快手-W盘中涨近5% 申万宏源维持“买入”评级

Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of 3.69%, currently trading at 74.55 HKD, with a trading volume of 1.357 billion HKD, driven by significant updates in its Kuailing AI technology [1][5]. Group 1: Company Updates - Shenwan Hongyuan maintains a "Buy" rating for Kuaishou-W, citing the growth potential from recent major updates in Kuailing AI [1][5]. - In December, Kuaishou launched the world's first full-modal video model, Kuailing O1, and the first audio-visual synchronous model, Kuailing 2.6 [1][5]. - Kuailing O1 enhances workflow efficiency through full-modal editing, while Kuailing 2.6 integrates closely with various sectors such as gaming, advertising, short dramas, and live streaming [1][5]. Group 2: Market Performance - According to Similar Web data, Kuailing AI's global website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1][5]. - Kuailing 2.6 and Kuailing O1 offer clear pricing advantages over Google Veo3.1 and Sora2, with Kuailing 2.6's high-quality audio-visual synchronous version priced between 0.44 to 0.88 RMB per second, showcasing strong cost performance [6]. - Kuailing AI's revenue exceeded 300 million RMB in Q3 2025, with expectations for annual revenue to reach 140 million USD, potentially driving stock price increases [6].