快手近日对其组织架构进行了重要调整，可灵AI在快手内部的重要性显著增强。据《晚点LatePost》获 得的独家消息，快手宣布由公司高级副总裁盖坤兼任可灵AI技术部负责人。盖坤此前已担任可灵AI事 业部负责人及社区科学线负责人，此次调整意味着他将直接向快手科技创始人兼首席执行官程一笑汇 报。 此次人事变动不仅体现了快手对可灵AI的高度重视，也预示着可灵AI将继续坚持"技术驱动"的战略方 向。盖坤以其深厚的技术背景在业界享有盛誉，他在清华大学研读本科与博士期间专注于识别与智能系 统领域，并在阿里巴巴期间提出了"深层用户网络兴趣分布"模型，优化了淘宝、天猫等平台的用户点击 偏好预测能力。 可灵AI的崛起与盖坤密不可分。可灵大模型最初便是由盖坤带领的社区科学线团队开发，该团队在处 理海量视频内容方面积累了丰富的经验，这些能力在开发大模型时得到了直接复用。2023年下半年，当 多数互联网公司聚焦于大语言模型和图片模型时，盖坤果断决策，将资源投入到视频模型的研发中。这 一决策最终使快手在全球率先推出了与Sora一致采用DiT路线的视频大模型，并直接面向普通用户开 放。 可灵AI的发展速度令人瞩目。自诞生以来，可灵AI在一 ...

8月15日，快手发布组织架构调整公告，宣布由快手高级副总裁、可灵AI事业部负责人兼社区科学线负 责人盖坤兼任可灵AI技术部负责人，继续向快手科技创始人兼首席执行官程一笑汇报。 公开信息显示，盖坤本科与博士均毕业于清华大学，研究方向为识别与智能系统。2011年以"阿里 星"（全球顶尖青年科研人才）身份入职阿里巴巴，负责广告算法与AI技术研发，其提出的"深层用户网 络兴趣分布"模型，进一步优化了用户点击偏好预测能力。2020年，盖坤正式加入快手，主导内容理解 应用、推荐大模型及视频生成大模型的技术布局，推动算法、应用与商业模式的协同创新。 2024年6月，盖坤带领团队研发推出全球首个用户可用的DiT视频生成模型——可灵AI。 今年4月30日，可灵AI升级为一级事业部，战略地位进一步提升。今年的4月和5月，可灵分别推出模型 的2.0和2.1版本，除了迭代基座模型的训练数据和参数，还进一步强化了模型在可控性方面的能力。 自上线以来，可灵AI已迭代升级30余次，在全球拥有超过4500万用户，累计生成超2亿个视频和4亿张 图片，服务超过2万家企业客户。根据2025年快手Q1财报，一季度可灵AI营业收入超过1.5亿元人民 ...

新浪科技讯 8月15日下午消息，快手发布组织架构调整公告，宣布快手高级副总裁、可灵AI事业部负责 人兼社区科学线负责人盖坤兼任可灵AI技术部负责人，继续向快手科技创始人兼首席执行官程一笑汇 报。 公开信息显示，盖坤本科与博士均毕业于清华大学，研究方向为识别与智能系统。2011年盖坤以"阿里 星"（全球顶尖青年科研人才）身份入职阿里巴巴，负责广告算法与AI技术研发，其提出的"深层用户网 络兴趣分布"模型进一步优化了用户点击偏好预测能力。2020年，盖坤正式加入快手，主导内容理解应 用、推荐大模型及视频生成大模型的技术布局，推动算法、应用与商业模式的协同创新。 2024年6月，盖坤带领团队研发推出全球首个用户可用的DiT视频生成模型"可灵AI"。内部人士分析， 盖坤深耕算法技术多年，作为可灵AI团队的灵魂人物，此次兼任可灵AI技术负责人，显现出可灵AI在 快手大模型整体战略中的重要地位，也意味着"技术驱动"战略将在很长一段时间内主导着可灵AI的发 展。 今年4月30日，可灵AI升级为一级事业部，战略地位进一步提升。分析认为，此次组织升级后，独立的 团队和组织架构设计便于可灵AI以更加灵活的形式进行资源调配和人力投 ...

