Investment Rating - The investment rating for Kuaishou-W (01024) is maintained as "Buy" [2] Core Insights - Kuaishou's AI model, Keling, has seen significant updates, including the launch of the world's first unified multimodal video model, Keling O1, and the audio-visual synchronization model, Keling 2.6, which are expected to drive user growth and payment rates [7][8] - The One series of end-to-end generative models continues to boost the core business, with improvements in marketing and e-commerce driving revenue growth [19] - The company has adjusted its revenue and profit forecasts for 2025-2027, maintaining a "Buy" rating despite macroeconomic pressures [7] Financial Data and Earnings Forecast - Revenue projections for Kuaishou are as follows: - 2023A: 113,470 million RMB - 2024A: 126,898 million RMB - 2025E: 142,185 million RMB - 2026E: 155,153 million RMB - 2027E: 169,326 million RMB - Adjusted net profit forecasts are: - 2023A: 10,271 million RMB - 2024A: 17,716 million RMB - 2025E: 20,228 million RMB - 2026E: 22,284 million RMB - 2027E: 25,470 million RMB - The projected earnings per share (EPS) are: - 2023A: 2.38 RMB - 2024A: 4.12 RMB - 2025E: 4.74 RMB - 2026E: 5.22 RMB - 2027E: 5.96 RMB - The return on equity (ROE) is expected to be 21% in 2027 [6][21] User Growth and Product Development - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax and Midjourney by the end of December 2025 [7] - The Keling 2.6 model offers a pricing advantage over competitors such as Google Veo3.1 and Sora2, with video generation costs being lower [10] - The OneRec model has improved marketing revenue by approximately 4%-5% and enhanced e-commerce order volume by 5% through better product matching [19][13]

Group 1 - The A-share market is expected to experience a higher probability of upward fluctuations after the start of the year, driven by a low funding heat at the end of last year and a market sentiment that is eager for growth [2] - Key sectors for investment include materials, overseas computing power, and semiconductors, with a focus on high-quality real estate developers and industries related to travel services such as duty-free and aviation [2] - Mid-term preferences lean towards sectors with lower heat and concentration but increasing attention and catalysts, such as chemicals, engineering machinery, power equipment, and new energy [2] Group 2 - The spring market is likely to gradually start, with a favorable liquidity environment expected before the Spring Festival, although some volatility may occur in January [3] - Institutional funds, including insurance and private equity, are expected to have strong replenishment motivation, focusing on themes with strong industrial trends or multiple catalysts [3] - The spring market may require verification of economic data to confirm continued acceleration [3] Group 3 - Consumption and growth are anticipated to be the two main lines of the spring market, with a focus on sectors such as electronics, power equipment, non-ferrous metals, and automobiles in January [4] - If the market style leans towards growth, top-rated sectors include electronics, power equipment, communications, non-ferrous metals, automobiles, and defense [4] - In a defensive market style, top-rated sectors include non-bank financials, electronics, non-ferrous metals, power equipment, automobiles, and transportation [4] Group 4 - The mid-term trend remains upward, with a strong consensus on the dual mainline thinking of technology and cycles, focusing on assets in trend [5] - In the technology sector, priority should be given to AI computing power, energy storage, and storage chips, while in the cyclical sector, attention should be on directions that validate price increases [5] - Short-term participation should focus on industrial catalysts, with domestic emphasis on commercial aerospace and software innovation [5] Group 5 - The Hong Kong stock market is expected to remain active and trend upward due to multiple positive factors [6] - The technology sector is seen as a long-term investment mainline, benefiting from price increases and mergers and acquisitions [6] - The consumption sector is expected to benefit from policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [6]

Group 1 - The core viewpoint of the news is that People's Daily Online (人民网) has shown a slight increase in stock price, reaching 19.07 yuan per share, with a total market capitalization of 21.086 billion yuan as of December 31 [1] - The company, established on February 6, 2005, and listed on April 27, 2012, primarily engages in internet advertising, information services, mobile value-added services, and other technical services [1] - The revenue composition of the company includes: advertising and promotional services at 51.03%, content technology services at 26.98%, data and information services at 16.49%, and network technology services at 5.50% [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund's Southern CSI 500 ETF (510500) reduced its holdings by 163,200 shares in the third quarter, now holding 8.0197 million shares, which is 0.73% of the circulating shares [2] - The Southern CSI 500 ETF has a current scale of 140.098 billion yuan, with a year-to-date return of 32.53%, ranking 1569 out of 4189 in its category [2] - The fund has achieved a return of 151.47% since its inception on February 6, 2013 [2]

