港股收盘，恒指收跌1.6%，科指收跌0.69%。AI应用概念走强，快手(01024.HK)收涨6.35%。 ...

Core Viewpoint - Kuaishou has launched the "Kuaikai Broadcast New Force" plan to support high-quality content creators who have not yet started e-commerce live streaming, aiming to help them realize both content and commercial value [1][2]. Group 1: Program Details - The "Kuaikai Broadcast New Force" plan lasts for two months, from July 28, 2025, to September 30, 2025, targeting quality content creators who have not initiated e-commerce live streaming since 2023 [2]. - The program has already seen a successful first phase, generating significant interest and positive feedback among creators [2]. Group 2: Incentives and Support - The plan offers attractive incentives, including high-value traffic coupons, with creators able to earn up to 350,000 traffic coupons upon starting e-commerce live streaming [5]. - Kuaishou will provide official hot product inventory to assist creators in selecting quality products, alleviating their concerns during the selection process [5]. - A dedicated 1-on-1 support service will be available to guide creators through the live streaming process, addressing various challenges they may encounter [5]. Group 3: Success Stories - The first phase of the program saw creators like "Tai Ran Bu Zi Ruo" achieve a GMV of 1.26 million in their first live stream, exceeding expectations [6]. - "A Fei Pao Guo Qi," a young creator, achieved a GMV of over 550,000 in his first month of live streaming, rapidly gaining 55,000 followers [8]. - "Yi Meng Er Jie (Lv Yu Xia)," a rural content creator, recorded a GMV of over 120,000 in her first live stream, significantly surpassing her expectations [10]. Group 4: Market Performance - Kuaishou's e-commerce GMV reached 332.3 billion in the first quarter of 2025, marking a year-on-year growth of 15.4%, indicating strong market competitiveness and effective integration of content and commerce [12].

Core Viewpoint - Morgan Stanley forecasts Kuaishou's revenue for the first half of this year to grow by 12% year-on-year to 35 billion yuan, with adjusted net profit expected to increase by 10% year-on-year to 5.1 billion yuan, aligning with the company's guidance [2] Group 1 - Morgan Stanley raises Kuaishou's target price by 12% to HKD 67 and advances the valuation benchmark by six months to June 2026, incorporating the latest exchange rate predictions [2] - The report anticipates that Kuaishou's subsidiary, Kuaishou AI, will contribute approximately USD 60 million in revenue this year [2]

摩根士丹利发表报告，预计快手今年上半年收入将按年增长12%达350亿元，调整后净利润按年增长 10%达51亿元，基本符合其指引。该行将快手的目标价上调12%，由60港元升至67港元，将估值基准向 前推展6个月至2026年6月，并纳入最新的汇率预测，维持对其"与大市同步"评级，而该行对快手的牛市 情境目标价则由82港元升至91港元，相当于预测市盈率17倍。大摩预计，快手旗下可灵AI今年贡献约 6000万美元收入。 ...

摩根士丹利发表报告，预计快手今年上半年收入将按年增长12%达350亿元，调整后净利润按年增长 10%达51亿元，基本符合其指引。该行将快手的目标价上调12%，由60港元升至67港元，将估值基准向 前推展6个月至2026年6月，并纳入最新的汇率预测，维持对其"与大市同步"评级，而该行对快手的牛市 情境目标价则由82港元升至91港元，相当于预测市盈率17倍。大摩预计，快手旗下可灵AI今年贡献约 6000万美元收入。 ...

消息面上，继今年6月底可灵AI作为企业代表亮相《新闻联播》之后，7月底可灵AI再登《焦点访 谈》。据央视《焦点访谈》报道，国产视频生成大模型可灵AI的展区，人群攒动。过去一年多的时 间，可灵AI进行了超过30次的迭代，视频生成大模型的创作能力不断突破。目前，产品在北美、欧 洲、东亚等市场用户增长很快，全球累计用户已超过4500万，仅3个月便实现翻番。 值得注意的是，世界人工智能大会WAIC 2025期间，快手可灵AI举办了以"生成式AI应用元年"为主题的 生态论坛。与会嘉宾深入探讨AI如何赋能影视、电商及游戏等行业，行业合作伙伴、影视导演及创作 者们共同探索生成式AI的多元应用场景。快手高级副总裁、可灵AI负责人兼社区科学线负责人盖坤接 受央视《焦点访谈》记者采访，据他在节目中介绍："今年4月份的时候我们的月度用户付费流水已经超 过了1亿人民币，这在全球整个视频生成赛道里面应该是一个绝对领先的位置。我们可以让用户的付 费，尽量地覆盖服务用户的成本，这样我们可以服务更多用户，继续推高视频生成大模型的上限。" 智通财经获悉，快手-W(01024)逆市走高，盘中涨幅扩大至9%。截至发稿，涨6.7%，报77.2港元， ...

