大模型重塑商业经营，快手估值迎来修复契机

Core Viewpoint - Kuaishou is leveraging AI to address traditional challenges in content creation and marketing, aiming to transform its commercial operations into a next-generation AI-driven business engine [1][2][10] Group 1: AI Strategy and Implementation - Since 2023, Kuaishou has initiated a comprehensive AI strategy, developing a matrix of large models including language and visual generation models, to enhance its content and commercial ecosystems [1][2] - The company is focusing on AI to solve three main pain points for clients: simplifying content creation, reducing operational costs, and improving customer targeting for advertising [2][3] - Kuaishou's AI capabilities are being integrated into various aspects of commercial marketing, including AIGC content production and dynamic advertising strategies [2][3] Group 2: Market Position and Valuation - The rise of AI applications is leading to a re-evaluation of Chinese tech assets, with Kuaishou's innovations in AI prompting a reassessment of its market value [1][12] - Kuaishou's stock price has shown significant recovery, increasing from 38.1 HKD to 57.45 HKD, a rise of approximately 50.8%, indicating a positive market response to its AI initiatives [13] - Analysts predict that Kuaishou's valuation will improve as AI applications deepen, with a projected P/E ratio of 10 times for 2025, which is 63% lower than global peers [13] Group 3: Future Investments and Growth - Kuaishou plans to increase its capital expenditure and R&D investments significantly over the next three years, which may impact short-term profit margins but is expected to reshape the video production and consumption landscape in the long run [14] - The company is committed to enhancing its AI algorithms and underlying recommendation technologies to improve efficiency and conversion rates for its marketing clients [10][12]