Core Insights - The report indicates that the Kuaishou e-commerce market remained stable in July 2025, with promotional heat increasing by 3.53% month-on-month, driven by campaigns like "Good Food at Affordable Prices" and "Cool Summer Goods" to support merchant growth [1][11][12]. Group 1: Sales Trends - High temperatures boosted the "summer economy," leading to significant sales increases in fresh produce, bags, and books, with electronic education products seeing a 112.7% increase in live broadcast sales [1][15][25]. - The sales of men's skincare products rose, with live broadcast sales of foundation products increasing by 17.8%, while T-zone care products also showed strong growth [1][18][21]. - The medical hair removal device category experienced a remarkable 224.13% increase in live broadcast sales, with Ulike leveraging its tenth anniversary and technological features for strong sales [1][30]. Group 2: Consumer Behavior - Young mothers emerged as the primary consumers in the diaper market, with brands like Jiaying and BBG leading, and the average transaction price increasing by 51.12% [1][31]. - In outdoor clothing, sunscreen clothing accounted for 45.38% of sales, with brands like Jiao Xia leading through targeted product promotion [1][33]. Group 3: Future Trends - The upcoming trends for August include increased demand for health supplements, beauty products, and electronic education due to seasonal events like the start of school and the Qixi Festival [1][11]. - Kuaishou plans to launch a "Super Fan Festival" and initiate the "Treasure City" program to expand its market presence in the northwest region, further supporting merchant growth [1][11].

Core Viewpoint - The "Technology AI Summer Camp" initiated by Kuaishou Public Welfare Foundation aims to provide students from underprivileged areas with exposure to advanced technology and AI, enhancing their educational experience and future opportunities [1][2][16]. Group 1: Program Overview - The summer camp involves 24 students and teachers from a remote school in Qinghai Province, focusing on hands-on experiences with technology and AI [1][2]. - The program is designed to bridge the gap in technology education for students from pastoral, economically disadvantaged families [1][2][16]. Group 2: Activities and Experiences - Students engage in interactive sessions with digital hosts and participate in AI-related creative projects, enhancing their understanding of technology [2][4]. - The camp includes visits to significant technological sites, such as the Kuaishou broadcasting hall and the China Science and Technology Museum, where students explore scientific principles through hands-on experiments [4][6][8]. - Students experience the logistics industry at the "Asia No. 1" smart logistics park, witnessing the integration of AI and automation in modern logistics [10][12]. Group 3: Educational Impact - The program aims to inspire students' interest in science and technology, fostering a sense of innovation and practical skills [2][4]. - Students document their experiences and insights in learning journals, reflecting on the impact of technology on their lives and future aspirations [14][16]. - The initiative has broader implications for rural education, with Kuaishou committing to support over 500 schools and 700,000 children by 2025 through various educational programs [16].

机构：光大证券 研究员：付天姿/赵越 用户：内容供给与推荐系统迭代，助力用户活跃度与留存表现提升。我们预计25Q2 快手DAU 达4.09 亿 （yoy+3.5%），MAU 为7.1 亿（yoy+3.2%），DAU/MAU 为57.2%；每DAU 日均使用时长123.8 分钟 （yoy+1.5%）。快手于暑期档推出漫剧季，发力竖屏动漫短剧赛道，重点剧集单日消耗破150万；5 月 启动直播夏季盛典，投入亿元现金资源，设立1400+主播赛道，提升供给密度与互动活跃度。新一代推 荐系统OneRec 全面上线，据相关论文，目前系统已承接平台约25%的推荐请求流量，7 日用户生命周 期显著延长。 商业化：广告、电商双轮驱动，泛货架与AI 转化能力持续增强。1）我们预计公司25Q2 线上营销收入 达196.9 亿元（yoy+12.4%），受益于用户总时长增长与营销效率优化，因高基数效应有所减弱，增速 快于Q1 的8%。2）预计电商GMV 达3,465 亿元（yoy+13.5%），618 期间商品卡、搜索、挂车短视频 GMV 分别同比增长超53%、143%、29%，泛货架流量转化路径逐步清晰。快手于7 月31 日发布"超级 ...

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7月31日 狀態: 新提交 | 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 (-) | | | | | | | USD | | | | | 本月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,93 ...

