Group 1 - The company Kuaishou-W (01024) announced the grant of a total of 4.4865 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 Kuaishou Technology 快手科技 （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） （於開曼群島註冊成立以不同投票權控制的有限公司） 授出受限制股份單位 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。 董事會宣佈，本公司於2026年1月23日向若干合資格參與者根據2023股份激勵計劃 授出合共4,486,457份受限制股份單位，惟須待承授人接納方可作實。 授出受限制股份單位 所授出受限制股份單位的詳情如下： 股份於授出日期的收市價： 每股81.25港元 所授出受限制股份單位的 歸屬期： 所授出受限制股份單位的總歸屬期（即授出日期與最後 歸屬日的期間）約為0至48個月 就授予若干承授人的受限制股份單位而言，授出日期與 首個歸屬日之間的期限短於12個月，以反映（i）根據基 於表現目標的歸屬條件，該等與受限制股份單位掛鈎的 表現目標的達成，及╱或（ ...

Core Viewpoint - 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 as the industry transitions from reliance on traffic expansion and subsidies to sustainable cash flow and cost reduction in content production [5][11]. Group 1: Investment Logic - The three companies referred to as "Yi Zhong Tian" (Xin Yi Sheng, Zhong Ji Xu Chuang, Tian Fu Tong Xin) exemplify the logic of AI infrastructure, being essential yet often overlooked components of AI data centers [5]. - These companies share characteristics such as a clear second growth curve, slow realization of value, and a focus on cost reduction and efficiency rather than mere expansion [6][10]. - Their positions in the supply chain enhance their bargaining power, as they cater to more stable, high-demand clients rather than end consumers [8]. Group 2: Kuaishou's Position - Kuaishou is positioned similarly to the "Yi Zhong Tian" companies, with AI video generation enhancing production efficiency rather than merely increasing content supply [11]. - Kuaishou aims to balance creator costs, commercialization efficiency, and stable cash flow, aligning with the logic of the aforementioned companies [11]. - The current valuation of Kuaishou indicates that its second growth curve is recognized but not fully priced in, with the impact of AI on content efficiency and monetization still unfolding [11]. Group 3: Business Analysis - Kuaishou's core functions are evolving, with a focus on commercial acceleration and global market potential, as evidenced by the success of its AI features in various international markets [13][27]. - The introduction of the "Keling" AI video generation model has led to significant revenue growth, with daily revenue reaching 2.5 times the average from mid-December [30]. - The platform's community-driven nature enhances user retention and conversion rates, making it resilient in competitive environments [22]. Group 4: Advertising and E-commerce - AI is becoming a crucial tool for Kuaishou to enhance advertising efficiency, with the OneRec system contributing positively to ad revenue [37]. - The e-commerce segment is expected to maintain growth above industry averages, supported by optimized commission structures and product offerings [41]. - These established business segments provide a stable cash flow foundation for AI investments and new product development [42]. Group 5: Long-term Outlook - Kuaishou's projected net profits for 2025 and 2026 are estimated at 20.6 billion and 23.8 billion RMB, respectively, reflecting a growth of 16% and 15% year-on-year [44]. - The combination of stable earnings and technological advancements presents a favorable risk-return profile for long-term investors [45]. - Kuaishou is evolving into a content infrastructure provider that reduces production costs and enhances commercialization efficiency in the AI era [48].

