每经编辑｜程鹏 9月17日，云南耿马县警方通报，36岁男子谢某某在拍摄电影休息期间，身着带有明显警用标志的服装直播带货，依法对谢某某处以行政拘留7日。 据红星新闻报道，记者确认，谢某某正是曾出演电视剧《小兵张嘎》的演员谢孟伟。事发时正在拍摄一部电影，担当主演。 此前13日，谢孟伟曾发出视频就穿警服带货一事致歉。 ▲谢孟伟在直播时着警服带货 记者注意到，谢孟伟的多个社交平台从17日下午开始已经停止更新，但依旧能看到过往内容。18日，谢孟伟的快手账号显示"账号已封禁，暂时无法操 作"。在被封前，其粉丝数为1116.5万。 9月19日上午，@现代快报 记者注意到，"嘎子谢孟伟"的抖音号异常，显示"该用户被禁止关注"，其抖音粉丝420.8万。 9月18日，嘎子谢孟伟参与演出的电影出品人透露，不会再使用"嘎子"出演片中角色。之前"嘎子"已拍摄的戏份换演员重新拍，"工程量很大，和他搭戏的 其他演员都得叫回来重新拍"。 据了解，谢孟伟系该片主演之一。 影视剧方面，谢孟伟主演的两部微短剧已经在播出。另外，其作为主演正在拍摄电影《缉毒风暴》，而他正是在拍摄该电影期间，穿着警服带货遭到举 报，被警方行拘。猫眼专业版显示，谢孟伟还 ...

Core Insights - Kuaishou held the "Breaking Peak Double 11" 2025 Merchant Conference in Guangzhou, focusing on new opportunities and strategies for e-commerce, along with updates on promotional policies for the Double 11 shopping festival [1][3] Merchant Growth and Support - In the first half of 2025, the number of new merchants on the platform increased by 68% year-on-year, with a 48% improvement in the success rate of new merchant onboarding [3] - Kuaishou has established a layered support system and exclusive gameplay for new merchants, covering the entire growth cycle from "new merchant onboarding" to "scale explosion" [5] - The platform introduced several merchant-friendly policies, including "zero-cost store opening" and reduced security deposits for quality enterprises, to stimulate new merchant growth [6] AI and Operational Efficiency - Kuaishou is leveraging AI to enhance the efficiency of the entire merchant operation chain, focusing on opportunity insights, promotional strategies, production efficiency, and intelligent operations [9] - The platform provides tools like "Product Rankings" and "Search Rankings" to help merchants capture consumer preferences and optimize product listings [9][10] Sales and Marketing Strategies - Kuaishou has implemented various initiatives to support new merchants, such as the "New Merchant Growth Task" and "Star Merchant Growth Plan," which incentivize performance through resource allocation [6][8] - The platform has also introduced "Big Promotion Workbench" to assist merchants in identifying peak traffic times for live broadcasts, enhancing conversion rates [11] After-Sales and Experience Management - To ensure timely fulfillment during the Double 11 period, Kuaishou has optimized its logistics and after-sales processes, including AI-driven solutions for order management [15] - The platform has upgraded its experience management tools to provide merchants with clear insights into their performance and compliance, fostering a fair and transparent operating environment [16]

快手(01024)电商数据显示，截至9月18日，iPhone 17系列新品预约量同比增长超107%，表现超预期。 为助力新品发售，快手电商将加码补贴：消费券立减7%，最高直降500元；以旧换新最高补贴2500元， 还有正品保障、免息分期等多重服务。9月19日早8:00上快手买iPhone 17系列，现货发售。 ...

互联网大厂的游戏业务似乎一直都有些命运多舛。 竞核获悉，从今年年初开始，快手游戏上海星河工作室就开始陆续裁员，项目和相关人员整体向杭州转移，其他项目的研发资源几乎完全收紧，全力押注 《诡秘之主》的改编游戏。 裁员的导火索是快手游戏自研的两款产品《无尽梦回》（内部代号C1）、《超时空跑跑》（内部代号C5）去年上线后表现不及预期。同时从今年开始， 快手游戏业务需要自负盈亏，所以逐步收紧开支、集中资源搞重点项目。 竞核查询快手弹指宇宙官网和各大招聘软件发现，弹指宇宙上海的多个招聘岗位已经下线，仅保留了1-2个岗位在招。 前些天《归龙潮》停服引起了不小的关注，而在玩家社区中"下一个停服的游戏是谁"的讨论度一时间也居高不下，其中《无尽梦回》的名字也被玩家们提 及多次。 实际上，《无尽梦回》的B站官方账号自今年6月开始已经停止更新，游戏自4月后也未再更新版本，基本已经进入了半停服状态；另一款产品《超时空跑 跑》的情况也类似，7月后官方账号并未再更新新动态。 《无尽梦回》是弹指宇宙厂牌成立后的一款自研游戏，竞核了解到，《无尽梦回》制作人正是弹指宇宙长三角游戏事业部负责人陈彦江，内部在上线阶段 也给这款产品配备了千万级的发行 ...

