5月8日，快手电商在2025商家大会上宣布，将持续发挥全域经营优势，丰富细分类目商品供给，跨场域 满足用户多元化消费需求，同时充分利用AI能力赋能商家全链路经营，降低商家在内容电商平台的经 营成本。2024年，快手电商多场域买家数同比增长超19%，短视频GMV同比增长超50%，购物金额1万 元以上买家数同比增长超10%。全域经营不仅提高了商家的经营效率，也更好地满足了用户在不同场域 的购物需求。(36氪) ...

恒生指数高开2.24%，恒生科技指数涨2.72%。快手涨超5%，龙湖集团涨5%，友邦保险、阿里健康涨超 4%。 关于港股后市 据中国证券报，对于2025年以来南向资金整体大幅净流入的情况，中金公司海外策略首席分析师刘刚表 示，本轮南向资金大举流入的过程中，ETF资金的流入非常强劲，这背后可能存在不少个人投资者通过 ETF配置港股的情况。据刘刚测算，今年后续相对确定的南向资金增量大概在2000亿港元至3000亿港元 区间，预计全年累计净流入区间为8000亿港元至10000亿港元。 对于外资未来是否加码港股市场这一问题，华泰证券首席宏观经济学家易峘表示，海外流动性短期 或"易松难紧"，对港股难形成负面制约。4月，海外投资者购买日本债券和股票的规模创1996年以来最 高，这或意味着全球资金正寻求美国资产替代品。港元汇率近期持续走强，港美利差空间缩窄但港元强 势不改表明港股或存全球资金再配置需求。 本文转载自"腾讯自选股"；智通财经编辑：刘家殷。 华泰证券首席宏观经济学家易峘认为，近期美国方面释放关税谈判信号，短期贸易冲突或存降级空间， 风险偏好提振下港股或迎来重定价窗口。展望后市，短期贸易冲突悲观情绪缓和、中期港股 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect Repurchase Index, which has shown a decline of 4.81% over the past month, an increase of 8.84% over the past three months, and a year-to-date rise of 8.00% [1] - The index is composed of 50 stocks with high repurchase ratios selected from the Hong Kong Stock Connect, reflecting the overall performance of these high repurchase companies [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 2 - The top ten holdings of the index include HSBC Holdings (10.68%), AIA Group (9.98%), Tencent Holdings (9.97%), Meituan-W (8.04%), Kuaishou-W (7.79%), Dongyue Group (6.48%), Swire Properties A (5.4%), Hang Seng Bank (5.38%), CSPC Pharmaceutical Group (4.36%), and China COSCO Holdings (3.71%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry distribution, the index sample shows that finance accounts for 26.04%, communication services for 18.37%, consumer discretionary for 15.47%, healthcare for 11.62%, real estate for 8.92%, materials for 6.67%, industrials for 6.28%, energy for 3.36%, information technology for 2.05%, and consumer staples for 1.21% [2] - The index samples are adjusted quarterly, with adjustments occurring on the next trading day following the second Friday of March, June, September, and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample stock is delisted or undergoes mergers, acquisitions, or spin-offs [2]

每经记者 王郁彪 每经编辑 杨夏 可灵2.0、可图2.0"上新"没多久，独立负责快手大模型业务的可灵AI（人工智能）事业部来了。 4月30日，快手发布组织架构调整公告，宣布正式成立可灵AI事业部，该事业部下设可灵AI产品部、运 营部和技术部，负责可灵、可图等系列大模型业务。 《每日经济新闻》记者从快手方面了解到，快手高级副总裁盖坤担任可灵AI事业部负责人，继续兼任 社区科学线负责人，向快手科技创始人兼首席执行官程一笑汇报。 与此同时，社区科学线下成立基础大模型与应用部，负责LLM（大语言模型）大模型、多模态理解大 模型以及应用技术研发。 毫无疑问，AI是快手的公司级战略。2023年初，快手启动AI战略并制定了战略目标及规划，打造了包 括快意语言大模型、可图图像生成大模型、可灵视频生成大模型等在内的大模型矩阵。 去年6月快手发布的可灵AI最新数据显示，截至当时，可灵AI已累计完成超20次迭代，全球用户规模突 破2200万。4月15日，可灵AI面向全球正式发布可灵2.0视频生成模型及可图2.0图像生成模型。 商业化方面，快手2024年第四季度及全年业绩显示，自可灵AI开始商业化以来到今年2月，累计营业收 入超过1 ...

4月30日，快手发布组织架构调整公告，宣布公司高级副总裁于冰不再担任研发线负责人等管理职责， 转任公司技术顾问。快手在公告中表示，"公司对于冰所做出的贡献表示衷心感谢"。先后在快手研发 线、社区科学线、海外等多个关键技术岗位任职的陈彬，将接任快手研发线负责人，公司同时任命陈彬 为经营管理委员会成员，向程一笑汇报。(智通财经) ...

