Market Overview - The Hang Seng Index (HSI) showed a positive trend at the beginning of the year, with a significant rise last Friday, breaking through the upper band of the Bollinger Bands, which pleased many investors [1] - Today's performance saw a slight increase in the closing price, but the overall gain was not substantial, leading to some investor disappointment [2] - Despite the stable movement of the HSI, trading volume increased compared to previous periods, which typically suggests a potential for upward movement [2] Technical Signals - The HSI is currently at the upper band of the Bollinger Bands, with 9 sell signals and 4 buy signals indicating a bearish sentiment [3] - Support is estimated around 25,800 points, with a potential drop to 25,500 points if this level is breached, while resistance is at approximately 26,400 points [3] - For bullish investors, buying options below 25,500 points is considered safer, with some options having leverage ratios close to 20 times [4] Individual Stock Analysis Kuaishou (01024.HK) - Kuaishou's stock price has shown significant upward movement, closing at 73.6 HKD, with trading volume breaking previous records [8] - Technical signals indicate 8 sell signals and 5 buy signals, suggesting a bearish outlook in the short term, with a resistance level at 81.4 HKD [9] WuXi AppTec (02359.HK) - WuXi AppTec's stock price reached a high of 104.2 HKD before closing lower, with increased trading volume compared to recent days [13] - The resistance level is identified at 108.2 HKD, with a potential further increase to 112.3 HKD if this level is surpassed [13] AIA Group (01299.HK) - AIA's stock price closed at 89.9 HKD, showing a slight increase, but with a predominance of sell signals (8 sell vs. 6 buy) indicating a cautious outlook [17] - The stock needs to break the resistance at 85 HKD to have a chance of reaching 90.4 HKD [17] Xiaomi (01810.HK) - Xiaomi's stock price closed at 39.3 HKD, with increased trading volume but overall disappointing performance [20] - The support level is around 38.4 HKD, with a potential drop to 35.8 HKD if this level is breached, while resistance is noted at 40 HKD [20] Tencent (00700.HK) - Tencent's stock price saw a slight increase, with a resistance level at approximately 629 HKD, and potential further increase to 657 HKD if this level is surpassed [25] - The technical signals are currently neutral, indicating no clear direction for investors [25]

Kuaishou Technology (1024.HK) Conference Call Summary Company Overview - **Company**: Kuaishou Technology - **Ticker**: 1024.HK - **Industry**: AI Video Generation Key Points Industry Dynamics - The AI video generation industry is in its early stages, with a Total Addressable Market (TAM) projected to grow from **US$1 billion in 2025** to **US$39 billion by 2033**, representing a **56% CAGR** [6][15] - The Professional (2P) segment of the TAM is expected to expand from **US$700 million in 2025** to **US$17 billion by 2033**, with a **49% CAGR** [6][15] - The Business (2B) segment is anticipated to grow from **US$400 million in 2025** to **US$22 billion by 2033**, outpacing the Professional segment with a **66% CAGR** [6][15] Company Performance - Kuaishou's share price increased by **11%** on January 5, 2026, attributed to the strong performance of the Kling AI model and positive sentiment towards AI applications [1] - Revenue forecasts for Kuaishou are now **US$140 million+ for 2025** and **US$230-240 million for 2026**, with potential upside due to the popularity of the Kling AI 2.6 Motion Control feature [7][16] - The current share price implies a **10X PE** for Kuaishou's main platform and **25X P/S** for Kling, suggesting a valuation of **US$5-6 billion** [7][21] User Adoption and Growth - Kling AI has seen a significant increase in user engagement, with daily grossing rising **113%** from December 27, 2025, to January 3, 2026, and weekly grossing increasing **64%** [2] - The Motion Control feature of Kling AI has gone viral, particularly in markets like Korea and the US, contributing to its rapid growth [2][5] Competitive Positioning - Positive user feedback highlights Kling AI's realistic motion and lifelike facial expressions, positioning it favorably against competitors like Runway [5] - Despite a **60%+ increase in pricing** for the new models compared to previous versions, Kling AI remains competitive against overseas peers [5][20] Future Outlook - Upcoming releases of new functions and versions of video models are expected to enhance production efficiency and broaden use cases [8] - Enterprise clients now account for **40% of Kling's revenue**, indicating a growing demand for professional video usage [8] Risks and Considerations - Key downside risks include slower-than-expected recovery in advertising budgets, weaker monetization of Kling, and lower profitability [24] - The company maintains a **Buy** rating with a 12-month price target of **HK$83**, indicating a potential upside of **12.8%** from the current price [26] Conclusion Kuaishou Technology is positioned to capitalize on the expanding AI video generation market, with strong user adoption and innovative features driving growth. The company faces risks but maintains a favorable outlook supported by robust revenue forecasts and competitive positioning.

