快手大涨11%！可灵海外出圈，Motion Control玩法刷屏

Core Viewpoint - Kuaishou Technology is rapidly realizing its commercial potential in the generative AI sector, driven by its AI video generation model, Kling, and the technological empowerment of its core advertising business [3][7]. Group 1: Financial Performance - Kuaishou's stock surged over 13% during trading, closing up 11%, reflecting strong market sentiment [4]. - The company reported a trading volume of 135 million shares and a market capitalization of 317.9 billion [5]. Group 2: AI Business Growth - The Kling model's daily revenue reached 2.5 times the average level from mid-December 2025, driven by the "Motion Control" feature's popularity in overseas markets [7][9]. - Kuaishou's revenue from the Kling model is projected to exceed $140 million in 2025, with continued growth expected in 2026 due to version iterations and expansion into B-end users [9][16]. Group 3: Advertising Business Enhancement - AI technologies like OneRec and GFRL have significantly improved Kuaishou's advertising efficiency, increasing user engagement by 1-2% and ad revenue by 4-5% [8][14]. - The application of AI has optimized ad loading rates and enhanced eCPM, contributing to steady growth in user engagement and advertising revenue [8][14]. Group 4: Future Outlook and Valuation - Market optimism regarding Kuaishou's profit prospects is supported by projected profits of 20.6 billion RMB and 23.8 billion RMB for 2025 and 2026, respectively, with year-on-year growth rates of 16% and 15% [16]. - The investment logic will focus on the ongoing empowerment of Kuaishou's advertising business by AI technology and the high-frequency data performance of the Kling business [16].