Investment Rating - The investment rating for Kuaishou-W (01024.HK) is "Outperform the Market" (maintained) [2][7]. Core Insights - OpenAI's release of the Sora 2 video generation model and the Sora App is expected to significantly boost the demand for AI-generated content, creating new opportunities in the social media landscape [3][6]. - Sora 2 features advancements in image resolution, style control, and instruction adherence, integrating audio-visual synchronization to enhance realism in generated videos [4][5]. - The Sora App, designed similarly to TikTok, allows users to create and share AI-generated videos, fostering a new social ecosystem around AI content creation [5][6]. Summary by Sections Company Overview - Kuaishou is positioned as a leader in the AI video sector, with its AI-generated video capabilities showing strong performance and continuous improvement [6]. Market Dynamics - The introduction of Sora 2 is anticipated to reshape the short video ecosystem, potentially increasing the proportion of AI-generated content and narrowing the gap with platforms like Douyin [6]. Financial Projections - The financial outlook includes projected revenues of 660,257 million in 2024, increasing to 865,930 million by 2027, with a net profit growth rate of 68% in 2024 [19].

核心观点 投资建议与投资标的 我们认为，近期产业在模型、应用以及算力基建领域均呈现积极变化，有望进一步提升 投资者对产业未来发展的信心，建议投资者关注以多模态为代表的 AI 应用、国产算力以 及存储领域。 AI 应用领域，相关标的包括万兴科技(300624，未评级)、科大讯飞(002230，买入)、金 山办公(688111，增持)、合合信息(688615，未评级)、虹软科技(688088，未评级)、当虹 科技(688039，未评级)、卓易信息(688258，未评级)、税友股份(603171，买入)、东土 科技(300353，未评级)等。 计算机行业 行业研究 | 行业周报 AI 硬件领域，相关标的包括 海光信息(688041，买入)、寒武纪-U(688256，未评级)、同 有科技(300302，未评级)、中科曙光(603019，买入)、浪潮信息(000977，未评级)、紫 光股份(000938，未评级)、科华数据(002335，未评级)、开普云(688228，未评级)等。 AI 视频迎来 GPT-3.5 时刻，算力基建持续 扩张 风险提示 AI 发展不及预期；行业竞争加剧。 国家/地区 中国 行业 计算机行业 ...