另外，该行表示，自4月可灵AI 2.0版本上线后，该程序在美国iOS图像设计类别应用程序的收入排名显 著提升，并于8月有进一步增长。该行认为付费指标较用户指标更能反映业务表现，因用户指标或受到 媒体报道影响。 该行认为市场错误解读快手与美团合作的消息，相信这次举措是快手进一步向美团开放其生态圈及流 量，并有利于快手，因可带来额外广告需求;快手并不会直接参与外送业务。 瑞银发布研报称，近日有传快手-W(01024)与美团-W(03690)合作拓展外送服务，引发市场忧虑过度竞 争。重申对快手的"买入"评级，认为近期市场过度担忧;目标价95.37港元。现价对应2025年预测市盈率 13.6倍，而该行料2024至2026年每股盈利年均复合增长率达21%，认为估值具吸引力。 ...

该行指出可灵AI收入主要来自PC端，并未被高频数据捕捉，仍相信收入增长仍然健康，尤其是海外市 场。而外卖业务预期会采用"轻模式"，通过与美团-W(03690)合作，预期快手无需投入亦可获广告及佣 金收入。 摩根大通发布研报称，重申快手-W(01024)为中国数字娱乐行业的首选股，认为投资者低估了其核心广 告增长加快及AI对广告的提振作用，将目标价由71港元上调至88港元，以反映对下半年核心广告业务 增长加快及可灵AI强劲增长势头的乐观看法。小摩认为，即将公布的第二季业绩可成下一个催化剂， 期望管理层会对核心广告业务前景及可灵AI的发展给予积极指引，评级"增持"。 ...

该行认为市场错误解读快手与美团合作的消息，相信这次举措是快手进一步向美团开放其生态圈及流 量，并有利于快手，因可带来额外广告需求;快手并不会直接参与外送业务。 另外，该行表示，自4月可灵AI 2.0版本上线后，该程序在美国iOS图像设计类别应用程序的收入排名显 著提升，并于8月有进一步增长。该行认为付费指标较用户指标更能反映业务表现，因用户指标或受到 媒体报道影响。 瑞银发布研报称，近日有传快手-W(01024)与美团-W(03690)合作拓展外送服务，引发市场忧虑过度竞 争。重申对快手的"买入"评级，认为近期市场过度担忧;目标价95.37港元。现价对应2025年预测市盈率 13.6倍，而该行料2024至2026年每股盈利年均复合增长率达21%，认为估值具吸引力。 ...

Core Viewpoint - UBS research report indicates that recent rumors of Kuaishou collaborating with Meituan to expand delivery services have raised market concerns about excessive competition. However, the firm believes the market has misinterpreted the collaboration, as Kuaishou will not directly engage in delivery services. Instead, this initiative is seen as Kuaishou further opening its ecosystem and traffic to Meituan, which could lead to additional advertising demand for Kuaishou [1] Group 1 - Kuaishou's collaboration with Meituan is not about direct involvement in delivery services, but rather about enhancing its ecosystem and traffic [1] - Since the launch of the AI 2.0 version in April, Kuaishou's revenue ranking in the iOS image design category in the US has significantly improved, with further growth observed in August [1] - UBS emphasizes that paid metrics are more indicative of business performance than user metrics, as user metrics may be influenced by media coverage [1] Group 2 - UBS maintains a "Buy" rating for Kuaishou, arguing that recent market concerns are overblown, with a target price set at HKD 95.37 [1] - The current price corresponds to a projected price-to-earnings ratio of 13.6 times for 2025, with an expected compound annual growth rate of 21% in earnings per share from 2024 to 2026, indicating attractive valuation [1]

Core Viewpoint - Morgan Stanley reaffirms Kuaishou as the preferred stock in China's digital entertainment sector, believing that investors have underestimated its accelerating core advertising growth and the positive impact of AI on advertising [1] Summary by Relevant Categories - **Target Price Adjustment** - The target price for Kuaishou has been raised from HKD 71 to HKD 88, reflecting an optimistic outlook on the acceleration of core advertising business growth and the strong growth momentum of AI [1] - **Upcoming Earnings Catalyst** - The upcoming second-quarter earnings report is expected to serve as the next catalyst, with anticipation that management will provide positive guidance on the outlook for core advertising and the development of AI [1] - **Investment Rating** - The rating for Kuaishou is maintained at "Overweight" [1]

Group 1 - The forum "Empowering Women for a Sustainable Future" held in Incheon, South Korea, focuses on the role of women in promoting sustainable development through innovative public welfare models [1] - The theme of the forum is "Building a Sustainable Tomorrow Together - Connection, Innovation, Prosperity" [1] Group 2 - Kuaishou Technology's Vice President, Song Tingting, highlighted the company's initiatives to empower women through digital technology, enabling new employment and entrepreneurship models [3] - The digital age allows women to bridge the digital divide and play a crucial role in rural revitalization and economic development [3][6] - Kuaishou has initiated a digital skills training system since 2018 to explore new support models for women in the digital era [3] Group 3 - Kuaishou's "Happy Rural Leaders" program trains rural women in live-streaming e-commerce, helping them sell local agricultural products [6] - The "She Power: Rural Revitalization Support Program" has trained over 1,200 rural female entrepreneurs, creating significant employment opportunities [7] - The program has also led to the establishment of a handcraft cooperative that employs over 1,500 women [7] Group 4 - Women make up over 50% of Kuaishou's platform's live-streamers, with 54 female streamers recognized in the top 100 list for their outstanding contributions [9] - Kuaishou's "Happy Lecture Hall" project provides digital skills training to women across various employment sectors, benefiting over 1 million individuals [9][11] Group 5 - Kuaishou has created 43.2 million job opportunities and introduced 174 new professions by integrating digital technology with various industries [11] - The platform is expected to evolve towards more professional and diverse short video live-streaming, enhancing women's social engagement and self-expression [11] Group 6 - Kuaishou plans to increase support for female creators through investments in traffic, funding, and training, aiming to foster innovation and leadership among women [14]

