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]

降本增效、精细化运营巴西市场，是快手海外业务实现盈利的关键 文｜《财经》研究员 黄思韵 编辑｜刘以秦 在连续7年亏损后，快手海外业务迎来转折点：2025年一季度，该业务首次实现单季度经营利润为正。 从2017年组建出海团队至今，快手在海外市场经历了超过7年的投入扩张。据快手财报，2025年一季度，海外整体收入同比增长32.7%，达13.2亿 元，海外分部经营利润为0.28亿元，去年同期经营亏损2.68亿元。 快手首次海外盈利得益在当季"降本增效"表现。快手2025年一季度的海外收入为13.15亿元，略高于上个季度的12.95亿元，但成本开支下降了不 少，从2024年四季度的15.31亿元缩减至12.87亿元，环比缩减约16%。 多家中国互联网公司都在布局海外市场，但海外业务盈利的并不多。字节跳动未公开TikTok独立财务数据，据媒体报道，尽管字节跳动2023年净 利润达280亿美元，但该公司的投资人称，TikTok在2023年预计亏损数十亿美元。 快手在海外业务上走过不少弯路，包括烧钱换不回新用户增长，在市场空间最大的北美地区遭遇挫折等，通过缩窄业务范围，聚焦拉美，精细化 运营等方式，快手暂时走出了海外亏损的 ...

Core Insights - The report indicates that Kuaishou's e-commerce sales experienced a month-on-month increase of 1.49% in May 2025, driven by holiday marketing and the 618 pre-sale event, with promotional heat rising by 16.02% [12][10][1] - Various product categories saw significant growth, particularly in gold, seasonal fruits, and home appliances, with notable increases in sales for durians (136.1%), ice cream (152.9%), and major appliances like air conditioners and washing machines exceeding 30% growth [1][12][29] Group 1: Marketing Activities - Kuaishou's 618 pre-sale period began on May 19, with a strong start leading to a 282% year-on-year increase in GMV for general merchandise [2][10] - Themed marketing campaigns such as "Pearl Love Season" and "Crayfish Carnival Week" significantly boosted sales, with over 10 million crayfish sold [2][10] - Anticipated promotions for June are expected to further enhance consumer spending, focusing on snacks, men's clothing, and digital appliances [2][10] Group 2: Sales Trends - May's sales trends were characterized by explosive growth due to holiday marketing and the upcoming 618 shopping festival, with a notable increase in sales across multiple categories [12][10] - The report highlights that the sales heat for gold and jewelry surged, driven by festive promotions, while seasonal products like durians and zongzi also saw significant sales increases [1][12][21][27] Group 3: Product Insights - In the home appliance sector, air conditioners and washing machines led the growth, with Haier and other brands capturing significant market shares [29][30] - The men's personal care segment showed remarkable growth, with sales of men's shower gel and shampoo increasing by over 80% month-on-month [34][35] - Seasonal products such as ice silk cool mats and mosquito nets gained traction, with promotional heat for these items rising by 119.7% [36][30]

在组织建设方面，程一笑提到，快手将继续深化子弟兵的培养和发展计划，通过晋升、绩效和各类内部 大赛等场景，挖掘和培养更多在快手内部成长起来的优秀人才。同时，公司也将进一步构建公平信任的 组织环境和开放的内部沟通环境，打造健康的人才梯队，锻造更优的组织能力，以适应不断变化的市场 环境。 另外，21世纪经济报道记者从快手获悉，快手14周年庆，给所有在职员工发放司庆红包。其中，员工司 龄大于5年的，可以领到888元；司龄介于3年到5年之间的，可以领到666元；司龄3年以下的，可以领到 466元。 谈技术创新：在技术变革关键节点 坚定在AI上投入 在技术创新方面，程一笑强调快手一直是技术发展的受益者。从早期引入算法机制，到如今拥抱AI变 革，快手持续推动技术在业务中的应用。2024年上线的可灵AI在一年内迭代超过20次，取得了技术突 破，并迅速开启了全球商业化进程。此外，快手在智能化产品和工具上的升级重构，也为创作者和商家 的发展提供了支持。目前，平台上AIGC素材的日均消耗已突破3000万，数字人直播技术的应用降低了 商家的经营成本，实现了"24小时不间断开播"。 6月6日，快手迎来十四周年庆，快手科技创始人兼首席执 ...