Group 1: Dairy Industry - French dairy giant Lactalis has been granted exclusivity in acquisition negotiations with Fonterra, indicating a significant strategic decision to divest its consumer brands business [3] - This exclusivity suggests that Lactalis is likely to become the final buyer of Fonterra's consumer brands [3] Group 2: Retail Industry - Seven & i Holdings announced a growth strategy for fiscal year 2030, planning to invest 300 billion yen to add 1,000 new convenience stores in Japan and renovate 5,000 existing stores [5] - The initiatives include store renovations, introduction of the "Seven Cafe" series, and expansion of the delivery service "7NOW," aiming to increase sales from 12 billion yen in fiscal year 2024 to 120 billion yen by fiscal year 2030 [5] Group 3: Food Delivery Industry - Meituan has launched a "Dine-in Boost" plan, distributing in-store consumption vouchers to all members, aiming to support struggling small restaurants amid ongoing competition in the food delivery sector [7] - The initiative currently covers 100,000 physical stores, with plans for further expansion [7] Group 4: Fashion Industry - S&P Global has downgraded the credit outlook for French luxury group Kering from "stable" to "negative," citing a significant sales decline expected in the first half of 2025, particularly in the Asia-Pacific and Chinese markets [17] - Kering's revenue in the Asia-Pacific region fell by 22% year-on-year, with core brand Gucci's sales decreasing by approximately 25% [17] Group 5: Corporate Governance - Tims Coffee announced the resignation of board member Meizi Zhu, who was the only Tencent representative on the board, following Tencent's investment in the company [20] - The company does not plan to fill Zhu's vacancy on the board [20] Group 6: Corporate Leadership Changes - Julee Co., a New Third Board listed company, announced that Chairman Tong Enwen is temporarily unable to fulfill his duties due to health reasons, with Gao Zhaohui appointed as acting chairman [22] - This change occurs against the backdrop of the founder's advanced age and the company's critical IPO period [22] Group 7: Corporate Restructuring - La Chapelle appointed Wang Guoliang as the new chairman following the resignation of Zhao Jinwen, with Wang controlling 65% of the company's shares [25] - This appointment aims to ensure the synchronization of restructuring negotiations, asset disposal, and delisting processes [25]

Core Insights - The rise of AI short dramas, particularly in genres like fantasy and sci-fi, has gained significant traction on short video platforms, with one title, "The Nine-Tailed Fox Male Demon Falls in Love with Me," achieving 180 million views. However, claims of monthly revenues reaching 500,000 yuan are exaggerated, as many teams have not yet achieved overall profitability [1][3][4]. Group 1: Industry Trends - AI short dramas are seen as having cost advantages in creating fantasy worlds, but high-quality productions face challenges related to character and scene consistency, leading to higher financial and time investments compared to traditional dramas [3][10]. - The competition among AI short drama creators is intense, with many still in the "burning money" phase, focusing on refining their works rather than achieving profitability [4][9]. - Platforms like Douyin and Kuaishou are aggressively supporting AI creators through financial incentives and traffic boosts, with Douyin's "Jimeng" achieving 8.93 million monthly active users by March 2025, while Kuaishou's "Keling" has a lower user base but has surpassed 100 million USD in annual revenue [3][7]. Group 2: Creator Challenges - Many creators, such as "AI Xiaobao," have found initial success but still rely heavily on teaching and advertising revenue, with expectations of continued losses in the near term [6][9]. - The industry is currently characterized by low-quality, highly homogeneous AI short dramas that attract views but lack substantial commercial value, making it difficult for brands to invest due to concerns about brand image [9][10]. - High-quality AI short dramas remain a blue ocean market, but technical and financial barriers hinder widespread success, particularly in maintaining character consistency and spatial accuracy in AI-generated content [10][12]. Group 3: Brand Engagement - Brands are increasingly open to advertising through AI short dramas, with a shift towards performance-based advertising models that prioritize sales conversion over traditional high-budget productions [12][13]. - Despite growing acceptance, some brands still demand that AI-generated content does not appear "AI-like," leading to challenges in meeting client expectations and resulting in increased production time and costs [13].

