Group 1 - Kuaishou's stock performance is strong, with an intraday increase of nearly 7% and a trading volume of 2.709 billion HKD [2] - According to Changjiang Securities, Kuaishou's Keling AI has undergone over 30 iterations since its launch and is a global leader in video generation capabilities [2] - Keling AI announced the launch of "Ling Animation Canvas 1.0" for invitation testing, with a professional team and enterprise version expected in Q3 2025 [2] Group 2 - Citi analysts expect Kuaishou to release its Q2 2025 financial report in late August, with optimistic projections based on two main factors [2] - The commercialization of Keling AI's video generation model has exceeded expectations, with monthly revenue surpassing 100 million RMB in April and May, indicating potential for significant annual revenue growth beyond the management's guidance of 100 million USD [2] - The advertising revenue growth for Kuaishou is anticipated to accelerate to 12.3% in Q2, driven by increased advertising spending from e-commerce merchants and a recovery in non-e-commerce advertising demand [2]

7月30日，港股三大指数集体收跌，恒生指数跌0.43%，国企指数跌0.43%，恒生科技指数跌1.57%。互 联网板块承压背景下， 快手逆势展现韧性，盘中最高涨超2%，尾盘涨幅收窄仍录得0.42%上涨，报72.4 港元，成交额达29.1亿港元。 花旗分析师在报告中指出，看多原因主要有以下两点：其一是视频生成模型可灵AI的商业化进程超预 期 ，公司此前披露4-5月单月收入突破1亿元人民币，结合一季度逾1.5亿元收入表现，全年收入有望大 幅超越管理层1亿美元指引；其二是货架电商广告变现能力提升 ，预计二季度广告收入增速将加速至 12.3%，主要受惠于电商商家广告投放力度加大及非电商广告需求回暖。 对于即将发布的二季度业绩，花旗预测快手营收将同比增长11%至345亿元人民币，经调整净利润约51 亿元，均符合市场预期。报告特别强调，随着货架电商广告系统的深度优化，叠加可灵AI持续创收， 公司下半年增长动能充足，全年商品交易总额（GMV）13%的增长目标有望稳健达成。 估值层面，花旗已将评估基准切换至2026年业绩， 市盈率估值从13倍上调至15倍 。 按照往年惯例，8月下旬，快手即将发布2025年第二季度财报。近期，多 ...