瑞银指出，在公司披露可灵AI2025年12月ARR达到2.4亿美元后，据晚点LatePost报道，2026年1月可灵 日收入较2025年12月水平进一步提升约30%，显示商业化仍具上行空间。同时，可灵1月MAU已突破 1200万，付费用户规模环比增长350%。 瑞银认为，上述进展主要得益于2025年底以来一系列产品迭代，包括全球首个大一统多模态视频模型可 灵O1、具备"音画同出"能力的可灵2.6模型以及全新的动作控制功能。其中，在动作控制功能之下，用 户上传本地视频或是从动作库中选择需要模仿的动作，再上传一张人物主体参考图，就可以生成精准控 制动作及表情的角色视频。简易的操作和玩法，降低了使用门槛，带动了产品的自发讨论。从韩国蔓延 至全球的"宠物跳舞"AI视频，也让可灵AI获得了一轮"病毒式传播"。 1月28日，快手-W(01024)早盘高开后震荡上行，截至发稿报81.25港元，涨3.11%，成交额约12.4亿港 元。 消息面上，瑞银(UBS)近日发布最新研报称，快手旗下视频生成式AI产品可灵AI在2026年初的商业化进 展表现强劲，并据此上调对快手的分部估值及目标价。 基于上述判断，瑞银将2026年可灵收入 ...

(责任编辑：刘芃) 其实，快手菜并不是"偷懒"，而是消费者对年夜饭的期待变了，希望少点时间在厨房煎炒烹炸，把 更多时间留给家人和放松休息。这顿一年中最重要的晚餐，依然是地道、丰盛的，准备的过程也可以是 从容、轻松的。不管是家庭大厨还是快手菜，只要一家人能坐在一起，热热闹闹，欢声笑语，就是一桌 幸福的年夜饭。(本文来源：经济日报 作者：佘 颖) 又到了置办年夜饭的时候，让我们看看平台都在推什么——盒马与热播节目《一饭封神》的大厨联 手，上架了烧椒鲈鱼、香辣蟹、永春白鸭炖午鱼狮子球等快手菜。叮咚买菜的"马上有福"醒狮花馍，把 2025年的爆款小狮子换成"小马脸"。还有小象超市的香辣羊蝎子、广式老鸽汤、千丝肥肠、松鼠鲈 鱼……一桌大菜都能凑齐了。 对此，让人联想到，此前某企业关于卖的是不是预制菜引发消费者关注，嫌贵不买账是其中一种声 音。但这些平台的快手菜，为啥消费者不反感，反而一盒一盒往家搬？ 预制菜嫌贵，快手菜真香，这一冷一热的反差，并不是因为改了个名字，而是看知情权、选择权在 谁手里。这再次验证，消费者并不是一味排斥预制菜，而是讨厌不明不白地吃到预制菜，更讨厌"花现 炒菜的钱，吃微波炉加热的预制菜"。如果把选 ...

又到了置办年夜饭的时候，让我们看看平台都在推什么——盒马与热播节目《一饭封神》的大厨联 手，上架了烧椒鲈鱼、香辣蟹、永春白鸭炖午鱼狮子球等快手菜。叮咚买菜的"马上有福"醒狮花馍，把 2025年的爆款小狮子换成"小马脸"。还有小象超市的香辣羊蝎子、广式老鸽汤、千丝肥肠、松鼠鲈 鱼……一桌大菜都能凑齐了。 对此，让人联想到，此前某企业关于卖的是不是预制菜引发消费者关注，嫌贵不买账是其中一种声 音。但这些平台的快手菜，为啥消费者不反感，反而一盒一盒往家搬？ 预制菜嫌贵，快手菜真香，这一冷一热的反差，并不是因为改了个名字，而是看知情权、选择权在 谁手里。这再次验证，消费者并不是一味排斥预制菜，而是讨厌不明不白地吃到预制菜，更讨厌"花现 炒菜的钱，吃微波炉加热的预制菜"。如果把选择权交回消费者手中，大家知道它是预制菜、看得到价 格、想吃什么买什么，那么，方便、新奇、品质稳定的快手菜就成了另一种年夜饭的解决方案。 这种转变符合消费者心理需求。英敏特《2026年中国春节消费洞察前瞻》显示，74%的消费者将春 节视为"调整身心的假期"。某商家用户调研显示，春节假期，每个用户家庭平均要准备3.3顿大餐，占 用大量时间。某研究机 ...

