Domestic News - Huqin Technology responded to NVIDIA's H20 trade restrictions, stating that the company has made sufficient preparations for uncertainties and that business operations are proceeding normally [2] - WeChat Pay partnered with international payment giant Stripe to accelerate internationalization, enabling businesses in 20 countries to seamlessly integrate WeChat Pay for online and offline transactions [3] - The National Supercomputing Internet Platform launched a long-text multimodal model to assist in AI agent development [4] - Keling AI released version 2.0 of its base model, allowing the generation of videos using "text + images + videos," significantly enhancing its capabilities [5] - Xiaogoods City signed a strategic cooperation agreement with Alibaba Cloud to build a digital trade system integrating AI and cloud computing [7] - Zhixiang Future announced the open-source of its image generation model HiDream-I1, which has achieved top rankings in image quality and semantic understanding [8] - Yuanfudao Group launched "Xiaoyuan AI," an intelligent teaching solution based on its self-developed models [9] - Shanghai Metro officially opened 5G public signals across its entire network, covering 21 lines and 896 kilometers [10] - Alipay launched the first domestic "Payment MCP Server," allowing AI developers to integrate payment services using natural language [11] - ByteDance's Seedream 3.0 model has matched the performance of the leading image generation model GPT-4o, entering the global top tier [12] Corporate Developments - ADM responded to rumors of closing its trade business in China, clarifying that adjustments only affect a small part of its operations [13] - China General Nuclear Power Corporation established a new manufacturing technology company focusing on smart robotics [15] - Tencent Cloud announced the establishment of a new availability zone in Osaka, Japan, expanding its global service network [21] - Figma submitted documents for a potential IPO to the U.S. SEC, with details on share quantity and pricing yet to be determined [28] - Hugging Face acquired Pollen Robotics to enter the physical robotics sector, marking its largest personnel acquisition to date [30] - JD Cloud Computing increased its registered capital by 60% to 800 million RMB [31] - Dongyi Technology completed over 100 million RMB in angel financing to advance its humanoid robot technology [32] Policies & Trends - Xi Jinping emphasized the need for China and Malaysia to deepen cooperation in AI, digital economy, and green economy [33] - Nanjing announced that all primary and secondary schools will offer AI courses by 2025 [34] - The Ministry of Education and nine other departments released opinions to accelerate digitalization in education, including promoting international cooperation [36] - Tianjin aims for AI core enterprises to achieve over 100 billion RMB in revenue by 2027 [39] - Shanghai Xuhui District launched six AI governance scenarios, collaborating with ten companies to enhance urban management [40] - The Ministry of Industry and Information Technology (MIIT) announced plans to promote the integration of AI and industrial internet [46] - MIIT reported that as of March 2023, China has built and opened 4.395 million 5G base stations [49]

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 ...