2月9日，智通财经记者获悉，快手宣布与中央广播电视总台《2026年春节联欢晚会》达成合作。即日 起，打开快手搜索"春晚"即可提前预约马年央视春晚直播。此外，2月15日，快手冠名的《2026辽宁春 节联欢晚会》也将通过直播陪伴用户。（智通财经记者 范佳来） ...

Group 1 - Kuaishou announced a collaboration with China Central Television for the 2026 Spring Festival Gala, allowing users to search for "Spring Festival Gala" on Kuaishou to reserve the live broadcast in advance [1] - During the Spring Festival, Kuaishou will launch interactive red envelope activities, where users can shake their devices to receive red envelopes, with an all-day red envelope rain on New Year's Eve [1]

2月9日，摩根大通发表研报指，消费者行为正在转变，用户获取信息和消费内容的方式逐渐改变，聊天 机器人正成为搜索、推荐和任务执行的新起点。该行认为，大型互联网平台现在愿意投入真正的营销资 金以加速采用，这将机械性地提高推理量并推动Token消耗的快速增长。摩通更青睐中国AI基础设施受 益，如阿里巴巴和百度以及在线广告受益者快手作为二级赢家，因为该行认为现在判断持久的AI应用 赢家与输家还为时过早。 责任编辑：栎树 港股频道更多独家策划、专家专栏，免费查阅>> ...

Investment Rating - Kuaishou Technology is rated as BUY with a target price of HK$80.00 [6][7][8] - WeRide Inc. is also rated as BUY with a target price of US$13.00 for ADR and HK$34.00 for its Hong Kong shares [9][10][13] Core Insights - Kuaishou Technology is expected to achieve a 10% year-on-year revenue growth in 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Despite short-term pressures from stricter tax scrutiny and intense competition, Kuaishou's long-term monetization potential is bolstered by its AI initiatives and ecosystem integrations [6][7][8] - WeRide Inc. anticipates a significant revenue increase of over 70% quarter-on-quarter in 4Q25, driven by growth in its Robotaxi and Robobus segments [9][10][13] - The company aims to double its Robotaxi fleet to over 2,000 units by the end of 2026, with a focus on key markets in China and international expansion in the Middle East [10][11][13] Summary by Sections Kuaishou Technology - The company is projected to have a revenue increase of 10% year-on-year for 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Long-term monetization potential is supported by AI developments and integration with core business ecosystems [6][7][8] WeRide Inc. - Expected revenue for 4Q25 is projected to be between RMB290 million and RMB300 million, with a full-year revenue forecast of RMB660 million to RMB670 million [9][10][13] - The gross margin is anticipated to remain above 30%, although increased R&D spending may impact net profits [9][10][13] - The company plans to expand its Robotaxi fleet significantly, with a strategic focus on both domestic and international markets [10][11][13]

Core Viewpoint - Kuaishou has partnered with China Central Television (CCTV) for the 2026 Spring Festival Gala, allowing users to reserve the live broadcast in advance, enhancing the festive experience [1][3]. Group 1: Partnership and Content Delivery - Kuaishou will present the entire content of the 2026 CCTV Spring Festival Gala through various formats including live streaming, on-demand, and short videos, enabling users to revisit classic performances from previous years [3][9]. - In addition to the CCTV gala, Kuaishou will also feature content from over 20 regional Spring Festival galas, creating a diverse and vibrant representation of the Chinese New Year celebrations [3][9]. Group 2: User Engagement and Interactive Features - From February 4 to 23, Kuaishou will offer users the chance to participate in interactive activities such as shaking their devices to receive red envelopes, with a total cash prize of 88 yuan available upon completing all tasks [9]. - On February 15, during the live broadcast of the Liaoning Spring Festival Gala, users can participate in a special red envelope rain event, with the potential to win up to 10,000 yuan [9]. - On New Year's Eve, Kuaishou will host an all-day red envelope rain event, further enhancing user engagement and the festive atmosphere [9].