Core Insights - The competition in the local lifestyle sector remains intense, with major internet platforms like Alibaba, Douyin, and Kuaishou actively engaging in various strategies to capture market share [1][2][6][10] Market Overview - The O2O market in China is projected to reach 33,076.1 billion yuan in 2024, growing by 18.7% year-on-year, with home services accounting for 17,718.6 billion yuan and in-store services for 15,357.5 billion yuan [1] - By 2028, the O2O market is expected to exceed 59,000 billion yuan [1] Company Strategies - Kuaishou has launched the "Kuaishou Circle" app, focusing on local services such as recruitment and home services, aiming to leverage its existing user base [2][14] - Kuaishou's local lifestyle division has seen significant growth, with GMV increasing 25 times and buyer numbers growing 23 times in 2023 [8] - Douyin continues to expand its market share in local services, reporting a 59% year-on-year increase in total transaction volume for 2025 [10] Competitive Landscape - Major players like JD.com and Alibaba are investing heavily in local services, with JD.com committing 1 billion yuan to enhance home services and Alibaba upgrading its local service offerings through AI technology [1][17] - The competition has shifted from merely acquiring traffic to focusing on service depth and ecosystem breadth, indicating a strategic pivot in the industry [22][23] Organizational Changes - Kuaishou has restructured its local lifestyle division, integrating it with its commercial and e-commerce teams to enhance operational efficiency and focus on service delivery [11][13] - The leadership change aims to streamline business objectives and improve collaboration across departments [11] Future Trends - The local lifestyle sector is witnessing a resurgence as companies explore previously overlooked service areas, such as recruitment and home services, which were once deemed low-margin and high-effort [15][22] - The evolution of local services is expected to redefine how digital platforms interact with real-world needs, emphasizing the importance of trust and service quality [23][24]

1月26日，快手电商在内蒙古呼和浩特举办"丰收中国"启动仪式，宣布正式启动"丰收中国"系列IP活动，并同步开启内蒙古网上年货节快手双选会，邀请数 百位内蒙古品牌、商家、达人到场洽谈合作，为内蒙古本土商品探索全新的增长机会。 启动仪式当天，快手电商在内蒙古同步落地双选会，数百位来自内蒙古本地的品牌、商家和达人来到现场洽谈合作，商家领域涵盖食品生鲜、母婴亲子、男 装女装、茶酒健康等多个行业。选品完成之后，1月30日，蛋蛋将开启内蒙古商品的专场带货直播，为亿万快手消费者带来物美价廉的内蒙古特色产品。 2026年，快手电商将陆续上线多元营销IP，以系统的流量策略、精准的资源匹配，为商家与达人构建起从内容种草到生意转化的全链路增长路径。随着各项 活动陆续落地及IP持续迭代升级，快手电商将进一步助力产地好物、老字号品牌及产业带好货，通过电商场域触达更广泛的消费人群，最终实现商家生意增 长、达人能力升级与消费者品质消费的多方共赢。 "丰收中国"是快手电商在2026年推出的重磅系列IP。快手电商将通过整合平台的优质达人资源，以及全国各地域的特色商品货盘，深入全国各地方产业带， 开展溯源直播等特色内容营销事件，助力全国各地特色 ...

"丰收中国"是快手电商在2026年推出的重磅系列IP。快手电商将通过整合平台的优质达人资源，以及全国各地域的特色商品货盘，深入全国各地方产业带， 开展溯源直播等特色内容营销事件，助力全国各地特色商品资源走进更多消费者的家中。 1月26日，快手电商在内蒙古呼和浩特举办"丰收中国"启动仪式，宣布正式启动"丰收中国"系列IP活动，并同步开启内蒙古网上年货节快手双选会，邀请数 百位内蒙古品牌、商家、达人到场洽谈合作，为内蒙古本土商品探索全新的增长机会。 "丰收中国"计划每月落地一期，每一期深度绑定多位快手优质带货达人，助力地方经济发展。该计划首站选择落地内蒙古呼和浩特，并与快手电商达人蛋蛋 达成合作，将通过专场带货，助力内蒙古特色牛羊肉产业在年货节期间的销售爆发。 启动仪式当天，快手电商在内蒙古同步落地双选会，数百位来自内蒙古本地的品牌、商家和达人来到现场洽谈合作，商家领域涵盖食品生鲜、母婴亲子、男 装女装、茶酒健康等多个行业。选品完成之后，1月30日，蛋蛋将开启内蒙古商品的专场带货直播，为亿万快手消费者带来物美价廉的内蒙古特色产品。 2026年，快手电商将陆续上线多元营销IP，以系统的流量策略、精准的资源匹配，为商 ...

