Core Viewpoint - UBS reports that Kuaishou spends approximately $120 billion annually on video content production, including movies, series, advertisements, and short videos. The firm anticipates that generative AI (genAI) will significantly transform the video production market, with a global total addressable market (TAM) for film genAI estimated between $11 billion and $23 billion, which is expected to become a notable growth area for the company's domestic business, providing a second growth trajectory. UBS has raised Kuaishou's target price from HKD 83.4 to HKD 95.37, maintaining a "Buy" rating [1] Summary by Category - **Company Spending**: Kuaishou's annual expenditure on video content production is around $120 billion, covering various formats such as movies, series, advertisements, and short videos [1] - **Market Transformation**: The introduction of genAI is expected to bring substantial changes to the video production market, indicating a shift in industry dynamics [1] - **Growth Potential**: The estimated global TAM for film genAI ranges from $11 billion to $23 billion, which is projected to be a significant growth market for Kuaishou's domestic operations [1] - **Target Price Adjustment**: UBS has increased Kuaishou's target price from HKD 83.4 to HKD 95.37, reflecting confidence in the company's growth prospects [1] - **Investment Rating**: UBS maintains a "Buy" rating for Kuaishou, suggesting a positive outlook on the company's future performance [1]

在青海省果洛州久治县哇塞乡民族寄宿制小学的校园里，洋溢着孩子们对未知世界的好奇与憧憬。近日，24 名师生踏上了前往北京的旅程，参与由快手公益基金会举办的2025年"启智未来学堂"科技AI夏令营。这不仅 仅是一次简单的旅行，更是为这些来自牧区的孩子们打开了一扇通往科技世界的大门。 央金卓玛和她的同学们，大多数来自困难家庭，他们的生活与牧场紧密相连，对科技的认知仅限于课本上的 文字。而这次夏令营，为他们提供了一个难得的机会，亲身体验前沿科技，感受科技的力量。 本次夏令营以"科技AI研学"为主题，旨在通过一系列实操性的课程和体验活动，让这些乡村青少年儿童有机 会接触并了解人工智能等前沿科技。行程中，孩子们不仅走进了科技公司，近距离感受AI技术的魅力，还参 与了丰富多彩的科技实践活动。 此次夏令营不仅为孩子们提供了一次难得的体验机会，更为他们的未来成长注入了新的动力。快手公益基金 会通过"启智未来学堂"项目，持续关注乡村儿童的教育问题，希望通过科技的力量助力他们健康成长，勇敢 追寻自己的梦想。 随后，孩子们在快手工程师的指导下，用可灵AI将自己的画作变成了生动的故事。他们想象着"小狗在海里 唱歌""大象在雪山睡觉"的 ...

Core Viewpoint - Kuaishou's stock price is approaching resistance levels, with a current price of 79.15 HKD and potential challenges at 85-90 HKD, while technical indicators suggest a possible short-term adjustment due to overbought conditions [1][10]. Price Movement and Technical Analysis - Kuaishou's stock rose by 2.79% to close at 79.15 HKD, with a slight decline of 0.02% to 79.1 HKD the following day [1]. - Key support levels are identified at 73.1 HKD and 67.2 HKD, while resistance levels are at 82.4 HKD and 86.3 HKD [3]. - The stock is currently above its 10-day moving average (75.16 HKD) and 30-day moving average (68.4 HKD), indicating strong short-term upward momentum [1]. Derivative Products and Leverage - Various derivative products are available, including HSBC's call option with a leverage of 5.5 times and a strike price of 90.29 HKD, which has a relatively low premium [5]. - For bearish investors, UBS's put option with a strike price of 68.83 HKD offers a leverage of 3.2 times, also with a low premium [5]. - High-leverage products such as the HSBC bull certificate with a recovery price of 66 HKD and a leverage of 4.9 times are highlighted for bullish strategies [6]. Market Sentiment and Trading Strategies - The market sentiment indicates a cautious approach due to the stock being in an overbought zone, with traders considering whether to test resistance at 82.4 HKD or retreat to support at 73.1 HKD [10]. - The analysis suggests that investors should monitor volume changes closely as buying momentum appears to be weakening [3].