Core Insights - The video AIGC sector is experiencing a significant "strong realization" moment, with Kling AI surpassing 12 million monthly active users and a 350% increase in paid users on the app [1] - Kling AI's revenue for 2025 is projected to reach $140 million, significantly exceeding the initial target of $60 million, with December 2025 alone generating over $20 million [1] - The commercial viability of AI video generation is being recognized, moving beyond mere technical demonstrations to widespread practical applications [1] Group 1: Market Dynamics - AI video creation is crossing a critical threshold, with user scale, usage frequency, and payment capabilities forming a positive feedback loop [2] - Enhanced generation capabilities lead to clearer usage value, while efficiency improvements in real production scenarios drive users to continue paying for tools [2] - The market is shifting from "can it generate" to "is it worth paying for and can it be reliably used in production" [2] Group 2: Technological Advancements - The acceleration in AI video creation is driven by the maturity of multimodal models and video generation technologies, improving coherence, stylistic consistency, and controllability [2] - Optimizations in computing costs and inference efficiency are lowering the barriers for large-scale usage [2] - The demand from users is evolving, with a surge in interest for AI video content, particularly in emerging sectors like AI comic dramas [2] Group 3: Company Case Study - Wankang Technology exemplifies the integration of AI capabilities into creative tools, building a comprehensive product matrix around video generation, editing, and templated production [3] - The establishment of the "AI Video Large Model Laboratory" in collaboration with Huawei Cloud has led to the development of advanced multimedia models with notable performance in professional video production [3] - The recent launch of Wankang's updated video editing software enhances the efficiency of the entire video creation process, reducing time and cost associated with switching between multiple tools [3] Group 4: Industry Applications - Wankang Technology's capabilities have been validated in high-standard projects such as the National Games and Hunan TV's Mid-Autumn Festival event, highlighting the importance of content quality, delivery stability, and compliance [5] - The evaluation criteria for AI video in practical applications are shifting towards cost reduction, efficiency enhancement, and compliance [5] - The strong commercial performance of Kling AI indicates a transition in the AI video sector from early technical development to practical application, focusing on refining tools and optimizing workflows to meet diverse creative needs [5]

Market Overview - The Hong Kong stock market indices collectively rose on January 23, with the Hang Seng Index increasing by 0.45% to 26,749 points, the Hang Seng China Enterprises Index up by 0.51%, and the Hang Seng Tech Index rising by 0.62% [1][2]. Key Stock Movements - Major tech stocks saw gains, with Xiaomi Group and Kuaishou both rising nearly 3%, Alibaba up over 2%, and JD.com and Meituan also showing increases [2][4]. - The commercial aerospace sector experienced significant gains, with JunDa shares soaring over 51% following the launch of six platforms related to commercial aerospace in Beijing [6]. - Brain-computer interface stocks were active, with Lens Technology rising over 9% [7]. - Gold stocks continued to strengthen, with Zijin Mining International increasing by over 8% as gold prices reached new highs [9]. - Solar energy stocks surged, with Keyuan New Energy rising over 14% and several others following suit [10]. Sector Performance - The commercial aerospace sector led the market with notable gains, driven by the launch of new platforms aimed at enhancing the industry [6]. - The brain-computer interface sector showed strong activity, supported by advancements in flexible chip technology [7]. - Gold stocks benefited from rising gold prices, which reached a historical high of $4,940.78 per ounce [9]. - The solar energy sector was buoyed by positive remarks from Tesla's CEO regarding solar capacity expansion [10]. Individual Stock Highlights - JunDa shares rose by 51.40% to 39.00, while other aerospace-related stocks also saw significant increases [6]. - Lens Technology increased by 9.36% to 31.78, reflecting strong interest in brain-computer interface technologies [8]. - Zijin Mining International rose by 8.43% to 205.80, benefiting from the surge in gold prices [9]. - Keyuan New Energy saw a rise of 14.44% to 4.36, reflecting optimism in the solar energy market [11]. Future Outlook - The Hong Kong stock market is expected to see a recovery in profit growth by mid-2026, with a slowdown in competition among internet platforms and a reduction in the drag from non-essential consumer spending [26].

黄金股强势，紫金黄金国际、 大唐黄金 涨逾8%，老铺黄金涨逾6%。 | 名称 | 现价 | 涨跌幅~ | 涨跌 | | --- | --- | --- | --- | | 紫金黄金国际 | 205.800c | 8.43% | 16.000 | | 大唐黄金 | 0.800c | 8.11% | 0.060 | | 老铺黄金 | 788.000c | 6.78% | 50.000 | | 景福集团 | 0.540c | 1.89% | 0.010 | | 潼关黄金 | 3.490c | 1.75% | 0.060 | | 英皇钟表珠宝 | 0.241c | 1.26% | 0.003 | 科技股多数上涨，小米集团涨近3%，阿里巴巴、快手、联想集团、哔哩哔哩等涨超2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 · | 成交额 | | --- | --- | --- | --- | --- | | 小米集团-W | 36.240c | 1.000 | 2.84% | 64.39亿 | | 快手-W | 81.250c | 2.150 | 2.72% | 30.13亿 | | 联想集团 | 8.840c | 0. ...