转自：北京日报客户端 近期，快手平台接到多名用户反馈，称有不法分子通过冒充快手官方客服、冒充主播助理客服、冒充警 察进行诈骗。五一假期将至，冒充类诈骗风险持续升高，快手安全中心提醒广大用户，需要警惕如下几 类仿冒诈骗行为，提高反诈防骗意识，谨防上当受骗。 近期，快手平台接到用户举报，称有不法账号通过私信、群聊、语音通话渠道主动联系受害用户，自称 是主播的"小助理"、"团队客服"，以提供课程服务、加入主播粉丝圈、幸运观众中奖免单为由吸引受害 用户关注，并添加第三方平台联系方式。后续以课程资料付费、进圈子收会员费为由，引导用户进行屏 幕共享、主动转账，不断诱导用户多次充值付费，最终骗取受害用户钱财。 冒充警察诈骗 套路一：先追星后冒充警察诈骗 典型案例 冒充快手官方客服诈骗 部分用户反馈称，在浏览快手App时接到自称是"快手官方客服"的陌生电话，对方告知用户开通了每月 自动扣费的直播会员服务，如不取消会自动扣费数百元，并以此为由让用户下载办公App进行屏幕共享 等操作。 快手平台在此声明：快手官方客服绝不会通过电话或短信等渠道，以账号违规、商品退款、关闭续费功 能为由，要求用户提供密码、验证码或者下载其他软件进行 ...

港股互联网核心标的基本面展望&逻辑解读：腾讯、阿里、 美团、快手、网易等读 20250428 港股近期的市场情况如何？投资者对港股的操作有什么反应？ 近期港股市场表现较为波动，自 4 月 8 日关税开始后，港股大幅下跌，随后出 现阶段性反弹。目前市场处于交易边际性收点的位置。投资者在交流过程中普 遍感到迷茫，对当前港股位置及个股操作无从下手。市场对于未来走势存在分 歧，有观点认为可能持续向上，也有观点认为会盘整或面临向下冲击风险，尤 其是在关税不确定情况下可能有进一步下探风险。 在当前市场环境中，光大海外的投资策略是什么？ 光大海外认为短期内难以判断市场走势，因为关税走向和国际谈判进展存在许 多不可预测因素。因此，与其赌一头，不如将更多精力和关注重点放在确定性 上。在下行周期中，我们认为价值占优，而港股长期来看还是以价值取胜，以 基本面取胜。因此，我们推荐头部互联网公司作为底仓配置选择。这些公司对 美国关税敞口低，受监管限制较少，并且主营业务发展良好。此外，这些公司 在经济周期波动中既有防御属性，又有进攻属性。 为什么光大海外推荐互联网公司作为核心赛道？ 首先，互联网公司的底部非常强势，不论是南下资金还是海外 ...

在促进就业方面，2月26日，中国人民大学中国就业与民生研究院发布了《短视频直播平台推动高质量 充分就业研究报告（2024）》。报告显示，截至2024年底，快手平台共带动了4,320万个就业机会，催 生了174个新职业。 4月25日，快手(01024)发布2024年度ESG报告，详细披露了过去一年快手在环境、社会及公司治理方面 的工作进展与成效，一系列实践成果也获得了国际权威机构MSCI的认可。在MSCI给出的最新ESG评级 中，快手由"BBB"级跃升至A级，评级综合得分在国内互联网企业中位列领先梯队。 公益助力传递善意，共享数字技术红利 作为超7亿用户数字生活的重要入口，快手将社会责任融入企业基因，致力于通过技术赋能更多人，通 过公益助学、公益助残等项目传递温暖与力量，切实为社会发展添彩助力。报告显示，2024年，快手公 益项目共捐赠约人民币4,741万人民币，公益项目投入总时间37,482小时。 在公益助学上，快手发起"启智未来学堂"项目，带领超80名师生走进北京，开展公益夏令营活动。快 手"启智未来学堂"数字教室项目联合北京市妇儿发展基金会在内多家机构助力19所学校开展信息技术、 AI及编程相关课程。截至 ...

