Core Viewpoint - Kuaishou's AI product, Keling, has launched significant updates in December, which are expected to drive user growth and increase payment rates. The updates include the first global multi-modal video model Keling O1 and the audio-visual synchronization model Keling 2.6, among others [1] Group 1: Product Updates - Keling AI launched several new versions in December, including Keling O1, the first unified multi-modal video model, and Keling 2.6, which supports audio-visual synchronization [1] - Keling O1 is noted as the world's first video generation model supporting full-modal editing, enhancing workflow efficiency [1] - Keling 2.6's audio-visual synchronization feature is expected to integrate well with various industries such as gaming, advertising, short dramas, and live streaming [1] Group 2: Market Position and Competition - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Keling 2.6 offers a notable price advantage over Google Veo 3.1 and Sora 2, with high-quality video generation priced at 0.88 RMB to 0.44 RMB per second for different membership tiers [1][2] - Keling 2.6's pricing is competitive with Sora 2, which is priced at approximately 0.1 USD per second [2] Group 3: Financial Performance and Projections - Kuaishou's Keling AI generated over 300 million RMB in revenue in Q3 2025, with an annual revenue forecast of 1.4 billion USD [2] - The One series of end-to-end generative models has positively impacted the company's core business, contributing to a 4%-5% increase in domestic marketing revenue and a 5% increase in e-commerce order volume [2] - Revenue forecasts for Kuaishou have been adjusted downwards for 2025-2027, with expected revenues of 142.2 billion RMB, 155.2 billion RMB, and 169.3 billion RMB respectively [3]

Add to all of these concerns the idea that tariffs could threaten to disrupt things even more, and yet the market has largely ignored these signals. Instead, it's focused on valuing stocks on the hopes that AI will deliver generational returns and that growth will accelerate. To be fair, the real question here isn't whether the market will eventually acknowledge this disconnect in reality, but when.It's here that most of the confusion starts, as many investors look at the S&P 500 and the 16% number and thin ...

2026年将是AI公告撼动市场的又一个关键年份。美银证券前瞻2026年AI关键催化剂：亚马逊或携手OpenAI进军智能商务，谷歌有望与苹果联 手改造Siri，Meta将豪掷千亿美元推出AI视频工具，Uber加速L4自动驾驶布局。Anthropic、OpenAI等明星AI公司IPO在即，其估值溢价或将 推动谷歌等科技巨头估值重估，22倍市盈率凸显投资机会。 在基础设施投资持续攀升的背景下，华尔街目前的焦点已从单纯的"军备竞赛"转向"商业化落地"。 美银在1月5日的报告中表示，2026年将是AI公告撼动市场的又一个关键年份。无论是芯片技术、前沿模型，还是用户数据和分发渠道，其重要 性都在加剧。在基础设施投资持续攀升的背景下，AI能力依然是大盘互联网股的核心资产和估值驱动力。 美银总结了潜在的重磅消息，这些消息可能在2026年改变竞争格局、货币化轨迹，成为投资者情绪的关键催化剂。 基准情景：七大潜在重磅消息或将重塑竞争格局 美银认为以下事件在2026年发生的可能性较高，且直接关系到巨头的护城河与现金流： 1. 亚马逊与OpenAI签署"代理商务"协议（Agentic Commerce） 报告指出，鉴于亚马逊首次对O ...