Core Viewpoint - The article discusses the challenges faced by major internet platforms, particularly in the e-commerce and short video sectors, as they seek to expand their market presence through food delivery services and other avenues [1][2]. Group 1: Industry Competition - The food delivery sector has become a critical battleground for leading e-commerce and short video platforms, with intense competition following the entry of JD.com into the market [2][5]. - The competition in the food delivery market has intensified, leading to a resurgence of subsidy wars among major players like Meituan and Ele.me [2][4]. - Despite the conclusion of the initial food delivery battle, underlying competition continues as platforms seek to capture significant traffic [4]. Group 2: Company Strategies - Kuaishou has entered the food delivery space, launching an independent delivery service similar to Meituan and Taobao, aiming to leverage existing partnerships with delivery platforms [6][7]. - Kuaishou's food delivery offerings primarily consist of group purchase vouchers from Meituan, indicating a reliance on established players for service fulfillment [9]. - Kuaishou's chairman emphasized that e-commerce is a vital growth engine for the company, although the growth rate of its e-commerce segment has been declining [12]. Group 3: Financial Performance - Kuaishou's stock has seen significant growth, with an increase of over 81% this year, leading to a market capitalization exceeding 320 billion HKD [10][17]. - The company's revenue growth has slowed, with a year-on-year increase of only 10.9% in Q1, compared to previous years [10]. - Kuaishou's e-commerce GMV growth has also decelerated, with figures from 2021 to 2024 showing a decline in growth rates from 78% to 17% [12]. Group 4: Future Directions - Kuaishou is exploring new avenues for growth, including the launch of a self-operated online lending service, indicating a strategic shift towards financial services [13][14]. - The company is also investing in AI, establishing a dedicated AI division to enhance its capabilities in video generation, which is seen as a potential second growth curve [16][17]. - Analysts have recognized the potential of Kuaishou's AI initiatives, with market estimates for the global video generation market reaching between 11 billion to 23 billion USD [17][18].

Core Viewpoint - Kuaishou has launched its own lending platform "Shengxin Jiejin," marking its entry into the financial services sector, which is increasingly becoming a standard for major internet companies [2][3]. Lending Products - Kuaishou's lending offerings include "Kuaishou Monthly Payment," which allows users to make purchases in Kuaishou stores and repay the following month with a maximum interest-free period of 37 days [2]. - The platform's lending model primarily involves connecting licensed financial institutions with users, utilizing API and H5 lending technologies [4]. - The maximum loan amount available through Kuaishou's lending services is 200,000 yuan, with annual interest rates ranging from 23.65% to 35.99% depending on the lending institution [4][6]. Market Position and Competition - Kuaishou's financial services are seen as lagging behind competitors like Douyin, which offers lower interest rates and more established lending products [5][6]. - The company has faced complaints regarding high interest rates and restrictions on early loan repayment, indicating potential challenges in customer satisfaction [6]. Regulatory Environment - New regulations effective from October 1, 2023, will impose stricter controls on internet lending practices, potentially impacting Kuaishou's high-interest lending model [7][8]. - Kuaishou has recently acquired three financial licenses, including for small loans and insurance brokerage, to enhance its financial service offerings [9][12]. User Base and Growth - Kuaishou has a substantial user base, with 408 million daily active users and 711.7 million monthly active users, but growth rates have slowed compared to previous years [14]. - The company's e-commerce gross merchandise volume (GMV) reached 332.3 billion yuan in Q1 2023, reflecting a 15.4% increase year-on-year, but this is lower than the previous year's growth rate [14]. Strategic Challenges - Kuaishou's late entry into the financial services market raises questions about its ability to compete against established players with stronger brand recognition and broader service offerings [15]. - The company faces challenges in building financial brand awareness and developing user habits related to financial products [15][16].

