Market Overview - The Hong Kong stock market showed mixed results with the Hang Seng Index down by 1.07% to 24,906.39 points, while the Hang Seng Tech Index increased by 0.34% and the National Enterprises Index fell by 1.03% [2] Key Stock Movements - Kuaishou saw a significant increase of nearly 9%, while Bilibili rose over 2%. Conversely, Meituan and Xiaomi both dropped over 2%, and JD.com also experienced a decline [2] - AI-related stocks performed well, with Meitu rising over 15%. Oriental Securities expressed optimism about user growth and commercialization of vertical AI products in the second half of the year, particularly for companies with overseas AI applications [2] - Biopharmaceutical B-shares were active, with Lepu Biopharma increasing over 4%. The National Healthcare Security Administration discussed support for innovative drug development with Singapore's GIC [3][4] Gold and Real Estate Sector Performance - Gold stocks continued to decline, with Tongguan Gold dropping over 8%. Recent trends indicate a shift in investor sentiment away from gold towards stocks, as gold prices fell below $3,270 per ounce [4][5] - The real estate sector faced significant declines, with Country Garden falling over 6%. A recent meeting of the Central Political Bureau highlighted limited focus on real estate, emphasizing the need for high-quality urban renewal [6][7]

长江证券发布研报称，发布一年以来可灵AI已经历过30余次迭代，且视频生成能力居于全球领先地 位。此外，值得一提的是，7月27日，在WAIC 2025现场可灵AI宣布，即日起"灵动画布1.0"开启邀请测 试，2025Q3将推出面向专业团队和企业的"工作室会员"。该行认为，当前"灵动画布"还处于1.0版本， 未来可灵AI还将持续完善其创作全链路的能力覆盖并融入Agent能力，实现从AI素材生成器到全新AI创 意工作台的飞跃。 快手-W（01024）早盘持续走高，股价现涨7.46%，报77.80港元，成交额33.90亿港元。 ...

快手盘中涨逾8%，创下逾一周盘中最大升幅。摩根士丹利将快手目标价上调12%至67港元，并预计公 司营收将同比增长12%，经调整净利润增长10%；乐观和悲观情形下，目标价分别为91港元和44港元。 ...

Group 1 - Kuaishou-W (01024) saw a stock price increase of over 3%, currently trading at 74.55 HKD with a transaction volume of 836 million HKD [1] - According to Changjiang Securities, Keling AI has undergone over 30 iterations since its launch, maintaining a leading position in video generation capabilities globally [1] - Keling AI announced the launch of "Ling Animation Canvas 1.0" for invitation testing, with a professional team and enterprise version expected in Q3 2025 [1] Group 2 - Citigroup analysts predict that Kuaishou will release its Q2 2025 financial report in late August, with optimistic projections based on two main factors [2] - The commercialization of Keling AI's video generation model has exceeded expectations, with monthly revenue surpassing 100 million RMB in April and May, indicating potential for annual revenue to significantly exceed the management's guidance of 100 million USD [2] - The advertising revenue growth is expected to accelerate to 12.3% in Q2, driven by increased advertising spending from e-commerce merchants and a recovery in non-e-commerce advertising demand [2]

Group 1 - The core viewpoint is that Hong Kong tech stocks are experiencing a significant upward trend, with Kuaishou rising over 7% and Bilibili increasing more than 3% [1] Group 2 - Kuaishou's stock performance indicates strong investor interest and potential growth in the tech sector [1] - Bilibili's rise also reflects positive market sentiment towards technology companies in Hong Kong [1]

智通财经7月31日电，港股科网股持续上扬，快手涨超7%，哔哩哔哩涨超3%。 ...