Core Viewpoint - Morgan Stanley expresses optimism about Kuaishou Technology's stock price, highlighting the significant growth potential driven by its Keling AI's performance in overseas markets [1] Group 1: Keling AI's Overseas Success - Keling AI's popularity surged in early January 2026, with daily revenue increasing by 102% compared to December 2025, driven by a new motion control feature that sparked a "pet dancing" trend on social networks [2] - In South Korea, Keling AI's daily revenue skyrocketed by 1300% compared to December 2025, contributing 6% to its total revenue over the past three months [2] - Keling AI topped download charts in four countries and ranked in the top ten in ten regions, with significant revenue contributions from the US, UK, and South Korea [2] Group 2: Financial Projections and Market Potential - Morgan Stanley predicts Keling AI's revenue will grow by 62% year-on-year to 1.7 billion yuan in 2026, supported by product upgrades and enterprise spending [3] - The global market for AI video generation is projected to reach $140 billion, with Keling AI positioned as a leading model with substantial monetization opportunities [3] Group 3: Kuaishou's Valuation and Growth Drivers - Kuaishou is considered one of the most undervalued AI stocks globally, with a projected P/E ratio of only 12 times for 2026, while profit growth is expected to compound at 21% from 2026 to 2027 [4] - AI technology is expected to drive advertising growth in 2026, with non-e-commerce ads showing strong growth despite challenges in the e-commerce sector [4] Group 4: Profitability and Investment Outlook - Kuaishou's adjusted net profit is forecasted to grow by 20% in 2026, with a net profit margin increase of 1.4 percentage points, exceeding market expectations by 8% [5] - Increased capital expenditure for AI model development and advertising technology upgrades is expected to enhance core competitiveness and drive high-margin advertising growth [5] Group 5: Target Price and Investment Rationale - Morgan Stanley maintains a target price of 89 HKD for Kuaishou, indicating a 22% upside from the current price of 73.60 HKD [6] - Key investment rationales include underutilized monetization in advertising and e-commerce, a shift towards higher-margin revenue streams, and Keling AI's rapid revenue growth as a significant growth engine [6]

纳斯达克中国金龙指数涨0.21%，热门 中概股多数上涨，禾赛科技涨超4%，再鼎医药涨逾3%， 蔚 来、小鹏汽车、网易涨超1%；BOSS直聘跌逾4%。 编辑 ｜ 钉钉 芯片股普涨，微芯科技涨超6%，美光科技涨逾3%，台积电涨超2%。 1月6日，美股三大指数 开盘 涨跌不一，道指微跌，盘初随即转涨，截至发稿，涨幅为0.04%； 标普 500指数涨0.14%，纳斯达克综合指数涨0.20%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 48998.11 | 23443.12 | 6911.85 | | +20.93 +0.04% | +47.30 +0.20% | +9.80 +0.14% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7915.00 | 25613.25 | 6942.25 | | +16.76 +0.21% | +35.50 +0.14% | -1.50 -0.02% | ...

1月6日恒生指数上涨1.38%，报收26710.45点，全天南向资金通过港股通渠道合计净买入28.79亿港元。 证券时报·数据宝统计，1月6日港股通全天合计成交金额为1333.53亿港元，成交净买入28.79亿港元。 具 体来看，沪市港股通成交金额810.29亿港元，成交净买入9.75亿港元；深市港股通成交金额523.24亿港 元，成交净买入19.03亿港元。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额43.74亿港元；其次是腾讯控 股、中芯国际，成交金额分别为28.76亿港元、20.96亿港元。以净买卖金额统计，有7只股为净买入，净 买入金额最多的是中国平安，净买入10.81亿港元，该股收盘上涨4.96%。净卖出金额最多的是腾讯控 股，净卖出8.15亿港元，收盘股价上涨1.28%。（数据宝） 1月6日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 504918.90 | 20610 ...

证券时报·数据宝统计，腾讯控股在港交所公告显示，1月6日以每股626.500港元至638.000港元的价格回 购100.30万股，回购金额达6.36亿港元。该股当日收盘价632.500港元，上涨1.28%，全天成交额153.14 亿港元。 自2025年11月18日以来公司已连续33日进行回购，合计回购3432.20万股，累计回购金额209.78亿港元。 其间该股累计下跌0.63%。 （文章来源：证券时报网） 今年以来该股累计进行3次回购，合计回购305.00万股，累计回购金额19.07亿港元。（数据宝） 腾讯控股回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.06 | 100.30 | 638.000 | 626.500 | 63561.01 | | 2026.01.05 | 101.80 | 627.500 | 617.000 | 63555.47 | | 2026.01.02 | 102.90 | 624.000 | 600.500 | 63581.26 ...

