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]

Core Insights - Kuaishou Mall held a merchant conference in Hangzhou to discuss new growth strategies and opportunities for the second half of the year, gathering over 500 merchants and influencers from across the country [1] Group 1: Merchant Support and Growth Strategies - Kuaishou Mall aims to lower operational barriers for merchants by optimizing support mechanisms and increasing resource investment, leading to a 44% increase in exposure and a 53% increase in sales transaction volume for the general merchandise card during the 2025 618 promotion [2] - The platform has implemented a "flow plan" to enhance self-sale growth and upgraded the "super link" feature to provide higher exposure for quality products, demonstrating a commitment to supporting dedicated merchants [3][4] Group 2: Tools and Operational Efficiency - Kuaishou Mall is focused on building long-term operational capabilities for merchants, encouraging them to optimize basic operations and utilize various tools such as the product card flow plan and marketing hosting to capture market opportunities [4][5] - Specific case studies show significant GMV growth for brands like "Dazui Crocodile" and "Wulan Clothing," highlighting the effectiveness of the super link and product growth support strategies in driving sales and expanding distribution [5][6] Group 3: Sustainable Growth and Collaboration - The company emphasizes the importance of establishing stable and sustainable traffic sources for merchants, encouraging the creation of reusable content assets to enhance repurchase and conversion rates [5][6] - Kuaishou aims for every investment to contribute to the long-term operational capabilities of merchants, fostering a collaborative environment for mutual growth [6]

近日，交个朋友开通快手账号，并发布和快手可灵AI共创视频。视频中，罗永浩时而出现在古代卖荔 枝，时而对着孙悟空卖蟠桃，罗永浩在星巴克的"中杯名场面"也被AI复刻。据了解，这些视频都由可灵 AI制作完成。 对此，快手向南都N视频记者回应称，7月29日，直播电商标杆机构交个朋友携全员主播入驻快手，开 启直播电商新阵地。据悉，交个朋友将深度合作快手可灵AI，提升数字化电商营销能力，8月中旬还将 开启快手直播电商首秀。 在2025世界人工智能大会（WAIC）上，可灵AI宣布目前已在全球拥有超过4500万创作者，产品自发布 以来迭代升级30余次，累计生成超2亿个视频和4亿张图片。据可灵AI披露，4月可灵2.0发布以来，服务 的B端商家数量迎来爆发式增长。截至目前，全球范围内已有超过两万企业客户及开发者接入了可灵AI 的API（应用程序编程接口）接口，覆盖全球149个国家和地区。 （文章来源：南方都市报） 南都N视频记者留意到，此前，罗永浩在快手还有一个个人账号，不过最近一次更新内容在今年5月， 再上一次更新视频是在去年12月。截至目前，交个朋友直播间已经入驻了抖音、淘宝、快手、小红书、 视频号以及百度平台，在全平台建设 ...

金融界8月4日消息，上证指数低开高走，中证香港内地股等权重指数 (HKCN50EW，H30239)报2226.67 点。 数据统计显示，中证香港内地股等权重指数近一个月上涨3.50%，近三个月上涨10.41%，年至今上涨 21.10%。 据了解，中证香港策略指数系列从多种策略投资的角度反映了在香港交易所上市证券的整体表现。该指 数以2005年12月30日为基日，以1000.0点为基点。 从指数持仓来看，中证香港内地股等权重指数十大权重分别为：中国宏桥（2.7%）、中国人寿 （2.51%）、翰森制药（2.41%）、药明生物（2.32%）、快手-W（2.3%）、中芯国际（2.28%）、京东 健康（2.28%）、紫金矿业（2.26%）、中通快递-W（2.25%）、农夫山泉（2.18%）。 从中证香港内地股等权重指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港内地股等权重指数持仓样本的行业来看，可选消费占比25.37%、金融占比16.30%、通信服 务占比11.93%、医药卫生占比9.11%、信息技术占比8.24%、能源占比8.02%、房地产占比7.89%、原材 料占比4.96%、主要消费占比4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 於本公告日期，董事會包括執行董事程一笑先生及宿華先生；非執行董事李朝暉先生、張斐先生 及王慧文先生；獨立非執行董事黃宣德先生、馬寅先生及盧蓉女士。 快手科技（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」）董事會（「董 事會」）謹此宣佈將於2025年8月21日（星期四）舉行董事會會議，藉以考慮及批准（其 中包括）本集團截至2025年6月30日止六個月之未經審核綜合中期業績。 承董事會命 快手科技 董事長 程一笑先生 香港，2025年8月4日 Kuaishou Technology 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） （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） 董事會會議召開日期 ...

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]

港股科技股走弱，哔哩哔哩、快手跌超3%，网易、腾讯控股等跟跌。 无需港股通，A股账户就能T+0买港股>> ...