摩根大通发表研报指，消费者行为正在转变，用户获取信息和消费内容的方式逐渐改变，聊天机器人正 成为搜索、推荐和任务执行的新起点。该行认为，大型互联网平台现在愿意投入真正的营销资金以加速 采用，这将机械性地提高推理量并推动Token消耗的快速增长。摩通更青睐中国AI基础设施受益，如阿 里巴巴和百度以及在线广告受益者快手作为二级赢家，因为该行认为现在判断持久的AI应用赢家与输 家还为时过早。 ...

活动紧扣节日主题，推出一系列精品视听"组合拳"，涵盖"马上有好视、好愿、好景、好物、好运"的五 大系列行动，通过全方位、立体化的内容供给，点亮万家荧屏，凝聚情感共鸣。 春节期间，上新播出电视剧《生命树》《纯真年代的爱情》，网络剧《玫瑰丛生》《乡村爱情18》，微 短剧《皆大欢喜》《"发"家致富》，纪录片《中国故事·北京味儿》（第二季），动画片《毛毛镇森林 音乐课》《有兽焉》（第五季）等45部"北京大视听"精品力作，将登陆央视、地方卫视及主要视听平 台。爱奇艺、优酷、抖音等20余家平台同步开设"北京大视听——春天马上来"线上专区，其中爱奇艺、 优酷推出超高清节目限时免费观看等惠民活动。结合马年生肖文化推出主题创意短视频、公益广告及线 上互动，传递新春祝福；并联动卫生健康部门，推出健康科普短视频，倡导健康过节新风尚，丰富群众 的节日精神文化生活。 科技赋能新体验，刷新传统年俗感知 2月9日，北京市广电局主办的2026年"北京大视听 春天马上来"春节视听文化供给活动启动仪式在京举 行。 本次活动旨在立足"十五五"规划开局之年，紧扣"骏马贺新春，京彩中国年"主题，以"北京大视听"品牌 为统领，联动线上线下优质资源，为广 ...

Macro Commentary - The report indicates a slowdown in China's economic growth in Q1, but improvements in deflation are noted, with policymakers signaling a focus on stabilizing real estate, promoting consumption, and countering "involution" [2] - The US economy is expected to rebound, with rental inflation declining, offsetting a rise in commodity inflation, leading to a stable dollar liquidity environment [2] - The report anticipates only one interest rate cut by the Federal Reserve in June this year, with a potential for a spring rebound in the stock market [2] Internet Sector - In January, high beta stocks benefitting from event-driven catalysts significantly outperformed the industry, aided by improved market risk appetite and liquidity [2] - Major Chinese internet companies are increasing market spending on AI applications targeting end-users, with 2026 identified as a critical year for capturing user engagement in the AI era [2] Stock Market Performance - The Hang Seng Index closed at 26,560, down 1.21% for the day but up 3.63% year-to-date, while the US markets showed a rebound with the Dow Jones up 2.47% [2] - The report highlights the performance of various indices, with the Hang Seng Financial Index down 1.89% and the Hang Seng Property Index up 17.49% year-to-date [3] Investment Strategy - A "barbell" investment strategy is recommended, focusing on companies with certain profit growth and those benefiting from AI [5] - Specific stocks to watch include Tencent, Alibaba, and Kuaishou for their AI-driven growth potential, and NetEase and Trip.com for their stable earnings visibility [5] Software and IT Services - The report expresses optimism for the software sector, expecting revenue growth to support valuations, while cautioning about the competitive pressures from AI model vendors [6] - Recommended stocks include Palo Alto Networks in the US and Kingdee in China, which are expected to benefit from AI-related revenue growth [6] Semiconductor Industry - The semiconductor sector is viewed positively, driven by AI demand, with structural shortages in memory products like HBM and server DRAM [7] - Recommended stocks include Zhongji Xuchuang and Northern Huachuang, which are expected to benefit from the ongoing demand for computing power [7] Technology Sector - The report anticipates a continued high demand for AI computing infrastructure and innovations in consumer electronics, with specific recommendations for companies like Luxshare Precision and BYD Electronics [8] Consumer Sector - The Hang Seng Consumer Index has risen 8% year-to-date, driven by high elasticity in discretionary consumption sectors [9] - The report highlights the potential for increased consumer spending during the Spring Festival, supported by government policies aimed at boosting consumption [10] Automotive Sector - January saw a slowdown in automotive sales, particularly in the new energy vehicle segment, but a recovery is expected post-Spring Festival [11] - Recommended stocks include Geely for its expanding new energy vehicle matrix and Xpeng for its potential to turn profitable [11] Pharmaceutical Sector - The report emphasizes the long-term trend of innovative drugs going global, with a focus on clinical progress and data validation for drugs already in international markets [12] - Recommended stocks include Innovent Biologics and CanSino Biologics, which are expected to benefit from the ongoing trend of drug commercialization [12] Capital Goods Sector - The report notes a positive outlook for the capital goods sector, particularly in construction machinery, driven by rising metal prices and increased mining capital expenditures [21] - Recommended stocks include SANY Heavy Industry and Zoomlion, which are expected to benefit from the ongoing demand for construction equipment [21] Real Estate and Property Management - The real estate sector is optimistic due to favorable policies, with the Hang Seng Property Index rising 15% year-to-date [19] - Recommended stocks include China Jinmao and Greentown China, which have shown significant price increases [19]

