Ge Long Hui·2026-01-23 11:11Core Insights - The article emphasizes that AI video generation is opening a second growth curve for content platforms, leading to a new balance between efficiency and commercialization [1] - Companies like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication are highlighted as examples of this logic in the AI computing infrastructure sector, representing long-term value that has not yet been fully priced in [1][2] - Kuaishou is positioned similarly to these companies, with its AI video generation capabilities enhancing production efficiency and commercial value [2][3] Group 1: Investment Logic - The second growth curve for companies is clear, but the realization of this potential is slow, allowing for long-term investment opportunities [2] - The position in the industry chain determines the bargaining power, with these companies embedded in global AI infrastructure and serving high-certainty top clients [2] - The focus is on cost reduction and efficiency improvement rather than mere expansion, aligning with the characteristics of the "Yizhongtian" companies [2] Group 2: Kuaishou's Position - Kuaishou's AI video generation is not just about content supply explosion but represents a systematic leap in production efficiency [3] - Unlike platforms that prioritize algorithm efficiency and traffic scale, Kuaishou seeks a balance between reducing creator costs, enhancing commercial conversion efficiency, and stabilizing cash flow [3] - Kuaishou is still in a phase where its second growth curve is recognized but not fully priced in, with the impact of AI on content supply efficiency and conversion rates gradually emerging [3] Group 3: Organizational Strategy - Kuaishou maintains a relatively restrained approach in its organizational and strategic direction, embedding AI capabilities into existing business systems rather than undergoing aggressive restructuring [4] - This approach allows Kuaishou to avoid resource dispersion and strategic instability, providing higher certainty for the continuous iteration and commercialization of AI [5] Group 4: Community and Content - Kuaishou's core strength lies in its content community, which has established a differentiated advantage in lower-tier markets and high-interaction content areas [10] - The platform's community attributes enhance conversion efficiency and reduce user churn, making it a critical support during industry competition [10] Group 5: AI Video Generation - The AI video generation model "Keling" is a significant strategic breakthrough for Kuaishou, with its latest version achieving global leadership in key performance indicators [14] - The model has shown strong commercial potential, with a notable increase in user willingness to pay and a clear revenue growth trajectory [15] - Keling's content has gained popularity in international markets, demonstrating its cross-cultural dissemination capabilities [15] Group 6: Advertising and E-commerce - AI is becoming a core tool for Kuaishou to enhance monetization efficiency in its advertising business, with significant contributions from the OneRec system [18] - Kuaishou's live streaming and e-commerce businesses are operating steadily, with the potential for continued growth in GMV and improved monetization rates [20][21] Group 7: Financial Outlook - Kuaishou's projected net profits for 2025 and 2026 are 20.6 billion and 23.8 billion RMB, respectively, reflecting year-on-year growth of 16% and 15% [22] - The valuation remains reasonable, with a combination of stable profitability and technological growth offering a favorable risk-return profile for long-term investors [23] Conclusion - Kuaishou's core asset value lies in the combination of content and AI, positioning it as a capable content platform in the AI video generation era [26] - The company is focused on reducing content production costs and enhancing commercial conversion efficiency, establishing itself as a foundational infrastructure for content [27] - In an era of uncertainty, the synergy between its fundamental strengths and technological advancements represents a rare value for core assets [28]