Core Viewpoint - The report highlights the technological upgrades of Kuaishou's AI video generation capabilities, transitioning from high-quality video generation to reconstructing the AI video creation workflow, indicating a significant evolution in the industry [1]. Investment Highlights - Revenue projections for Kuaishou from FY25 to FY27 are estimated at 142 billion, 156.4 billion, and 170.1 billion RMB, reflecting year-on-year growth of 12%, 10%, and 9% respectively. Adjusted net profits are forecasted at 20.6 billion, 23.7 billion, and 28.1 billion RMB, with year-on-year increases of 16%, 15%, and 19% [1]. - The global video streaming revenue is expected to reach 214.6 billion USD by 2025, with an estimated AI video penetration rate of 10%, leading to a Total Addressable Market (TAM) for AI video of 25 billion USD. A bottom-up approach suggests a TAM of 21.8 billion USD, indicating significant market potential [1]. - Kuaishou's valuation is set with a target price of 104 HKD, based on a 15x PE for traditional business and a 30x PS for its AI capabilities, maintaining a "Buy" rating [1]. Industry Dynamics - The AIGC video generation sector is entering a phase of differentiation characterized by general models versus vertical capabilities and platform ecosystems. Kuaishou's model stands out for its integrated audio-visual generation and cost-effective batch production capabilities [2]. - Kuaishou has established a closed loop of technology, ecosystem, and monetization, showcasing long-term value. In Q1 to Q3 of 2025, Kuaishou's revenues were 150 million, 250 million, and 300 million RMB respectively, with a monthly revenue exceeding 20 million USD in December 2025, indicating a strong annual revenue run rate of 240 million USD [2]. - By the end of 2025, Kuaishou AI is projected to have 60 million creators globally, generating over 600 million videos and collaborating with more than 30,000 enterprise users, highlighting its commercial viability [2].

日前，快手电商发布2026年"星耀计划"，围绕新商成长经营全周期，升级十大惠商举措，涵盖保证金政策升级、经营费用减免、智能工具提效、新商成长激 励、产业带商家扶持、平台保障体验优化等多项举措，赋能新商和中小商家成长，提升商家经营的长期确定性。 一、深化降本增效：经营费用减免，AI工具提效 举措一：保证金政策再升级，降低中小商家经营成本 ·扩展0元开店类目：持续扩展0元保证金开店类目，帮助商家低成本开启店铺经营。 ·下调优质新商保证金："0元开店"试运营期结束后，优质企业店商家再享保证金优惠政策（预计2026年3月生效）。 ·新商首销返现：26年新入驻报名参与首销活动的商家（除个人店以外），发布并实现首销可得直返现金和专享流量包，单商最高得240元现金和4600流量 券。 举措二："退货包运费"服务费减免 ·26年新商"退货包运费"服务费补贴：报名、开通"退货包运费"且符合要求的商家最高可享1300单服务费免单。 ·中小优质潜力新商专享90天补贴计划：26年1月首销商家，"退货包运费"服务7天不关闭，则7天内享最高1000单服务费免单；"退货包运费"服务90天不关 闭，则90天内可享服务费最高免1000单；活动 ...

