Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down by 1.07% at 24,906.39, and the Hang Seng China Enterprises Index down by 1.03% at 8,944.74, while the Hang Seng Tech Index rose by 0.34% to 5,509.61, supported by a rebound in tech stocks [1] Stock Performance - Notable gainers included Meituan with a 15.26% increase, and other companies like Quanta International and Kuaishou also saw significant rises of 11.71% and 8.98% respectively [2] - Major tech stocks experienced a shift from decline to increase, with Kuaishou rising nearly 9%, Tencent up by 1.46%, and NetEase and Alibaba also showing positive performance, while Meituan fell nearly 4% [3] Sector Movements - The gold sector faced declines as investors shifted funds from gold ETFs to domestic stocks, with Tongguan Gold dropping 8.6% marking its sixth consecutive decline [3] - Real estate sales continued to decline year-on-year, leading to a drop in property stocks, with major players like Country Garden and Vanke seeing significant losses [3] - Other sectors such as home appliances, automobiles, photovoltaic, coal, building materials, and insurance stocks also experienced downward trends [3] Gambling Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew a casino legalization bill, leading to a rise in gaming stocks [3]

Group 1 - The core viewpoint is that Hong Kong tech stocks are experiencing a significant upward trend, with Kuaishou rising over 7% and Bilibili increasing more than 3% [1] Group 2 - Kuaishou's stock performance indicates strong investor interest and potential growth in the tech sector [1] - Bilibili's rise also reflects positive market sentiment towards technology companies in Hong Kong [1]

快手-W(1024.HK)盘初拉升涨4%，报75.35港元。消息面上，可灵AI继登上《新闻联播》后，又登上了 央视《焦点访谈》节目。《焦点访谈》报道，过去一年多的时间，可灵AI进行了超过30次的迭代，视 频生成大模型的创作能力不断突破。目前，产品在北美、欧洲、东亚等市场用户增长很快，全球累计用 户已超过4500万。据此前公开消息，今年4月，可灵对外公布全球用户已达2200万，至今仅3个月便翻 番。 ...

Group 1 - Kuaishou E-commerce launched the second phase of the "Caiyun E-commerce Consumption Voucher" shopping area on July 29 to help high-quality Yunnan merchants expand sales channels and achieve growth [1] - The current consumption voucher theme is "Yun Mushroom," featuring products like beef liver mushrooms and chicken pine mushrooms, allowing users to enjoy Yunnan's unique flavors [3] - The first phase of the consumption voucher activity achieved over 500 million total exposure PV, leading to a significant increase in new Yunnan merchants on the Kuaishou platform [3] Group 2 - Kuaishou E-commerce aims to assist more Yunnan merchants in achieving both GMV and fan growth through activities like the "Caiyun E-commerce Consumption Voucher," contributing to rural revitalization [4] - Merchants such as @Xiaoyu's Fresh Fruits and @Four Cats Coffee have successfully transitioned to Kuaishou E-commerce, significantly increasing their reach and sales of Yunnan specialty products [3][4]

Core Insights - By 2025, generative AI is expected to transition from a buzzword to practical applications in production, with a focus on real-world usability rather than just generation capabilities [1][3] - Kuaishou's Keling AI introduced new features such as "Linghua Canvas" and "Multi-Image Reference" aimed at enhancing user experience in content creation across various industries [1][3] Group 1: Technological Advancements - The "Linghua Canvas" feature integrates unlimited visualization space, AI creative assistance, and real-time collaboration, enabling users to transform scattered ideas into cohesive visual works [1][3] - The "Multi-Image Reference" feature improves consistency in characters, subjects, and scenes, as well as dynamic quality and artistic style [1][3] - Keling AI has undergone over 30 iterations since its launch in June of the previous year, generating more than 200 million videos and 400 million images [1][3] Group 2: Industry Impact - Kuaishou's Senior Vice President, Gai Kun, emphasized that 2025 will be a pivotal year for the deep application of generative AI, reshaping production relationships [3] - The Keling AI team follows a dual-driven model of technology enhancement and user co-creation, continuously optimizing products based on user feedback [3] - Keling AI currently serves over 45 million creators and more than 20,000 enterprise clients across industries such as advertising, film animation, and game production [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The report highlights the rapid development and commercialization of Kuaishou's AI technology, particularly the launch of the new creative platform "Ling Animation Canvas," which aims to enhance creator efficiency and team collaboration [2][5]. - Kuaishou's AI has achieved significant milestones, including over 45 million creators globally, generating more than 200 million videos and 400 million images, and serving over 20,000 enterprise clients across various application fields [2][5]. - The report suggests that Kuaishou presents a promising investment opportunity due to its strong market position and rapid revenue growth, with Q1 2025 revenue reaching 150 million yuan and monthly revenues exceeding 100 million yuan in April and May [2][5]. Summary by Sections Event Description - On July 27, 2025, Kuaishou's AI hosted an ecological forum themed "The Year of Generative AI Applications," where it disclosed its achievements and introduced the "Ling Animation Canvas" [5]. Event Commentary - Kuaishou's AI has become a benchmark product for AI implementation, with over 30 iterations since its launch, and it serves clients in 149 countries across various sectors, including film, animation, gaming, and advertising [8]. - The "Ling Animation Canvas" aims to streamline the creative process from material generation to final production, facilitating team collaboration and enhancing overall efficiency [8]. - Creators from various fields shared their positive experiences with Kuaishou's AI, noting its rapid technological advancements and improved expression capabilities [8].

