消息面上，近期可灵AI凭借其"动作控制"功能在海外社交平台掀起创作热潮，从韩国蔓延至全球，成为 国产AI出海的新爆款。根据SensorTower的数据，2026年1月1-3日可灵AI的日均收入比2025年12月增长 102%。摩根大通表示，快手在生成式AI这一关键赛道占据领先地位，是全球最被低估的AI股之一。 智通财经APP获悉，快手-W(01024)再涨近5%，月内累计涨幅已超20%。截至发稿，涨4.15%，报77.8港 元，成交额25.22亿港元。 高盛则表示，快手旗下可灵AI在去年12月的模式升级与新功能上线，预计将推动其在海外市场扩大用 户认可并提升营收，从而可能抬升快手2026财年的营收预期，并提振股价。分析师在报告中表示，对可 灵AI的营收预测为2025年逾1.4亿美元，2026年约2.3-2.4亿美元。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend, particularly in the AI sector, with significant gains in key stocks and ETFs related to AI applications [1][3]. Group 1: Market Performance - The Hang Seng Technology Index opened with a 0.88% increase, and the Hong Kong Internet ETF (513770) rose over 2% [1]. - Key AI stocks such as Kuaishou-W and Meituan-W saw gains exceeding 4%, while Bilibili-W increased by over 2% [1]. - The Hong Kong Internet ETF has attracted a net inflow of 572 million yuan over the past five days, reaching a record high of 13.395 billion yuan [4]. Group 2: Company Insights - Kuaishou's AI platform, Keling AI, has seen a dramatic increase in daily revenue, up 102% compared to December 2025 [3]. - Morgan Stanley highlights Kuaishou's leading position in generative AI, with a valuation corresponding to 12 times the expected earnings for 2026, and a projected profit compound annual growth rate of 21% from 2026 to 2027 [3]. - Goldman Sachs notes that Kuaishou's recent upgrades and new features for Keling AI are expected to enhance user recognition and revenue in overseas markets, potentially boosting Kuaishou's revenue expectations for the 2026 fiscal year [3]. Group 3: Sector Opportunities - According to Founder Securities, 2026 is anticipated to be a pivotal year for AI applications, with major internet companies competing to develop entry-level AI applications [4]. - The Hong Kong internet sector includes several technology giants with advantages in computing resources, model capabilities, and application scenarios, attracting significant investor interest [4]. - The top ten weighted stocks in the Hong Kong Internet ETF include major players like Alibaba-W, Tencent Holdings, and Kuaishou-W, collectively accounting for over 78% of the ETF [6][7].

Group 1 - Hong Kong tech stocks continue to strengthen, with Kuaishou (01024.HK) rising over 4% [1] - Alibaba (09988.HK) increased by more than 2% [1] - Baidu (09888.HK) and Bilibili (09626.HK) also experienced gains [1]

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend, particularly in the AI sector, with significant gains in key stocks and ETFs related to AI applications [1][3]. Group 1: Market Performance - The Hang Seng Technology Index opened with a rise of 0.88%, and the Hong Kong Internet ETF (513770) saw an increase of over 2% [1]. - Key AI-related stocks such as Kuaishou-W, Meituan-W, and Bilibili-W have risen by over 4% and 2% respectively, indicating strong market interest [1]. Group 2: AI Sector Insights - Kuaishou's AI mobile platform revenue surged by 102% compared to December 2025, driven by the popularity of AI-generated content [3]. - Morgan Stanley highlighted Kuaishou's leading position in generative AI, with a valuation corresponding to 12 times the expected earnings for 2026, and a projected profit compound annual growth rate of 21% from 2026 to 2027 [3]. - Goldman Sachs noted that Kuaishou's recent upgrades and new features are expected to enhance its overseas user recognition and revenue, potentially boosting its stock price [3]. Group 3: Investment Opportunities - According to Founder Securities, 2026 is anticipated to be a pivotal year for AI applications, with major internet companies competing to develop entry-level AI applications [4]. - The Hong Kong Internet ETF (513770) has attracted significant capital inflow, totaling 572 million yuan over five consecutive days, reaching a record size of 13.395 billion yuan [4][6]. - The ETF tracks major stocks like Alibaba-W, Tencent Holdings, and Kuaishou-W, with the top ten holdings accounting for over 78% of its total weight [6].

