Group 1 - Kuaishou-W (01024) experienced a significant stock increase, rising nearly 5% and over 11% in the previous day, with a current price of 77.1 HKD and a trading volume of 2.331 billion HKD [1] - The "Motion Control" feature is gaining popularity on overseas social media, allowing users to create diverse and shareable video content, with a16z partner Justine Moore referring to it as "the Nano Banana of the video world" [1] - The "Motion Control" feature is derived from Kuaishou's AI video generation model, Kling, which is set to release version 2.6 in December 2025, capable of generating complete audio and video in a single instance [1] Group 2 - According to Shenwan Hongyuan, global website traffic for the Kling AI model has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Huafu Securities noted that the pricing for the Kling 2.6 model has increased, with the standard mode of the previous version charging 20 inspiration points for a 5-second video, while the new model only supports high-quality mode at a cost of 50 inspiration points, indicating expanded commercialization potential [1]

Group 1 - Kuaishou-W (01024) has seen a significant stock price increase, rising nearly 5% recently and over 11% the previous day, with a current price of 77.1 HKD and a trading volume of 2.331 billion HKD [1] - The "Motion Control" feature is gaining popularity on overseas social media, allowing users to create diverse and shareable video content, with a16z partner Justine Moore referring to it as the "Nano Banana of the video world" [1] - The "Motion Control" feature is derived from Kuaishou's AI video generation model, Kling, which is set to release version 2.6 in December 2025, capable of generating complete audio and video in a single instance [1] Group 2 - According to Shenwan Hongyuan, global website traffic for the Kling AI model has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Huafu Securities notes that the pricing for the Kling 2.6 model has increased, with the high-quality model charging 50 inspiration points for a 5-second video, compared to the previous model's 20 and 35 inspiration points for standard and high-quality modes respectively, indicating expanded commercialization potential [1]

恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互联网、智能驾驶等科技板块，权重股包括腾讯控股、阿里巴巴、中芯国际等龙头企业。从 估值来看，指数当前滚动市盈率为23.9倍，位于2020年发布以来37%分位以下，配置价值受关注。 华泰证券研报称，港股2026年实现"开门红"，当前市场情绪、资金面环境比2025年11月更优，布局港股 胜率提升，继续配置有业绩兑现预期的科技链。 1月6日早盘，港股延续跨年行情，大型科技股领涨。截至10:26，恒生科技指数上涨1.7%、冲击3连涨， 成分股中，商汤-W、京东健康涨超5%，阿里健康、哔哩哔哩-W涨超3%，华虹半导体、快手-W、腾讯 控股涨超2%。 根据Wind数据统计，截至昨日，恒生科技ETF易方达（513010）连续4个交易日获资金净流入，最新规 模超280亿元，创下成立以来新高，可助力投资者便捷把握港股科技板块投资机遇。 ...

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its KuaLing AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1][2]. Group 1: KuaLing AI Updates - KuaLing AI has launched several updates in December, including the world's first multimodal video model KuaLing O1 and the audio-visual synchronization model KuaLing 2.6, which are anticipated to increase user numbers and payment rates [2]. - The KuaLing O1 model is the first globally to support full-modal editing, improving workflow efficiency, while KuaLing 2.6's audio-visual synchronization is expected to integrate better with gaming, advertising, short dramas, and live streaming [2]. - KuaLing AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [2]. Group 2: Pricing Advantage - KuaLing 2.6 offers a pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second, compared to Google Veo's pricing of 0.4 USD per second for standard and 0.15 USD for fast versions [2]. - Kuaishou's KuaLing AI revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of 140 million USD [2]. Group 3: Impact on Core Business - The One series of end-to-end generative models has positively impacted Kuaishou's core business, with the OneRec model contributing to a 4%-5% increase in domestic marketing revenue in Q3 2025 [3]. - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce sector [3]. Group 4: Future Outlook - The company is expected to maintain steady growth in its core business through 2026, with previous network attack issues being addressed promptly, allowing for a gradual restoration of live streaming services [4]. - The impact of the lower-margin live streaming business on overall revenue is considered limited due to the growth in core advertising and e-commerce sectors [4].