（文章来源：证券日报） 证券日报网讯 12月30日，人民网在互动平台回答投资者提问时表示，公司始终高度关注二级市场动 态，年内制定了《人民网股份有限公司市值管理制度》，明确了公司市值管理的组织架构、职责划分、 主要管理方式等关键要素，在维护公司市值稳定的同时，增强投资者信心。公司将继续深耕生产经营， 以内容科技为引擎，打造智能互联网时代内容产业新型基础设施和公共服务产品，全面推进新闻与政 务、服务相融合，实现从单纯的新闻信息提供者向党政服务赋能者、社会生活连接者转型，持续提升公 司的内在价值与核心竞争力。 ...

一只蒙题的小猫，一句"真棒"，就这么统一了全国网友的称赞方式，也造就了2025年最后一个互联网爆梗。 现如今，只要你在互联网上发布自己手指胡萝卜、纸巾或米老鼠的照片，就会立即获得来自四面八方的赞扬—— "真棒！" 这个梗来自萌宠账号"超级无敌大开门"的系列视频。 "大开门"是一只三花猫，每天的任务就是根据指令做选择题。选项通常是胡萝卜、纸巾和米老鼠。只要"大开门"摸到正确答案，账号主人"开门妈"就会立 即大喊"真棒"，并向其投喂小零食。 抖音数据显示，"超级无敌大开门"的《纸巾！真棒！！！》合集目前已更新32条视频，总播放数超8亿次。 回顾账号内容，前期视频的点赞数大多在10万左右，以"大开门"展示站立、坐下、击毙等体育类才艺为主。 奈何老母亲都有一颗想要让自家孩子当"童模"的心，于是锲而不舍在账号更新视频。按照网友的话说，就是"总在玩她那只大笨猫"。 直到12月中旬，"大开门"的身份从"体育生"转向文化课选手，做起了萝卜纸巾选择题。 解题思路是一边猫猫祟祟观察主人，一边把答案全都摸一遍，直到触发"真棒"和小零食。 因为"大开门"智力不详、察言观色能力极强的特点，全网都认识了这只"考公猫"。 据新榜旗下多平台 ...

（文章来源：证券日报） 证券日报网讯 12月29日，人民网发布公告称，公司2025年第一次临时股东大会，审议通过《关于取消 监事会、修订的议案》《关于修订的议案》《关于修订的议案》等多项议案。 ...

Core Viewpoint - The article discusses the shift in sports broadcasting rights in China, highlighting the transition from traditional high-value contracts to new partnerships, particularly the CBA's decision to collaborate with Douyin instead of continuing with Migu [3][4]. Group 1: CBA and Broadcasting Rights - CBA's previous partnership with Migu began in 2018, with a five-year contract worth over 2 billion yuan, the largest in CBA history [5]. - Migu aimed to reduce the renewal price for the new season from 2 billion to approximately 750 million yuan, indicating a significant drop in perceived value [5]. - The lack of other bidders at the same price point led to Migu's continued dominance in CBA's new media broadcasting, conflicting with CBA's goal of expanding influence through multi-platform cooperation [5]. Group 2: Market Dynamics and User Engagement - The willingness of domestic sports event viewers to pay remains lower than that for films and variety shows, with free broadcasts struggling to attract audiences [6]. - A report indicated that Tencent Video's weekly active users were about five times that of Tencent Sports, emphasizing the competitive landscape [6]. - Traditional giants are scaling back on sports rights, as seen with Tencent's reduced investment in NBA and the transfer of Bundesliga rights to smaller companies [6]. Group 3: Douyin's Strategy and User Base - Douyin has over 800 million daily active users, with 470 million showing interest in sports, positioning it well for free CBA broadcasts to attract a larger audience [7]. - The platform's approach includes integrating sports content with user-generated content (UGC), enhancing viewer engagement through interactive features [8]. - Douyin's unique selling proposition is "watch CBA for free," leveraging influencers for real-time commentary and product sales during broadcasts [9]. Group 4: Challenges Ahead for Douyin - Douyin's success in monetizing sports content will depend on converting viewers into consumers, a challenge highlighted by issues with influencer compliance for live broadcasts [10]. - Viewer feedback indicates that the experience on Douyin may not match that of Migu, with complaints about the lack of commentary and real-time statistics during games [11]. - A comprehensive content ecosystem is necessary for Douyin to retain viewers, as seen with established platforms like ESPN and Migu, which offer a variety of related programming [12].

