快手发布《关于违规微短剧的治理公告》。快手表示，近期，平台在审核及巡查中发现，部分微短剧片 名或内容低劣、导向偏差，并存在违规剧"换马甲"传播行为，破坏社区健康生态。快手称，依照网络视 听管理相关要求及社区规则，平台累计前置拦截、整改、下架违规微短剧百余部，处置相关违规账号90 余个；同时，已将违规情节严重的剧目上报至网络微短剧"黑名单"。 ...

Core Viewpoint - Kuaishou's stock price has shown strong performance, with a cumulative increase of over 23% in the past five trading days, outperforming the Hang Seng Index during the same period [1][2] Group 1: Stock Performance and Analyst Reports - Major financial institutions, including JPMorgan, Morgan Stanley, Goldman Sachs, and CITIC Securities, have released reports focusing on Kuaishou's accelerating advertising business and the commercialization breakthrough of its AI product, Keling [1] - JPMorgan has designated Kuaishou as a top pick in China's digital entertainment sector, setting a target price of HKD 71, and expects advertising revenue growth to accelerate from 8% in Q1 to 19% in Q4 [1] - Keling's annual recurring revenue (ARR) surpassed USD 100 million in March, with monthly subscription bookings exceeding RMB 100 million in April and May, 70% of which comes from overseas markets [1] Group 2: Keling AI's Market Potential - Analysts have raised revenue forecasts for Keling AI, with Goldman Sachs increasing its 2025 revenue estimate to USD 120 million and JPMorgan raising its full-year revenue forecast from RMB 450 million to RMB 750 million [2] - CITIC Securities projects Keling's annual revenue could reach USD 868 million by 2030, with a compound annual growth rate of 44.7%, and estimates a conservative valuation range of USD 3.6 billion to USD 4.8 billion [2] - Keling is positioned as a new infrastructure for video creation in the AGI era, establishing a full workflow from generation to editing, and is expected to serve various content production sectors [2] Group 3: Market Outlook - As of the report date, Kuaishou's stock price reached HKD 63.4, the highest since April, with expectations that the synergy between its advertising and AI businesses will further manifest as the Q2 financial report approaches [2]

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024) [1] Core Insights - Kuaishou's AI product, Keling, has exceeded commercialization expectations, contributing significant incremental revenue and showing potential for long-term performance and valuation flexibility [5] - The company reported a strong user base with DAU and MAU reaching 408 million and 712 million respectively, indicating sustained growth and market leadership [5] - The financial forecasts have been adjusted, with revenue expectations for 2025 and 2026 revised to RMB 143.9 billion and RMB 158.4 billion respectively, alongside adjusted net profit estimates [5] Financial Data and Profit Forecast - Revenue projections for Kuaishou are as follows: - 2023: RMB 113.47 billion - 2024: RMB 126.90 billion - 2025E: RMB 143.86 billion - 2026E: RMB 158.43 billion - 2027E: RMB 173.01 billion - Adjusted net profit estimates are: - 2023: RMB 10.27 billion - 2024: RMB 17.72 billion - 2025E: RMB 20.26 billion - 2026E: RMB 23.88 billion - 2027E: RMB 27.64 billion - The company’s earnings per share (EPS) are projected to grow from RMB 2.38 in 2023 to RMB 6.42 in 2027 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 74.58 HKD per share, based on a 15x PE valuation for 2025 [4][5]. Core Insights - The company has shown significant progress in its commercial operations, particularly with its Kuaishou Keling product, which achieved monthly revenues exceeding 1 billion CNY in April and May [3][8]. - The Keling 2.1 version was launched at the end of May, offering a higher cost-performance ratio, which is expected to drive user growth and increase paid subscriptions [8]. - The company is experiencing a positive cycle of technology iteration, product refinement, user payment, and revenue growth, similar to the trajectory of overseas competitors [8]. Financial Forecasts - The adjusted net profit for the company is projected to be 195 billion CNY in 2025, with expected growth to 246 billion CNY by 2027 [4][9]. - Revenue is forecasted to grow from 113.47 billion CNY in 2023 to 164.14 billion CNY in 2027, reflecting a compound annual growth rate [9][10]. - The gross margin is expected to improve from 50.6% in 2023 to 56.7% in 2027, indicating enhanced operational efficiency [9][11]. Performance Metrics - The company's stock price performance has shown a 20% increase over the past month and an 18.97% increase over the past week [6]. - The company has repurchased shares worth 19 billion HKD since the beginning of 2025, providing a safety net for shareholder returns [8].

Group 1: Market Overview - The Hang Seng Index is approaching 24,200 points, with some investors optimistic about challenging 24,500-24,800, while cautious investors expect consolidation around 24,000 points [1] - Current trading signals indicate 15 buy signals, 2 sell signals, and 7 neutral signals, suggesting a general bullish sentiment [1] - Resistance levels are identified at 24,447 points and 25,000 points, with support levels at 23,500 points and 23,100 points [1] Group 2: Company Analysis - NetEase (09999) stock has reached a new high, with strong buy signals indicating potential further upward movement, targeting resistance at 212 HKD and 221 HKD [3] - Pop Mart (9992) is viewed cautiously, with a buy signal but not yet a strong buy, facing resistance at 256.1 HKD and 258 HKD [6] - Meituan (03690) has strong buy signals, with the stock price breaking through resistance at 150 HKD, targeting further resistance at 156.3 HKD and 166.2 HKD [9] - Kuaishou (01024) has seen a 20% increase over four days, with buy signals and resistance levels at 66.1 HKD and 71.9 HKD [11] - BYD (01211) is experiencing a cautious downward trend, with sell signals and support levels at 377 HKD and 373 HKD [14]