上周五美股三大股指全线造好，港股今日高开高走，恒指高开422点报26982点后，升幅一度收窄至319 点，低见26879点，盘中重整旗鼓再度拉升514点高见27074点，再度升穿两万七关口。截至收盘，恒指 早盘收涨1.17%，科指早盘收涨1.02%，恒指大市成交额1362.5亿港元。盘面上，光通讯、光伏设备、风 电股涨幅居前，内房股异动拉升，半导体股延续强势；新消费概念、电信、家电、石油股走势疲软。个 股方面，信达生物(01801.HK)涨近6%，泡泡玛特(09992.HK)涨超5.7%，中国人寿(02628.HK)、龙湖集团 (00960.HK)、紫金矿业(02899.HK)、华虹半导体(01347.HK)涨超5%，快手(01024.HK)跌超4.2%，中国电 信(00728.HK)、中国移动(00941.HK)均跌超1.5%。 本文源自：金融界AI电报 ...

2月9日，快手宣布与中央广播电视总台《2026年春节联欢晚会》达成合作。即日起，打开快手搜索"春晚"即可提前预约马年央视春晚直播，把一年一度的团 圆时刻，提前放进日程里。 在快手，看春晚不仅是一场观看，更是一种陪伴。屏幕这一端，是万家灯火；屏幕那一端，是熟悉的年味与久违的欢声笑语。无论是和家人一起守着直播， 还是在零碎时间里回看那些曾经打动过我们的瞬间，春晚都能随时"回家"，在不同的时间点，回应同样的情感期待。 围绕"快手有年味，奔腾中国年"的春节主题，快手也将把热闹从舞台延伸到互动之中。2月4日至23日，用户摇一摇即可领红包，参与全部进度红包100%解 锁后可获88元现金红包。2月15日，用户锁定@辽宁卫视 直播间，即可抢辽宁春晚专属红包雨，最高可得10000元。而2月16日除夕当天，还将上线全天整点 红包雨，单场最高可赢 10000 元，让年味在观看、互动与分享中持续发生，也让团圆的情绪在参与中被不断放大。 家乡春晚追播日历 | 日期 | 春晚 | 快手开播账号 | (拟) 三 播 时 | | --- | --- | --- | --- | | 2月7日 | 2026中国网络视听盛典 | 视听新时代 | ...