1月7日，强势开门红的港股掉头向下，三大指数低开低走，截至收盘，恒指、恒科指分别收跌0.94%、 1.49%。科网龙头短线回调，阿里巴巴-W跌超3%，快手-W跌逾2%，腾讯控股、美团-W、小米集团- W、哔哩哔哩-W跌逾1%。 开年前两日，科网龙头引领港股强劲上攻，一扫颓势，吸引市场关注。分析认为，流动性+盈利协同驱 动，港股修复行情已经开启，短期波动或不改长期估值修复趋势。* 实际上，今日板块已迎来多重积极因素的共振，配置价值值得关注。 此外，花旗最新研报指出，首选腾讯控股及阿里巴巴-W作为核心AI概念股，看好腾讯控股在企业和用 户应用方面的AI发展前景，看好阿里巴巴在云端收入增长和效率提升方面的表现。* 公开资料显示，港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港 股通互联网指数，权重股汇聚阿里巴巴-W、腾讯控股、快手-W等AI云计算、大模型+各领域AI应用公 司，前十大权重股合计占比超78%，龙头优势显著。 港股AI核心资产——港股互联网ETF（513770）低开低走，场内价格收跌2.54%，全天持续宽幅溢价， 显示买盘资金逢跌积极介入。港股互联网ETF ...

Core Viewpoint - Kuaishou's AI product, Keling, has launched significant updates in December, which are expected to drive user growth and increase payment rates. The updates include the first global multi-modal video model Keling O1 and the audio-visual synchronization model Keling 2.6, among others [1] Group 1: Product Updates - Keling AI launched several new versions in December, including Keling O1, the first unified multi-modal video model, and Keling 2.6, which supports audio-visual synchronization [1] - Keling O1 is noted as the world's first video generation model supporting full-modal editing, enhancing workflow efficiency [1] - Keling 2.6's audio-visual synchronization feature is expected to integrate well with various industries such as gaming, advertising, short dramas, and live streaming [1] Group 2: Market Position and Competition - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Keling 2.6 offers a notable price advantage over Google Veo 3.1 and Sora 2, with high-quality video generation priced at 0.88 RMB to 0.44 RMB per second for different membership tiers [1][2] - Keling 2.6's pricing is competitive with Sora 2, which is priced at approximately 0.1 USD per second [2] Group 3: Financial Performance and Projections - Kuaishou's Keling AI generated over 300 million RMB in revenue in Q3 2025, with an annual revenue forecast of 1.4 billion USD [2] - The One series of end-to-end generative models has positively impacted the company's core business, contributing to a 4%-5% increase in domestic marketing revenue and a 5% increase in e-commerce order volume [2] - Revenue forecasts for Kuaishou have been adjusted downwards for 2025-2027, with expected revenues of 142.2 billion RMB, 155.2 billion RMB, and 169.3 billion RMB respectively [3]

One系列端到端生成式模型持续提振主业 公司One系列模型在营销与电商方面均对主业有拉动：1)在营销方面，AI大模型尤其是OneRec对快手 25Q3国内营销收入提升约4%-5%;2)在电商业务场景，快手推出端到端生成式搜索架构OneSearch，实现 更精准的商品匹配和用户体验优化，驱动商城搜索订单量提升5%的效果。 展望2026年，该行预计公司主业维持稳健增长 根据公司自愿性公告，此前遭受网络攻击已经于第一时间启动预案，直播功能已经逐步恢复正常服务， 其他业务未受影响，该行认为公司直播收入过去几年已经从严生态治理，且随着核心业务广告和电商的 增长，毛利相对低的直播业务对主业影响有限。 申万宏源发布研报称，维持快手-W(01024)"买入"评级，旗下可灵AI在12月密集更新，推出全球首个全 模态视频模型可灵O1及首个音画同出模型可灵2.6版本，显著提升视频生成效率与应用场景，带动用户 与收入增长。可灵系列在价格上较Google Veo、Sora等具有优势，其AI技术已有效驱动广告、电商等主 业增长，预计2026年公司主业将保持稳健发展。 申万宏源主要观点如下： 快手可灵AI于12月密集更新，其中可灵2.6版 ...

智通财经APP获悉，申万宏源发布研报称，维持快手-W(01024)"买入"评级，旗下可灵AI在12月密集更 新，推出全球首个全模态视频模型可灵O1及首个音画同出模型可灵2.6版本，显著提升视频生成效率与 应用场景，带动用户与收入增长。可灵系列在价格上较Google Veo、Sora等具有优势，其AI技术已有效 驱动广告、电商等主业增长，预计2026年公司主业将保持稳健发展。 申万宏源主要观点如下： One系列端到端生成式模型持续提振主业 公司One系列模型在营销与电商方面均对主业有拉动：1)在营销方面，AI大模型尤其是OneRec对快手 25Q3国内营销收入提升约4%-5%;2)在电商业务场景，快手推出端到端生成式搜索架构OneSearch，实现 更精准的商品匹配和用户体验优化，驱动商城搜索订单量提升5%的效果。 展望2026年，该行预计公司主业维持稳健增长 根据公司自愿性公告，此前遭受网络攻击已经于第一时间启动预案，直播功能已经逐步恢复正常服务， 其他业务未受影响，该行认为公司直播收入过去几年已经从严生态治理，且随着核心业务广告和电商的 增长，毛利相对低的直播业务对主业影响有限。 风险提示 直播生态治理导致 ...