Core Viewpoint - The market signals are currently neutral, with key resistance levels identified for various stocks, indicating potential trading strategies for investors. Group 1: Market Analysis - The index has returned to the Bollinger Bands midline, with a neutral buy/sell signal and a resistance level at 25,350 points. A breakthrough could lead to testing the next resistance at 25,700 points [1]. - Silver Entertainment (00027.HK) has shown strong performance, breaking through the Bollinger Bands upper limit, with a buy signal and resistance levels at 41.7 and 42.6 [3]. - China Biologic Products (01177.HK) has seen a significant recovery since mid-June, with a buy signal and resistance levels at 7.83 and 8.36 [5]. - WuXi AppTec (02359.HK) has rebounded to 103.3 from a high of 116, with a buy signal and resistance levels at 110 and 119.9 [7]. - BYD Electronic (00285.HK) has shown a strong upward trend, with a buy signal and resistance levels at 37.7 and 38.1 [10]. - Kuaishou-W (01024.HK) is approaching the previously mentioned resistance of 80.73, with a buy signal and resistance levels at 82.4 and 86 [13].

Group 1 - Southbound funds recorded a net purchase of HKD 23.426 billion in Hong Kong stocks, marking the highest single-day net purchase since March 12 of this year [1] - The top net purchases included: - HKD 6.293 billion in the Tracker Fund of Hong Kong - HKD 0.831 billion in Tencent Holdings - HKD 0.798 billion in Southern Hang Seng Technology - HKD 0.646 billion in Kuaishou-W - HKD 0.586 billion in Li Auto-W - HKD 0.511 billion in Alibaba-W - HKD 0.386 billion in Meitu - HKD 0.290 billion in CanSino Biologics - HKD 0.270 billion in Meituan-W - HKD 0.248 billion in Xiaomi Group-W - HKD 0.232 billion in Innovent Biologics - HKD 0.121 billion in SMIC [1] Group 2 - Southbound funds have net purchased Tencent for 9 consecutive days, totaling HKD 4.426 billion - Southbound funds have net purchased Xiaomi for 8 consecutive days, totaling HKD 4.410 billion - Southbound funds have net purchased Kuaishou for 4 consecutive days, totaling HKD 2.452 billion [1]

Core Insights - Beijing is emerging as a leading hub for AI innovation, with nearly 40% of the country's registered large models and over 2,400 AI companies, contributing to a core industry scale of approximately 350 billion yuan [1] - The development of AI in Beijing is supported by technological breakthroughs, abundant computing power, and significant policy backing, creating a closed-loop system of "technological breakthroughs - industrial applications - innovative consumption" [1][12] - The shift from traditional production to intelligent production is exemplified by the rapid content creation capabilities of AI, significantly reducing production costs and time [4][5] AI Industry Landscape - The AI industry in Beijing is characterized by a diverse range of applications, from high-end manufacturing to creative content generation and smart city governance [1] - The multi-modal large models have become standard for AI companies, enabling the generation of images and videos, thus enhancing user interaction and experience [1][7] - The AI-driven production process is transforming traditional media, as seen in the case of the short film "Mountain Sea Mirror," which was produced in just two months using AI technology [3][4] Technological Advancements - The rapid iteration of AI models, such as the Keling AI, has led to significant improvements in content generation, with over 450 million images and 200 million videos produced since its launch [3][5] - AI technology is being applied in various sectors, including e-commerce, where virtual fitting rooms allow consumers to try on clothes digitally, enhancing the shopping experience [7][8] - The AI hospital established by Tsinghua University is capable of completing the diagnostic workload of a top-tier hospital in just two days, showcasing the efficiency of AI in healthcare [6] Economic Impact - The cost reduction in video marketing materials is estimated to be between 60% to 70% due to AI technologies, significantly impacting the marketing strategies of businesses [4] - The AI-driven marketing solutions have led to substantial revenue growth for companies like Keling AI, with reported earnings exceeding 150 million yuan in the first quarter of 2025 [9][15] - The integration of AI in consumer experiences is reshaping retail dynamics, moving from standardized offerings to personalized solutions, thus driving new consumption patterns [8][9] Policy and Infrastructure - Beijing's government is actively promoting AI applications through various policies, creating a supportive environment for the development and implementation of AI technologies [12] - The city's computing power supply is projected to exceed 450,000 P by the end of 2025, providing a robust infrastructure for AI development [11] - The establishment of research institutions like the Zhiyuan Research Institute is crucial for fostering innovation and talent in the AI sector [11][12]