Core Insights - Goldman Sachs states that Kuaishou's Keling AI, following its model upgrade and new feature launch in December last year, is expected to enhance user recognition in overseas markets and boost revenue, potentially raising Kuaishou's revenue forecast for fiscal year 2026 and uplifting its stock price [1][2]. Company Summary - Goldman Sachs analyst Lincoln Kong predicts Keling AI's revenue to exceed $140 million in 2025 and reach approximately $230-240 million in 2026 [1][2]. - The company is expanding its overseas business development team and attracting more enterprise clients, which is expected to drive significant growth in the next 1-2 years [1][2]. Industry Summary - The artificial intelligence video generation industry is still in its early stages, with a projected market size of $39 billion by 2033, compared to an estimated $1 billion in 2025, indicating a compound annual growth rate of 56% [1][2].

Core Viewpoint - Kuaishou's AI product, Keling, has launched significant updates in December, which are expected to drive user growth and increase payment rates. The updates include the first global multi-modal video model Keling O1 and the audio-visual synchronization model Keling 2.6, among others [1] Group 1: Product Updates - Keling AI launched several new versions in December, including Keling O1, the first unified multi-modal video model, and Keling 2.6, which supports audio-visual synchronization [1] - Keling O1 is noted as the world's first video generation model supporting full-modal editing, enhancing workflow efficiency [1] - Keling 2.6's audio-visual synchronization feature is expected to integrate well with various industries such as gaming, advertising, short dramas, and live streaming [1] Group 2: Market Position and Competition - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Keling 2.6 offers a notable price advantage over Google Veo 3.1 and Sora 2, with high-quality video generation priced at 0.88 RMB to 0.44 RMB per second for different membership tiers [1][2] - Keling 2.6's pricing is competitive with Sora 2, which is priced at approximately 0.1 USD per second [2] Group 3: Financial Performance and Projections - Kuaishou's Keling AI generated over 300 million RMB in revenue in Q3 2025, with an annual revenue forecast of 1.4 billion USD [2] - The One series of end-to-end generative models has positively impacted the company's core business, contributing to a 4%-5% increase in domestic marketing revenue and a 5% increase in e-commerce order volume [2] - Revenue forecasts for Kuaishou have been adjusted downwards for 2025-2027, with expected revenues of 142.2 billion RMB, 155.2 billion RMB, and 169.3 billion RMB respectively [3]

Core Viewpoint - Morgan Stanley expresses optimism about Kuaishou Technology's stock price, highlighting the significant growth potential driven by its Keling AI's performance in overseas markets [1] Group 1: Keling AI's Overseas Success - Keling AI's popularity surged in early January 2026, with daily revenue increasing by 102% compared to December 2025, driven by a new motion control feature that sparked a "pet dancing" trend on social networks [2] - In South Korea, Keling AI's daily revenue skyrocketed by 1300% compared to December 2025, contributing 6% to its total revenue over the past three months [2] - Keling AI topped download charts in four countries and ranked in the top ten in ten regions, with significant revenue contributions from the US, UK, and South Korea [2] Group 2: Financial Projections and Market Potential - Morgan Stanley predicts Keling AI's revenue will grow by 62% year-on-year to 1.7 billion yuan in 2026, supported by product upgrades and enterprise spending [3] - The global market for AI video generation is projected to reach $140 billion, with Keling AI positioned as a leading model with substantial monetization opportunities [3] Group 3: Kuaishou's Valuation and Growth Drivers - Kuaishou is considered one of the most undervalued AI stocks globally, with a projected P/E ratio of only 12 times for 2026, while profit growth is expected to compound at 21% from 2026 to 2027 [4] - AI technology is expected to drive advertising growth in 2026, with non-e-commerce ads showing strong growth despite challenges in the e-commerce sector [4] Group 4: Profitability and Investment Outlook - Kuaishou's adjusted net profit is forecasted to grow by 20% in 2026, with a net profit margin increase of 1.4 percentage points, exceeding market expectations by 8% [5] - Increased capital expenditure for AI model development and advertising technology upgrades is expected to enhance core competitiveness and drive high-margin advertising growth [5] Group 5: Target Price and Investment Rationale - Morgan Stanley maintains a target price of 89 HKD for Kuaishou, indicating a 22% upside from the current price of 73.60 HKD [6] - Key investment rationales include underutilized monetization in advertising and e-commerce, a shift towards higher-margin revenue streams, and Keling AI's rapid revenue growth as a significant growth engine [6]

