Niki：快手在中午的時候，跌幅比較急，成交額排行在港股市場榜首的位置。消息方面，市場有消息指出"快手-W(01024.HK)旗下快手本地生活近日在「團 購」頁面上線獨立「外賣」入口，可連接到「外賣省心購」的頁面，商品覆蓋漢堡披薩、咖啡奶茶、速食便當等品類，品牌包括肯德基、麥當勞、瑞幸及星 巴克等。"大家都比較關注市場競爭的情況。市場對於這個消息的反應，從股價也看的出來，比較負面一些。今日看到有投資者參與快手的認沽證產品，其 中中銀認沽證17484，行使價50元，槓桿2-3倍，明年12月到期，如果認為快手沒有調整完的話，都可以繼續關注這只產品。認購證方面，中銀認購證 17442，行使價88.93元，槓桿4倍，明年7月到期。 Simon：今日很高興再次邀請中銀國際的董事朱紅Niki做客我們的專欄，分享港股市場，不如先看看指數的情況？ Niki：感謝邀請。近期指數在25000點上上落落。今日曾經上過25000樓上，最終收市24969位置。指數走的比較牛皮，觀察後市能否企穩25000之上？目前恆 指的牛熊證街貨分佈顯示，投資者主流買入牛證。差不多65%資金買入牛證，大概有35%資金買入熊證淡倉，與上周情況一樣，沒有 ...

Core Viewpoint - UBS reports that Kuaishou-W (01024) is rumored to collaborate with Meituan-W (03690) to expand delivery services, raising market concerns about excessive competition. However, UBS maintains a "Buy" rating on Kuaishou, believing that recent market fears are overblown, with a target price of HKD 95.37, corresponding to a forecasted P/E ratio of 13.6 times for 2025. The firm anticipates a compound annual growth rate of 21% in earnings per share from 2024 to 2026, indicating attractive valuation [1]. Group 1 - The market is misinterpreting the collaboration news between Kuaishou and Meituan, as UBS believes this initiative allows Kuaishou to further open its ecosystem and traffic to Meituan, which could generate additional advertising demand for Kuaishou [1]. - Kuaishou will not directly participate in the delivery business, alleviating some competitive concerns [1]. Group 2 - Since the launch of the AI 2.0 version in April, Kuaishou's revenue ranking in the iOS image design category in the U.S. has significantly improved, with further growth observed in August [1]. - UBS emphasizes that paid metrics are more indicative of business performance than user metrics, as user metrics may be influenced by media reports [1].

该行指出可灵AI收入主要来自PC端，并未被高频数据捕捉，仍相信收入增长仍然健康，尤其是海外市 场。而外卖业务预期会采用"轻模式"，通过与美团-W(03690)合作，预期快手无需投入亦可获广告及佣 金收入。 摩根大通发布研报称，重申快手-W(01024)为中国数字娱乐行业的首选股，认为投资者低估了其核心广 告增长加快及AI对广告的提振作用，将目标价由71港元上调至88港元，以反映对下半年核心广告业务 增长加快及可灵AI强劲增长势头的乐观看法。小摩认为，即将公布的第二季业绩可成下一个催化剂， 期望管理层会对核心广告业务前景及可灵AI的发展给予积极指引，评级"增持"。 ...

Core Viewpoint - UBS reports that Kuaishou-W (01024) is rumored to collaborate with Meituan-W (03690) to expand delivery services, raising market concerns about excessive competition. The firm maintains a "Buy" rating on Kuaishou, believing that recent market fears are overblown, with a target price of HKD 95.37. The current price corresponds to a forecasted P/E ratio of 13.6 times for 2025, while the firm expects a compound annual growth rate of 21% in earnings per share from 2024 to 2026, indicating attractive valuation [1] Group 1 - The market is misinterpreting the collaboration news between Kuaishou and Meituan, as this initiative is seen as Kuaishou further opening its ecosystem and traffic to Meituan, which could generate additional advertising demand for Kuaishou. Kuaishou will not directly participate in the delivery business [1] - Since the launch of the AI 2.0 version in April, Kuaishou's revenue ranking in the iOS image design category in the U.S. has significantly improved, with further growth observed in August. The firm believes that paid metrics are a better reflection of business performance than user metrics, as user metrics may be influenced by media reports [1]

