Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of over 3%, currently trading at 79.2 HKD with a transaction volume of 1.63 billion HKD, driven by the upgrade of its AI model, Keling 2.5 Turbo, which enhances video generation capabilities [1] Group 1: Company Developments - The newly upgraded Keling 2.5 Turbo model generates a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper compared to the previous 2.1 model at the same quality level [1] - Goldman Sachs anticipates that the new AI model will lead to sustained increases in user engagement for Kuaishou [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on Kuaishou, citing growth potential at reasonable valuations, with projected price-to-earnings ratios of 15x and 12x for the next two years, and an expected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The upward potential of video generation AI is highlighted as a significant factor for Kuaishou's future growth [1] - Investor holdings in Kuaishou are relatively low, suggesting potential for increased investment interest [1]

Core Viewpoint - UBS reports that Kuaishou-W (01024) has made significant advancements in text understanding with its Keling 2.5 Turbo model, enabling users to describe complex video sequences through text, enhancing creative expression control [1] Company Summary - UBS sets a 12-month target price of HKD 95.37 for Kuaishou, implying a 14.4 times price-to-earnings ratio for the fiscal year 2025, excluding Keling [1] - The firm maintains an optimistic outlook on Kuaishou due to reasonable growth under valuation, with price-to-earnings ratios of 15 times and 12 times for the next two years, and an expected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The potential upside of video-generating AI and relatively low investor holdings are also cited as positive factors for Kuaishou [1]

Core Viewpoint - Recent discussions among major platforms like Xiaohongshu, Weibo, Kuaishou, Toutiao, and UC highlight their failure to uphold public interest and social responsibility, leading to a deteriorating online environment filled with misinformation and harmful content [1][2]. Group 1: Issues Identified - The platforms have been criticized for the prevalence of vulgar content, malicious traffic generation, and misinformation on trending topics, particularly in three areas: 1. Entertainment content dominating the trending lists, with celebrity gossip overshadowing public interest topics [2][4]. 2. Unregulated dissemination of sensitive information, leading to heightened social tensions and potential harm [4]. 3. Manipulation of information flow, where platforms control what content is visible, creating a biased information environment [5][7]. Group 2: Platform Responsibilities - The recent warnings from regulatory bodies emphasize the need for platforms to recognize their responsibilities and abandon harmful traffic-centric views to maintain a healthy online ecosystem [2][10]. - Platforms are urged to prioritize social benefits over traffic, reducing the exposure of entertainment gossip while increasing the visibility of quality content such as political news and educational resources [9][10]. Group 3: Future Directions - The call for platforms to act as builders of a healthy online ecosystem rather than destroyers is clear, with a focus on adhering to mainstream values and optimizing information recommendation mechanisms [8][10]. - The emphasis is on ensuring that trending topics reflect public interest and are free from manipulation, thereby restoring trust and integrity in online information dissemination [6][9].

Core Viewpoint - UBS has released a report indicating that Kuaishou-W (01024) has made significant advancements in text understanding with its Keling 2.5 Turbo model, enabling users to describe complex video sequences through text, enhancing creative expression control [1] Group 1: Company Valuation and Target Price - UBS has set a 12-month target price of HKD 95.37 for Kuaishou, implying a price-to-earnings ratio of 14.4 times for the fiscal year 2025, excluding Keling [1] - The report maintains a "Buy" rating for Kuaishou based on the SOTP (Sum of the Parts) valuation method [1] Group 2: Growth Potential and Market Sentiment - UBS expresses optimism regarding Kuaishou due to reasonable growth expectations, projecting price-to-earnings ratios of 15 times and 12 times for the next two years, with an average annual compound growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The potential for video-generating AI is highlighted as an upward growth driver for the company [1] - Investor holdings in Kuaishou are noted to be relatively low, suggesting potential for increased interest [1]

Core Viewpoint - UBS reports significant advancements in Kuaishou's Kuaishou 2.5 Turbo model for text understanding, enabling users to describe complex video sequences through text, enhancing creative expression control [1] Group 1: Company Analysis - UBS maintains an optimistic outlook on Kuaishou due to reasonable growth under valuation, the upward potential of video-generating AI, and relatively low investor holdings [1] - The target price for Kuaishou is set at HKD 95.37 for the next 12 months, with a "Buy" rating based on the SOTP (Sum of the Parts) method [1]