Group 1 - Taobao Flash Sale reported a 110% month-on-month increase in new brand entries in July, with over 12,000 new non-food brand stores launched, indicating a trend towards category diversification in the platform [1] - The increase in brand diversity is expected to enhance the platform's average transaction value but poses challenges in terms of product selection, after-sales service, and differentiated subsidies [1] Group 2 - Meituan's "Raccoon Kitchen" has seen a 40-fold increase in search volume and a 164% rise in overall merchant exposure since its launch, with a 60% increase in order volume, emphasizing its commitment to not self-operate and avoid competition with merchants [2] - The promise of not self-operating aims to alleviate merchants' concerns about the platform acting as both referee and player, though the effectiveness will depend on the transparency of traffic distribution rules [2] Group 3 - The leading live commerce agency "Jiao Ge Peng You" announced its full team will join Kuaishou, marking a new phase in live commerce, with plans to enhance digital marketing capabilities through collaboration with Kuaishou's AI [3] - The cross-platform expansion of top MCNs is becoming a norm, indicating a shift towards digitalization and intelligence in the live commerce industry [3] Group 4 - Douyin is integrating its instant retail business by merging Douyin Supermarket into Douyin Xiaoshida, aiming to improve operational efficiency in instant retail [4] - Instant retail has evolved from a "traffic trial" to a "strategic competition" among major players, with Douyin needing to address its logistics shortcomings to close the fulfillment gap [4]

"2025年将是生成式AI技术走向深度应用的关键元年"，在刚刚结束的世界人工智能大会上， 快手高级副总裁、可灵AI负责人兼社区科学线负责人盖坤给出了这样的判断。他认为，生 成式AI不仅仅是技术的革新，更是生产关系的重塑。 本次人工大会期间，可灵AI重磅发布 了全新的多图参考、灵动画布等功能。其中，升级后的多图参考，在角色、主体和场景一致 性、动态质量、画风保持等方面显著提升；灵动画布功能则在7月27日正式开启邀测。根据 快手在大会上披露的信息显示，可灵AI目前已在全球拥有超过4500万创作者。 快手高级副总裁、可灵AI负责人兼社区科学线负责人盖坤为论坛致辞。 万鹏飞表示，可灵1.0版本向全球证明视频生成技术可实际应用，2.0版本则通过性能与成本优化推动行 业标准化。1.0的发布直接验证了类似Sora的视频生成技术从概念到落地的可能性，而2.0的推出进一步 明确了新一代模型的技术范式，带动行业竞相跟进。未来，可灵将持续输出技术成果，助力企业降低创 作门槛，探索数字人交互、游戏内容生成等新场景。 在论坛上，导演薛晓路分享了使用可灵AI进行影视创作的实践经验。她以短片《喵心归处》为例，指 出可灵1.6版本已在动物生 ...

花旗：将快手(01024.HK)目标价由66港元上调至88港元。 ...

恒指持续走低跌超1%，中通快递(02057.HK)、快手(01024.HK)领跌成分股，恒生科技指数现跌1.59%。 ...