Core Viewpoint - UBS research report indicates that recent rumors of Kuaishou collaborating with Meituan to expand delivery services have raised market concerns about excessive competition. However, the firm believes the market has misinterpreted the collaboration, as Kuaishou will not directly engage in delivery services. Instead, this initiative is seen as Kuaishou further opening its ecosystem and traffic to Meituan, which could lead to additional advertising demand for Kuaishou [1] Group 1 - Kuaishou's collaboration with Meituan is not about direct involvement in delivery services, but rather about enhancing its ecosystem and traffic [1] - Since the launch of the AI 2.0 version in April, Kuaishou's revenue ranking in the iOS image design category in the US has significantly improved, with further growth observed in August [1] - UBS emphasizes that paid metrics are more indicative of business performance than user metrics, as user metrics may be influenced by media coverage [1] Group 2 - UBS maintains a "Buy" rating for Kuaishou, arguing that recent market concerns are overblown, with a target price set at HKD 95.37 [1] - The current price corresponds to a projected price-to-earnings ratio of 13.6 times for 2025, with an expected compound annual growth rate of 21% in earnings per share from 2024 to 2026, indicating attractive valuation [1]

Core Viewpoint - Morgan Stanley reaffirms Kuaishou as the preferred stock in China's digital entertainment sector, believing that investors have underestimated its accelerating core advertising growth and the positive impact of AI on advertising [1] Summary by Relevant Categories - **Target Price Adjustment** - The target price for Kuaishou has been raised from HKD 71 to HKD 88, reflecting an optimistic outlook on the acceleration of core advertising business growth and the strong growth momentum of AI [1] - **Upcoming Earnings Catalyst** - The upcoming second-quarter earnings report is expected to serve as the next catalyst, with anticipation that management will provide positive guidance on the outlook for core advertising and the development of AI [1] - **Investment Rating** - The rating for Kuaishou is maintained at "Overweight" [1]

Group 1 - The forum "Empowering Women for a Sustainable Future" held in Incheon, South Korea, focuses on the role of women in promoting sustainable development through innovative public welfare models [1] - The theme of the forum is "Building a Sustainable Tomorrow Together - Connection, Innovation, Prosperity" [1] Group 2 - Kuaishou Technology's Vice President, Song Tingting, highlighted the company's initiatives to empower women through digital technology, enabling new employment and entrepreneurship models [3] - The digital age allows women to bridge the digital divide and play a crucial role in rural revitalization and economic development [3][6] - Kuaishou has initiated a digital skills training system since 2018 to explore new support models for women in the digital era [3] Group 3 - Kuaishou's "Happy Rural Leaders" program trains rural women in live-streaming e-commerce, helping them sell local agricultural products [6] - The "She Power: Rural Revitalization Support Program" has trained over 1,200 rural female entrepreneurs, creating significant employment opportunities [7] - The program has also led to the establishment of a handcraft cooperative that employs over 1,500 women [7] Group 4 - Women make up over 50% of Kuaishou's platform's live-streamers, with 54 female streamers recognized in the top 100 list for their outstanding contributions [9] - Kuaishou's "Happy Lecture Hall" project provides digital skills training to women across various employment sectors, benefiting over 1 million individuals [9][11] Group 5 - Kuaishou has created 43.2 million job opportunities and introduced 174 new professions by integrating digital technology with various industries [11] - The platform is expected to evolve towards more professional and diverse short video live-streaming, enhancing women's social engagement and self-expression [11] Group 6 - Kuaishou plans to increase support for female creators through investments in traffic, funding, and training, aiming to foster innovation and leadership among women [14]