Core Insights - Kuaishou's latest AI model, "Keling AI 2.5 Turbo," has achieved nearly a 30% cost reduction while maintaining top-tier performance, positioning the company as a leading player in the global AI video generation market [1][5] - The model shows significant improvements in text response, dynamic effects, style consistency, and aesthetic quality, enhancing controllability, stability, and consistency in video generation [1][5] - Goldman Sachs maintains a "buy" rating for Kuaishou, with a 12-month target price of HKD 83, indicating a potential upside of 12.1% from the current stock price [1] Performance and Cost Advantages - The Keling 2.5 Turbo model offers a dual advantage of high performance and significant cost savings, making it an economical solution for AI video generation [3][4] - In user preference tests, 51% preferred Keling 2.5 over Seendance 1.0, 57% over Seendance 1.0 mini, and 69% over Veo3 fast, indicating Kuaishou's leading position in AI video generation technology [4][5] - The cost for generating a 5-second video in high-quality mode (1080p) is only 25 points, nearly 30% cheaper than the previous version 2.1 [4][5] Commercial Potential and Market Share - Despite competition from Google and ByteDance, the AI video generation industry is still in its early stages, with rapid market growth disrupting traditional advertising and short film production [5] - The technological advancements of Keling AI 2.5 Turbo lay the groundwork for applications in various fields, including film, short dramas, gaming, animation, and advertising, while also providing high-quality solutions for individual creators [5] - Revenue from Keling AI is projected to grow from USD 154 million in 2025 to USD 365 million by 2027, with annual growth rates of 62% in 2026 and 46% in 2027, reflecting strong market demand for high-quality AI video generation tools [5]

Group 1: Hang Seng Index (HSI) - Investors are optimistic about the Hang Seng Index, believing that if it stays above the 10-day moving average, it could test the monthly resistance level of 26,773 [1] - The index has shown a good performance, rising to the 26,500 level and recovering past losses, with short-term technical signals indicating a "buy" [1] - Key resistance levels are identified at 26,800 and 27,600, while support levels are at 25,600 and 25,100 [1] Group 2: Alibaba (09988.HK) - Alibaba's stock price has surged, with a high of 174 HKD, nearing the upper Bollinger Band at 175 HKD, but technical signals suggest a "sell" due to potential adjustments [8] - Resistance levels for Alibaba are at 179.6 HKD and 196 HKD, with support levels at 150 HKD and 136 HKD [8] - Products with a buyback price between 145-150 HKD show competitive leverage, with some having premiums around 1.18%-1.2% and leverage between 4.6-4.9 times [8] Group 3: Xiaomi Group (01810.HK) - Xiaomi's closing price was 56.9 HKD, with technical signals indicating a "buy" [12] - Resistance levels are at 57.4 HKD and 59.2 HKD, while investors can consider options with a strike price around 61 HKD, offering leverage between 4-8 times [12] - Premiums vary significantly, with some reaching 14% and others exceeding 20%, necessitating careful product comparison [12] Group 4: Kuaishou (01024.HK) - Kuaishou's closing price was 76.8 HKD, with technical signals indicating a "sell" and a bearish outlook [19] - Support levels are at 73.2 HKD and 72.2 HKD, with suitable call options available around a strike price of 68 HKD [19] - Premiums for these options range from 18-20%, with implied volatility between 48%-53%, highlighting the need for product comparison [19] Group 5: China Mobile (00941.HK) - China Mobile's closing price was 85.7 HKD, with technical signals suggesting a "buy" [22] - Resistance levels are at 88.6 HKD and 91.9 HKD, while support levels are at 82.1 HKD and 78.9 HKD [22] Group 6: Hua Hong Semiconductor (01347.HK) - Hua Hong's stock price reached 66.4 HKD, closing at 63.2 HKD, close to the upper Bollinger Band [29] - Support levels are at 56.1 HKD and 51.7 HKD, while resistance levels are at 70.2 HKD and 78.3 HKD [29]

24 September 2025 | 5:24AM HKT Equity Research With the Turbo 2.5 release, we believe Kuaishou Kling remains at top tier among global applications, and will likely see a step-up in user engagement with this new release. We maintain our current forecast of FY25 ARR US$154mn (vs. company guidance of $125mn) and see further user feedback/model iteration as key to monitor. Buy on Kuaishou with a 12m target price of HK$83. Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald ...

Core Viewpoint - Morgan Stanley increased its stake in Kuaishou-W from 5.24% to 5.43% as of September 18 [1] Group 1 - The increase in Morgan Stanley's shareholding indicates a growing confidence in Kuaishou-W's market position [1]

每经AI快讯，9月24日，港股快手-W(01024.HK)涨近4%，截至发稿，涨3.78%，报76.85港元，成交额 12.26亿港元。 （文章来源：每日经济新闻） ...