证券研究报告 6 从价格指数上看，9 月出厂价格指数为 48.2%，较上月回落 0.9 个百分点，处于收 缩区间；而主要原材料购进价格为 53.2%，较上月回落 0.1 个百分点，处于扩张区 间。9 月利润（出厂价格-主要原材料购进价格）指数，9 月为-5%，较上月回落 0.8 个百分点，这说明 9 月上游原材料价格的回升，未能顺利传导至下游产成品价格， 制造业企业利润难有持续的改善。 点评报告 2025 年 10 月 9 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件一： 9 月 30 日 9 点半国家统计局公布 9 月 PMI 数据。 评论一： 9 月中国制造业 PMI 为 49.8%，较上月回升 0.4 个百分点。其中，大型企业为 51.2%， 较上月回升 0.7 个百分点；中型企业为 48.8%，较上月回落 0.1 个百分点；小型企 业为 48.2%，较上月回升 1.6 个百分点；处于扩张区间的大型企业与处于收缩区间 的中小型企业间的景气度分化仍十分明显。 9 月生产指数为 51.9%，较上月回升 1.1 个百分点。从需求上看，新订单为 49.7%， 较上月回升 0.2 ...

Core Viewpoint - Kuaishou-W (01024) has seen a rise of over 3%, currently trading at HKD 79.2 with a transaction volume of HKD 1.63 billion, driven by the upgrade of its AI model, Keling 2.5 Turbo, which enhances video generation capabilities [1] Group 1: Company Developments - The newly upgraded Keling 2.5 Turbo model generates a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper compared to the previous 2.1 model at the same quality level [1] - Goldman Sachs anticipates that the new AI model will lead to sustained increases in user engagement for Kuaishou [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on Kuaishou, citing growth potential at reasonable valuations, with projected price-to-earnings ratios of 15x and 12x for the next two years, and an expected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The upward potential of video generation AI and relatively low investor holdings are also highlighted as positive factors for Kuaishou's future performance [1]

瑞银对快手保持乐观态度，原因包括：合理估值下的增长(今明两年15倍、12倍市盈率，2024至2026财 年每股盈利年均复合增长率20%);视频生成AI的上行潜力;投资者持仓相对较低。 瑞银发布研报称，快手-W(01024)可灵2.5Turbo模型在文本理解方面实现重大飞跃，能解读复杂的多步 骤指令，使用户能以文本描述复杂的视频序列，例如动态、角色互动和场景转换。这提供了更精细的创 意表达控制。基于SOTP方法，瑞银予快手12个月目标价95.37港元，隐含2025财年不含可灵市盈率14.4 倍，评级"买入"。 ...