快手三月至今累涨超30%，东方证券发研报看好可灵卡位

Core Viewpoint - Kuaishou's stock has risen over 30% since March, with a strong performance in the Hong Kong stock market, driven by advancements in AI and multi-modal video production tools [1][2] Group 1: Market Performance - The Hang Seng Index increased by 2.46%, reaching a new high for the year at 24,740.57 points, while the Hang Seng Tech Index rose by 3.96% to 6,105.50 points [1] - Kuaishou's stock closed at 66.3 HKD, with a daily increase of 4.41%, outperforming the market [1] Group 2: Technological Advancements - Kuaishou's Keling project is positioned as a leader in the multi-modal video generation field, with strong technical capabilities and superior performance in consistency and precision control [2] - The company is focusing resources on the Keling project, ensuring a stable organizational structure and a skilled core team to maintain its competitive edge [2] Group 3: Data and User Engagement - Kuaishou's platform sees over 40 million new videos uploaded daily, providing a vast and diverse dataset that supports model iteration and helps Keling maintain its leading position [2] - The evolution of Keling is expected to progress through three phases: from PUGC user tools primarily for overseas users to multi-scenario empowerment for domestic users, ultimately leading to a new traffic platform that fosters content distribution and community growth [2]