Core Insights - The global focus of AI competition is shifting from model performance to the commercialization and scalability of AI capabilities [3][5] - Kuaishou has rapidly transformed its strategy towards AI, particularly with its product Keling, which has gained significant market traction [5][10] Group 1: Kuaishou's AI Strategy - Kuaishou's Keling AI application is the highest-grossing graphics and design app on iPhones in South Korea and Russia, and ranks in the top ten in several other markets [5][8] - The company anticipates Keling's commercial revenue to reach $140 million by 2025, with its stock price rising 88% over the past year [5][9] - Kuaishou's strategic decision to launch a competitive video generation model ahead of OpenAI's Sora was crucial for its market entry [9][14] Group 2: Market Position and User Engagement - Keling has accumulated 60 million users and is experiencing accelerated revenue growth as brand recognition increases outside of China [8][14] - The application operates with a subscription model, with prices ranging from $7 to over $100 per month, showing faster commercialization progress compared to competitors [14] - Keling's user base includes over 30,000 enterprises and developers, indicating a strong market presence [11][14] Group 3: Future Outlook and Industry Impact - Kuaishou's leadership predicts a paradigm shift in how AI content is consumed, with a demand for AI-native entertainment forms emerging within one to three years [6][15] - The company aims to establish a content platform focused on AI-native videos, positioning itself as a leader in this evolving market [9][15] - Keling's recent upgrades, including motion control features, have received positive feedback on international social platforms, enhancing its competitive edge [16]

Core Viewpoint - Kuaishou (1024.HK) experienced a significant increase of nearly 13%, reaching a peak of 74.85 HKD, marking a new high in over two months due to the launch of multiple AI product features [1] Group 1: AI Product Developments - Kuaishou has recently launched several AI product iterations, including the video O1 model, image O1 model, and the "Keling 2.6" video and digital human 2.0 features [1] - Citigroup's research report indicates that the latest Keling O1 model is expected to significantly enhance the flexibility and efficiency of user-generated videos, while also noting Kuaishou's ongoing efforts to strengthen Keling technology to maintain its leading position [1] Group 2: Analyst Ratings and Revenue Projections - Citigroup maintains a "Buy" rating for Kuaishou with a target price of 88 HKD [1] - Goldman Sachs projects that Kuaishou's AI business revenue will exceed 140 million USD by 2025, with expectations for growth to between 230 million and 240 million USD by 2026, also maintaining a "Buy" rating with a target price of 83 HKD [1]

Core Insights - The rise of AI in creative industries is likened to a "silent tsunami," fundamentally transforming content creation from efficiency to creativity [1] - The first Hong Kong International AI Art Festival showcased the collaboration between AI technology and top artists, emphasizing AI as a "collaborative partner" rather than a replacement for human creativity [1][2] Group 1: AI Technology and Collaboration - Kuaishou's AI, Keling, has evolved through multiple iterations, recently releasing the O1 and 2.6 models, which have garnered strong responses during the art festival [2] - The collaboration between Keling AI and top artists resulted in three impactful short films, highlighting the synergy between AI and human creativity [2][5] - Keling AI is transitioning from a technology provider to an industry leader, fostering a collaborative ecosystem for content creation [4] Group 2: Industry Perspectives and Future Directions - The forum at the festival highlighted the consensus that AI serves as a powerful tool for pattern recognition, with human artists providing essential "intrinsic information" [3] - Discussions emphasized the need for a new symbiotic relationship between human creativity and machine intelligence, moving beyond traditional tool usage [3] - The shift from a "knowledge economy" to an "imagination economy" was noted, indicating a need for a supportive ecosystem for creative services in the AI era [3] Group 3: Content Creation and Market Impact - Keling AI's "Director Co-Creation Plan" successfully demonstrated AI's capability to produce aesthetically pleasing content under the guidance of renowned directors, marking a significant achievement for the technology [5] - The collaborative model between artists and AI creators has evolved into a deeper integration of aesthetics and language co-creation [6] - The industry is approaching a critical point for "scaling AI-generated quality content," necessitating a robust and sustainable ecosystem to support this ambition [7][9] Group 4: Technological Advancements and Community Engagement - Keling AI's O1 model is the first unified multimodal video and image creation tool, addressing key challenges in AI video generation [8] - The platform has over 45 million global creators, generating billions of content pieces, fostering a vibrant AI-native creative culture [8][9] - The successful application of AI in various sectors, including advertising and entertainment, reflects a growing acceptance of AI-generated content among major brands [9]