Core Viewpoint - Kuaishou-W (01024) announced the issuance of shares based on various stock option plans and incentive programs following its initial public offering [1] Group 1: Share Issuance Details - The company exercised options to issue 1.4315 million shares under the post-IPO stock option plan adopted on January 18, 2021 [1] - The company issued 183.8 thousand shares under the pre-IPO employee stock ownership plan adopted on February 6, 2018 [1] - A total of 32 million new shares were issued and held by trustees to fulfill the vesting of restricted stock units granted under the 2023 equity incentive plan [1] - Additionally, 6.3 million new shares were issued and held by trustees to fulfill the vesting of restricted stock units granted under the post-IPO restricted stock unit plan [1]

Core Viewpoint - Kuaishou-W (01024) has announced the issuance of shares based on various stock option plans and incentive programs, indicating ongoing efforts to manage employee equity and incentivize performance [1] Group 1: Share Issuance Details - The company exercised options to issue 1.4315 million shares under the post-IPO stock option plan adopted on January 18, 2021 [1] - The company also issued 183,800 shares under the pre-IPO employee stock ownership plan adopted on February 6, 2018 [1] - A total of 32 million new shares will be issued and held by a trustee to fulfill the vesting of restricted stock units granted under the 2023 equity incentive plan [1] - Additionally, 6.3 million new shares will be issued and held by a trustee to fulfill the vesting of restricted stock units granted under the post-IPO restricted stock unit plan [1]

公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2026年1月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

Core Viewpoint - Kuaishou's AI video generation model "Kling" has seen explosive growth in overseas markets, significantly boosting its stock price, which has risen over 18% in just three trading days as of January 6, 2026. Analysts attribute this surge to the strong performance of Kling and stable expectations for the company's core business [1][2]. Group 1: Product Performance and Market Impact - Kling AI has gained immense popularity, particularly in South Korea, where a challenge involving static images turning into dynamic videos garnered over 500 million views in three days. This rapid spread is supported by the capabilities of Kuaishou's Kling AI [2]. - The updated Kling AI model, launched in December 2025, allows for the generation of complete 10-second videos with natural language, sound effects, and environmental sounds, streamlining the video creation process [2][3]. - As of January 2026, Kling AI has become the highest downloaded application in several countries, with the U.S. contributing 46.1% of downloads. The app's daily revenue on January 3, 2026, was 2.5 times the average for December [3]. Group 2: Revenue Growth and Projections - Kuaishou's AI business has become a core growth engine, with Kling's revenue exceeding 700 million yuan in the first three quarters of 2025. The company has raised its revenue forecast for Kling to 1.4 billion USD for the full year 2025, more than doubling its initial target [4]. - Analysts predict that Kling's revenue will grow by 62% year-on-year in 2026, reaching 1.7 billion yuan, driven by continuous updates and expansion into B-end users [4]. Group 3: Competitive Landscape and Market Potential - The AI video generation market is concentrated, with Chinese firms holding a strong position. Kuaishou's Kling is among the leading models, competing closely with others like MiniMax and ByteDance's Dream AI [6]. - The global market for AI video generation is expected to reach approximately 6 billion USD in 2024, with significant growth potential as it expands into consumer applications [8]. - Kuaishou currently holds about 20% market share in the AI video generation sector, indicating a leading position, while competition is expected to deepen as technology continues to evolve [8].

公司名稱: 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 | USD | | 45,938.94 | | 增加 / 減少 (-) | | | | | | ...