Core Insights - The report indicates that the Kuaishou e-commerce market remained stable in July 2025, with promotional heat increasing by 3.53% month-on-month, driven by campaigns like "Good Food at Affordable Prices" and "Cool Summer Goods" to support merchant growth [1][11][12]. Group 1: Sales Trends - High temperatures boosted the "summer economy," leading to significant sales increases in fresh produce, bags, and books, with electronic education products seeing a 112.7% increase in live broadcast sales [1][15][25]. - The sales of men's skincare products rose, with live broadcast sales of foundation products increasing by 17.8%, while T-zone care products also showed strong growth [1][18][21]. - The medical hair removal device category experienced a remarkable 224.13% increase in live broadcast sales, with Ulike leveraging its tenth anniversary and technological features for strong sales [1][30]. Group 2: Consumer Behavior - Young mothers emerged as the primary consumers in the diaper market, with brands like Jiaying and BBG leading, and the average transaction price increasing by 51.12% [1][31]. - In outdoor clothing, sunscreen clothing accounted for 45.38% of sales, with brands like Jiao Xia leading through targeted product promotion [1][33]. Group 3: Future Trends - The upcoming trends for August include increased demand for health supplements, beauty products, and electronic education due to seasonal events like the start of school and the Qixi Festival [1][11]. - Kuaishou plans to launch a "Super Fan Festival" and initiate the "Treasure City" program to expand its market presence in the northwest region, further supporting merchant growth [1][11].

Core Viewpoint - The "Technology AI Summer Camp" initiated by Kuaishou Public Welfare Foundation aims to provide students from underprivileged areas with exposure to advanced technology and AI, enhancing their educational experience and future opportunities [1][2][16]. Group 1: Program Overview - The summer camp involves 24 students and teachers from a remote school in Qinghai Province, focusing on hands-on experiences with technology and AI [1][2]. - The program is designed to bridge the gap in technology education for students from pastoral, economically disadvantaged families [1][2][16]. Group 2: Activities and Experiences - Students engage in interactive sessions with digital hosts and participate in AI-related creative projects, enhancing their understanding of technology [2][4]. - The camp includes visits to significant technological sites, such as the Kuaishou broadcasting hall and the China Science and Technology Museum, where students explore scientific principles through hands-on experiments [4][6][8]. - Students experience the logistics industry at the "Asia No. 1" smart logistics park, witnessing the integration of AI and automation in modern logistics [10][12]. Group 3: Educational Impact - The program aims to inspire students' interest in science and technology, fostering a sense of innovation and practical skills [2][4]. - Students document their experiences and insights in learning journals, reflecting on the impact of technology on their lives and future aspirations [14][16]. - The initiative has broader implications for rural education, with Kuaishou committing to support over 500 schools and 700,000 children by 2025 through various educational programs [16].

机构：光大证券 研究员：付天姿/赵越 用户：内容供给与推荐系统迭代，助力用户活跃度与留存表现提升。我们预计25Q2 快手DAU 达4.09 亿 （yoy+3.5%），MAU 为7.1 亿（yoy+3.2%），DAU/MAU 为57.2%；每DAU 日均使用时长123.8 分钟 （yoy+1.5%）。快手于暑期档推出漫剧季，发力竖屏动漫短剧赛道，重点剧集单日消耗破150万；5 月 启动直播夏季盛典，投入亿元现金资源，设立1400+主播赛道，提升供给密度与互动活跃度。新一代推 荐系统OneRec 全面上线，据相关论文，目前系统已承接平台约25%的推荐请求流量，7 日用户生命周 期显著延长。 商业化：广告、电商双轮驱动，泛货架与AI 转化能力持续增强。1）我们预计公司25Q2 线上营销收入 达196.9 亿元（yoy+12.4%），受益于用户总时长增长与营销效率优化，因高基数效应有所减弱，增速 快于Q1 的8%。2）预计电商GMV 达3,465 亿元（yoy+13.5%），618 期间商品卡、搜索、挂车短视频 GMV 分别同比增长超53%、143%、29%，泛货架流量转化路径逐步清晰。快手于7 月31 日发布"超级 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,938.94 | | 增加 / 減少 (-) | | | | | | | USD | | | | | 本月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,93 ...