1月5日，南下资金净买入港股187.23亿港元。 其中：净买入盈富基金68.26亿、快手-W 15.56亿、小米集团-W 10.19亿、中芯国际3.6亿、中国海洋石油3.28亿、华虹半导体3.22亿、美团-W 2.79亿、阿里巴 巴-W 2.72亿、中国人寿2.45亿、南京熊猫电子股份1.05亿。净卖出腾讯控股9.18亿、中国移动4.06亿。 据统计，南下资金已连续6日净卖出腾讯，共计48.6189亿港元；连续5日净买入华虹半导体，共计9.3663亿港元；连续3日净买入中芯国际，共计15.115亿港 元；连续3日净买入小米，共计14.8281亿港元。 中国海洋石油：美国总统特朗普上周五(2日)午夜派出特种部队突袭委内瑞拉首都，俘掳总统马杜罗夫妇送至美国受审。油价在亚洲早盘下滑，受供应充足 影响，尽管市场担忧石油出口国组织(OPEC)成员国委内瑞拉的政治动荡会扰乱石油运输。布兰特原油跌向每桶60美元附近，WTI接近每桶57美元。 阿里巴巴-W：阿里巴巴集团将推出一项服务，帮助餐厅利用人工智能(AI)展示店内环境，这是其在中国餐饮领域与美团展开竞争的更广泛举措之一。 北水关注个股 快手-W：据SensorTowe ...

阿里巴巴-W：阿里巴巴集团将推出一项服务，帮助餐厅利用人工智能(AI)展示店内环境，这是其在中 国餐饮领域与美团展开竞争的更广泛举措之一。 快手-W：据SensorTower数据，截至1月2日，快手可灵AI在韩国所有图形和设计类应用中排名第一。在 美国、土耳其、越南等市场亦名列前十名。资料显示，去年12月，快手可灵的下载量达50万次，收入达 90万美元。 中芯国际：港交所权益披露，中芯获被称为"国家大基金"的国家集成电路产业投资基金，于去年12月29 日以每股平均价74.2元人民币，增持逾3.57亿股，涉资约265.15亿元人民币。"国家大基金"持有中芯股 权由4.79%增加至9.25%，超过5%持股披露门槛。 中国海洋石油：美国总统特朗普上周五(2日)午夜派出特种部队突袭委内瑞拉首都，俘掳总统马杜罗夫 妇送至美国受审。油价在亚洲早盘下滑，受供应充足影响，尽管市场担忧石油出口国组织(OPEC)成员 国委内瑞拉的政治动荡会扰乱石油运输。布兰特原油跌向每桶60美元附近，WTI接近每桶57美元。 1月5日，南下资金净买入港股187.23亿港元。 其中：净买入盈富基金68.26亿、快手-W 15.56亿、小米集团-W ...

Core Insights - Kuaishou Supermarket has officially entered the Zhejiang local chain supermarket market through a "store-in-store" model, marking its offline debut just 11 months before launching its self-operated e-commerce business in October 2024. This move reflects the company's response to the challenges faced by the e-commerce sector, particularly the saturation of online growth and increasing regulatory pressures [1] Group 1: Industry Trends - The Chinese e-commerce market has solidified into a competitive landscape dominated by four major players: Alibaba, JD.com, Pinduoduo, and Douyin, with Kuaishou ranking fifth and facing a widening gap. The decline in online traffic growth and rising customer acquisition costs have made traditional "traffic + low price" models unsustainable [2] - Major platforms are shifting focus to offline strategies, with Meituan launching its own discount supermarket, Alibaba upgrading its Hema stores, and JD.com adopting a large store model. This shift is driven by the realization that online traffic has peaked and offline efficiency is becoming crucial [2][4] Group 2: Growth Challenges - Kuaishou's GMV growth has significantly slowed, dropping from 78% in 2021 to an expected 12% in the first half of 2025, which is well below the industry average. The company's reliance on a "white label" product expansion model is facing scrutiny due to regulatory investigations into false marketing and product quality issues [5] - The AI business, seen as a potential growth avenue, has underperformed, generating only 250 million yuan in Q2 2025 while incurring 3.4 billion yuan in R&D expenses. This financial strain highlights the company's weak profitability and the need for offline retail as a viable option for cash flow [6] - Frequent organizational changes and strategic adjustments have led to a lack of coherent execution in Kuaishou's e-commerce strategy, further complicating its entry into the offline market [8] Group 3: Offline Strategy - The "store-in-store" model adopted by Kuaishou in collaboration with Multi-Party Selection allows for a low-risk entry into offline retail by leveraging existing local supply chains and customer bases without incurring heavy operational costs [10] - However, this model presents challenges in brand recognition and scalability, as it relies heavily on the partner's store network, which may limit Kuaishou's long-term strategic autonomy [10][11] Group 4: Future Outlook - Kuaishou's offline expansion faces significant challenges, including established competitors with first-mover advantages and a lack of operational experience in offline retail. The company must overcome its supply chain weaknesses and regulatory risks to succeed [13] - Despite these challenges, there are opportunities in the untapped lower-tier markets and potential collaborations with local supermarkets to create a unique ecosystem that combines online and offline resources [14] - The success of Kuaishou's offline strategy will depend on its ability to enhance its brand, build a regional supply chain, and integrate online content with offline retail effectively [15]

