互联网行业周报：豆包发布升级多款大模型，多平台正式开启双十一大促-20251020

Investment Rating - The report maintains a "Buy" recommendation for leading internet companies with stable performance and strong AI application layouts, such as Tencent Holdings, Pop Mart, Kuaishou, NetEase, Bilibili, and Meitu [1][5]. Core Insights - The internet industry is experiencing rapid iterations of large models, with significant advancements in AI applications. The report emphasizes the importance of companies that are well-positioned in this space [1]. - Bilibili has launched its Double Eleven promotional campaign, which previously showed a nearly 60% new customer acquisition rate during the 618 shopping festival, indicating strong growth potential [5][8]. - Baidu's video generation model has achieved a breakthrough in real-time interactive long video generation, marking a significant step towards practical AI video creation [5][8]. - The report highlights the importance of AI-driven tools and models in enhancing user engagement and operational efficiency across various platforms [5][10]. Summary by Sections Important Announcements and News - Kuaishou announced the grant of 6,567,269 restricted stock units under its 2023 incentive plan [2][8]. - Bilibili's Double Eleven campaign aims to leverage partnerships with Alibaba and JD.com for enhanced data integration and marketing effectiveness [5][8]. - Baidu's upgraded video generation model can now produce longer, coherent videos with real-time user interaction capabilities [5][8]. Market Performance Review - The overall market performance from October 13 to October 19 shows declines across major indices, with the Hang Seng Internet Technology Index down 6.27% and the Shanghai Composite Index down 1.47% [11][16]. - Notable declines in stock prices include Tencent Holdings down 6.68% and Kuaishou down 13.05% during the same period [16][17]. Core Recommendations and Rationale - The report recommends focusing on Tencent Holdings due to its strong performance in gaming and social networking, with a Q2 revenue of 592 billion yuan, reflecting a 22% year-on-year increase [19][20]. - Kuaishou is highlighted for its innovative user engagement strategies and significant growth in e-commerce GMV, achieving a 17.6% year-on-year increase [20].