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its Keling AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1] Group 1: Keling AI Updates - Keling AI has launched several updates in December, including the world's first full-modal video model Keling O1 and the first audio-visual model Keling 2.6, which are anticipated to increase user numbers and payment rates [1] - The Keling O1 model supports full-modal editing, improving workflow efficiency, while Keling 2.6's audio-visual capabilities are expected to integrate well with gaming, advertising, short dramas, and live streaming [1] - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] Group 2: Pricing Advantage - Keling 2.6 offers a clear pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second [2] - In comparison, Google Veo 3.1's standard version is priced at $0.4 per second, while Sora 2-pro is priced at $0.3 per second, making Keling 2.6 competitively priced [2] - Keling AI's revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of $140 million [2] Group 3: Impact on Core Business - The One series of generative models has positively impacted Kuaishou's marketing and e-commerce sectors, with the OneRec model boosting domestic marketing revenue by approximately 4%-5% in Q3 2025 [3] - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce segment [3] Group 4: Outlook for 2026 - The company is expected to maintain steady growth in its core business through 2026, despite previous network attacks that have been addressed without significant impact on other operations [4] - The company’s live streaming revenue has been stabilized through strict ecosystem governance, and the growth in core advertising and e-commerce businesses is expected to mitigate the lower-margin impact of live streaming [4]

来源：智通财经 今日（1.6），港股科技再度猛攻，100%纯度的港股通科技30ETF（520980）涨近2%，盘中成交额近2 亿元！资金面上，近10日有6日获净流入，累计"吸金"超1.7亿元！ 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）亦涨近2%，盘中成交额已超2亿元。资金面 上，近20日有12日获资金青睐，累计净流入超2.7亿元，基金最新融资余额超1.4亿元，最新规模达74.53 亿元！ 消息面上，高盛发布最新研报《中国2026年展望：探索新动能》称，2026年中国实际GDP增速高于市场 共识预测，建议高配A股和港股，预计2026年和2027年中国股市将每年上涨15%至20%。 港股科技热门股中，快手-W涨超3%，美团-W、腾讯控股涨超2%，中芯国际、比亚迪股份涨超1%。 | 序号 | 代码 | 名称 | 估算权重 ▼ | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 0981 | 中芯国际 | 8.63% | 1.90% | 29.52亿 | | S | 3690 | 美团-W | 8.55% | 2.09% | 19 ...

Core Insights - The article contrasts two legendary figures in the internet industry: Jack Ma, who defined the era with visionary concepts, and Lei Jun, who responds to challenges with practical achievements in the automotive sector [1][8] Group 1: Leadership Styles - Jack Ma is characterized as a "solitary hero" who drives financing through vision, while Lei Jun is seen as a "campfire leader" who focuses on practical execution and real-world results [5][8] - Lei Jun's approach emphasizes the essence of industry, focusing on "extreme cost performance" and efficiency revolution by restructuring supply chains [3][6] Group 2: Financial Strength and Strategy - Lei Jun's financial strength is highlighted by a cash reserve of 108 billion yuan, allowing Xiaomi to avoid external financing risks when entering the automotive market [6] - The article notes that Lei Jun's capital strategy is built on solid cash reserves, contrasting with Ma's reliance on visionary funding [6][8] Group 3: Achievements and Market Impact - In 2025, Xiaomi's first SUV, YU7, achieved a delivery of 412,000 units, becoming the top-selling new energy SUV, showcasing Lei Jun's ability to deliver on promises [9] - The YU7's performance metrics, such as a 92% achievement rate for a 650 km range, demonstrate Lei Jun's commitment to product quality and transparency [9] Group 4: Challenges and Risks - The article discusses the potential risks associated with Lei Jun's personal brand becoming overly tied to Xiaomi, similar to the challenges faced by Jack Ma [11][12] - Lei Jun's future challenges include navigating the competitive landscape of hard technology and the need for Xiaomi to develop a decision-making culture independent of his personal influence [17][19] Group 5: Future Outlook - The article concludes with a call for Lei Jun to transcend Jack Ma's legacy and establish a unique identity that emphasizes practical achievements in hard technology [21]

