Group 1 - The core viewpoint of the report indicates a significant increase in engagement and interest in college entrance examination topics on Kuaishou, with over 6.03 million videos published and 1.38 billion interactions related to "Gaokao" [1] - The report highlights a 42.3% increase in the view count of videos related to "volunteer filling" compared to the previous year, reaching 7.35 billion views, with 4.376 million searches for related keywords [1] - The most popular universities among students are National University of Defense Technology, Tsinghua University, and Zhejiang University, reflecting a trend towards engineering and hard science majors [1] Group 2 - Kuaishou conducted a "Hundred Cities Volunteer Reporting" campaign from June 15 to July 15, hosting 8,942 public volunteer filling live streams and 18 offline seminars in 10 provinces [2] - During the 2025 college entrance examination volunteer filling period, Kuaishou held 16 charity live streams by Zhang Xuefeng, accumulating a total viewership of 680 million [2]

Market Overview - The Hang Seng Index is experiencing a downward trend, with investors anticipating further declines, particularly around the 24600 level, while some see support at 24700 and are considering bullish options with a recovery price of 24200 [1] - Technical signals for the index are neutral, indicating a 50% probability of either rising or falling as it approaches the middle line of the Bollinger Bands [1] Kuaishou Technology (01024.HK) - The stock price is nearing the upper limit of the Bollinger Bands, with a strong buy signal indicated by 16 buy signals and 1 sell signal [3] - Resistance levels are identified at 81 and 87.1, while support is close to 69.7, aligning with investor expectations around 70 [3] Kingsoft Corporation (03888.HK) - The stock is showing resilience in a declining market, stabilizing above the recent low of 34.7, with a target range of 38-40 [6] - Technical signals suggest a buy, with resistance at 37.9 and support at 33.7 and 32.6 [7] Pop Mart International (09992.HK) - The stock closed at 246, with a sell signal indicated, and primary support identified at 236 [10] - Investors are holding put options with a strike price of 178.78, which may be too far from the current price, leading to lower price sensitivity [10] Semiconductor Manufacturing International Corporation (00981.HK) - The stock opened high but closed at 51.1 after reaching a peak of 52.95, with a recent volatility of 9.2% [13] - Technical signals indicate a buy with 13 buy signals and 4 sell signals, resistance levels at 54.2 and 56.8, and support at 47.2 and 45.2 [13][14] Sands China Ltd. (01928.HK) - The stock closed at 19.04, maintaining position above the middle line of the Bollinger Bands [17] - A buy signal is indicated, with resistance at 19.6 and 20, and support at 18.3 and 17.3 [17][20]

Core Viewpoint - The company "交个朋友" is expanding its presence on the Kuaishou platform to tap into the lower-tier market, aiming to create a matrix of live streaming accounts to enhance its user engagement and sales potential [1][10]. Group 1: Market Expansion - "交个朋友" has rapidly gained followers on Kuaishou, reaching 13,000 followers and 93,000 likes within three days of launching its first video [8]. - The decision to enter Kuaishou is driven by the platform's unique community ecosystem and user demographics, which align well with "交个朋友"'s business direction [8]. - Kuaishou has a strong penetration in lower-tier markets, with significant user activity in third to fifth-tier cities, particularly in northern provinces [8][12]. Group 2: Content and Strategy Adaptation - To cater to Kuaishou users, "交个朋友" plans to innovate its live streaming experience by creating more relatable and interactive scenarios, enhancing user participation and loyalty [9][10]. - The product selection will include high-cost performance local goods that resonate with Kuaishou's user consumption habits, alongside classic bestsellers [9]. Group 3: Competitive Landscape - "交个朋友" faces significant competition from established Kuaishou influencers like辛巴, who have a stronghold in the live streaming market, making it challenging to capture market share [11][12]. - During the "6·18" shopping festival, Kuaishou's overall GMV for general merchandise increased by over 53%, with辛巴's group achieving substantial sales figures [11]. Group 4: Financial Performance and Challenges - In 2023, "交个朋友" reported a revenue of 9.89 billion yuan from its live streaming e-commerce business, which constituted 92% of its total revenue, nearly doubling its GMV from the previous year [14]. - However, the company is experiencing increased operational pressures, with a reported profit decline of 36.6% year-on-year, attributed to market conditions and rising costs from rapid expansion [14][15]. Group 5: Future Outlook - The company aims to develop a matrix of live streaming accounts on Kuaishou to meet diverse user needs, indicating a strategic focus on long-term growth and user engagement [10]. - "交个朋友" plans to leverage AI technology for optimizing product selection and enhancing user interaction during live streams, which may improve conversion rates [15].

Core Viewpoint - The article discusses a legal case involving Kuaishou, where a network company was penalized for using a software tool to artificially inflate user engagement metrics, undermining the platform's integrity and user experience [1][5][6]. Group 1: Legal Case Overview - Kuaishou filed a civil lawsuit against a network company for unfair competition, resulting in a court ruling that the company must pay Kuaishou 1 million yuan for economic damages [1][5]. - The software in question, named "Xiao Mou Luo," allowed users to purchase fake likes, comments, and followers, creating a false sense of popularity for live streams [3][5]. Group 2: Impact on Kuaishou - The use of "Xiao Mou Luo" significantly harmed Kuaishou's community ecosystem, leading to a decline in user experience and trust [5][6]. - Kuaishou emphasized the importance of data authenticity for user trust and platform health, indicating a zero-tolerance policy towards fraudulent activities [6]. Group 3: Industry Challenges - The rise of new cheating methods, such as network water armies, presents ongoing challenges for platform governance, requiring enhanced technical defenses and collaborative efforts with law enforcement and industry partners [6]. - Kuaishou plans to increase investment in technology to improve real-time detection and response capabilities against such fraudulent practices [6].