Core Viewpoint - The market signals are currently neutral, with key resistance levels identified for various stocks, indicating potential trading strategies for investors. Group 1: Market Analysis - The index has returned to the Bollinger Bands midline, with a neutral buy/sell signal and a resistance level at 25,350 points. A breakthrough could lead to testing the next resistance at 25,700 points [1]. - Silver Entertainment (00027.HK) has shown strong performance, breaking through the Bollinger Bands upper limit, with a buy signal and resistance levels at 41.7 and 42.6 [3]. - China Biologic Products (01177.HK) has seen a significant recovery since mid-June, with a buy signal and resistance levels at 7.83 and 8.36 [5]. - WuXi AppTec (02359.HK) has rebounded to 103.3 from a high of 116, with a buy signal and resistance levels at 110 and 119.9 [7]. - BYD Electronic (00285.HK) has shown a strong upward trend, with a buy signal and resistance levels at 37.7 and 38.1 [10]. - Kuaishou-W (01024.HK) is approaching the previously mentioned resistance of 80.73, with a buy signal and resistance levels at 82.4 and 86 [13].

Group 1 - Southbound funds recorded a net purchase of HKD 23.426 billion in Hong Kong stocks, marking the highest single-day net purchase since March 12 of this year [1] - The top net purchases included: - HKD 6.293 billion in the Tracker Fund of Hong Kong - HKD 0.831 billion in Tencent Holdings - HKD 0.798 billion in Southern Hang Seng Technology - HKD 0.646 billion in Kuaishou-W - HKD 0.586 billion in Li Auto-W - HKD 0.511 billion in Alibaba-W - HKD 0.386 billion in Meitu - HKD 0.290 billion in CanSino Biologics - HKD 0.270 billion in Meituan-W - HKD 0.248 billion in Xiaomi Group-W - HKD 0.232 billion in Innovent Biologics - HKD 0.121 billion in SMIC [1] Group 2 - Southbound funds have net purchased Tencent for 9 consecutive days, totaling HKD 4.426 billion - Southbound funds have net purchased Xiaomi for 8 consecutive days, totaling HKD 4.410 billion - Southbound funds have net purchased Kuaishou for 4 consecutive days, totaling HKD 2.452 billion [1]

Core Insights - Beijing is emerging as a leading hub for AI innovation, with nearly 40% of the country's registered large models and over 2,400 AI companies, contributing to a core industry scale of approximately 350 billion yuan [1] - The development of AI in Beijing is supported by technological breakthroughs, abundant computing power, and significant policy backing, creating a closed-loop system of "technological breakthroughs - industrial applications - innovative consumption" [1][12] - The shift from traditional production to intelligent production is exemplified by the rapid content creation capabilities of AI, significantly reducing production costs and time [4][5] AI Industry Landscape - The AI industry in Beijing is characterized by a diverse range of applications, from high-end manufacturing to creative content generation and smart city governance [1] - The multi-modal large models have become standard for AI companies, enabling the generation of images and videos, thus enhancing user interaction and experience [1][7] - The AI-driven production process is transforming traditional media, as seen in the case of the short film "Mountain Sea Mirror," which was produced in just two months using AI technology [3][4] Technological Advancements - The rapid iteration of AI models, such as the Keling AI, has led to significant improvements in content generation, with over 450 million images and 200 million videos produced since its launch [3][5] - AI technology is being applied in various sectors, including e-commerce, where virtual fitting rooms allow consumers to try on clothes digitally, enhancing the shopping experience [7][8] - The AI hospital established by Tsinghua University is capable of completing the diagnostic workload of a top-tier hospital in just two days, showcasing the efficiency of AI in healthcare [6] Economic Impact - The cost reduction in video marketing materials is estimated to be between 60% to 70% due to AI technologies, significantly impacting the marketing strategies of businesses [4] - The AI-driven marketing solutions have led to substantial revenue growth for companies like Keling AI, with reported earnings exceeding 150 million yuan in the first quarter of 2025 [9][15] - The integration of AI in consumer experiences is reshaping retail dynamics, moving from standardized offerings to personalized solutions, thus driving new consumption patterns [8][9] Policy and Infrastructure - Beijing's government is actively promoting AI applications through various policies, creating a supportive environment for the development and implementation of AI technologies [12] - The city's computing power supply is projected to exceed 450,000 P by the end of 2025, providing a robust infrastructure for AI development [11] - The establishment of research institutions like the Zhiyuan Research Institute is crucial for fostering innovation and talent in the AI sector [11][12]