财联社11月22日讯（编辑童古） 恒生指数公司今天宣布截至2024年9月30日的恒生指数系列季度检讨结 果，所有变动将于2024年12月6日(星期五)收市后实施并于2024年12月9日(星期一)起生效。 1.恒生指数 快手科技和新东方教育加入恒生指数，新世界发展被剔除，成份股数目将由82只增加至83只。 除了新增新东方教育科技集团，以上恒生指数成份股的变动也适用于恒指港股通指数。 2，恒生国企指数 中国人保财险加入恒生国企指数，龙湖集团被剔除，成份股数目维持50只。 恒生中国企业指数成份股公司的变动也适用于恒生中国企业精明指数。 3.恒生科技指数 美的集团加入恒生科技指数，微博被剔除，成份股数目维持30只。 以上恒生科技指数成份股的变动也适用于恒生港美科技指数，指数里美国上市成份股没有变动，成份股 数目维持40只。 4.恒生香港上市生物科技指数 远大医药、晶泰科技（QuantumPharmInc.）和方舟云康加入恒生科技指数，思路迪、科济药业和康龙化 成被剔除，成份股数目维持50只。 以上恒生香港上市生物科技指数成份股的变动也适用于恒生港美生物科技指数，指数里美国上市成份股 没有变动，成份股数目维持60只。 ...

财联社11月22日讯，据国家网络安全通报中心微信公号，近日，针对快手公司短视频中存在违法信息等 问题，公安机关依据《网络安全法》规定，依法给予快手公司警告处罚。 经查，快手公司存在对法律、行政法规禁止发布或者传输的信息未及时处置，以及落实青少年模式不到 位等情况，导致违法信息扩散，危害未成年人身心健康，违反了《网络安全法》相关规定。 公安机关依法对快手公司给予行政处罚，责令其全面落实青少年模式，全面排查清理违法信息，并依法 依规处置违法违规账号。 请各互联网平台引以为鉴，举一反三，切实履行信息网络安全管理主体责任，严格落实网络实名制，加 强源头治理、综合治理，有效防止违法信息传播，坚决防范违法信息对未成年人造成侵蚀危害。 ...

Investment Rating - The report maintains an "Outperform" rating for Kuaishou-W (01024 HK) [6][29] Core Views - Kuaishou's DAU exceeded 400 million with steady growth in e-commerce GMV [2] - Revenue increased by 11% YoY with adjusted net profit margin up by 1 percentage point [2] - Total traffic increased by 7% YoY in Q3 2024, with DAU surpassing 400 million [15] Financial Performance - Q3 2024 revenue reached 31 1 billion yuan, up 11% YoY [2] - Gross margin improved to 54 3%, up 2 6 percentage points YoY [2] - Adjusted net profit for Q3 2024 was 3 95 billion yuan, with an adjusted net profit margin of 12 7% [2] - Domestic revenue grew by 9% YoY to 29 8 billion yuan, while overseas revenue was 1 33 billion yuan with an operating loss of 150 million yuan [2] User Metrics - MAU reached 714 million in Q3 2024, up 4% YoY [15] - DAU reached 408 million in Q3 2024, up 5% YoY [15] - Average daily time spent per user increased to 132 minutes, up 2% YoY [15] Commercialization - E-commerce GMV grew by 15% YoY to 334 2 billion yuan in Q3 2024 [22] - Advertising revenue increased by 20% YoY to 17 6 billion yuan, with out-loop advertising growing by 30% YoY [26] - Live streaming revenue declined by 4% YoY to 9 34 billion yuan [26] Future Projections - Revenue is expected to grow by 10 8% in 2024E, reaching 125 7 billion yuan [5] - Adjusted net profit is projected to be 17 7 billion yuan in 2024E, up 72 6% YoY [5] - E-commerce GMV is expected to grow by 14% in Q4 2024 [22] Valuation - The fair value range is estimated at 70 00 - 93 00 HKD [6] - The current share price is 52 55 HKD, with a market cap of 226 7 billion HKD [6]

