Core Viewpoint - Kuaishou has announced a collaboration with China Central Television (CCTV) for the 2026 Spring Festival Gala, allowing users to reserve the live broadcast by searching "Spring Festival Gala" on the platform [1] Group 1 - Kuaishou will provide live streaming for the 2026 CCTV Spring Festival Gala starting from February 9 [1] - Users can also look forward to the live broadcast of the "2026 Liaoning Spring Festival Gala," which is sponsored by Kuaishou, on February 15 [1]

2月9日，摩根大通发表研报指，消费者行为正在转变，用户获取信息和消费内容的方式逐渐改变，聊天 机器人正成为搜索、推荐和任务执行的新起点。该行认为，大型互联网平台现在愿意投入真正的营销资 金以加速采用，这将机械性地提高推理量并推动Token消耗的快速增长。摩通更青睐中国AI基础设施受 益，如阿里巴巴和百度以及在线广告受益者快手作为二级赢家，因为该行认为现在判断持久的AI应用 赢家与输家还为时过早。 责任编辑：栎树 港股频道更多独家策划、专家专栏，免费查阅>> ...

Investment Rating - Kuaishou Technology is rated as BUY with a target price of HK$80.00 [6][7][8] - WeRide Inc. is also rated as BUY with a target price of US$13.00 for ADR and HK$34.00 for its Hong Kong shares [9][10][13] Core Insights - Kuaishou Technology is expected to achieve a 10% year-on-year revenue growth in 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Despite short-term pressures from stricter tax scrutiny and intense competition, Kuaishou's long-term monetization potential is bolstered by its AI initiatives and ecosystem integrations [6][7][8] - WeRide Inc. anticipates a significant revenue increase of over 70% quarter-on-quarter in 4Q25, driven by growth in its Robotaxi and Robobus segments [9][10][13] - The company aims to double its Robotaxi fleet to over 2,000 units by the end of 2026, with a focus on key markets in China and international expansion in the Middle East [10][11][13] Summary by Sections Kuaishou Technology - The company is projected to have a revenue increase of 10% year-on-year for 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Long-term monetization potential is supported by AI developments and integration with core business ecosystems [6][7][8] WeRide Inc. - Expected revenue for 4Q25 is projected to be between RMB290 million and RMB300 million, with a full-year revenue forecast of RMB660 million to RMB670 million [9][10][13] - The gross margin is anticipated to remain above 30%, although increased R&D spending may impact net profits [9][10][13] - The company plans to expand its Robotaxi fleet significantly, with a strategic focus on both domestic and international markets [10][11][13]

Core Viewpoint - Kuaishou has partnered with China Central Television (CCTV) for the 2026 Spring Festival Gala, allowing users to reserve the live broadcast in advance, enhancing the festive experience [1][3]. Group 1: Partnership and Content Delivery - Kuaishou will present the entire content of the 2026 CCTV Spring Festival Gala through various formats including live streaming, on-demand, and short videos, enabling users to revisit classic performances from previous years [3][9]. - In addition to the CCTV gala, Kuaishou will also feature content from over 20 regional Spring Festival galas, creating a diverse and vibrant representation of the Chinese New Year celebrations [3][9]. Group 2: User Engagement and Interactive Features - From February 4 to 23, Kuaishou will offer users the chance to participate in interactive activities such as shaking their devices to receive red envelopes, with a total cash prize of 88 yuan available upon completing all tasks [9]. - On February 15, during the live broadcast of the Liaoning Spring Festival Gala, users can participate in a special red envelope rain event, with the potential to win up to 10,000 yuan [9]. - On New Year's Eve, Kuaishou will host an all-day red envelope rain event, further enhancing user engagement and the festive atmosphere [9].

摩根大通发表研报指，消费者行为正在转变，用户获取信息和消费内容的方式逐渐改变，聊天机器人正 成为搜索、推荐和任务执行的新起点。该行认为，大型互联网平台现在愿意投入真正的营销资金以加速 采用，这将机械性地提高推理量并推动Token消耗的快速增长。摩通更青睐中国AI基础设施受益，如阿 里巴巴和百度以及在线广告受益者快手作为二级赢家，因为该行认为现在判断持久的AI应用赢家与输 家还为时过早。 ...

Core Viewpoint - Kuaishou has partnered with China Central Television (CCTV) for the 2026 Spring Festival Gala, allowing users to reserve the live broadcast in advance, enhancing the festive experience [1][3]. Group 1: Partnership and Content Delivery - Kuaishou will present the entire content of the 2026 CCTV Spring Festival Gala through various formats including live streaming, on-demand, and short videos, enabling users to revisit classic performances from previous years [3]. - In addition to the CCTV gala, Kuaishou will also feature content from over 20 regional Spring Festival galas, creating a diverse and vibrant representation of the Chinese New Year celebrations [3]. Group 2: Event Schedule and User Engagement - A detailed schedule of various Spring Festival galas on Kuaishou has been provided, including specific dates and times for events such as the 2026 Liaoning Spring Festival Gala on February 15 [6][7]. - Kuaishou is promoting user interaction through activities such as red envelope giveaways from February 4 to 23, with opportunities to win cash prizes during live broadcasts, enhancing user engagement during the festive period [9].

Group 1 - Kuaishou has announced a partnership with China Central Television (CCTV) for the 2026 Spring Festival Gala, joining Douyin and Bilibili in competing for viewership [1][2] - Users can search for "Spring Festival Gala" on Kuaishou to reserve a live stream of the event, which will be presented through live broadcasts, on-demand videos, and short clips [1][2] - During the Spring Festival, Kuaishou will also launch interactive red envelope activities, allowing users to shake their devices to receive red envelopes [1][2] Group 2 - Douyin and Bilibili have already secured exclusive partnerships for the 2026 Spring Festival Gala, with Douyin as the exclusive partner for the new media "Vertical Screen Viewing" and Bilibili as the exclusive bullet screen video platform [1][2] - The collaboration for the 2026 Spring Festival Gala includes a diverse range of players, such as AI technology companies like Yushutech and Volcano Engine, as well as traditional liquor brands like Wuliangye, Yanghe, and Langjiu, all vying for a share of the significant viewership [1][2]

新京报贝壳财经讯（记者韦英姿）2月9日，快手宣布与中央广播电视总台《2026年春节联欢晚会》达成 合作，在快手可提前预约马年央视春晚直播。快手还宣布，2月4日至23日，用户摇一摇即可领红包，还 设置了红包雨等玩法。 校对 赵琳 编辑 杨娟娟 ...

Group 1 - Kuaishou announced a collaboration with China Central Television for the 2026 Spring Festival Gala, allowing users to search for "Spring Festival Gala" on Kuaishou to reserve the live broadcast in advance [1] - During the Spring Festival, Kuaishou will launch a red envelope interactive activity where users can shake their devices to receive red envelopes, with an all-day red envelope rain on New Year's Eve [1]

Group 1 - Kuaishou announced a collaboration with China Central Television for the 2026 Spring Festival Gala, allowing users to reserve the live broadcast by searching "Spring Festival Gala" on the platform [1] - From February 4 to 23, users can shake their devices to receive red envelopes, with a total cash prize of 88 yuan available after unlocking all progress [1] - On February 15, Kuaishou will host a live broadcast of the Liaoning Spring Festival Gala, offering exclusive red envelope opportunities with a maximum prize of 10,000 yuan [1] Group 2 - On New Year's Eve, February 16, Kuaishou will launch an all-day red envelope event, with individual sessions offering up to 10,000 yuan [1] - Kuaishou will also connect content from over 20 provinces and cities for the Spring Festival Gala [1]