Core Viewpoint - The Hong Kong stock market is showing strong performance at the beginning of 2026, driven by optimism around AI and technology stocks, with significant gains in major internet companies [1][3]. Group 1: Market Performance - The Hang Seng Index returned to the 26,000-point mark on January 2, 2026, indicating a market rebound [1]. - Major internet stocks such as Kuaishou-W and Bilibili-W saw increases of over 11% and 5% respectively, while Alibaba-W rose over 2% [1]. - The Hong Kong Internet ETF (513770) experienced a price surge of 4.43%, marking consecutive gains over 5, 10, and 20 days [1][2]. Group 2: Capital Inflows - Southbound capital saw a net inflow exceeding 18.7 billion HKD, marking the highest single-day inflow in over two and a half months [2]. - The Hong Kong Internet ETF (513770) attracted 10.4 million CNY in a single day, reflecting positive market sentiment [2]. Group 3: Fundamental Support - The recent rise in Hong Kong stocks is supported by fundamental factors, with signs of structural recovery in profitability since the second half of 2024 [3]. - The market is shifting focus from traditional economic sectors to hard technology sectors such as AI applications, new energy, and semiconductors [3]. - Major internet companies are positioned as leaders in China's AI sector, with expectations for increased long-term profit growth and valuation improvements [3]. Group 4: Investment Strategies - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, heavily investing in leading companies like Alibaba and Tencent, which collectively account for over 73% of its top holdings [3]. - For investors seeking to reduce volatility while still focusing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [3].

1月6日，港股AI发力续升，港股AI核心资产——港股互联网ETF（513770）场内价格一度续涨逾2%，现涨1.85%。哔哩哔哩-W涨超3%，快手-W涨超2%， 美团-W、腾讯控股涨逾1%。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位和风险管理。 数据来源：沪深交易所等。中证港股通互联网指数近5个完整年度的涨跌幅分别为：2020年，109.31%；2021年，-36.61%；2022年，-23.01%；2023 年，-24.74%；2024年，23.04%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 风险提示：港股互联网ETF被动跟踪中证港股通互联网指数，该指数基日为2016.12.30，发布于2021.1.11，指数成份股构成根据该指数编制规则适时调整。 文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该基金风险等级 为R4-中高风险，适宜积极型（C4）及以上的投资者。任何在本文出现的信息（包括但不限于个股、评论、预测、图表 ...

1月6日，港股AI发力续升，港股AI核心资产——港股互联网ETF（513770）场内价格一度续涨逾2%， 现涨1.85%。哔哩哔哩-W涨超3%，快手-W涨超2%，美团-W、腾讯控股涨逾1%。 2026开年以来，港股一扫颓势，开启反攻。分析认为，支撑港股科技走强的核心因素正在强化。首先是 宏观环境的改善，随着中美在2025年底达成关税休战协议，叠加美联储2026年降息预期的升温，外部流 动性压力显著缓解，为港股科技股的估值修复提供了"黄金窗口"。其次，国内经济韧性凸显，2025年前 三季度GDP同比增长5.2%，基本面企稳回升。更重要的是，AI产业的爆发式增长成为最强催化剂。中 国科技企业在人工智能领域的突破极大提振了市场信心，直接带动了产业链上下游的重估。 其中，互联网龙头为中国AI领域领头羊，有望迎来内、外资共振做多。兴业证券表示，随着AI应用深 化，投资者有望上调互联网龙头的长期盈利增长中枢，从而推动"盈利预期上调"和"估值提升"的戴维斯 双击。大型科技股未卖空平仓数占证券发行数量的比例虽然有所下降，但仍处于历史高位，一旦人民币 继续升值带动外资回流，空头回补极易演变为"逼空式"上涨。（兴业证券：《"年关 ...