该行重申对快手的"买入"评级，认为近期市场过度担忧，目标价95.37港元。现价对应2025年预测市盈 率13.6倍，而该行料2024至2026年每股盈利年均复合增长率达21%，认为估值具吸引力。 另外，自4月可灵AI 2.0版本上线后，该程序在美国iOS图像设计类别应用程序的收入排名显著提升，并 于8月有进一步增长。该行认为付费指标较用户指标更能反映业务表现，因用户指标或受到媒体报道影 响。 瑞银发表研究报告指，近日有传快手与美团合作拓展外送服务，引发市场忧虑过度竞争。该行认为，市 场错误解读快手与美团合作的消息，快手并不会直接参与外送业务，相信是次举措是快手进一步向美团 开放其生态圈及流量，并有利于快手，因可带来额外广告需求。 ...

行业渠道调研进一步印证了可灵AI的竞争力，近期，瑞银对视频生成 行业进行了渠道调研，包括与顶 尖的民营视频 AI 模型运营商进行交流。在同行评价中，可灵AI在定价、视频生成连续性、时长及成本 控制方面表现突出。 在全球视频内容制作市场年支出约 1200 亿美元的背景下，生成式 AI 正掀起行业变革浪潮。智通财经 获悉，瑞银最新报告指出，快手(01024)旗下视频生成模型可灵AI潜力巨大，其瞄准的全球市场规模预 计可达 110-230 亿美元，有望成为快手第二增长曲线。 从市场结构看，这一规模由两部分构成：面向 3000-4000 万专业用户的 70-140 亿美元市场，以及覆盖 6000-10000 万内容创作者的 40-80 亿美元消费级市场。专业用户群体参考了 Adobe Premiere Pro 等专业 视频软件的用户基数，消费级市场则对标 YouTube、抖音、快手等 UGC 平台的创作者规模，这为可灵 AI的市场拓展提供了清晰蓝图。 对于中长期竞争格局，业内专家认为视频生成式 AI 不会形成 "赢家通吃" 的局面。不同玩家定位各有侧 重：谷歌等互联网巨头倾向于将其作为云服务或广告业务的配套工具，而可 ...

Market Overview - The Hang Seng Index rose by 0.09% to 24,929.34 points, while the Hang Seng Tech Index fell by 0.39% to 5,438.57 points [1] - The year-to-date performance of the Hang Seng Index is up 24.27%, and the Hang Seng Tech Index is up 21.72% [2] Technology Sector - Major tech stocks showed mixed performance: Alibaba fell by 1.35%, Tencent by 0.27%, while JD.com rose by 0.16% and Xiaomi by 0.79% [2] - Apple-related stocks performed strongly, with Hon Teng Precision rising over 7% and BYD Electronics over 4% [3] Food and Beverage Sector - The food and beverage sector saw significant gains, with Modern Dairy up over 15%, China Shengmu up over 11%, and other companies like Mengniu Dairy and Nongfu Spring also rising [3][4] - A new subsidy policy for families with infants is expected to boost dairy consumption, particularly in low-tier cities, benefiting the infant formula market [4] Dairy Industry Insights - The dairy industry is transitioning from scale expansion to value enhancement, with solid dairy products like cheese and butter gaining traction [4] - The B-end dairy market is projected to exceed 40 billion by 2024, with a CAGR of 14.3% expected from 2025 to 2028 [4] Beer Industry Outlook - The beer industry is expected to maintain stable consumption, with a long-term trend towards premiumization [5] - The exploration of second growth curves is anticipated to open up long-term growth opportunities [5] Semiconductor Sector - The semiconductor sector saw gains, with Hua Hong Semiconductor rising over 3% [6] - Goldman Sachs forecasts a 10% to 13% quarter-on-quarter revenue growth for Hua Hong Semiconductor in Q3, with a gross margin expectation of 10% to 12% [6]