2025年12月19日下午，在首届香港国际AI艺术节期间，由快手可灵AI主办的"AI创作全球生态论坛"成 功举行。本次论坛以"技术、艺术与影视的跨界探索"为核心，汇集了来自全球艺术、学术、影视工业及 AI技术领域的顶尖专家与前沿创作者，围绕"AI让创作无界"等主题展开深度对话，共同勾勒AI赋能下 创意产业的未来图景。 紫荆文化集团副总经理丁伟、图灵奖获得者约翰·爱德华·霍普克罗夫特、中央美术学院教授费俊、中国 电影（600977）导演协会秘书长王红卫、香港城市大学协理副校长林芬、香港科技大学助理教授饶安 逸、可灵AI产品及运营负责人温园旭、可灵AI运营负责人曾雨珅、著名监制及视觉特效总监马文现等 学界业界嘉宾出席论坛。 会上，还展映了三位全球顶尖艺术家费俊、于朕、陈天禅分别与可灵AI超级创作者林耿旭、映峰大 叔、石硕联动完成的三支短片。 AI视频生成迈入规模化应用前夜 顶尖阵容共话AI创作未来 紫荆文化集团副总经理丁伟表示："我们今天欣喜地看到，以可灵AI为代表的大模型正在迈向智能化、 高效化、低门槛的时代，AI技术正在重塑产业生态、创作逻辑，甚至拓展艺术表达的边界，极大地释 放了内容生产的创意潜力。" 可灵 ...

随着可灵AI在各应用场景的深度探索，其商业化营收能力正在突破，2025年第三季度，可灵AI的营业 收入超过3亿元。可灵AI方面表示，后续将持续通过技术迭代、创作者扶持计划与全球赛事，降低创意 表达门槛，并搭建让优质创作被看见、被认可的生态系统。 快手方面在会上发布的数据显示，经过16个月的30多次迭代，可灵AI已经积累了4500万以上的创作 者，形成4亿张以上的图片生成数量，以及2亿个以上的视频生成数量。"我们将与各界伙伴合作共同推 动用AI规模化生产好内容临界点的加速到来。"温园旭表示。 在监制、视觉特效领域从业超过四十年的马文现表示，在AI的帮助下，以前画一张概念图要一两天， 现在可能只需几分钟。论坛上分享了AI在特效预览、声纹复制、本土IP开发中的一系列具体案例，展现 了其"降本增效、激发创意"的双重价值。 "AI开阔了我的创作领域，带来了巨大的可能性。但是AI不是要取代人类，我们要做的，是比AI更厉 害，把琐碎平凡的事交给它处理，让创作者拥有更多空间。"马文现在分享中强调了AI的辅助定位。这 一观点代表了与会嘉宾的共识：AI正演进为激发创意的协同伙伴，而人类的感性、判断力与价值观， 将是引领创作的重要 ...

Core Viewpoint - Dongfang Securities predicts Kuaishou-W (01024) adjusted net profit for 2025-2027 to be CNY 20.4 billion, CNY 22.5 billion, and CNY 25.9 billion respectively, maintaining a 2026 PE valuation of 18x, corresponding to a reasonable value of CNY 404.8 billion, or HKD 445.4 billion, with a target price of HKD 103.06 per share, and maintains a "Buy" rating [1] Group 1 - The release of Keling's O1 model integrates video generation, modification, and expansion into a unified model, significantly enhancing efficiency for professional creators and marking a breakthrough in modifying single elements within video frames [1] - The O1 model features include multi-modal video capabilities, deep semantic understanding, consistency in video output, and support for 3-10 second narratives, catering to both consumer and professional creation needs [1][2] Group 2 - The update of the O1 model has no direct competitors in the market, continuing Keling's iteration in meeting professional creator demands while simplifying front-end input, thus lowering barriers for user engagement [2] - The flexibility and convenience for B-end professional creation have significantly improved, with the MVL (Multi-modal visual language) concept being productized, enhancing creator intent expression and interaction efficiency [2] - The lowered barriers further accelerate user penetration, enhancing C-end playability and expanding the audience for AI video models, with simplified prompts and the ability to easily replicate popular videos [2]

花旗认为，该新版模型应能显著提升用户生成影片的灵活性与效率，并观察到快手持续强化可灵技术以 维持领先地位。该行维持快手"买入"评级，因其估值不高，目标价88港元。 花旗发表报告指，12月1日，快手推出最新版可灵O1模型，并将其定位为"全球首个大一统的多模态视 频模型"。除影片效果与一致性提升外，本次升级包含两项关键技术革新，包括影片长度上限从5秒延长 至10秒，以及新增整合框架，让用户能在单一输入框中结合多元指令，如文字提示、参考图像与影片， 透过合并任务消除分散工具需求。 ...