1月23日，港股早盘高开低走，午后低位窄幅震荡，截止收盘，恒生指数涨0.45%报26749.51点，恒生科 技指数涨0.62%报5798.01点，国企指数涨0.51%报9160.81点，红筹指数跌0.16%报4217.25点。 盘面上，大型科技股多数走高，阿里巴巴涨2.25%，腾讯控股跌0.42%，京东集团涨0.79%，小米集团涨 2.84%，网易跌0.96%，美团涨0.57%，快手涨2.72%，哔哩哔哩涨2.18%；商业航天概念大涨，钧达股份 涨超51%，亚太卫星涨超14%，金风科技涨超10%；光伏太阳能股涨幅居前，凯盛新能涨超14%；黄金 板块上涨，紫金黄金国际涨超8%，赤峰黄金涨超7%；中国黄金国际、老铺黄金涨超6%；新消费概念股 上涨，泡泡玛特涨6.6%；欧美针对格陵兰的紧张关系降温，石油股全天低迷，航空股、煤炭股、纸业 股、建材水泥股、内房股多数走低。 企业新闻 保诚(02378.HK)：斥资约3.75亿美元将其于PAMB的股份权益增加至70%，标的公司在马来西亚的传统 寿险业务。 南京熊猫电子股份(00553.HK)：预计2025年度归母净利润1000万元到1500万元，同比扭亏为盈。 德昌电机控 ...

Core Viewpoint - Kuaishou E-commerce has launched the "Star Plan" for 2026, focusing on the entire growth cycle of new merchants and upgrading ten key measures to support small and medium-sized businesses [1] Group 1: Key Measures - The plan includes upgrades to deposit policies, reductions in operating costs, and enhancements to smart tools for efficiency [1] - New merchant growth incentives and support for merchants in industrial belts are also part of the initiative [1] - The platform aims to optimize the user experience and provide guarantees for merchants [1]

1月23日，港股市场延续反弹。 截至发稿，恒生指数开盘报26861.36点，上涨231.40点，涨幅0.87%。 | 分材 5日 = 5分 15分 30分 60分 日米 用K 月K 年K + | ■第8 · 其他 · ■ / : 恒生指數 (HSi) | 恒生版数 向线 · | 0000 | 120631 | 26836.24 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 27200.0 | -27206.84 | 行使相談 | 20161.36 | 27000.0 | 14.5亿 晶高 | 23855.14 今井 | 成交體 | | 成交接 | 236亿 最佳 | 2402118 10:00 | 26629.96 | 26800.0 | JOHN FE BE | | | | 無障- | 日本 | 0 00980 | +0.007 | 或共同性 | 13.37 | | | | 原草斯 | 26400.0 | 种新达克 | 20438.02 | +0.01% | | | | | 26200.0 | 85 管500 | 6013.35 | +0 ...

Group 1 - The Hong Kong stock market continued its rebound, with the Hang Seng Index opening at 26,861.36 points, up 231.40 points, a rise of 0.87% [1] - The Hang Seng Tech Index opened at 5,817.51 points, increasing by 55.07 points, a gain of 0.96% [2] - Alibaba Group's stock (HK09988) rose over 3% in early trading, while its subsidiary, Pingtouge, is set to support an independent listing, although the specific timeline is unclear [3][5] Group 2 - Other new consumer concept stocks showed strength, with Pop Mart (HK09992) rising over 7%, and Lao Pu Gold increasing by 6.60% [5][7] - The technology sector saw a general increase, with Xiaomi up over 3%, JD.com up over 2%, and Bilibili and Kuaishou both rising over 1% [7] - J.P. Morgan predicts that the upward trend in A-shares and Hong Kong stocks will continue until the Lunar New Year, with Hong Kong stocks expected to outperform A-shares [8]