首映礼现场，《新世界加载中》总导演陈翔宇、可灵AI产品及运营负责人李杨、快手星芒短剧业务负责人张兰兰展开交流。受访者供图 陈翔宇表示，AIGC内容目前还无法与实拍内容的结构百分百相似。他这样理解AI对影视行业的降本增效，类似于"花小钱办大事"：假设AI能做到以30%或 50%的制作时间、15%至40%的成本，达到70%的实拍效果，就有价值。 新京报贝壳财经讯（记者韦英姿）6月25日，由快手可灵AI（人工智能）与星芒短剧联合出品、异类Outliers团队制作的AI单元故事集《新世界加载中》在北 京举行首映礼。AIGC（生成式人工智能）内容商业化起步在即，可灵AI超级创作者、《新世界加载中》总导演、异类Outliers创始人陈翔宇向新京报贝壳财 经记者表示，行业当前处于启蒙阶段，暂时还没有形成完善的商业模式，近期异类团队也在做一些新的尝试和探索，包括IP（知识产权）层面的打造。在他 看来，这是整个行业要去面临的事情。 技术注定带来商业化变革。据可灵AI产品及运营负责人李杨观察，相当一部分AI创作者为爱发电。"可灵与AI创作者合作是希望能帮助更多创作者找到广 告、宣传片等商业化机会。创作者活得好，行业才能共同建立起 ...

Core Viewpoint - Jefferies has issued a report indicating that Kuaishou's Keling AI is leading in data observation, computing power, and AI capabilities, which accelerates monetization and presents multiple competitive advantages [1] Group 1: Company Insights - Keling AI has a differentiated pricing strategy and a large total addressable market (TAM) [1] - The online marketing revenue for Kuaishou is expected to increase year-on-year in the second half of the year due to various driving factors [1] - Kuaishou's e-commerce market share is expanding, with a more rational approach to the 618 promotion compared to the previous year [1] Group 2: Financial Performance - The report states that 70% of Keling AI's revenue comes from subscriptions by professional consumers, while 30% comes from commercial clients through APIs [1] - Geographically, 70% of the revenue is derived from overseas markets, and 30% from domestic markets [1] Group 3: Market Potential - The potential market for video content production is estimated to reach $120 billion globally, distributed across advertising, drama and film, animation, and short videos [1] - Keling AI reduces video production costs, and its digital human solutions help advertisers and merchants allocate resources more effectively, especially during off-peak seasons [1]

首先，以高热度事件点燃声量，第一时间吸引用户关注。 暑期档，历来是各大品牌兵家必争之地。 横跨三个月的时间长度，学生和家庭群体的强烈出行及消费欲望，往往能给酒旅、餐饮、购物、文化娱乐、教培等各个行业添一把盛夏烈火。以素来最火爆 的文旅消费为例，众信旅游零售数据显示，截至6月中旬，今年暑期出游人次已同比增长70%、消费GMV增长超80%。 回顾近些年暑期战况，品牌借力短视频、社交平台营销放大声量、促进互动、强化内容优势，已成为拉动生意额增长的不二之策。近日，快手磁力引擎发布 了「暑期内容营销招商通案」，提供覆盖声量场、互动场、内容场和生意场的组合营销方案，打造暑期营销IP版图。 快手拥有超4.5亿活跃用户，这些"老铁"们来自五湖四海、分布在各个年龄层，全方位覆盖宅家追剧、社交购物、旅行出游等各类消费场景，是品牌梦寐以 求的"宝库"。来到2025年，暑期品牌营销呈现出什么新方向？品牌和用户的关注点又发生了什么变化？快手这一套营销方案或许能给我们提供一些参考。 接地气的主题和内容风格、覆盖面广且个性多元的创作者，向来是快手内容生态最大特点。此次暑期档，快手将发挥并放大这一优势，相继推出《乐过四季 （第二季）》、《快 ...