在全球AI热潮中，哪只股票最被低估？摩根大通给出了明确答案。 据追风交易台消息，摩根大通8月12日发布的研报写道，"快手仍是最被低估的AI股"。该行将快手科技目标价从71港元大幅上调至88港元，上行空 间达22%，并重申快手为中国数字娱乐板块首选股。报告强调，快手"不光关乎（AI大模型）可灵"，其核心广告业务增速加快以及人工智能对广 告的提振同样被低估。 可灵业务前景被大幅上调 摩根大通对快手旗下AI视频生成工具可灵的增长前景展现出强烈信心。该行将可灵2025年和2026年的收入预期分别从7.5亿元和12亿元人民币，大 幅上调61%至12亿元和19亿元人民币。 外卖业务采用轻资产模式 针对市场对快手进入外卖行业的担忧，摩根大通认为这是过度反应。据该行分析，快手8月初在其app本地服务界面上线"外卖"入口，但采用的是 以聚合为中心的轻资产模式。 具体而言，快手主要利用与美团等成熟企业的合作关系，而不是建立自营物流。快手的外卖服务发挥流量入口作用，将用户导向第三方平台来进 行履约和配送。摩根大通认为，这种轻资产业务模式可最大限度地减少前期投资，并可能通过收取流量入口服务佣金为快手带来额外变现机会。 这一乐观预期基 ...

净买入盈富基金41.61亿、恒生中国企业18.73亿、腾讯控股8.98亿、阿里巴巴-W 6.48亿、小米集团-W 3.84亿、中芯国际3.05亿、晶泰控股1.01亿； | | U. HK YEL | | | 14511 K JE | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 深跌幅 | 净头入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心同际 | 5.0% | 1.62 | 35.61 亿 | 快手-W | -9.3% | -10.52 | 25.13 Z | | 快手-W | -9.3% | -13.23 | 35.32 L | 中心国际 | 5.0% | 1.44 | 20.25 L | | 益高基金 | 0.3% | 26.60 | 26.64 L | 小米菲国-W | 1.8% | 2.50 | 18.27 亿 | | 小米集团-W | 1.8% | 1.34 | 26.64 Z | 阿里巴-W | -1.6% | 2.59 | 17.48 L | | 国泰君安国际 | 7.9 ...

Core Viewpoint - Southbound capital has rebounded to recent average levels, indicating a positive sentiment in the market, with significant net inflows into specific Hong Kong stocks and ETFs [2][3]. Group 1: Market Overview - Southbound capital transactions amounted to approximately 128.46 billion HKD, accounting for about 59.63% of the total turnover of the Hang Seng Index [2]. - The Hang Seng Index experienced an upward fluctuation, closing up 0.25% at 24,969.68 points, with a net inflow of approximately 9.45 billion HKD from southbound capital [2]. Group 2: ETF and Stock Performance - Significant net purchases were observed in two Hong Kong stock ETFs, with the Tracker Fund of Hong Kong (02800.HK) receiving a net inflow of 4.16 billion HKD and the Hang Seng China Enterprises Index (02828.HK) receiving 1.87 billion HKD [2]. - Notable net inflows included Tencent Holdings (0700.HK) at 899 million HKD, Alibaba Group (09988.HK) at 648 million HKD, Xiaomi Group (01810.HK) at 384 million HKD, and SMIC (00981.HK) at 306 million HKD [2]. Group 3: Individual Stock Movements - Tencent Holdings saw a slight decline of 0.27%, but short-term capital continued to flow in, with an increase of 501,000 shares over the past five days [3]. - Alibaba Group experienced a drop of 1.60%, with a net increase of 2.225 million shares over the past five days [3]. - Xiaomi Group rose by 1.77%, with a net increase of 3.388 million shares over the past five days [3]. - SMIC increased by 5.03%, with a net increase of 2.753 million shares over the past five days [3]. - Kuaishou (01024.HK) fell by 9.25%, despite a net increase of 2.180 million shares over the past five days [3]. - Hua Hong Semiconductor (01347.HK) rose by 5.43%, with a net increase of 1.235 million shares over the past five days [3].