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price adjusted to HKD 55, indicating a potential upside of 19% from the current price of HKD 46.4 [2][5][21]. Core Insights - Kuaishou Technology's Q3 2024 revenue reached RMB 31.1 billion, representing a year-on-year growth of 11.4%, while adjusted net profit was RMB 3.95 billion, up 24% year-on-year, aligning with market expectations [1]. - The company's daily active users (DAU) grew to 408 million, a 5.4% increase year-on-year, and monthly active users (MAU) reached 714 million, up 4.3% year-on-year, indicating stable overall traffic growth [1]. - Advertising revenue for Q3 2024 was RMB 17.6 billion, a 20% year-on-year increase, primarily driven by external circulation advertising, particularly in media, e-commerce, and local services [1][2]. - E-commerce gross merchandise volume (GMV) was RMB 334.2 billion, growing 15.1% year-on-year, supported by a 12.2% increase in active buyers [2]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 31.1 billion, with a year-on-year growth of 11.4% [1]. - Adjusted net profit for Q3 2024 was RMB 3.95 billion, reflecting a 24% increase year-on-year [1]. - Q3 2024 advertising revenue was RMB 17.6 billion, up 20% year-on-year, with external circulation advertising as the main growth driver [1][2]. User Metrics - DAU reached 408 million, a 5.4% increase year-on-year [1]. - MAU was 714 million, growing 4.3% year-on-year [1]. - Daily average usage time was 132 minutes, with total traffic increasing by 7.3% year-on-year [1]. E-commerce Insights - E-commerce GMV for Q3 2024 was RMB 334.2 billion, a 15.1% year-on-year increase [2]. - The number of active buyers increased by 12.2% to 133 million [2]. - The gross margin for Q3 2024 was 54.3%, with a year-on-year increase of 1.2 percentage points [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 71.27 per share, reflecting a reasonable valuation based on projected earnings [3][17]. Core Insights - The company reported total revenue of RMB 31.1 billion for Q3 2024, representing a year-over-year growth of 11% and a quarter-over-quarter increase of 1%, aligning with Bloomberg consensus expectations [1]. - Non-GAAP net profit for Q3 2024 was RMB 3.948 billion, showing a year-over-year increase of 24% but a quarter-over-quarter decline of 16% [1]. - The company achieved a gross margin of 54.33% in Q3 2024, with a year-over-year increase of 2.6 percentage points [1]. - Monthly active users (MAU) reached 714 million, with a year-over-year growth of 4% [1]. - Daily active users (DAU) reached 408 million, reflecting a year-over-year increase of 5% [1]. Revenue and Profit Forecast - The company is expected to balance revenue growth and profit release, with projected revenues of RMB 127.2 billion and RMB 141 billion for 2024 and 2025, respectively, representing year-over-year growth rates of 12.1% and 10.9% [1][17]. - Adjusted net profits are forecasted to be RMB 17.7 billion and RMB 22.5 billion for 2024 and 2025, respectively [1][17]. - The report anticipates a continued focus on short videos and local services, with slight investments to promote stable revenue growth [1]. Advertising and E-commerce Performance - Advertising revenue for Q3 2024 was RMB 17.6 billion, showing a year-over-year increase of 20% [1]. - E-commerce gross merchandise volume (GMV) was RMB 334.2 billion, with a year-over-year growth of 15% [1]. - The e-commerce take rate was calculated at 1.24%, remaining stable year-over-year [1]. User Engagement Metrics - The average daily time spent per DAU was 132 minutes, reflecting a year-over-year increase of 2% [1]. - The report projects MAU growth rates of 3% for 2024 and 2025, stabilizing at 720 million by 2026 [13][14]. Cost and Margin Outlook - The gross margin is expected to improve, reaching 55% and 56% in 2024 and 2025, respectively [17]. - Sales and R&D expenses are projected to be 32% and 10% of revenue in 2024 and 2025, respectively [17].