Group 1 - BlackRock's stake in Kuaishou-W increased from 5.69% to 6.08% as of September 12 [1]

Core Insights - The apparel industry is a crucial part of basic consumer goods, with increasing demand for personalized expression among the younger generation, leading to new opportunities in the e-commerce sector [1] - Despite explosive growth, the apparel category is facing challenges such as narrowing growth rates and rising operational costs, prompting merchants to seek new growth avenues [1] - The recent launch of the "2025 Kuaishou Magnetic Engine Apparel Handbook" aims to guide merchants in efficient operations during the critical autumn and winter sales period [1][11] Industry Overview - Kuaishou's user base is predominantly young, with over 70% of users located in third-tier cities and below, providing significant market opportunities for apparel merchants [3] - The white-label merchants account for over half of Kuaishou's apparel industry, with a focus on content-driven sales strategies [3] - The case of Monster Lab illustrates the sustainable business model of "content seeding - product monetization - supply chain feedback" on the Kuaishou platform [3][5] Merchant Strategies - Monster Lab has achieved over 100 million in GMV by investing in its own factory, transitioning from "explosive product development" to "self-production" [5] - The brand plans to diversify its product line beyond denim to include more seasonal offerings, aiming to increase overall GMV [5] - Other brands like Anta and Tamboor have also seen rapid growth on Kuaishou, leveraging platform-specific strategies and engaging with the audience through authentic content [6][8] Marketing and Sales Tactics - Kuaishou emphasizes realness and trust in its live broadcasts, which aligns with the brand values of Tamboor, enhancing customer engagement [7][8] - The platform's cash-back incentives are viewed as more tangible and effective compared to other forms of support, aiding merchants in financial planning [10] - Kuaishou's "2025 Apparel Handbook" provides tailored operational methodologies for different types of merchants, focusing on brand entry, re-operation, and long-term management [11][12] Future Directions - Kuaishou plans to enhance its offerings for merchants through various marketing activities and seasonal promotions, aiming to boost sales during peak periods [16] - The platform is also exploring the use of AI digital personas for live streaming, which could provide cost advantages and expand business opportunities [10][16] - The goal is to leverage Kuaishou's unique consumer demographics to amplify brand visibility and support the growth of emerging brands [16]

该行认为，AI应用的快速进展应能维持投资者对中国AI主题的兴趣，特别是对推动高推理需求的应 用；并视腾讯和阿里为AI应用与基础设施的主要受益者。该行对中国科网行业的公司维持"增持"评级， 首选为腾讯、携程、阿里和快手。 大华继显发表研究报告指出，与美国大型科技公司每年2000亿美元的AI投资相比，包括字节跳动、阿 里、腾讯及百度在内的中国主要科技企业总支出约为600亿美元。该行认为，这表明中国的投资仍处于 相对理性的阶段，预计未来3至6个月内，加速的AI云端收入增长、新模型发布及AI代理部署将进一步 推动货币化。 ...