从中关村科学城的实验室到快手可灵AI事业部的工位，我国AI浓度最高的北京不断向外辐射创新推动力。这里有全国近四成备案上线的大模型，AI企业数 量超2400家，核心产业规模接近3500亿元。北京的AI成绩源于智源研究院的技术突破，亦庄、朝阳区等超3.3万P算力供给等看不见的支撑，还有以可灵AI为 代表的大模型应用对生活生产场景的渗透。 技术、人才、场景、政策的多重加持，让北京率先探索出"技术突破—产业应用—创新消费"的AI发展闭环。从高端制造业的智能生产，到内容平台的创意爆 发，再到城市治理的智慧升级，快手的案例只是缩影，AI第一城群星闪烁。 当前，多模态大模型几乎成为大模型企业标配，可生成图片、可生成视频、可多样化交互，这种更容易感知的生产方式，让抽象的代码离用户更近，它可以 是生产线上的"创意工人"，也可以在体验式消费中提供情绪价值。 "制作"到"智作"的生产力革命 2024年6月，异类Outliers团队用一个晚上生成了一部小短片，那是一辆小汽车飞上太空的影像，技术来自于可灵AI。一个月后，导演陈坤带着与可灵AI共创 的《山海奇镜之劈波斩浪》，在中影国际影城cinity 7号厅超前点映。 当天他向媒体披露 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 84.3 HKD from the current price of 74.60 HKD [3]. Core Insights - The company is expected to see stable performance driven by improvements in advertising and user engagement, with a projected DAU of 409 million and MAU of 710 million for Q2 2025, reflecting year-over-year growth of 3.5% and 3.2% respectively [1]. - Revenue forecasts for Q2 2025 include online marketing revenue of 196.9 billion RMB (up 12.4% YoY) and e-commerce GMV of 3,465 billion RMB (up 13.5% YoY) [1]. - The company is enhancing its AI capabilities, with the "可灵" (Keling) AI service expected to continue its high growth trend, contributing to other revenue streams [1]. User Engagement - The report highlights improvements in user engagement metrics, with daily active users (DAU) expected to reach 409 million and average daily usage time of 123.8 minutes [1]. - The launch of new content formats, such as vertical screen anime short dramas, is anticipated to further boost user retention and interaction [1]. Financial Performance - Total revenue for Q2 2025 is projected at 345.3 billion RMB, with an adjusted net profit of 51.1 billion RMB, reflecting a net profit margin of 14.8% [1]. - The gross margin is expected to remain stable at 55.3%, supported by growth in high-margin advertising and e-commerce businesses [1]. Profitability Forecast - The adjusted net profit forecasts for 2025-2027 are slightly revised to 201.5 billion RMB, 241.9 billion RMB, and 277.6 billion RMB respectively, indicating a positive outlook for profitability [1]. - The report notes that the company’s advertising and e-commerce segments are expected to benefit from operational efficiencies and AI enhancements [1]. Valuation Adjustments - The valuation multiples for 2025 have been adjusted to 0.8x PS for live streaming, 2.9x PS for online marketing, and 0.2x PSG for e-commerce, reflecting the potential of the AI segment [1].

Core Insights - Kuaishou Mall held a merchant conference in Hangzhou, focusing on new growth strategies and opportunities for merchants in the second half of the year [1] - The platform aims to lower operational barriers for merchants and enhance support mechanisms to foster valuable collaborations [1][5] Group 1: Growth Metrics - During the 2025 618 shopping festival, Kuaishou's e-commerce platform saw a 44% increase in exposure for general merchandise card searches and a 53% increase in sales transaction value [1] - The transaction value generated per thousand exposures for merchandise cards increased by 32% [1] - The "川流计划" (Chuanliu Plan) contributed to a 22% share of GMV for merchants' general merchandise cards [7] Group 2: Merchant Support and Tools - Kuaishou Mall has implemented a "marketing management" capability to automate traffic and product operations, reducing the need for extensive manpower from merchants [3] - The platform has upgraded the "super link" feature to provide higher visibility and weight to quality products, facilitating their rapid market penetration [3][5] - Various tools such as the merchandise card Chuanliu Plan, super links, and AIGC tools are designed to help merchants optimize their operations and capitalize on market opportunities [5][7] Group 3: Case Studies - The brand "大嘴鳄" (Big Mouth Crocodile) utilized the super link for full-domain distribution, resulting in increased store distribution scale and sales [7] - "舞澜服饰旗舰店" (Wulan Clothing Flagship Store) achieved significant sales growth by leveraging a combination of product growth support and full-domain distribution strategies, reaching monthly sales of 27 million [7] - Both brands demonstrated metrics exceeding industry averages, indicating the effectiveness of Kuaishou Mall's support mechanisms [3][7]