Core Viewpoint - The signing of a cooperation agreement between the People's Daily AI Research Institute, Shanghai Jiao Tong University AI Research Institute, and Shanghai University of Finance and Economics Digital Economy Research Institute aims to integrate academic research strengths with media platform resources to advance AI technology research, industrial application, and ecosystem development, supporting the national innovation development strategy [1][2]. Group 1 - The research institute is positioned to create an AI think tank and innovation service platform with media characteristics and industrial influence, focusing on integrating government, industry, academia, research, and application [1]. - The collaboration will focus on cutting-edge AI technology, industry-academia-research collaborative innovation, high-end think tank construction, talent cultivation, and achievement transformation [2]. - The parties will establish a joint research team to tackle frontier topics, create an "AI Open Laboratory" for technology validation and achievement transformation, and regularly publish industry research reports and policy recommendations [2]. Group 2 - The partnership will leverage People's Daily's communication power and resource network, combined with Shanghai Jiao Tong University's foundational research and technology development in AI, and Shanghai University of Finance and Economics' expertise in digital economy and fintech [2]. - The research institute plans to deepen collaboration with more partners to continuously improve the AI industry innovation alliance and build an open, collaborative, and mutually beneficial ecosystem [2].

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report highlights the recent advancements in AI models, including the release of Gemini 3 Flash by Google, which boasts a threefold increase in response speed compared to its predecessor [6][12] - The report emphasizes the importance of AI transformation across various sectors, suggesting potential investment opportunities in companies involved in cloud infrastructure, content creation, and AI applications [6][12] Summary by Sections Domestic AI Dynamics - Recent data shows that major domestic AI models have stable web traffic, with "豆包" leading in weekly visits at 2361.84 million, a 6.07% increase [20][24] - The average daily visit duration for "Kimi" is around 8 minutes, while "通义千问" and "DeepSeek" are approximately 5 minutes [12] - The report tracks significant events in domestic AI companies, such as 商汤科技's launch of the AI office assistant "小浣熊 3.0," which aims to redefine AI-native office paradigms [37] Overseas AI Dynamics - The report also tracks overseas AI models, noting that "ChatGPT" had a weekly visit of 1323.87 million, a 0.99% decrease [20] - The performance of international AI applications is monitored, with significant events reported in the AI sector [12] Investment Recommendations - The report suggests focusing on companies that are likely to benefit from AI transformation, including Alibaba and Tencent in cloud infrastructure, and various content and media companies in the IP industry [6][12] - Specific companies recommended for investment include "阅文集团," "中文在线," and "快手" among others, indicating a diverse range of sectors poised for growth due to AI advancements [6][12]

Group 1 - The Sohu Fashion Gala 2025 was held in Beijing with the theme "Moving Towards the Heart," featuring over 200 artists and creators, showcasing a blend of fashion expression and emotional resonance [1][3] - The event introduced an immersive "Cutting-Edge Creative Show," allowing guests to present their emotional props, emphasizing the fashion statement "I am beautiful for myself" [3][5] - Sohu's founder Zhang Chaoyang highlighted that fashion is influenced by various social factors and emphasized the focus on "emotional value" during the gala [3][39] Group 2 - The gala featured a star-studded red carpet and creative show, showcasing influential fashion trends and styles from various celebrities [5][7] - Notable appearances included Huang Shengyi in a nude pink gown, Hu Bing in a classic navy suit, and Peng Xiaoran in a gray-black gradient dress, all contributing to the event's aesthetic appeal [5][9][11] Group 3 - The event recognized various awards, including Liu Xiaoqing as "Annual Charismatic Person" and Yue Yunpeng as "Annual Cross-Border Person," celebrating their contributions to the entertainment industry [39][41] - "Annual National Drama" was awarded to "Cang Hai Chuan," while "Annual Short Drama" went to "Sheng Xia Fen De La," highlighting the year's successful productions [43][45] Group 4 - The fashion industry awards included Hu Bing as "Annual Fashion Contribution Person," Xu Lu and Song Yanfei as "Annual Fashion Performance Artist" and "Annual Fashion Influence Artist," respectively [54][62] - The event also recognized emerging talents, with awards for "Annual New Talent Actor" and "Annual Potential Actor" going to young actors [52][62] Group 5 - The Sohu Fashion Gala has been a significant platform since its inception in 2012, reflecting the evolution of China's fashion and entertainment industries [63] - The 2025 theme "Moving Towards the Heart" resonates with the current societal focus on emotional value, showcasing the gala's role in connecting stars, industry pioneers, and creators [63][64]