Group 1 - Kuaishou's stock performance is strong, with an intraday increase of nearly 7% and a trading volume of 2.709 billion HKD [2] - According to Changjiang Securities, Kuaishou's Keling AI has undergone over 30 iterations since its launch and is a global leader in video generation capabilities [2] - Keling AI announced the launch of "Ling Animation Canvas 1.0" for invitation testing, with a professional team and enterprise version expected in Q3 2025 [2] Group 2 - Citi analysts expect Kuaishou to release its Q2 2025 financial report in late August, with optimistic projections based on two main factors [2] - The commercialization of Keling AI's video generation model has exceeded expectations, with monthly revenue surpassing 100 million RMB in April and May, indicating potential for significant annual revenue growth beyond the management's guidance of 100 million USD [2] - The advertising revenue growth for Kuaishou is anticipated to accelerate to 12.3% in Q2, driven by increased advertising spending from e-commerce merchants and a recovery in non-e-commerce advertising demand [2]

Core Viewpoint - Kuaishou-W (1024.HK) experienced a 4% increase in early trading, reaching HKD 75.35, following significant media coverage of its AI product, Keling AI, which has shown rapid user growth and technological advancements [1] Group 1: Product Development - Keling AI has undergone over 30 iterations in the past year, enhancing its video generation capabilities [1] - The product's creative abilities have continuously broken through previous limitations, indicating strong innovation [1] Group 2: User Growth - Keling AI has seen rapid user growth in markets such as North America, Europe, and East Asia, with a global user base exceeding 45 million [1] - The user count has doubled from 22 million reported in April to over 45 million in just three months, showcasing remarkable expansion [1]

长江证券发布研报称，发布一年以来可灵AI已经历过30余次迭代，且视频生成能力居于全球领先地 位。此外，值得一提的是，7月27日，在WAIC2025现场可灵AI宣布，即日起"灵动画布1.0"开启邀请测 试，2025Q3将推出面向专业团队和企业的"工作室会员"。该行认为，当前"灵动画布"还处于1.0版本， 未来可灵AI还将持续完善其创作全链路的能力覆盖并融入Agent能力，实现从AI素材生成器到全新AI创 意工作台的飞跃。 业绩披露方面，花旗分析师在研报中指出，按照往年惯例，8月下旬，快手即将发布2025年第二季度财 报。该行表示，看多原因主要有以下两点：其一是视频生成模型可灵AI的商业化进程超预期，公司此 前披露4-5月单月收入突破1亿元人民币，结合一季度逾1.5亿元收入表现，全年收入有望大幅超越管理 层1亿美元指引；其二是货架电商广告变现能力提升，预计二季度广告收入增速将加速至12.3%，主要 受惠于电商商家广告投放力度加大及非电商广告需求回暖。 快手-W(01024)涨超3%，截至发稿，涨2.97%，报74.55港元，成交额8.36亿港元。 ...

Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of over 3%, currently trading at 74.55 HKD with a transaction volume of 836 million HKD, indicating positive market sentiment towards the company and its upcoming developments [1] Group 1: Kuaishou's AI Developments - Kuaishou's AI tool, Keling AI, has undergone over 30 iterations since its launch a year ago, establishing a leading position in video generation capabilities globally [1] - The "Lingdong Canvas 1.0" was announced to begin invitation testing on July 27, with a professional version set to launch in Q3 2025, indicating ongoing enhancements in creative capabilities [1] - Future developments aim to integrate full-chain creative capabilities and Agent functionalities, transitioning from an AI material generator to a comprehensive AI creative workstation [1] Group 2: Financial Performance and Projections - Citigroup analysts anticipate Kuaishou will release its Q2 2025 financial report in late August, with optimistic projections based on two main factors [1] - The commercialization of Keling AI's video generation model has exceeded expectations, with monthly revenues surpassing 100 million RMB in April and May, suggesting annual revenues could significantly exceed the management's guidance of 100 million USD [1] - The advertising revenue growth is expected to accelerate to 12.3% in Q2, driven by increased advertising spending from e-commerce merchants and a recovery in non-e-commerce advertising demand [1]