Group 1: Hang Seng Index (HSI) - Investors are optimistic about the Hang Seng Index reaching 27,000 points next week, holding bull certificates with a redemption price of 25,900 points. Conversely, some investors anticipate a new round of corrections starting Monday, testing the support level at 26,000 points, holding bear certificates with redemption prices of 26,900 and 27,100 points [1] - The index closed at 26,388 points last Friday, with an intraday high of 26,585 points. Technical analysis indicates that the first resistance level is at 26,800 points, and the second resistance level is at 27,400 points. The lower support level is at 25,700 points, slightly lower than the levels mentioned by investors. The short-term signal is summarized as "sell" [1] Group 2: Xiaomi Group (01810.HK) - Investors are questioning whether the stock price of Xiaomi at 55 HKD poses significant pressure, with some bearish investors predicting a drop to 53 HKD next week. The warrant market is focusing on call options with an exercise price of 61.05 HKD [6] - The stock price rose to 55.15 HKD last Friday, with a short-term technical signal indicating "neutral." The first resistance level is at 56.7 HKD, while the support level is at 53.1 HKD. If it breaks below this level, it may drop to 51 HKD. The warrants chosen by investors have a high out-of-the-money ratio, but leverage is around 7.7-8 times, which requires careful consideration [6] Group 3: Sunny Optical Technology (02382.HK) - Investors are inquiring about the safest entry price, with some waiting for a price correction to 76 HKD while holding put options with an exercise price of 73.88 HKD. The stock price was 81.4 HKD last Friday, remaining above the middle line of the Bollinger Bands. The short-term signal is not optimistic, primarily indicating "sell." Support levels are at 78.2 HKD and 74.6 HKD [9] Group 4: Kuaishou Technology (01024.HK) - Investors are asking if there is a chance for the stock price to rise to 80 HKD, with the warrant market focusing on call options with an exercise price of 91.05 HKD. The stock price closed at 75.25 HKD, with resistance levels at 78.5 HKD and 82.7 HKD. The short-term technical signal is "sell" [14] Group 5: Zhaojin Mining Industry (01818.HK) - Investors are inquiring about the support level for entry, with the stock price reaching a high of 30.04 HKD. Data analysis indicates support levels at 26.8 HKD and 24.3 HKD. The short-term trading summary is "sell" [19] Group 6: HSBC Holdings (00005.HK) - The stock has broken through previous highs, and investors are questioning how much further it can rise. The technical signal summary indicates "sell," with resistance levels at 107.9 HKD and 114 HKD [23]

Summary of Kuaishou Conference Call Company Overview - **Company**: Kuaishou - **Industry**: Internet and AI Video Market Key Points Valuation and Financial Performance - Kuaishou's current price-to-earnings (P/E) ratio is below 10, indicating a low valuation that supports potential stock price increases [2][3][26] - The company has achieved a net profit of 20 billion RMB, with advertising revenue and e-commerce GMV exceeding expectations in Q1 and Q2 of this year [2][4] - Kuaishou has approximately 100 billion RMB in net cash after deducting short-term liabilities, providing a strong financial foundation [3][29] Competitive Landscape - Despite competition from Douyin and other platforms, Kuaishou's differentiated content platform and complex user ecosystem allow it to maintain a stable user base [2][4][8] - The company is expected to benefit from the growing AIGC (AI-Generated Content) market, which offers significant advantages in video production and advertising [3][4][18] AI Technology Integration - AI technology is enhancing Kuaishou's monetization efficiency, with the potential to improve ad placement effectiveness and pricing [2][10] - The OneRack recommendation algorithm is designed to optimize user engagement and reduce operational costs, showing a 1% increase in user time spent on the platform [13][14] Business Structure and Growth Areas - Kuaishou's business structure includes 56% of revenue from advertising, with a significant portion linked to e-commerce [7] - The e-commerce segment has shown an 18% growth in Q2, driven by increased transaction frequency [9] - Kuaishou's AIGC product, Keling, is leading in commercial revenue, with Q1 revenue of 150 million RMB and Q2 revenue of 250 million RMB [15][16] Future Outlook - Kuaishou's profit is projected to be 20 billion RMB in 2025 and 24 billion RMB in 2026, with a compound annual growth rate of approximately 15% over the next three years [25] - The company is expected to start paying dividends from Q2 2025, with an anticipated shareholder return of about 2% [30] - The AI video market is estimated to reach a demand of 30 billion USD globally, presenting a significant growth opportunity for Kuaishou [20][24] Risks and Considerations - The competitive pressure from Douyin and other platforms has eased, but the potential for changes in the content ecosystem due to AI advancements remains a concern [4][28] - Kuaishou's advertising monetization rate is currently lower than Douyin's, indicating room for improvement [7][10] Investment Recommendation - Given the low valuation, strong financial position, and potential for growth in the AI video market, Kuaishou is recommended as a strong investment opportunity [31]

Core Insights - Kuaishou has been recognized in MIT Technology Review's 2025 list of "50 Smart Companies" for its innovative AI creative generation platform, "Keling AI" [1] - The definition of a smart company includes the ability to smartly develop and utilize new technologies, as well as to understand market and business opportunities [1] Group 1 - Kuaishou's "Keling AI" transforms complex AI video generation technology into a user-friendly, controllable, and scalable productivity tool [1] - The generative effects of Keling AI are industry-leading and have received widespread recognition from users both domestically and internationally [1] - Keling AI is widely applied across various industry scenarios, showcasing its versatility and effectiveness [1] Group 2 - Other companies included in the MIT list alongside Kuaishou are Alibaba, DeepSeek, and Yushu Technology [1]