Core Viewpoint - Kuaishou-W (01024) has seen a significant stock price increase, with a rise of 6.7% to HKD 77.2, and a trading volume of HKD 50.79 billion, driven by positive developments in its AI technology [1] Group 1: Company Developments - Kuaishou's AI product, Keling AI, has gained notable media attention, appearing on major Chinese news programs, which has contributed to its visibility and user growth [1] - Keling AI has undergone over 30 iterations in the past year, enhancing its video generation capabilities, and has achieved a global user base exceeding 45 million, doubling in just three months [1] Group 2: Industry Insights - During the World Artificial Intelligence Conference (WAIC) 2025, Kuaishou hosted an ecological forum focused on the theme of "The Year of Generative AI Applications," discussing the empowerment of various industries such as film, e-commerce, and gaming through AI [2] - Kuaishou's senior vice president, Gai Kun, reported that the monthly user payment revenue surpassed RMB 100 million in April, positioning the company as a leader in the global video generation sector [2]

Group 1 - The Hang Seng Technology Index experienced a significant decline, with the largest ETF tracking this index also following suit, led by stocks such as Meituan and BYD, while Kuaishou and other companies showed gains [1] - Kuaishou's AI division, Keling AI, reported having over 45 million creators globally and has generated over 200 million videos and 400 million images since its launch, indicating strong growth in its AI application [1] - Citigroup's research report anticipates Kuaishou's Q2 2025 earnings report to be positive, driven by the unexpected commercialization of its video generation model and an expected acceleration in advertising revenue growth [1] Group 2 - As of July 30, the latest valuation of the Hang Seng Technology Index ETF was 21.71 times, indicating that it is currently undervalued compared to historical levels, suggesting potential upward momentum for high-growth stocks [2] - The Hang Seng Technology Index remains in a historically undervalued range, making it an attractive option for investors looking to gain exposure to core AI assets in China [2]

Group 1 - Kuaishou-W (01024) saw a significant stock price increase, with a peak rise of 9% and a current price of 77.2 HKD, with a trading volume of 5.079 billion HKD [1] - The AI model Keling AI has undergone over 30 iterations in the past year, showcasing continuous improvements in video generation capabilities, with a global user base exceeding 45 million, doubling in just three months [1] Group 2 - During the World Artificial Intelligence Conference (WAIC) 2025, Kuaishou's Keling AI hosted an ecological forum focused on the theme of "The Year of Generative AI Applications," discussing AI's empowerment in various industries such as film, e-commerce, and gaming [2] - Kuaishou's monthly user payment revenue surpassed 100 million RMB in April, positioning the company as a leader in the global video generation sector, aiming to cover user service costs and expand its user base [2]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down by 1.07% at 24,906.39, and the Hang Seng China Enterprises Index down by 1.03% at 8,944.74, while the Hang Seng Tech Index rose by 0.34% to 5,509.61, supported by a rebound in tech stocks [1] Stock Performance - Notable gainers included Meituan with a 15.26% increase, and other companies like Quanta International and Kuaishou also saw significant rises of 11.71% and 8.98% respectively [2] - Major tech stocks experienced a shift from decline to increase, with Kuaishou rising nearly 9%, Tencent up by 1.46%, and NetEase and Alibaba also showing positive performance, while Meituan fell nearly 4% [3] Sector Movements - The gold sector faced declines as investors shifted funds from gold ETFs to domestic stocks, with Tongguan Gold dropping 8.6% marking its sixth consecutive decline [3] - Real estate sales continued to decline year-on-year, leading to a drop in property stocks, with major players like Country Garden and Vanke seeing significant losses [3] - Other sectors such as home appliances, automobiles, photovoltaic, coal, building materials, and insurance stocks also experienced downward trends [3] Gambling Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew a casino legalization bill, leading to a rise in gaming stocks [3]