Core Viewpoint - Kuaishou has fully launched its AI model-driven recommendation system, OneRec, which is the first industrial-grade recommendation solution in the industry, setting a new standard globally [1][15]. Group 1: Technological Advancements - Kuaishou's technology has reached a top-tier level, particularly in video generation models [2]. - The company has made significant underlying technological advancements that surpass initial perceptions of it being merely a short video platform [3]. Group 2: Recommendation System Overview - Recommendation systems are a major technological innovation of the mobile internet era, utilized by popular platforms like Kuaishou, Douyin, and Pinduoduo [4]. - Traditional recommendation systems typically rely on user-based collaborative filtering and content-based collaborative filtering [4][6]. Group 3: Challenges in Traditional Systems - Traditional multi-stage recommendation systems face issues such as low overall GPU utilization and inefficiencies due to independent model operations [10][11]. - The complexity of user interests and the conflicting goals of increasing click-through rates while maintaining content diversity lead to decreased recommendation accuracy [9][10]. Group 4: OneRec's Innovations - OneRec shifts from a multi-stage filtering approach to an end-to-end model that directly generates a list of recommended videos based on user interests [16]. - The system employs a multi-modal semantic tokenizer to deeply understand video content beyond surface-level tags, enhancing content comprehension [21][24]. Group 5: User Modeling and Interest Tracking - OneRec integrates user behavior over time to create a comprehensive "interest sequence," allowing for more accurate recommendations that adapt to changing user preferences [28][30]. - The model uses deep neural networks to automatically learn complex interest changes from large datasets, improving recommendation accuracy [30]. Group 6: Recommendation Generation - The system utilizes an encoder-decoder structure, where the encoder compresses user interest trajectories into vectors, and the decoder generates a sequence of recommended content [32][33]. - The introduction of a Mixture of Experts (MoE) architecture enhances model capacity and efficiency, allowing for personalized recommendations while maintaining content diversity [34][36]. Group 7: Reinforcement Learning Integration - OneRec incorporates a reward mechanism using reinforcement learning to align user preferences with recommendation outcomes, enhancing the overall effectiveness of the system [38][44]. - The model's training includes various reward signals to ensure a balanced distribution of content types and to adapt to real-world business complexities [41][42]. Group 8: Performance Metrics - During the testing phase, OneRec demonstrated performance metrics comparable to existing complex systems, with user engagement metrics such as watch time and user lifecycle showing positive growth [46][47]. - In local life scenarios, OneRec achieved a 21% increase in GMV and significant growth in order volume and new customer acquisition [48]. Group 9: Future Considerations - Despite its advancements, OneRec still faces challenges related to inference speed, resource consumption, and further optimization of the reward mechanism [49]. - The introduction of OneRec marks a new phase in recommendation systems, aligning them with the latest advancements in AI and machine learning [49][50].

Investment Rating - The investment rating for Kuaishou Technology is Equal-weight [6] Core Insights - The competition in the AI video generation sector has intensified with the launch of ByteDance's Seedance 1.0 pro, which has achieved the top ranking in both text-to-video and image-to-video categories, outperforming competitors like Google's Veo 3.0 and Kuaishou's Kling 2.0 [2][3] - The pricing of Seedance 1.0 pro is competitive at Rmb3.67 for a 5-second video, which is 60-70% lower than similar market offerings, and it generates videos relatively quickly at approximately 40 seconds for a 5-second output [2][3] - The report suggests that while the recent releases from ByteDance and Minimax could significantly increase competition, it is premature to determine the long-term market leader in AI video generation [3] - Kuaishou's Kling model has shown strong financial performance year-to-date, which has positively influenced its share price, but there is a caution against overvaluing Kling before the competitive landscape stabilizes [3] Summary by Sections Industry Overview - The AI video generation market is experiencing heightened competition with new entrants and advancements in technology [1][3] Company Performance - Kuaishou Technology's Kling model is expected to exceed revenue guidance, reflecting strong market demand [4] - Financial projections for Kuaishou indicate a revenue increase from Rmb127 billion in 2024 to Rmb165 billion by 2027, with EBITDA growing from Rmb20 billion to Rmb37 billion in the same period [6] Valuation Metrics - The price target for Kuaishou Technology is set at HK$60.00, with a slight upside of 1% from the current price of HK$59.40 [6] - Key financial metrics include a projected P/E ratio of 11.2 for 2025 and an EV/EBITDA ratio of 7.1 for the same year [6]

Core Insights - The user base for micro-short dramas in China is projected to reach 662 million by December 2024, accounting for 59.7% of the total internet users, with a market size of 50.4 billion yuan, surpassing the total box office revenue for films in the same year [2][11]. Group 1: Industry Developments - Kuaishou has announced the shutdown of its short drama mini-program, confirming the decision through internal communications [3][6]. - This is not Kuaishou's first action against the short drama category, as it previously removed nearly 100 non-compliant micro-short dramas and over 150 accounts for violations in May and June [5][6]. - The rationale behind Kuaishou's decision to close the mini-program is attributed to the rise of free short dramas and the decline of paid options, aiming for content quality improvement and specialized operation in the short drama ecosystem [6]. Group 2: Competitive Landscape - Tencent has launched its own short drama mini-programs, including "Mars Watch Drama" and a new "Short Drama" program, emphasizing free access to high-quality content [7][10]. - Tencent's strategy includes leveraging its vast user base on WeChat to facilitate social sharing and content discovery, aiming to capture market share in the competitive short drama space [10]. - The partnership with the reading group, which plans to upgrade its short drama offerings, provides Tencent with a wealth of quality story materials, enhancing its competitive edge [10]. Group 3: User Behavior and Preferences - A survey in Ningbo revealed that 81.15% of respondents have watched short dramas, with average daily viewing times concentrated between 10-30 minutes, indicating a preference for consuming content during fragmented time [12]. - Approximately 31% of respondents have paid for short drama content, with average monthly spending between 10-50 yuan, highlighting a willingness to invest in quality content [14]. - The core audience for short dramas primarily consists of Generation Z and working professionals, who value content quality and innovation, steering clear of low-quality, homogeneous offerings [14].

