来源｜ 未来人类实验室 （ID：LabforAI） 封面来源 ｜ Unsplash OpenAI上线AI 视频生成应用 Sora，登顶苹果App Store OpenAI本周推出的AI视频生成应用Sora表现抢眼，凭借其独特的AI技术成功超越Google的Gemini和OpenAI的ChatGPT，成为苹 果App Store免费应用榜首。用户可以制作并分享由版权内容生成的 AI 视频，混剪他人视频并发布到类似社交媒体的内容流中。 该应用仅支持iOS设备，用户需通过邀请码获取访问权限。其背后的Sora2模型能生成高度逼真的场景和声音。OpenAI表示已采取 措施确保用户形象使用安全，但部分涉及OpenAI CEO Sam Altman的争议视频引发了关于其应用、危害及合法性的讨论。 （CNBC） 阿里云云栖大会升级全栈AI体系，未来三年投3800亿建云和AI基础设施 9月24日，2025年云栖大会上阿里云CTO周靖人发布7款通义大模型，覆盖语言、视觉、语音、多模态、编程全领域。 其中，旗舰模型Qwen3-Max参数超万亿，预训练数据达36T tokens，在编程、Agent工具调用等测试中超越GPT5、Cla ...

AI 重构商业化，电商和广告系统打开提效通道。除此前内容推荐领域的OneRec，快手近期在AI 提升商 业化效率上也进展显著。1）电商方面，OneSearch 是业界首个工业级部署的电商搜索端到端生成式框 架，目前已在快手多个电商搜索场景部署，服务数百万DAU，产生数千万PV，带来CTR 的稳定提升； 2）广告方面，生成式强化学习在广告自动出价场景落地，25 年至今实现超3% 的广告收入提升。 我们预测公司25-27 年经调整归母净利润为196/230/259 亿元。参考可比公司给予公司26 年17xPE 估 值，对应合理价值为3,911 亿CNY，折合4,281 亿HKD（港币兑人民币汇率0.914），目标价99.07 港元/ 股，维持"买入"评级。 机构：东方证券 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可灵技术迭代不及 预期 研究员：项雯倩/李雨琪/金沐阳 1） 可灵2.5 Turbo 延续围绕专业内容创作者需求的思路持续迭代，在稳定性和想象力上再度升级，核心 体现在：①文本理解能力显著提升，提示词响应和逻辑理解更加精细化；②高速动态质量更流畅稳定， 画面运动强度和幅度 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company is expected to leverage its upgraded 2.5 Turbo model, which combines performance enhancements with a 30% price reduction, to drive user growth and revenue increase [2][3]. - AI is enhancing the core business efficiency, with the commercial system being restructured to provide long-term growth momentum [2]. Financial Forecast and Investment Recommendations - The adjusted net profit forecast for the company from 2025 to 2027 is projected to be CNY 196 billion, CNY 230 billion, and CNY 259 billion respectively [4]. - The target price is set at HKD 99.07 per share, based on a 17x PE valuation for 2026, leading to a reasonable value of CNY 3,911 billion, equivalent to HKD 4,281 billion [4][11]. - The company's revenue is expected to grow from CNY 113.47 billion in 2023 to CNY 166.83 billion in 2027, reflecting a compound annual growth rate [4][15]. Key Financial Metrics - Revenue growth rates are projected at 20.5% for 2023, 11.8% for 2024, and gradually declining to 7.8% by 2027 [4][15]. - The gross margin is expected to improve from 50.6% in 2023 to 56.8% in 2027, indicating enhanced profitability [4][15]. - The net profit margin is projected to increase from 5.6% in 2023 to 14.5% in 2027, showcasing improved efficiency [4][15].

Core Viewpoint - Kuaishou-W (01024) shares rose over 6%, reaching a new high of 84.5 HKD since July 2022, driven by the launch of the Keling 2.5 Turbo model, which enhances cost-effectiveness and performance in AI video generation [1][1][1] Company Summary - Kuaishou's stock price increased by 6.4%, trading at 83.95 HKD with a transaction volume of 3.767 billion HKD [1][1][1] - The newly released Keling 2.5 Turbo model generates high-quality 5-second videos at a cost of 2.5 RMB, which is 30% lower than the previous 2.1 model while offering improved performance [1][1][1] - The AI image and video generation tools from Kuaishou are recognized for their global monetization potential, with projected revenue reaching 2.7 billion RMB by the fiscal year 2027 [1][1][1] Industry Summary - DBS Bank highlights that the adoption of AI in content generation and distribution is expected to significantly benefit core advertising and e-commerce sectors [1][1][1] - The robust purchasing power of users in lower-tier cities is anticipated to support growth rates above the industry average [1][1][1]

Core Insights - Kuaishou's latest AI model, "Keling AI 2.5 Turbo," has achieved nearly a 30% cost reduction while maintaining top-tier performance, positioning the company as a leading player in the global AI video generation market [1][5] - The model shows significant improvements in text response, dynamic effects, style consistency, and aesthetic quality, enhancing controllability, stability, and consistency in video generation [1][5] - Goldman Sachs maintains a "buy" rating for Kuaishou, with a 12-month target price of HKD 83, indicating a potential upside of 12.1% from the current stock price [1] Performance and Cost Advantages - The Keling 2.5 Turbo model offers a dual advantage of high performance and significant cost savings, making it an economical solution for AI video generation [3][4] - In user preference tests, 51% preferred Keling 2.5 over Seendance 1.0, 57% over Seendance 1.0 mini, and 69% over Veo3 fast, indicating Kuaishou's leading position in AI video generation technology [4][5] - The cost for generating a 5-second video in high-quality mode (1080p) is only 25 points, nearly 30% cheaper than the previous version 2.1 [4][5] Commercial Potential and Market Share - Despite competition from Google and ByteDance, the AI video generation industry is still in its early stages, with rapid market growth disrupting traditional advertising and short film production [5] - The technological advancements of Keling AI 2.5 Turbo lay the groundwork for applications in various fields, including film, short dramas, gaming, animation, and advertising, while also providing high-quality solutions for individual creators [5] - Revenue from Keling AI is projected to grow from USD 154 million in 2025 to USD 365 million by 2027, with annual growth rates of 62% in 2026 and 46% in 2027, reflecting strong market demand for high-quality AI video generation tools [5]

Core Viewpoint - Kuaishou has upgraded its AI video generation model to Keling 2.5 Turbo, enhancing video generation capabilities and cost-effectiveness compared to previous versions [1][14][40] Group 1: Model Upgrades - Keling 2.5 Turbo introduces significant improvements in text response, dynamic effects, style retention, and aesthetic quality [15][22] - The model can generate a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper than the previous Keling 2.1 model [16][40] - The model shows enhanced understanding of both simple and complex prompts, allowing for more nuanced video generation [18][20] Group 2: Performance and User Experience - The new model demonstrates better physical dynamics and emotional capture in generated videos, reducing the "uncanny valley" effect [26][31] - User feedback indicates a mix of amazement and some concerns regarding physical realism, with many users expressing satisfaction with the generated content [32][40] - Keling has undergone over 30 iterations since its launch, indicating a commitment to rapid development and improvement [35][36] Group 3: Market Position - Keling models have quickly gained market share, with Keling 2.0-Master capturing 21% of video generation requests within three weeks of its release [38] - The market share of traditional AI video generation tools like Runway has significantly decreased, from approximately 60% to 20% [39] - The Keling 2.5 Turbo model is expected to further increase market penetration due to its enhanced capabilities and cost-effectiveness [40]