Financial Performance - Total revenue for 2024 reached RMB 126,898 million, an increase of 11.8% compared to RMB 113,470 million in 2023[7] - Gross profit for 2024 was RMB 69,292 million, representing a gross margin of 54.6%, up from 50.6% in 2023[7] - Operating profit surged to RMB 15,287 million, a 137.7% increase from RMB 6,431 million in the previous year[7] - Adjusted net profit for 2024 was RMB 17,716 million, reflecting a 72.5% year-over-year growth from RMB 10,271 million[7] - Adjusted EBITDA for 2024 was RMB 24,770 million, a 42.2% increase compared to RMB 17,424 million in 2023[7] - For Q4 2024, total revenue was RMB 35,384 million, an 8.7% increase from RMB 32,561 million in Q4 2023[8] - Q4 2024 operating profit was RMB 4,268 million, up 17.8% from RMB 3,622 million in the same quarter last year[8] - The company reported a net profit of RMB 3,974 million for Q4 2024, a 10.0% increase from RMB 3,612 million in Q4 2023[8] - Adjusted net profit for 2024 increased by 72.5% to RMB 17.7 billion, with an adjusted net profit margin of 14.0%[18] Revenue Breakdown - Domestic revenue accounted for RMB 122,202 million, while overseas revenue was RMB 4,696 million, indicating a significant growth of 105.6% in overseas revenue[10] - Online marketing services revenue grew by 20.1% from RMB 60.30 billion in 2023 to RMB 72.42 billion in 2024, accounting for 57.1% of total revenue[35] - In Q4 2024, online marketing service revenue reached RMB 20.6 billion, a year-on-year increase of 13.3%[22] - E-commerce GMV grew by 14.4% year-on-year to RMB 462.1 billion in Q4 2024, with monthly active buyers increasing by 10.0% to 143 million[24] - The number of active merchants in the e-commerce ecosystem increased by over 25.0% year-on-year in Q4 2024[25] User Engagement - Average daily active users reached 401 million in Q4 2024, a year-over-year increase of 4.8%[20] - The total number of monthly active users reached 735.6 million in Q4 2024, a year-over-year increase of 5.0%[20] - Average revenue per daily active user for 2023 was RMB 181.3, compared to RMB 158.7 in 2022, reflecting a growth of 14.0%[13] Marketing and Advertising - Daily consumption of AIGC marketing materials exceeded RMB 30 million in Q4 2024, indicating increased efficiency in marketing production[19] - The marketing consumption of commercial short dramas increased by over 300.0% year-on-year in Q4 2024, driving growth in online marketing services[22] - The automated advertising solution (UAX) accounted for over 55.0% of external marketing consumption in Q4 2024[22] Expenses and Costs - Sales and marketing expenses rose by 12.6% from RMB 36.50 billion in 2023 to RMB 41.11 billion in 2024, representing 32.4% of total revenue[42] - Research and development expenses slightly decreased by 1.1% from RMB 12.34 billion in 2023 to RMB 12.20 billion in 2024[44] - Total sales costs rose by 6.5% from RMB 15.269 billion in Q4 2023 to RMB 16.261 billion in Q4 2024, primarily due to increased revenue share costs[63] Cash Flow and Financial Position - The net cash from operating activities for the year ended December 31, 2024, was RMB 29.79 billion, an increase from RMB 20.78 billion in 2023[105] - The total cash and cash equivalents as of December 31, 2024, were RMB 12.7 billion, slightly down from RMB 12.9 billion at the end of 2023[103] - The company’s total borrowings as of December 31, 2024, amounted to RMB 11.1 billion, with a leverage ratio of 17.9%[110] - The net cash used in investing activities for the year ended December 31, 2024, was RMB 36.68 billion, compared to RMB 19.87 billion in 2023[107] Corporate Governance and Management - The company has adopted corporate governance principles and codes as a basis for its governance practices[155] - The company has a strong management team with over 20 years of experience in venture capital, focusing on AI, cloud computing, and digital media[179] - The company has appointed independent directors with extensive experience in technology and internet sectors, enhancing governance and strategic planning[185] - The board includes independent directors who provide independent judgment and oversight[187][189] Strategic Initiatives and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7] - The company plans to continuously enhance its technological capabilities and seek strategic partnerships, investments, and acquisitions[136] - The group has no specific plans for significant investments or capital asset acquisitions as of December 31, 2024, but will continue to seek new business development and investment opportunities[115] Social Responsibility and Compliance - The company emphasizes corporate social responsibility and content safety as part of its strategic objectives[197] - The company has not faced any significant environmental risks or penalties due to non-compliance with environmental regulations during the reporting period[133] - The group made charitable and other donations amounting to approximately RMB 47 million during the reporting period[152]

Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of over 3%, currently trading at 51.7 HKD with a transaction volume of 642 million HKD, following the announcement of a new large model training method called SRPO by the Kuaipilot team [1] Group 1: New Model Announcement - The Kuaipilot team released the SRPO method, which achieves performance breakthroughs at only one-tenth the training cost of GRPO [1] - SRPO is the first method in the industry to replicate the performance of DeepSeek-R1-Zero in both mathematics and coding domains [1][2] Group 2: Performance Metrics - SRPO achieved scores of 50 in AIME2024 and 41.6 in LiveCodeBench, surpassing the performance of DeepSeek-R1-Zero-32B [2] - The training steps required for SRPO are only one-tenth of those needed for R1-Zero, indicating significant efficiency improvements [2]