在全球AI热潮中，哪只股票最被低估？摩根大通给出了明确答案。 据追风交易台消息，摩根大通8月12日发布的研报写道，"快手仍是最被低估的AI股"。该行将快手科技目标价从71港元大幅上调至88港元，上行空 间达22%，并重申快手为中国数字娱乐板块首选股。报告强调，快手"不光关乎（AI大模型）可灵"，其核心广告业务增速加快以及人工智能对广 告的提振同样被低估。 可灵业务前景被大幅上调 摩根大通对快手旗下AI视频生成工具可灵的增长前景展现出强烈信心。该行将可灵2025年和2026年的收入预期分别从7.5亿元和12亿元人民币，大 幅上调61%至12亿元和19亿元人民币。 外卖业务采用轻资产模式 针对市场对快手进入外卖行业的担忧，摩根大通认为这是过度反应。据该行分析，快手8月初在其app本地服务界面上线"外卖"入口，但采用的是 以聚合为中心的轻资产模式。 具体而言，快手主要利用与美团等成熟企业的合作关系，而不是建立自营物流。快手的外卖服务发挥流量入口作用，将用户导向第三方平台来进 行履约和配送。摩根大通认为，这种轻资产业务模式可最大限度地减少前期投资，并可能通过收取流量入口服务佣金为快手带来额外变现机会。 这一乐观预期基 ...

净买入盈富基金41.61亿、恒生中国企业18.73亿、腾讯控股8.98亿、阿里巴巴-W 6.48亿、小米集团-W 3.84亿、中芯国际3.05亿、晶泰控股1.01亿； | | U. HK YEL | | | 14511 K JE | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 深跌幅 | 净头入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心同际 | 5.0% | 1.62 | 35.61 亿 | 快手-W | -9.3% | -10.52 | 25.13 Z | | 快手-W | -9.3% | -13.23 | 35.32 L | 中心国际 | 5.0% | 1.44 | 20.25 L | | 益高基金 | 0.3% | 26.60 | 26.64 L | 小米菲国-W | 1.8% | 2.50 | 18.27 亿 | | 小米集团-W | 1.8% | 1.34 | 26.64 Z | 阿里巴-W | -1.6% | 2.59 | 17.48 L | | 国泰君安国际 | 7.9 ...

智通财经8月12日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1284.63亿港元，回升至近期平均水平；约为今日恒指成交总额的59.63%，占比进 一步抬升至接近六成。 恒指今日向上震荡，全天涨0.25%收于24969.68点。南向资金净流入约94.50亿港元。其中，沪港股通净流入约46.12亿港元，深港股通净流入约 48.38亿港元。 值得关注的的是，今日资金大举加仓两只港股ETF，表现出一定看多心态。盈富基金(02800.HK)、恒生中国企业(02828.HK)分别获净买入达41.61亿港元、 18.73亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：腾讯控股(0700.HK)8.98亿港元；阿里巴巴-W(09988.HK)6.48亿港元；小米集团-W(01810.HK)3.84亿港元；中芯国际(00981.HK)3.06 亿港元； 大幅净流出：快手-W(01024.HK)23.75亿港元；华虹半导体(01347.HK)2.41亿港元。 阿里巴巴-W今日跌1.60%，短线资金以流入为主，前5日加仓2225万股。 小米集团-W今日涨1.77%，短线资金连续回流，前5日加仓3388万股 ...

Group 1 - The global video content production market has an annual expenditure of approximately $120 billion, with generative AI driving significant industry transformation [1] - UBS's report highlights the substantial potential of Kuaishou's video generation model, Keling AI, targeting a global market size estimated between $11 billion and $23 billion, which could become Kuaishou's second growth curve [1] - The market structure consists of two segments: a professional user market valued at $7 billion to $14 billion, targeting 30 to 40 million users, and a consumer market valued at $4 billion to $8 billion, targeting 60 to 100 million content creators [1] Group 2 - Industry experts believe that the competitive landscape for video generation AI will not result in a "winner-takes-all" scenario, as different players have distinct focuses [2] - Major players like Google are likely to position video generation AI as a complementary tool for cloud services or advertising, while Keling AI is concentrating on the creator and media production market, indicating a clear differentiation strategy [2] - UBS has revised its valuation method for Kuaishou from DCF to SOTP, raising the target price from HKD 83.40 to HKD 95.37, with Keling AI valued separately at HKD 9.3 per share [2]