近日，摩根大通发布研报表示，快手科技(01024)凭借广告加速与人工智能的优异表现，有望迎来进一 步估值重估。机构重申其为中国数字娱乐领域首选股，并将目标价上调至71港元，潜在上行空间达 37%。 具体到广告业务，预计2025年线上广告收入增速将显著加快，从第一季度的8%，提升至第二 / 第三 / 第 四季度的12%/16%/19%。内容消费行业和本地生活行业的快速增长，以及基于货架电商的广告服务推 出，成为关键驱动因素。 人工智能方面，AI助力快手核心应用改进内容推荐与生成，将显著提升用户使用时长和留存率，还能 为广告主 / 商家提供AIGC营销素材、数字人、AI客服等支持，提高广告转化率。可灵AI则广泛应用于 多行业，其中70%的收入来自国际市场。 鉴于当前快手股价对应2025年预期市盈率为10倍，机构维持快手"增持 (Overweight)"评级，看好其后续 发展。 在2025年第一季度业绩公布后，快手股价当日上涨5%（同期恒生指数下跌1%）。管理层预计，2025年 第二季度线上广告收入同比增速将加快至两位数。同时，可灵AI商业化进程提速，2025年第一季度收 入达1.5亿元人民币，摩根大通将可灵AI全 ...

6月5日【港股Podcast】恆指、眾安、京東、中芯、思摩爾、快手 1、恆指：投資者認為指數慢牛，上方24000-24100有不少熊證堆積，認為會繼續上行殺熊證。也有市場資金選擇獲利離場。走勢上，指數從保利加通道底部 反彈至通道頂部，不排除會有調整的情況，參考技術信號為"賣出"，其中有13個賣入信號，3個賣出信號以及8個中立信號。如果擔心熊證重貨區被回收的 話。參考上方阻力位為24100點和24600點，選擇熊證時，收回價可高於阻力位之上。 2、眾安在綫 (06060.HK)：投資者問18元是否可以重新買入?Simon：走勢上，早前來到高位後又跌回去。參考最新分析首要支持位在15.9元，同時注意日線 圖的保利加通道中線15.05元。窩輪市場上，投資者選擇獲利離場，等待低位再考慮入場。 | 信號總結 | 賣出信號 中立信號 | 買入信號 | | --- | --- | --- | | 틀出 | x | | 4、中芯國際 (00981.HK)：投資者問是否還有上升空間？Simon：參考目前的買賣信號為"買入"，有8個買入信號，整體看法樂觀偏好。從走勢圖看，收市價 42.25元升穿日線圖的中線。不排除進一步再上挑戰 ...

Core Insights - The company reported Q1 2025 revenue of 32.61 billion yuan, a year-over-year increase of 10.9%, and an adjusted net profit of 4.58 billion yuan, up 4.4% year-over-year [1] - The company's DAU reached a record high of 408 million, growing 3.6% year-over-year, while MAU was 712 million, up 2.1% year-over-year [1] - The company's gross margin was 54.6%, a decrease of 0.3 percentage points year-over-year, while the adjusted net profit margin was 14.0%, down 0.9 percentage points year-over-year [1] User Engagement and Growth - The company implemented refined user growth strategies, effectively reducing customer acquisition costs and enhancing user stickiness through quality content distribution and community engagement [1] - Daily average usage time per user reached 133.8 minutes, with total user usage time increasing by 5.9% year-over-year [1] E-commerce Performance - The live e-commerce business generated a GMV of 332.3 billion yuan, reflecting a year-over-year growth of 15.4%, with active buyers reaching 135 million [1] - The company established a "live streaming + mall + short video" operational framework, contributing to significant growth in e-commerce [1] - Short video e-commerce GMV grew over 40% year-over-year, expanding content expression and user conversion pathways [1] Marketing Revenue Growth - Online marketing revenue reached 18 billion yuan, an 8.0% year-over-year increase, primarily driven by external circulation [1] - The local life sector saw marketing consumption grow over 50% year-over-year, aided by various solutions to help merchants reach customers [1] - The company optimized marketing investment channels through algorithm enhancements, with 60% of internal circulation marketing consumption attributed to the full-site promotion intelligent system 4.0 [2] AI and Technological Advancements - The company launched the Keling 2.0 in April 2025, introducing multi-modal visual language (MVL) and multi-modal editing capabilities [2] - Daily advertising consumption for AIGC marketing materials averaged around 30 million yuan, empowering various online marketing service processes [2] Financial Projections - Revenue projections for 2025-2027 are 142.21 billion yuan, 154.96 billion yuan, and 168.19 billion yuan, respectively [2] - Expected non-GAAP net profit for the same period is 20.16 billion yuan, 23.66 billion yuan, and 27.28 billion yuan, respectively [2]

