多个领域创作者分享使用情况和感受，可灵AI 彰显独特优势。论坛上，影视导演薛晓路、AI 超级创作 者汗青、Freepik CEO Joaquin Cuenca 分别分享在各自领域使用可灵AI 的实际使用情况和感受，其主要 优势在于：1）技术迭代迅速，有效解决传统拍摄痛点问题。 机构：长江证券 研究员：高超 事件描述 2025 年7 月27 日，快手可灵AI 在WAIC 2025 现场举办以"生成式AI 应用元年"为主题的生态论坛。论坛 上，可灵AI 披露了发布以来获得的优秀成绩，并请多个领域的创作者分享使用情况和感受。此外，可 灵AI 还宣布了全新创意工作台"灵动画布"。 事件评论 应用范围拓宽、范围，快手可灵已成为AI 落地标杆产品。7 月27 日，快手可灵AI 在"生成式AI 应用元 年"主题生态论坛上披露，可灵AI 目前在全球拥有超过4500 万创作者，产品自发布以来迭代升级30 余 次，累计生成超2 亿个视频和4 亿张图片，通过API 服务超过2 万家企业客户。此外，可灵AI 服务客户 涵盖全球149 个国家和地区，覆盖影视短剧、动漫制作、游戏宣发、广告制作、智能硬件应用、营销推 广等多个垂类应用领域 ...

Core Viewpoint - Shenzhen-based Dapu Microelectronics is seeking an IPO on the ChiNext board, focusing on enterprise-level SSDs for data centers, and is the first unprofitable company to be accepted for listing on the board [1][2]. Company Overview - Dapu Microelectronics, founded in April 2016, specializes in semiconductor storage products, particularly enterprise-level SSDs [3][4]. - The company has a full-stack self-research capability in "controller chip + firmware algorithm + module" for enterprise-level SSDs and outsources assembly production to EMS factories [4][6]. - The founder, Yang Yafei, controls 66.74% of the voting rights and has a background in Qualcomm [3]. Financial Performance - Dapu Microelectronics has experienced significant revenue fluctuations, with revenues of 5.57 billion yuan in 2022, 5.19 billion yuan in 2023, and projected 9.62 billion yuan in 2024 [8]. - The company reported net losses of 5.34 billion yuan in 2022, 6.17 billion yuan in 2023, and a projected loss of 1.91 billion yuan in 2024, totaling over 13 billion yuan in losses over three years [8]. - The company's gross profit margins have been unstable, with rates of 0.46%, -26.36%, and 27.26% over the past three years [13]. Market Position - Dapu Microelectronics ranks fourth in the domestic enterprise-level SSD market with a market share of 6.4% as of 2023 [6][28]. - The global enterprise-level SSD market was valued at $20.454 billion in 2022 and is expected to reach $51.418 billion by 2027, with a CAGR of 20.25% [24]. Industry Dynamics - The semiconductor storage industry is heavily influenced by the semiconductor cycle, with significant price fluctuations observed [28]. - Major global players like Samsung, SK Hynix, Western Digital, Micron, and Kioxia dominate over 90% of the market, impacting pricing and production decisions [28]. - Dapu Microelectronics plans to raise 1.878 billion yuan for R&D and production projects, indicating a focus on innovation and market competitiveness [28].

Core Viewpoint - The Hong Kong stock market experienced a collective decline, with Kuaishou showing resilience amidst pressure on the internet sector, leading to a positive outlook for its upcoming Q2 earnings report [1][2]. Group 1: Market Performance - On July 30, the Hang Seng Index fell by 0.43%, the Hang Seng China Enterprises Index also dropped by 0.43%, and the Hang Seng Tech Index decreased by 1.57% [1]. - Kuaishou's stock price reached a high of over 2% during the day, ultimately closing with a 0.42% increase at 72.4 HKD, with a trading volume of 2.91 billion HKD [1]. Group 2: Earnings Forecast - Kuaishou is expected to release its Q2 2025 earnings report in late August, with multiple institutions issuing bullish reports, anticipating that the Q2 performance will meet expectations [1]. - Citigroup forecasts Kuaishou's revenue to grow by 11% year-on-year to 34.5 billion RMB, with an adjusted net profit of approximately 5.1 billion RMB, aligning with market expectations [2]. Group 3: Growth Drivers - The positive outlook is attributed to two main factors: the commercialization of the video generation model, Kuaishou AI, which exceeded expectations, and the enhanced monetization capabilities of its shelf e-commerce advertising system [1][2]. - Kuaishou's monthly revenue surpassed 100 million RMB in April and May, indicating a strong performance that could significantly exceed the management's guidance of 100 million USD for the year [1]. - The advertising revenue growth rate 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][2]. Group 4: Valuation Adjustments - Citigroup has adjusted its valuation benchmark to 2026 earnings, raising the price-to-earnings ratio estimate from 13 times to 15 times [3].