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Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 54.00, indicating a potential upside of 16.4% from the current price of HKD 46.40 [4][24]. Core Insights - The company's Q3 2024 performance met expectations, with total revenue of RMB 31.1 billion, a year-on-year increase of 11%. Adjusted net profit reached RMB 3.9 billion, reflecting a 24% increase year-on-year, corresponding to an adjusted net profit margin of 12.7% [1][20]. - The company is expected to maintain a revenue growth of 10% year-on-year in Q4 2024, with e-commerce GMV projected to grow by 14% year-on-year, despite ongoing industry competition [2][22]. - The valuation remains attractive, with a projected compound annual growth rate (CAGR) of 22% for profits from 2024 to 2026, and the current price corresponds to a 2025 price-to-earnings ratio of 8.7 times [3][22]. Financial Overview - For the fiscal year ending December 31, 2024, the company is projected to generate revenue of RMB 127.2 billion, with a year-on-year growth rate of 12.1%. The net profit is expected to reach RMB 17.8 billion, with an earnings per share (EPS) of RMB 4.04 [7][22]. - The company’s gross profit margin is expected to improve, with a projected gross margin of 54% in Q4 2024, supported by cost control measures and revenue structure optimization [20][22]. - The company’s market capitalization is approximately HKD 165.55 billion, with a 52-week high of HKD 62.20 and a low of HKD 38.15 [6][22].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in Q3 2024 met expectations, with total revenue of 31.13 billion RMB, a year-on-year increase of 11.4%, and adjusted net profit of 3.948 billion RMB, up 24.4% year-on-year [1][2] - Daily Active Users (DAU) surpassed 400 million, with DAU and Monthly Active Users (MAU) reaching 408 million and 714 million respectively, reflecting year-on-year growth of 5.4% and 4.3% [2] - The company continues to enhance its AI capabilities, integrating large models for content generation and understanding, which is expected to drive traffic growth and improve monetization efficiency [4] Financial Performance Summary - Total revenue projections for 2024-2026 are adjusted to 127.77 billion RMB, 142.80 billion RMB, and 156.11 billion RMB respectively, with corresponding P/E ratios of 10x, 8x, and 7x [4] - The adjusted net profit forecast for 2024-2026 is revised to 17.6 billion RMB, 22 billion RMB, and 26.2 billion RMB respectively, indicating significant growth potential [4] - The company reported a gross margin of 50.58% in 2023, expected to rise to 57.05% by 2026, showcasing improving profitability [14] User Engagement and Advertising Performance - The company achieved a DAU/MAU ratio of 57.1%, indicating strong user engagement, with average daily usage time of 132 minutes, a 2% increase year-on-year [2] - Advertising revenue from external circulation remains robust, with online marketing service revenue growing by 20% to 17.6 billion RMB, driven by sectors such as media, e-commerce, and local services [3] - E-commerce GMV grew by 15% to 334.2 billion RMB, supported by a favorable consumption environment and competitive strategies from other platforms [3]

Investment Rating - The report maintains a "Buy" rating for Kuaishou with a target price of HKD 60.45 [7][26] Core Views - Kuaishou's Q3 performance met expectations with a revenue growth of 11.4% year-on-year to RMB 31.1 billion, and an adjusted net profit increase of 24.4% to RMB 3.95 billion [1] - The report anticipates a 10% year-on-year revenue increase in Q4, with advertising revenue and GMV growth slowing to 15% and 14% respectively [1] - The e-commerce segment showed a slowdown in growth, with a 17.5% year-on-year increase, while the overall GMV grew by 15.1% [2] Summary by Sections Q3 Performance - Revenue reached RMB 31.1 billion, up 11.4% year-on-year, aligning with consensus expectations [1] - Gross margin improved by 2.6 percentage points to 54.3%, and adjusted net profit rose 24.4% to RMB 3.95 billion [1] - Revenue from live streaming, advertising, and e-commerce saw year-on-year changes of -3.9%, 20.0%, and 17.5% respectively [1] E-commerce Insights - E-commerce and other revenues grew by 17.5% year-on-year, slightly below expectations [2] - The share of general e-commerce increased to 27%, with short video e-commerce growing over 40% year-on-year [2] - The number of active merchants increased by over 40% year-on-year, supported by promotional initiatives [2] Advertising Revenue - Advertising revenue grew by 20% year-on-year, although the growth rate slowed compared to Q2 [3] - The launch of the 1.5 version of the Kuaishou AI model and the introduction of paid membership and API services contributed to revenue growth [3] - External advertising revenue saw accelerated growth, particularly in media, e-commerce, and local services [3] Profitability Forecast and Valuation - Revenue forecasts for 2024-2026 were adjusted downwards by -0.2%, -0.5%, and -3.7% respectively, reflecting slower growth in e-commerce and internal advertising [4][23] - Adjusted net profit estimates were revised to RMB 17.8 billion, RMB 23.6 billion, and RMB 28.1 billion for 2024, 2025, and 2026 respectively [4][23] - The target price of HKD 60.45 is based on a sum-of-the-parts valuation, with the advertising business valued at HKD 49.17 per share [26]

证券时报网讯，恒生科技指数跌逾1%，快手跌幅最为显著，下跌11.32%，紧随其后的是小鹏汽车下跌 5.06%。 东方甄选下跌2.19%。 其他科技股如阅文集团、理想汽车、美团、众安在线、阿里健康、ASMPT、哔哩哔哩跌逾1%。 校对：冉燕青 ...