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the AI sector, with significant gains in key stocks and ETFs, particularly driven by advancements in AI applications and increased investor interest [1][3][4]. Group 1: Market Performance - On January 12, the Hong Kong stock market opened higher, with the Hang Seng Technology Index rising by 0.88% and the Hong Kong Internet ETF (513770) increasing by over 2% [1][9]. - Key AI stocks such as Kuaishou-W and Meituan-W saw gains exceeding 4%, while Bilibili-W rose over 2% [1][9]. Group 2: AI Application Growth - The "Pet Dance" AI video has gained significant traction in overseas markets, leading to a 102% increase in daily revenue for Kuaishou's Keling AI mobile platform compared to December 2025 [3][11]. - Morgan Stanley highlighted Kuaishou's leading position in generative AI, with a valuation corresponding to 12 times the expected earnings for 2026, and a projected compound profit growth rate of 21% for 2026-2027 [3][11]. Group 3: Investment Opportunities - According to Founder Securities, 2026 is expected to be a pivotal year for AI applications, with major internet companies competing to develop entry-level AI applications [4][12]. - The Hong Kong Internet ETF (513770) has attracted significant capital, with a net inflow of 572 million yuan over five consecutive days, reaching a record size of 13.395 billion yuan [4][12]. Group 4: ETF Composition - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, accounting for over 78% of the total weight [6][14]. - The top ten weighted stocks in the ETF include Tencent Holdings (15.42%), Alibaba-W (14.50%), and Meituan-W (12.03%) [15].

Group 1 - The core idea of the news is that Kuaishou Group is actively promoting internal technological innovation through initiatives like the "National AI Application Challenge," which has engaged thousands of employees and 313 teams from various core business lines [1] - The competition aims to optimize the advertising material generation process using AI, providing a platform for employees to implement creative ideas and directly apply innovative results to production [1] - The Kuaishou Group's labor union plays a crucial role in fostering employee growth by integrating technical skills training into daily activities, enhancing digital literacy and skills for high-quality corporate development [1] Group 2 - In addition to promoting technological innovation, Kuaishou Group's labor union is also focused on employee welfare, organizing comprehensive service activities that cover health management, psychological support, and family protection [2] - The union has transformed traditional policy communication into engaging, participatory actions, allowing employees to better understand various service guarantees through interactive experiences [2] - The labor union is enhancing service facilities, with daily medical consultations exceeding 50 visits, and providing various psychological health resources, ensuring a supportive environment for employees [2] Group 3 - Kuaishou Group's labor union emphasizes a dual approach of "innovation empowerment + service guarantee," strengthening its role as a bridge between the company and employees, and enhancing overall employee satisfaction and security [3] - The union's efforts are aimed at continuously improving service systems and levels, contributing to the long-term development and innovation of the company [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Insights - In the AI era, the short video giant Kuaishou is actively embracing new technologies, launching AI-native video products that lead industry development. The company is undergoing a value reassessment as it fully utilizes AI to reshape its core business commercialization chain [3][5] - The AI-native product, Keling AI, is positioned to lead the industry with its technical and product capabilities, while the OneRec recommendation model enhances user engagement and reduces operational costs, validating its revenue growth logic [5][6] - The market is expected to recognize Kuaishou's unique value proposition, leading to a potential revaluation of its stock as the AI commercialization process accelerates [19] Summary by Sections Introduction - Kuaishou, listed as the "first short video stock" in 2021, has gained market attention due to its unique monetization model in advertising, e-commerce, and live streaming. The company is transitioning from high-speed growth to stable growth in its e-commerce business, leading to a market valuation of around 10x PE [5][19] Keling AI - Keling AI is leading the AI video sector with its superior model performance and product capabilities. The market for AI-generated videos is projected to exceed $100 billion, with Keling achieving stable monthly revenues of over 100 million yuan and a quarterly revenue growth rate of over 20% [7][30] Main Business - Kuaishou's short video business is being comprehensively reshaped by AI, with a rebound in performance expected in Q1 2025. The company is enhancing its algorithm capabilities and commercial efficiency through the OneRec system, which is expected to improve advertising revenue significantly [8][62] Commercialization - Keling AI's user base consists mainly of professional and business users, with 70% of its revenue coming from overseas. The product is designed to cater to professional film and short video production needs, demonstrating strong growth in user numbers and video generation [53][59]