Core Viewpoint - The Hong Kong stock market experienced a collective decline, but Kuaishou demonstrated resilience with a slight increase in stock price, supported by optimistic forecasts for its upcoming Q2 earnings report [1][2]. Group 1: Market Performance - On July 30, the Hang Seng Index fell by 0.43%, the Hang Seng China Enterprises Index also dropped by 0.43%, and the Hang Seng Tech Index decreased by 1.57% [1]. - Kuaishou's stock reached a peak increase of over 2% during the day, ultimately closing with a 0.42% rise at 72.4 HKD, with a trading volume of 2.91 billion HKD [1]. Group 2: Earnings Forecast - Multiple institutions have released bullish reports on Kuaishou, anticipating that the Q2 performance will meet expectations [1]. - Citigroup predicts Kuaishou's revenue for Q2 will grow by 11% year-on-year to 34.5 billion RMB, with an adjusted net profit of approximately 5.1 billion RMB, aligning with market expectations [2]. Group 3: Growth Drivers - The report highlights two main reasons for the positive outlook: the commercialization of the video generation model, which exceeded expectations, and the improved monetization capabilities of shelf e-commerce advertising [1][2]. - Kuaishou's monthly revenue surpassed 100 million RMB in April and May, indicating a strong performance that may significantly exceed the management's guidance of 100 million USD for the year [1]. - The advertising revenue growth rate 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][2]. Group 4: Valuation Adjustments - Citigroup has adjusted its valuation benchmark to 2026 earnings, raising the price-to-earnings ratio from 13 times to 15 times [3].

Group 1 - Kuaishou E-commerce launched the second phase of the "Caiyun E-commerce Consumption Voucher" shopping area on July 29 to help high-quality Yunnan merchants expand sales channels and achieve growth [1] - The current consumption voucher theme is "Yun Mushroom," featuring products like beef liver mushrooms and chicken pine mushrooms, allowing users to enjoy Yunnan's unique flavors [3] - The first phase of the consumption voucher activity achieved over 500 million total exposure PV, leading to a significant increase in new Yunnan merchants on the Kuaishou platform [3] Group 2 - Kuaishou E-commerce aims to assist more Yunnan merchants in achieving both GMV and fan growth through activities like the "Caiyun E-commerce Consumption Voucher," contributing to rural revitalization [4] - Merchants such as @Xiaoyu's Fresh Fruits and @Four Cats Coffee have successfully transitioned to Kuaishou E-commerce, significantly increasing their reach and sales of Yunnan specialty products [3][4]

Core Insights - By 2025, generative AI is expected to transition from a buzzword to practical applications in production, with a focus on real-world usability rather than just generation capabilities [1][3] - Kuaishou's Keling AI introduced new features such as "Linghua Canvas" and "Multi-Image Reference" aimed at enhancing user experience in content creation across various industries [1][3] Group 1: Technological Advancements - The "Linghua Canvas" feature integrates unlimited visualization space, AI creative assistance, and real-time collaboration, enabling users to transform scattered ideas into cohesive visual works [1][3] - The "Multi-Image Reference" feature improves consistency in characters, subjects, and scenes, as well as dynamic quality and artistic style [1][3] - Keling AI has undergone over 30 iterations since its launch in June of the previous year, generating more than 200 million videos and 400 million images [1][3] Group 2: Industry Impact - Kuaishou's Senior Vice President, Gai Kun, emphasized that 2025 will be a pivotal year for the deep application of generative AI, reshaping production relationships [3] - The Keling AI team follows a dual-driven model of technology enhancement and user co-creation, continuously optimizing products based on user feedback [3] - Keling AI currently serves over 45 million creators and more than 20,000 enterprise clients across industries such as advertising, film animation, and game production [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The report highlights the rapid development and commercialization of Kuaishou's AI technology, particularly the launch of the new creative platform "Ling Animation Canvas," which aims to enhance creator efficiency and team collaboration [2][5]. - Kuaishou's AI has achieved significant milestones, including over 45 million creators globally, generating more than 200 million videos and 400 million images, and serving over 20,000 enterprise clients across various application fields [2][5]. - The report suggests that Kuaishou presents a promising investment opportunity due to its strong market position and rapid revenue growth, with Q1 2025 revenue reaching 150 million yuan and monthly revenues exceeding 100 million yuan in April and May [2][5]. Summary by Sections Event Description - On July 27, 2025, Kuaishou's AI hosted an ecological forum themed "The Year of Generative AI Applications," where it disclosed its achievements and introduced the "Ling Animation Canvas" [5]. Event Commentary - Kuaishou's AI has become a benchmark product for AI implementation, with over 30 iterations since its launch, and it serves clients in 149 countries across various sectors, including film, animation, gaming, and advertising [8]. - The "Ling Animation Canvas" aims to streamline the creative process from material generation to final production, facilitating team collaboration and enhancing overall efficiency [8]. - Creators from various fields shared their positive experiences with Kuaishou's AI, noting its rapid technological advancements and improved expression capabilities [8].

