the share of AI-generated content and narrowing the gap between other short video platforms and Douyin [1] - The AI video generation market is identified as a large and early-stage development area, highlighting the significance of artificial intelligence in the industry [1]

杰富瑞发表研究报告，预计快手将可如期达成该行对其收入和盈利的预测，即预计第三季总收入按年增 长13%至353亿元，交易总额(GMV)料升15%，毛利率料扩张至约55%，非IFRS盈利料达约48.4亿元。该 行强调，人工智能是一个关键范畴，而影片生成是一个处于早期发展阶段的庞大市场。该行维持快 手"买入"评级，目标价106港元。 ...

Core Insights - OpenAI's new video generation model Sora2 and its associated app SoraApp are expected to reshape the short video ecosystem, particularly by increasing the proportion of AI-generated content [1][4] - The Sora2 model features significant advancements in image resolution, style control, and instruction adherence, integrating audio-visual synchronization technology to enhance physical simulation accuracy [1][4] - The SoraApp, designed with a vertical video stream interface similar to TikTok, allows users to create and share AI-generated videos, fostering a new social interaction model [3][4] Group 1 - Sora2 represents an upgraded version of a "world simulator," achieving breakthroughs in various technical aspects [1] - The app's initial launch was limited to the U.S. and Canada, with 164,000 downloads in the first two days, reaching the third position in the U.S. App Store [2] - The app includes features like "Cameo" for creating digital avatars and "Remix" for advanced video editing, which could stimulate community creativity [3] Group 2 - The launch of Sora2 marks a transition of AI video generation technology from experimental tools to mainstream applications, potentially accelerating the commercialization of AI video [4] - Current global rankings for text-to-video models place Kuaishou's Kling2.5Turbo at the top, followed by competitors like Google Veo3 and Alibaba Wan2.5Preview [4]

Core Viewpoint - OpenAI's new video generation model Sora2 and its associated app SoraApp are expected to reshape the short video ecosystem, enhancing AI-generated content's share in video platforms and narrowing the gap with Douyin [1][2]. Group 1: Sora2 Features and Innovations - Sora2 represents an upgraded version of the "world simulator," achieving breakthroughs in image resolution, style control, and instruction adherence [2]. - The model integrates audio-visual synchronization technology, significantly improving physical simulation accuracy, capable of mimicking real-world dynamics such as gymnastics and diving [2]. - SoraApp, launched alongside Sora2, combines creation, distribution, and interaction into a single AI-native social ecosystem, featuring a vertical video stream design similar to TikTok [2][3]. Group 2: User Engagement and Features - The "Cameo" feature allows users to create digital avatars by recording short video samples, which can be seamlessly integrated into AI-generated scenes, potentially creating a new market for digital portrait rights [3]. - The "Remix" function enables users to deconstruct and reassemble video content, fostering community creativity by allowing replacements of main characters, backgrounds, and elements [3]. - SoraApp's interface encourages a closed-loop ecosystem of creation and interaction, combining viewing, inspiration, remixing, sharing, and feedback [3]. Group 3: Market Impact and Adoption - The launch of Sora2 and SoraApp marks a transition of AI video generation technology from experimental tools to mainstream applications, accelerating the commercialization of AI video [4]. - In the initial two days post-launch, Sora's iOS app achieved 164,000 downloads and quickly rose to the third position in the U.S. App Store rankings, despite being limited to invite-only access in the U.S. and Canada [2].

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） 智通财经APP获悉，根据2025年10月8日披露数据，绿色动力环保（01330）、中国电信（00728）、中 远海能（01138）位居港股通持股比例前3位，分别为70.12%、69.73%、69.52%。此外，阿里巴巴－W （09988）、盈富基金（02800）、腾讯控股（00700）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+36.52亿元、+14.31亿元、+11.54亿元;中国移动（00941）、中国电信（00728）、建设银行 （00939）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-6.21亿元、-3.50亿元、-3.35亿 元。 | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | +36.52亿元 | +2056.27万股 | | 盈富基金(02800) | +14.31亿元 | +5211.08万股 | | 腾讯控股(00700) | +11.54亿元 | +171.01万股 | | 华虹半导体(01347) | ...

证券研究报告 | 2025年10月08日 快手-W（01024.HK） OpenAI 发布 Sora APP，AIGC 需求加速增长 1 优于大市 公司研究·海外公司快评 互联网·互联网Ⅱ 投资评级：优于大市（维持） 证券分析师： 张伦可 0755-81982651 zhanglunke@guosen.com.cn 执证编码：S0980521120004 证券分析师： 陈淑媛 021-60375431 chenshuyuan@guosen.com.cn 执证编码：S0980524030003 事项： OpenAI 于 2025 年 9 月 30 日发布的新一代视频生成模型 Sora 2 和 Sora APP，发布后在社交媒体火爆出圈。 国信互联网观点： 作为"世界模拟器"的升级版本，Sora 2 在图像分辨率、风格操控和指令遵循方面均有突破。Sora2 通过 整合音视频同步生成技术，实现画面与环境音、物体交互声及对话的匹配，并显著提升物理仿真精度，能 模拟体操动作、跳水力学等真实世界动态。 OpenAI 同步推出了独立的 Sora App，从工具到社交平台，构建了一个集创作、分发、互动于一体的 AI 原 生社 ...

Investment Rating - The investment rating for Kuaishou-W (01024.HK) is "Outperform the Market" (maintained) [2][7]. Core Insights - OpenAI's release of the Sora 2 video generation model and the Sora App is expected to significantly boost the demand for AI-generated content, creating new opportunities in the social media landscape [3][6]. - Sora 2 features advancements in image resolution, style control, and instruction adherence, integrating audio-visual synchronization to enhance realism in generated videos [4][5]. - The Sora App, designed similarly to TikTok, allows users to create and share AI-generated videos, fostering a new social ecosystem around AI content creation [5][6]. Summary by Sections Company Overview - Kuaishou is positioned as a leader in the AI video sector, with its AI-generated video capabilities showing strong performance and continuous improvement [6]. Market Dynamics - The introduction of Sora 2 is anticipated to reshape the short video ecosystem, potentially increasing the proportion of AI-generated content and narrowing the gap with platforms like Douyin [6]. Financial Projections - The financial outlook includes projected revenues of 660,257 million in 2024, increasing to 865,930 million by 2027, with a net profit growth rate of 68% in 2024 [19].