Core Viewpoint - Kuaishou is gradually launching its credit payment product "Kuaishou Monthly Payment," which can be used for any purchases in Kuaishou's small shops, with a maximum interest-free period of 37 days, slightly longer than Douyin's 36 days [1] Group 1: Product Launch and Features - Kuaishou Monthly Payment is currently in a "gradual opening" phase and allows for purchases in Kuaishou's ecosystem [1] - The previous credit products were primarily partnerships with Alipay and WeChat, with a minimum credit score requirement of 550 and a single transaction limit of 1,000 yuan [1][2] - Kuaishou's role in the credit business is mainly as a traffic provider, initially collaborating with third-party platforms before attempting self-operated credit products [3] Group 2: Market Position and Challenges - Kuaishou's credit business is viewed skeptically in the industry due to its focus on a lower-tier customer base, which may hinder credit operations [4] - Previous attempts by mainstream lending platforms to acquire customers through Kuaishou have resulted in low conversion rates, leading to limited or no partnerships [4] - Kuaishou's entry into the credit market is considered late compared to competitors like ByteDance, which has been active in financial services since 2015 [5] Group 3: Potential Opportunities - Despite skepticism, Kuaishou has a significant user base, with average daily active users of 408 million and monthly active users of 712 million, suggesting a large potential market if even 1% of users qualify for credit [5] - Kuaishou's comprehensive ecosystem, particularly in e-commerce, may position Kuaishou Monthly Payment as a more appealing option for users, potentially reducing the likelihood of default compared to traditional cash loan products [5]

金十数据6月9日讯，摩根士丹利发报告指,维持快手科技(01024.HK)目标价60港元以及与大市同步的投 资评级。快手表示，其自主研发的影片生成模型可灵的年营收运行率3月份突破1亿美元，4月和5月的月 度订阅预订量均超过1亿元人民币，这意味著年化营收运行率至少达到1.67亿美元，按月增长约67%。 在可灵的现有客户中，70%来自海外，70%也是相关行业的专业人士。摩根士丹利认为，强劲的月度预 订量表明，全球专业人士对可灵在文字转视频生成模型方面的领先技术/能力有浓厚的兴趣。摩根士丹 利认为，如果这种势头在今年剩余时间持续下去，可灵的全年收入很可能会超过快手1亿美元的全年预 期。 摩根士丹利维持快手目标价60港元及评级与大市同步 ...

Group 1 - The Hang Seng Technology HKETF (513890) has seen a 2.62% increase, with a trading volume of 75.4589 million yuan and a turnover rate of 17.44%, indicating active market participation [1] - The Hang Seng Technology Index (HSTECH) rose by 2.91%, with notable increases in constituent stocks such as Kingdee International (00268) up 7.45%, Tencent Music-SW (01698) up 7.05%, and Kuaishou-W (01024) up 6.18% [1] - Over the past two weeks, the Hang Seng Technology HKETF has experienced a significant increase of 9 million shares, ranking among the top in comparable funds [1] Group 2 - In the last nine trading days, the Hang Seng Technology HKETF has attracted a total of 17.8159 million yuan in inflows [1] - CITIC Securities notes that the Hong Kong stock market remains relatively active, with core internet leading companies' valuations still within a normal range [1] - The overall quality of assets in the Hong Kong market is showing systematic improvement, with new economy leaders and high-quality manufacturing companies from A-shares listing in Hong Kong [1] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment in Technology" product line to help investors capitalize on quality technology companies amid the AI-driven tech wave [2] - The Morgan Emerging Power Fund aims to capture emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on AI-related opportunities [2] - The Morgan Hang Seng Technology ETF (QDII) provides a one-click solution for investing in Hong Kong tech assets [3]

近期，DataEye短剧观察发现，红果首页推荐出现了大量的"熊猫头"微短剧，这些短剧制作简单粗糙，机械配音，灵魂画风，五毛特效，甚至主角名都懒 得换一下，干脆统一叫"虾仁"。 就这样"高度同质化"的作品，却收获了大批"唯粉"，用户在评论区大量刷屏"就这味儿，对了！"部分剧的评论互动量甚至超过了一些千万热度的热播剧。 目前此类内容目前还没有统一的名称，常被用户称为"沙雕动画、虾仁动画或熊猫头短剧"，但结合其内容特征，我们将称其为"土味动画短剧"。 "虾仁"是红果押宝的"潜力男主"？本期DataEye短剧观察将聊聊"土味动画短剧"。 | 1、有哪些剧表现得较为出色？ | | --- | 可能是上线时间较短，红果短剧上的"土味动画短剧"整体播放量都较低。 红果短剧APP内，仅《三宝打猎》一部"土味动画短剧"播放量超过了100万，其次是系统题材的《自带空间穿越60年代》播放量超80万，第三是《大明朱 三爷》播放量达45.6万次，其余"土味动画短剧"播放量均不超过45万次。 相比之下，抖音端的"土味动画短剧"已经收获了一批稳定的观众，且播放量大幅领先红果短剧平台。 一、"土味动画短剧"观察 该类型微短剧最早来源于"熊猫 ...

港股科网股持续走强，快手(01024.HK)涨超6%，京东(09618.HK)涨超5%，美团(03690.HK)、哔哩哔哩 (09626.HK)等跟涨。 ...