Core Insights - The China Securities TMT Index (港股通 TMT) is currently at 4182.06 points, having decreased by 1.42% over the last three months but increased by 20.33% year-to-date [1] - The index comprises 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry securities [1] - The index was established on November 14, 2014, with a base point of 3000.0 [1] Index Holdings - The top ten weighted companies in the index are Xiaomi Group-W (21.08%), Tencent Holdings (14.78%), China Mobile (14.49%), SMIC (7.15%), Kuaishou-W (5.81%), Cheung Kong (4.32%), China Telecom (2.79%), Lenovo Group (2.73%), China Unicom (1.99%), and China Tower (1.89%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange [2] Sector Distribution - The sector distribution of the index holdings includes: Electronics (29.41%), Media (25.52%), Telecommunications Services (24.60%), Semiconductors (8.98%), Computers (8.40%), and Communication Equipment & Technology Services (3.09%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Group 1 - Kuaishou and Meituan are playing a significant role as employment "reservoirs," promoting high-quality employment for college graduates [1] - Kuaishou plans to release over 50 internship positions in various technical fields for college students this year, including algorithm, large models, and multimedia technology [3] - Meituan will provide 9,000 internship positions this year and has established a systematic training mechanism for new graduates to facilitate their growth in the workplace [3] Group 2 - By the end of 2024, Kuaishou aims to create 174 new professions, offering more employment and entrepreneurial options for young people [3] - Kuaishou has launched the "Kuaipin" service since 2022, innovating a digital recruitment model that connects employers and job seekers through live streaming [3] - Meituan has over 15,000 campus recruitment positions this year, including more than 6,000 for fresh graduates and 5,000 for regular interns [3][6] Group 3 - Meituan's campus recruitment strategy includes assigning mentors to new hires and providing rotation opportunities to enhance their skills and interests [3][6] - A graduate from Tsinghua University shared that the mentorship provided by experienced engineers helped him navigate his career path effectively [6]

Core Insights - Kuaishou's Q1 2025 revenue reached 32.61 billion yuan, a year-on-year increase of 10.9%, while profit decreased by 3.4% to 3.979 billion yuan, and adjusted net profit slightly declined by 2.6% to 4.58 billion yuan, with a profit margin of 14.0% [1][2] Revenue Breakdown - The three main business segments of Kuaishou, namely online marketing services, live streaming, and other services (including e-commerce), saw year-on-year growth rates of 8%, 14.4%, and 15.2% respectively [2][4] - Online marketing services experienced a slowdown, with growth rates declining from 27.4% in Q1 2024 to 13.3% in Q4 2024, leading to an annual growth of 20.1% for 2024 [2][4] Business Adjustments - Kuaishou's management expressed confidence in returning to double-digit growth for online marketing services in Q2, attributing Q1's performance to seasonal factors and highlighting the potential in content consumption and e-commerce [4][5] - The live streaming segment rebounded in Q1 with a growth rate of 14.4%, despite a 5.1% decline in annual revenue for 2024 [5][6] E-commerce Performance - Kuaishou's e-commerce GMV (Gross Merchandise Volume) grew by 15.4% year-on-year, reaching 332.3 billion yuan, with the general merchandise shelf contributing approximately 30% to total GMV [5][6] AI Strategy - Kuaishou's AI initiative, Keling AI, generated over 150 million yuan in revenue in Q1 and is being integrated into core business areas, particularly in e-commerce and advertising [9][10] - The company is investing heavily in AI, increasing R&D spending by 16% to 3.298 billion yuan, which now represents 10.1% of total revenue [10][11] User Engagement - Kuaishou's average active users reached 408 million, with a slight year-on-year growth of 3.6%, while monthly active users grew by 2.1% to 712 million, indicating a potential saturation in user growth [11][12] - Despite limited user growth, the revenue per user for online marketing services increased by 4.2% year-on-year to 44.1 yuan, reflecting strong user engagement and monetization potential [11][12] Competitive Landscape - Kuaishou faces significant competition in the AI space, with rapid advancements in AI models from competitors like Google, which recently launched the AI video model Veo 3 [12][13] - The company aims to leverage AI to enhance efficiency and drive growth in its online marketing and e-commerce sectors, although it still relies heavily on traditional revenue streams [13]