Core Viewpoint - The current overseas computing power valuation is reasonable with potential for upward revision, while domestic computing power has significant long-term growth potential and performance expectations are being met [1] Historical Analysis of Technology Bull Markets - The article reviews past technology bull markets (2009-2010 consumer electronics, 2013-2015 gaming, and 2019-2021 lithium battery) to analyze the price performance characteristics during valuation expansion and profit-driven phases, providing a historical reference for the current AI industry chain [2][8] Valuation Expansion Phase Characteristics - During this phase, new technologies emerge without profit support, and industry and policy catalysts create imagination space, driving up valuations. Historical data shows that: - High levels of industry crowding are common, but short-term trading crowding does not affect the overall trend [3][15] - Risk premium effectively measures valuation boundaries, with significant reactions to positive news diminishing when the risk premium falls below a certain threshold [18] - High valuation ranges are sensitive to liquidity changes, with tightening liquidity potentially triggering adjustments [3][18] Profit-Driven Phase Characteristics - In this phase, exceeding profit expectations drives market performance, with historical examples showing: - The need to be cautious of competitive pressures and valuation constraints under endgame thinking [4][21] - Overcapitalization during profit upturns can lead to increased competition and excess capacity, negatively impacting profitability [22][25] Investment Recommendations - Overseas Computing Power: Currently in the profit-driven phase, with ROIC expected to continue rising until Q3 2025, and leading companies' valuations (PE-FY3) are reasonable at 20-30 times, indicating no bubble [5][26] - Domestic Computing Power: Significant long-term growth potential exists, with performance expectations being met and a systemic decline in risk-free rates acting as a catalyst for the next market phase [5][28] - AI Applications: Valuation is attractive, particularly in the internet and media sectors, although the timing and areas for breakout applications are uncertain [5][29]

1月6日恒生指数上涨1.38%，南向资金全天合计成交金额为1333.53亿港元，其中，买入成交681.16亿港 元，卖出成交652.37亿港元，合计净买入金额28.79亿港元。具体来看，港股通（深）累计成交金额 523.24亿港元，买入成交271.14亿港元，卖出成交252.10亿港元，合计净买入金额19.03亿港元；港股通 （沪）累计成交金额810.29亿港元，买入成交410.02亿港元，卖出成交400.27亿港元，合计净买入金额 9.75亿港元。 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02318 | 中国平安 | 327922.94 | 184022.39 | 4.96 | | 09988 | 阿里巴巴-W | 942273.47 | 161948.26 | -1.31 | | 02628 | 中国人寿 | 84226.17 | 58810.11 | 4.29 | | 01810 | 小米集团-W | 388867.98 | 49658.90 | -1.47 | | 01024 | ...

这两天，一份榜单的发布，让天河区再次成为焦点。 报告通过企业规模、盈利能力、创新能力、成长性、风险防控与社会责任等六大维度、二十类指标的系 统评估，逐年遴选百家领先企业，刻画行业演进轨迹，树立创新实践标杆。 仔细看这份榜单，天河上榜企业中，一个鲜明的特征呼之欲出：出海。 上榜的钛动科技和汇量科技，都是服务中国企业出海的标杆。它们不是简单的"卖货"，而是为品牌提供 从营销、技术到运营的全链路数字化基建。 钛动科技作为扎根天河的国家级高新技术企业与专精特新企业，依托区域完备的产业生态与创新政策， 已快速成长为服务超10万家出海企业的领先数字增长平台。 中国互联网协会公布2025年互联网企业百强榜。广州表现亮眼，共有8家企业上榜，其中5家都来自天河 区，占比高达62.5%。 这五家上榜企业个个实力不俗：钛动科技、库洛科技、趣丸科技、汇量科技、荔枝集团。它们横跨 AI、数字内容、游戏、音频社交、数字贸易等多个最火的赛道，勾勒出天河数字经济多元且厚积薄发 的生态全景。 为什么是天河？这份榜单背后，其实藏着两条清晰的产业线，勾勒出一幅以数字驱动高质量发展的区域 创新图景。 出海"天团"，天河造 这份《中国互联网企业综合实 ...