Market Overview - On January 9, the Hong Kong stock market saw the Hang Seng Index and the Hang Seng Tech Index rise by 0.32% and 0.15% respectively, with the internet sector leading the gains [1] - The Hong Kong Internet ETF (513770) experienced a price increase of over 2% during the day, closing up 1.69% [1][9] - Notable performers in the AI application sector included Kuaishou-W and Bilibili-W, both rising over 3%, while Alibaba-W increased by 2.73% [1][9] Fund Inflows - The Hong Kong Internet ETF (513770) showed continuous premium throughout the day, indicating strong buying interest, with a net inflow of 566 million yuan over four consecutive days [2][9] AI Sector Insights - MiniMax, an AI model company, saw its stock price surge by 109% on its debut, igniting investor enthusiasm for AI applications [10] - Analysts from Huaxin Securities predict that 2026 will be a "golden year" for AI applications, driven by technological maturity, supportive policies, and market demand [11] - According to Founder Securities, the investment cycle in the tech industry follows a pattern of "hard three years, soft three years, and three years of business model development," with major internet companies competing to create entry-level AI applications [11] Performance of Key Stocks - The top-performing stocks in the internet sector included: - Huoliang Technology (1860) with a rise of 13.21% - Yimaitong (2192) up by 10.33% - Fourth Paradigm (6682) increasing by 7.44% - Meitu (1357) up by 6.87% [2][9] ETF Composition - The Hong Kong Internet ETF tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, which collectively account for over 78% of the fund [5][12]

Core Insights - The report highlights the significant role of ordinary users in creating content on the Kuaishou platform, with over 38.81 million user-generated hot videos created throughout the year [2] - Kuaishou's algorithm promotes inclusivity, allowing diverse expressions to be recognized and valued, which enhances user engagement and community building [9][12] - The platform's focus on real-life experiences and practical content resonates with users, as seen in various events and user interactions that foster a sense of community [10][12] User Engagement and Content Creation - Kuaishou's user base actively engages with trending topics, with 260 million daily active users and an average of 110 million daily views on hot lists [2] - The platform has successfully integrated user-generated content with significant events, such as the "Sichuan Super League" and the "Kashgar Cup," leading to high interaction rates and ticket sales [9] - Creators are inspired by the platform's emphasis on genuine content, leading to innovative collaborations and events that attract substantial viewer engagement [10][12] Community and Emotional Connection - The sense of belonging among users and creators is emphasized, with Kuaishou fostering a community where ordinary people can connect and share experiences [12] - The platform's self-produced events, such as the "Kuaishou Dragon Boat Season" and "Kuaishou Super Summer Evening," have garnered high interaction rates, showcasing the power of community-driven content [12][13] - Kuaishou's approach to celebrating traditional festivals and creating personalized experiences has become a user habit, enhancing emotional connections and community participation [12][13] Trends and Future Directions - The rise of AI-generated characters, like "Pig Girl," reflects the platform's ability to tap into youth culture and trends, creating relatable content that resonates with younger audiences [8] - Kuaishou's commitment to empowering ordinary users and respecting their expressions is seen as a key competitive advantage in the evolving content landscape [13] - The report suggests that the future of content creation on Kuaishou will continue to focus on human-centric approaches, fostering genuine connections and emotional engagement [13]

Group 1 - Kuaishou concept stocks rose by 6.06%, ranking second in the concept sector, with 46 stocks increasing in value, including Tianlong Group and Yidian Tianxia reaching a 20% limit up [1] - The top gainers in the Kuaishou concept include BlueFocus, Zhidema, and Insai Group, which rose by 14.08%, 12.14%, and 10.76% respectively [1] - The Kuaishou concept sector saw a net inflow of 7.279 billion yuan, with 40 stocks receiving net inflows, and 16 stocks exceeding 100 million yuan in net inflow [1] Group 2 - Leading stocks in terms of net inflow ratio include Liao Shares, Yidian Tianxia, and Tianlong Group, with net inflow ratios of 37.73%, 30.91%, and 25.88% respectively [2] - Liao Shares had a daily increase of 10.03% with a turnover rate of 11.98%, while Yidian Tianxia surged by 20.00% with a turnover rate of 31.68% [2] - The top stocks by net inflow in the Kuaishou concept include Liao Shares with 1.944 billion yuan, followed by Shenguang Group and Yidian Tianxia with 826 million yuan and 731 million yuan respectively [2]