Group 1 - The core activity involves the distribution of "Caiyun E-commerce Coupons" aimed at promoting Yunnan products, offering discounts of up to 50 on purchases over 300 [2] - The coupons are available for daily issuance, valid for the same day, with a limit of three coupons per individual across different tiers during the entire campaign [2] - The campaign focuses on Yunnan mushrooms and has expanded its product offerings to include various local specialties, enhancing consumer access to regional goods at affordable prices [2] Group 2 - The initiative has resulted in significant exposure, with over 500 million views, leading to an influx of new merchants and increased online sales channels [2] - Specific success stories include merchants transitioning from physical markets to online platforms, significantly increasing their customer base and sales [2] - The company plans to continue leveraging such coupon activities to drive growth in Gross Merchandise Value (GMV) and fan engagement for Yunnan merchants, contributing to rural revitalization efforts [3]

Core Viewpoint - Kuaishou has launched the "Kuaikai Broadcast New Force" plan to support high-quality content creators who have not yet started e-commerce live streaming, aiming to help them realize both content and commercial value [1][2]. Group 1: Program Details - The "Kuaikai Broadcast New Force" plan lasts for two months, from July 28, 2025, to September 30, 2025, targeting quality content creators who have not initiated e-commerce live streaming since 2023 [2]. - The program has already seen a successful first phase, generating significant interest and positive feedback among creators [2]. Group 2: Incentives and Support - The plan offers attractive incentives, including high-value traffic coupons, with creators able to earn up to 350,000 traffic coupons upon starting e-commerce live streaming [5]. - Kuaishou will provide official hot product inventory to assist creators in selecting quality products, alleviating their concerns during the selection process [5]. - A dedicated 1-on-1 support service will be available to guide creators through the live streaming process, addressing various challenges they may encounter [5]. Group 3: Success Stories - The first phase of the program saw creators like "Tai Ran Bu Zi Ruo" achieve a GMV of 1.26 million in their first live stream, exceeding expectations [6]. - "A Fei Pao Guo Qi," a young creator, achieved a GMV of over 550,000 in his first month of live streaming, rapidly gaining 55,000 followers [8]. - "Yi Meng Er Jie (Lv Yu Xia)," a rural content creator, recorded a GMV of over 120,000 in her first live stream, significantly surpassing her expectations [10]. Group 4: Market Performance - Kuaishou's e-commerce GMV reached 332.3 billion in the first quarter of 2025, marking a year-on-year growth of 15.4%, indicating strong market competitiveness and effective integration of content and commerce [12].

Core Viewpoint - Morgan Stanley forecasts Kuaishou's revenue for the first half of this year to grow by 12% year-on-year to 35 billion yuan, with adjusted net profit expected to increase by 10% year-on-year to 5.1 billion yuan, aligning with the company's guidance [2] Group 1 - Morgan Stanley raises Kuaishou's target price by 12% to HKD 67 and advances the valuation benchmark by six months to June 2026, incorporating the latest exchange rate predictions [2] - The report anticipates that Kuaishou's subsidiary, Kuaishou AI, will contribute approximately USD 60 million in revenue this year [2]

Core Viewpoint - Kuaishou-W (01024) has seen a significant stock price increase, with a rise of 6.7% to HKD 77.2, and a trading volume of HKD 50.79 billion, driven by positive developments in its AI technology [1] Group 1: Company Developments - Kuaishou's AI product, Keling AI, has gained notable media attention, appearing on major Chinese news programs, which has contributed to its visibility and user growth [1] - Keling AI has undergone over 30 iterations in the past year, enhancing its video generation capabilities, and has achieved a global user base exceeding 45 million, doubling in just three months [1] Group 2: Industry Insights - During the World Artificial Intelligence Conference (WAIC) 2025, Kuaishou hosted an ecological forum focused on the theme of "The Year of Generative AI Applications," discussing the empowerment of various industries such as film, e-commerce, and gaming through AI [2] - Kuaishou's senior vice president, Gai Kun, reported that the monthly user payment revenue surpassed RMB 100 million in April, positioning the company as a leader in the global video generation sector [2]

Group 1 - The Hang Seng Technology Index experienced a significant decline, with the largest ETF tracking this index also following suit, led by stocks such as Meituan and BYD, while Kuaishou and other companies showed gains [1] - Kuaishou's AI division, Keling AI, reported having over 45 million creators globally and has generated over 200 million videos and 400 million images since its launch, indicating strong growth in its AI application [1] - Citigroup's research report anticipates Kuaishou's Q2 2025 earnings report to be positive, driven by the unexpected commercialization of its video generation model and an expected acceleration in advertising revenue growth [1] Group 2 - As of July 30, the latest valuation of the Hang Seng Technology Index ETF was 21.71 times, indicating that it is currently undervalued compared to historical levels, suggesting potential upward momentum for high-growth stocks [2] - The Hang Seng Technology Index remains in a historically undervalued range, making it an attractive option for investors looking to gain exposure to core AI assets in China [2]

Group 1 - Kuaishou-W (01024) saw a significant stock price increase, with a peak rise of 9% and a current price of 77.2 HKD, with a trading volume of 5.079 billion HKD [1] - The AI model Keling AI has undergone over 30 iterations in the past year, showcasing continuous improvements in video generation capabilities, with a global user base exceeding 45 million, doubling in just three months [1] Group 2 - During the World Artificial Intelligence Conference (WAIC) 2025, Kuaishou's Keling AI hosted an ecological forum focused on the theme of "The Year of Generative AI Applications," discussing AI's empowerment in various industries such as film, e-commerce, and gaming [2] - Kuaishou's monthly user payment revenue surpassed 100 million RMB in April, positioning the company as a leader in the global video generation sector, aiming to cover user service costs and expand its user base [2]