Group 1 - Taobao Flash Sale saw a 110% month-on-month increase in new brand registrations in July, with over 12,000 new non-food brand stores launched, indicating a trend towards category diversification among brand merchants [1] - The rise in brand diversity is expected to enhance the platform's average transaction value, but it also poses challenges in terms of product selection, after-sales service, and differentiated subsidies [1] Group 2 - Meituan's "Raccoon Kitchen" brand, launched in early July after six months of trial operation, has seen a 40-fold increase in search volume and a 164% rise in overall merchant exposure, with order volume up by 60% [2] - Meituan emphasizes that it will not engage in self-operation or compete with merchants, focusing instead on infrastructure development to connect merchants with necessary resources [2] Group 3 - The leading live commerce agency "Jiao Ge Peng You" announced its full team entry into Kuaishou, marking a new phase in live commerce, with a debut scheduled for mid-August [3] - The collaboration with Kuaishou's Keling AI aims to enhance digital marketing capabilities in the e-commerce sector, indicating a shift towards digitalization and intelligence in live commerce [3] Group 4 - Douyin is integrating its instant retail business by merging Douyin Supermarket into Douyin Xiaoshida, aiming to improve operational efficiency in instant retail [4] - The instant retail sector has evolved from a trial phase to a strategic battleground among major players, with Douyin needing to address its logistics shortcomings or deepen partnerships with local chain supermarkets to close the fulfillment gap [4]

Group 1 - Taobao Flash Sale reported a 110% month-on-month increase in new brand entries in July, with over 12,000 new non-food brand stores launched, indicating a trend towards category diversification in the platform [1] - The increase in brand diversity is expected to enhance the platform's average transaction value but poses challenges in terms of product selection, after-sales service, and differentiated subsidies [1] Group 2 - Meituan's "Raccoon Kitchen" has seen a 40-fold increase in search volume and a 164% rise in overall merchant exposure since its launch, with a 60% increase in order volume, emphasizing its commitment to not self-operate and avoid competition with merchants [2] - The promise of not self-operating aims to alleviate merchants' concerns about the platform acting as both referee and player, though the effectiveness will depend on the transparency of traffic distribution rules [2] Group 3 - The leading live commerce agency "Jiao Ge Peng You" announced its full team will join Kuaishou, marking a new phase in live commerce, with plans to enhance digital marketing capabilities through collaboration with Kuaishou's AI [3] - The cross-platform expansion of top MCNs is becoming a norm, indicating a shift towards digitalization and intelligence in the live commerce industry [3] Group 4 - Douyin is integrating its instant retail business by merging Douyin Supermarket into Douyin Xiaoshida, aiming to improve operational efficiency in instant retail [4] - Instant retail has evolved from a "traffic trial" to a "strategic competition" among major players, with Douyin needing to address its logistics shortcomings to close the fulfillment gap [4]

Core Viewpoint - The stock price of Kuaishou (01024) has shown volatility, with a recent drop of 4.86% to HKD 72.5, indicating significant selling pressure. However, as of the morning of the 28th, the stock stabilized around HKD 72, raising questions about whether this represents a short-term bottom or if further declines are possible [1]. Technical Analysis - Multiple technical indicators suggest a "buy" signal with a strength of 12, indicating a strong bullish sentiment. Moving averages are showing "strong buy" signals, reflecting a positive medium to long-term trend. However, several oscillators are neutral, with the RSI at 57, indicating some short-term market hesitation [1]. - The first support level is at HKD 66.2, followed by HKD 61.1. The first resistance level is at HKD 78.7, with a higher level at HKD 83.9. The current stock price is positioned in the middle, with a system-assessed probability of an upward movement at 55%. The stock has experienced a volatility of 13.2% over the past five days, suggesting ample speculative opportunities [3]. Product Performance - Previous products recommended, such as the Societe Generale bear certificate (59208) and JPMorgan bear certificate (53656), saw increases of 60% and 70% respectively within two days, while Kuaishou's stock price fell by 6.93%, highlighting the amplified effects of leveraged products [3]. - For those optimistic about Kuaishou's rebound, the Guotai Junan call option (25903) offers a leverage of 7 times with an exercise price of HKD 72.05, featuring low premiums and implied volatility. The UBS call option (25723) also provides a leverage of 6.8 times with a similar exercise price, making it a viable consideration [5]. Leveraged Products - In the context of bull and bear certificates, the HSBC bull certificate (59410) has a practical leverage of 7.5 times with a redemption price of HKD 66, noted for having the highest practical leverage and the lowest premium. Conversely, the UBS bear certificate (62938) offers a leverage of 7.3 times with a redemption price of HKD 80, while the HSBC bear certificate (55042) has a leverage of 7.4 times, also with a redemption price of HKD 80, both presenting distinct advantages [6][7].