华勤技术回应英伟达H20贸易管制：对不确定性已有充分准备，业务正常有序进行 华勤技术就英伟达H20许可证事件发布回应称，目前，公司并未收到客户订单方面的变化通知，业务正 常有序进行。针对H20不确定性风险的影响，公司作出如下说明：第一，产业链对于H20的不确定性预 期从2024年下半年开始形成，此次H20贸易管制，产业链已针对这类不确定性做了充分准备，公司判断 目前产业链库存能够支撑国内上半年度的正常出货。 【产业互联网周报是由钛媒体TMTpost发布的特色产品，将整合本周最重要的企业级服务、云计算、大 数据领域的前沿趋势、重磅政策及行研报告。】 国内资讯 微信支付联手国际支付巨头Stripe加速国际化 全球支付服务与金融基础设施提供商Stripe今天宣布，与腾讯进步深化全球合作，在20个国家的Stripe Terminal正式接入微信支付。在澳大利亚、加拿大、法国、德国、意大利、新加坡、英国、美国等国 家，由Stripe提供支持的企业不仅可以在线无缝接入微信支付，还可以通过Stripe Terminal实现线下收 款。 国家超算互联网平台上线超长文本多模态大模型，助力AI智能体开发 国家超算互联网平台近日已 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 77.61 per share based on a 16x PE valuation for 2025 [2][6]. Core Views - The report highlights the successful launch of the Kuaishou Keling 2.0 model, which is expected to empower various industries such as advertising, UGC, and film creativity [1][4]. - The company has shown significant growth in its AI capabilities, with a user base exceeding 22 million and a monthly active user (MAU) growth of over 25 times since the launch of Keling AI [4]. - The Keling 2.0 model has improved semantic response capabilities, dynamic quality, and visual aesthetics, positioning the company as a leader in the global video generation market [4]. Financial Forecast and Investment Recommendations - The adjusted net profit forecast for the company is projected to be CNY 177 billion, CNY 194 billion, and CNY 229 billion for the years 2024, 2025, and 2026 respectively [2][5]. - The company's revenue is expected to grow from CNY 113.47 billion in 2023 to CNY 153.30 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 11.1% [5][8]. - The report anticipates a gross margin improvement from 50.6% in 2023 to 56.2% in 2026, indicating enhanced operational efficiency [5][8]. Valuation Metrics - The report uses a PE valuation method, maintaining a 16x PE for 2025, leading to a reasonable valuation of CNY 3,107 billion or HKD 3,345 billion [6][7]. - The company's earnings per share (EPS) is projected to increase from CNY 1.48 in 2023 to CNY 4.96 in 2026, demonstrating strong earnings growth potential [5][8].

Core Insights - Keling AI has launched its 2.0 video generation model and 2.0 image generation model, focusing on enhanced multimodal editing capabilities [1][2] - The global user base of Keling has surpassed 22 million, with cumulative revenue exceeding 100 million yuan since commercialization [1][11] - The competition in the AI market is intensifying, with companies racing to establish dominance and secure future opportunities [1] Product Features - The new multimodal editing function allows users to input keywords and incorporate images, videos, or other modalities, enabling direct editing of generated videos [2][4] - Keling 2.0 demonstrates improved semantic understanding and detail capture compared to the previous 1.6 model, enhancing the quality of generated content [4][5] - The transition from the 1.6 model to the 2.0 model shows significant improvements in visual style, action amplitude, and detail presentation [5][6] Market Position and Strategy - Keling AI's revenue model includes both consumer subscriptions and B2B API services, with partnerships established with major companies like Xiaomi and Amazon Cloud [10] - The CEO of Kuaishou anticipates a significant revenue increase for Keling AI by 2025, indicating strong growth potential [11][12] - Kuaishou plans to invest heavily in capital expenditures and R&D to enhance Keling AI's capabilities and maintain its leading position in the short video production market [12] Industry Implications - Content creation platforms are expected to be the primary beneficiaries of advancements in video generation technology, as they possess relevant user bases and large audiences [8] - The integration of AI tools like Keling is anticipated to improve content quality on Kuaishou's platform, attracting more users and diversifying revenue streams [12]

整理 | 美股研究社 在这个快速变化的时代，人工智能技术正以前所未有的速度发展，带来了广泛的机会。《AI日报》致 力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行业洞察和价值分析。 AI快报 1.4月15日，可灵AI在"灵感成真"2.0模型发布会上宣布，基座模型再次升级，面向全球正式发布可灵2.0 视频生成模型及可图2.0图像生成模型。可灵2.0模型在动态质量、语义响应、画面美学等维度，保持全 球领先；可图2.0模型在指令遵循、电影质感及艺术风格表现等方面显著提升。 2.记者获悉，AI大模型独角兽智谱2025年4月14日在北京证监局办理辅导备案，辅导机构为中国国际金 融股份有限公司。这意味着，智谱成为第一家正式启动IPO流程的"大模型六小龙"。 3.AMD CEO称，计划扩大在美国的AI芯片和服务器生产，公司计划利用台积电正在扩建的亚利桑那工 厂生产AI芯片。其还表示，已与台积电首席执行官会面，并将拜访其他供应商及合作伙伴。 4.苹果公司将分析用户设备上的数据以改进其人工智能（AI）平台，同时确保用户数据保留在设备上， 不会直接用于训练AI模型。这项新方法将通过使用实际电子邮件来检查合成数据并改 ...