智通财经网·2025-11-24 06:16Core Viewpoint - UBS maintains a positive outlook on Kuaishou-W (01024), highlighting confidence in its core businesses of advertising and e-commerce, with reasonable valuation and potential for growth driven by AI advancements [1] Advertising - Management believes there is further room for improvement in advertising spending and eCPM, supported by AI advantages and upgrades in advertising technology such as UAX, as well as increased penetration among more advertisers [1] E-commerce - Management anticipates that enhancing recommendation accuracy and continuously increasing SKU will lead to improved purchase frequency and ARPU in the near term [1] - The group aims to optimize its business mix, enhance operational leverage, and improve sales and marketing efficiency to reduce sales and marketing costs, which is expected to further boost gross margins [1]