Core Insights - The article discusses the innovative live streaming project led by explorer Li Yi, showcasing the unique culture and lifestyle of a remote tribe in Papua New Guinea, which has gained significant attention online [1][9]. Group 1: Live Streaming Event - The live streaming event, termed "Original Tribe Group Broadcast," took place in early June and lasted for half a month, featuring traditional rituals and survival techniques of the tribe [3]. - The highest simultaneous online viewership for Li Yi's broadcast reached 430,000, indicating a strong audience engagement [9]. Group 2: Cultural Exchange and Modernization - Li Yi not only showcased the tribe's unique customs, such as the pig slaughtering ceremony and fire-starting techniques, but also actively assisted the tribe in improving their living conditions through agricultural and infrastructural projects [5][7]. - The initiative aimed to empower the tribe with self-sufficiency skills, moving away from reliance on external aid and natural disaster vulnerabilities [9]. Group 3: Industry Impact - Li Yi's approach has been recognized as a breakthrough in the live streaming industry, expanding beyond traditional indoor formats to include outdoor adventures and cultural explorations [13]. - Platforms like Kuaishou have acknowledged this trend by launching challenges to recruit overseas lifestyle streamers, indicating a growing interest in outdoor and cultural content [14]. Group 4: Future of Exploration and Streaming - The article suggests that the curiosity about the world remains constant, and more explorers like Li Yi may emerge, using innovative live streaming to bring diverse cultures into public view [16].

Core Insights - The live-streaming e-commerce sector is experiencing a shift, with a notable performance during the "618" shopping festival, where Kuaishou's Xinba achieved over 40 billion yuan in sales, indicating strong consumer engagement despite a perceived cooling in the market [1][2] - Both Kuaishou and Douyin reported significant growth in their sales metrics, with Kuaishou's general merchandise card GMV increasing by over 53% year-on-year, while Douyin's overall transaction volume grew by 77% during the same period [2][3] Group 1: Sales Performance - Kuaishou's general merchandise card GMV saw a year-on-year increase of over 53%, and search GMV surged by over 143% during the "618" period [3] - Douyin's overall transaction volume increased by 77%, with its "super value purchase" category seeing a 171% year-on-year growth [3] - The number of merchants on Kuaishou achieving over 10 million yuan in GMV grew by over 43%, while those surpassing 100 million yuan increased by over 61% [4] Group 2: Market Dynamics - The live-streaming e-commerce landscape is evolving, with a shift from reliance on top influencers to a focus on store broadcasts and merchandise categories [2][8] - The "national subsidy" policy has positively impacted sales, with Kuaishou reporting that 132 merchants benefited from over 50% GMV growth during "618" [4][7] - The overall e-commerce market is facing challenges due to high penetration rates and rising operational costs, which may limit future growth [8][10] Group 3: Future Outlook - Industry experts suggest that live-streaming e-commerce can maintain a growth rate of 10% to 20% over the next 3 to 5 years, emphasizing the need for support in brand live-streaming [9] - The potential impact of rising labor costs on the e-commerce ecosystem is highlighted, as the operational complexity of live-streaming involves various roles and functions [10]

Group 1 - Kuaishou is set to shut down its short drama mini-programs by June 17, 2024, with current submissions allowed until the end of the year [1][3] - The company has shifted its focus towards native short dramas, which are believed to provide higher efficiency in user engagement and data retention [3][8] - The short drama market in China is projected to reach 50.4 billion yuan in 2024, with in-app advertisement (IAA) short dramas accounting for approximately 25 billion yuan [5] Group 2 - The future market structure for short dramas may consist of 30% paid and 70% free content, indicating a significant shift in user preferences [6] - Kuaishou's performance in the short drama sector lags behind competitors like WeChat and Douyin, with limited visibility in third-party reports [6][8] - The competition in the short drama space is intensifying, with major players like Baidu and Xiaohongshu entering the market, posing additional challenges for Kuaishou [8][10] Group 3 - The success of short dramas is increasingly tied to IP reserves, with competitors like Douyin and Baidu leveraging their own IP libraries to create a closed loop of "IP-drama-traffic" [10] - Kuaishou relies heavily on external partnerships for IP supply, which may lead to instability in its content offerings [10] - Despite efforts to enhance its AI narrative, Kuaishou's short drama segment remains a critical avenue for boosting online marketing revenue [10]

Group 1 - Kuaishou concept stocks fell by 2.99%, ranking among the top declines in the concept sector, with stocks like Yuanlong Yatu and ST Kevin hitting the limit down [1] - The concept sector saw a net outflow of 1.61 billion yuan, with 42 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 50 million yuan [2] - The top net outflow stock was Zhongwen Online, with a net outflow of 421 million yuan, followed by Tom Cat and Blue Focus with outflows of 116 million yuan and 88.59 million yuan respectively [2] Group 2 - The top gainers in the Kuaishou concept included Global Printing, Good Idea, and Wanrun Technology, which rose by 2.67%, 0.52%, and 0.43% respectively [1][3] - The overall market sentiment was negative, with several concept sectors like Combustible Ice and Brain-Computer Interface experiencing significant declines of -4.14% and -3.34% respectively [2] - The trading volume for Kuaishou concept stocks was notably high, with some stocks like Yuanlong Yatu showing a turnover rate of 22.32% [3]