Investment Rating - The report assigns an "Accumulate" rating to Kuaishou-W with a target price of 104 HKD, based on a valuation of 15x PE for traditional business and 30x PS for Kuaishou's AI video model [2][11]. Core Insights - The report highlights the acceleration of AIGC (AI Generated Content) video commercialization, emphasizing Kuaishou's ability to integrate technology, ecosystem, and monetization to unlock long-term value [1][11]. - Kuaishou's revenue is projected to grow from 142 billion RMB in 2025 to 170 billion RMB by 2027, with adjusted net profit expected to increase from 20.6 billion RMB to 28.1 billion RMB during the same period [5][11]. - The global video streaming revenue is anticipated to reach 214.6 billion USD in 2025, with AI video penetration expected to contribute significantly to the total addressable market (TAM) of approximately 25 billion USD [27][11]. Summary by Sections 1. AIGC Video Generation Technology - AIGC is transitioning from a creative tool to a core productivity driver in the content industry, supported by advancements in deep learning and multimodal models [13][15]. - The demand for efficient content supply in industries like media, e-commerce, and advertising is driving the adoption of AIGC technologies [15][23]. 2. Competitive Landscape - The AIGC video generation market is entering a phase of differentiation among general models, vertical capabilities, and platform ecosystems [34][36]. - Kuaishou's Kling 2.5 Turbo ranks highly in performance and cost-effectiveness compared to competitors, showcasing its advantages in integrated audio-visual generation and understanding of the Chinese context [34][36]. 3. Kuaishou's Value Creation - Kuaishou has established a closed loop of technology, ecosystem, and monetization, with significant revenue growth from its AI video model, which reached an annualized revenue run rate of 240 million USD by December 2025 [11][44]. - The report notes that Kuaishou's AI model has generated over 600 million videos and collaborated with more than 30,000 enterprise users, indicating strong commercial potential [11][44]. 4. Financial Projections and Valuation - Kuaishou's financial forecasts indicate a steady revenue growth trajectory, with adjusted net profit expected to grow at a compound annual growth rate (CAGR) of 16% from 2025 to 2027 [5][11]. - The report suggests a conservative valuation approach, applying a 15x PE for traditional business and a 30x PS for the AI segment, reflecting the company's growth potential in the AIGC space [11][11].

Kuaishou Conference Call Summary Company Overview - Kuaishou is positioned as an aggressive player in the market, actively investing in Japan, South Korea, and Southeast Asia. The O one and 2.6 models have shown progress in motion control features, indicating potential for sustainable long-term growth [2][4]. Financial Performance - Kuaishou's market capitalization is approximately 300 billion RMB (44 billion USD). Its AI video product "Possible" has reportedly surpassed competitor Minimax's "Conch" in revenue, with expected monthly revenue exceeding 20 million USD by December 2025, leading to an annual recurring revenue (ARR) of 240 million USD. If "Possible" achieves an annual revenue of 2.5 billion RMB in 2026, the company's valuation elasticity will further improve [2][5]. - The company is nearing breakeven in its core business, with adjusted net profits projected at 20.6 billion RMB and 23.7 billion RMB for 2025 and 2026, respectively. The valuation of Hong Kong internet companies is relatively low, and Kuaishou's main business remains robust, with growth potential for the "Possible" product [2][6]. Market Position and Competitive Landscape - Kuaishou has a clear overseas strategy, leveraging domestic labor cost advantages and synchronized technological development. It leads in algorithm and user experience compared to domestic competitors like Deyi and Aisike Technology, as well as international players like OpenAI and Google. The "Possible" 2.5 model ranks in the top three in both video and image generation fields [2][7]. - Despite Google View and OpenAI Solo having superior funding and technology, they primarily target large film companies with high pricing. Kuaishou's competitive edge lies in optimizing image generation quality while maintaining reasonable pricing, making it more market-competitive [2][8]. AI Video Generation Market Potential - The AI video market is projected to reach 100 to 200 billion USD. By 2025, global multimedia revenue is expected to be 220 billion USD, with an AI penetration rate of 10%, leading to an estimated AI video market size of about 25 billion USD. Kuaishou has significant potential in the To C content generation platform, with expectations for exponential growth in the long term [3][11][12]. - The market analysis indicates a total market space of approximately 22.1 billion USD, considering B-end enterprises, C-end creators, and professional institutions [11]. Advertising Business and AI Integration - AI has significantly empowered Kuaishou's advertising business, contributing approximately 4% to 5% of revenue in Q3 and Q4 of 2025. Given the current low valuation and the positive results reported by major internet companies since 2024, this trend is expected to continue as technological breakthroughs occur [3][13].