Group 1: Tencent's AI Strategy - Tencent emphasizes the importance of AI as a value creator and social enabler, focusing on practical technology and products to address contemporary challenges [1][2] - The company has developed a comprehensive self-sufficient system for AI, including high-performance computing networks and leading AI models [1] - Tencent aims to make AI accessible to everyone through applications like WeChat and Tencent Meeting, and collaborates with industries to enhance real-world applications [1] Group 2: Bilibili's Content Creation - Bilibili highlights the rising trend of using AI for content creation, with examples of creators generating significant video content in a short time [3] - The platform recognizes the importance of passionate creators and aims to support them in producing high-quality content [3] Group 3: Kuaishou's Global Expansion - Kuaishou is evolving its AI capabilities to reshape the video production industry, leveraging strong domestic innovation and support [4][5] - The company has established an AI development center in Brazil, aiming to assist global video creators and participate in the entertainment industry's transformation [5] Group 4: Ant Group's Focus on Accessibility - Ant Group emphasizes the need for AI to enhance personalized and professional services in finance and healthcare, addressing the gap in service coverage [6] - The company is developing AI models to provide tailored services, aiming to equip users with personal financial and health management tools [6] Group 5: Honor's AI-Driven Strategy - Honor is transitioning to become a leading AI terminal ecosystem company, focusing on creating intelligent smartphones and an open collaborative ecosystem [8][9] - The company plans to enhance user experience through AI-driven innovations and partnerships across various sectors [9] Group 6: Himalaya's Voice Interaction - Himalaya observes a shift in human-computer interaction towards voice as a primary interface, enabling more natural communication with AI [11] - The platform is leveraging AI to enhance content production efficiency, creating new opportunities for creators and promoting cultural preservation [11] Group 7: JD's Supply Chain Innovation - JD is utilizing technology to transform supply chains, enhancing efficiency and reducing costs in various sectors [13][14] - The company is committed to open supply chain solutions, allowing small businesses to access advanced logistics technology [13]

Core Insights - The core viewpoint of the article emphasizes the increasing importance of AI in brand strategy and its integration into business operations, marking a shift from merely possessing AI to strategically leveraging its value [1][2][8] Group 1: AI's Role in Brand Strategy - AI has become a critical topic for Chinese companies, influencing brand strategy and business operations [1] - Companies are transitioning from a binary approach of "having AI" to a focus on the value AI brings to their brand and operations [1][2] - The Chinese government has initiated policies to promote AI, indicating a new era for businesses to adopt AI strategies [1] Group 2: Challenges in AI Brand Expression - Companies face the challenge of differentiating themselves in a crowded AI landscape, with many brands already identifying unique points of AI brand expression [2] - There is a need for brands to articulate their AI strategies in a way that resonates with consumers, moving beyond conceptual understanding to tangible value [3][4] Group 3: Examples of AI Integration - Tencent exemplifies successful AI integration by creating a digital companion for users, showcasing AI as a new productivity tool [2] - Huawei is transitioning its brand image from a "connector" to a "full-stack enabler" in the AI space, emphasizing its role in driving industry intelligence [2] - JD.com and Alibaba are also making strides in AI, with JD focusing on enterprise applications and Alibaba positioning itself as an AI assistant for consumers [3] Group 4: AI's Impact on Marketing and Content Creation - AI is enhancing content creation capabilities, allowing for more efficient user engagement and interaction [6] - Brands like Kuaishou are leveraging AI tools to empower creators, thus fostering a more interactive brand environment [6] - AI is becoming a quantifiable tool for marketing decisions, enabling brands to better understand consumer needs and streamline product innovation [7] Group 5: Future Directions for AI in Branding - The future of AI in branding involves a comprehensive approach that aligns brand strategy with business strategy while exploring key optimization points [8] - Companies must balance the technical aspects of AI with its humanistic implications, ensuring that AI serves as an empowering tool rather than a mere operational necessity [8]

Group 1 - The core viewpoint is that the Chinese AI sector is experiencing significant growth, with various AI models being upgraded and showing improved performance, indicating a strong investment opportunity in the long term [1] - The CSI Artificial Intelligence Theme Index rose by 2.6%, and the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index increased by 1.1%, reflecting positive market sentiment towards AI investments [1] - The AI ETF (159819) saw a net subscription of nearly 200 million units during the trading session, with a total inflow of 900 million yuan last week, bringing its total scale to over 19 billion yuan, a record high since its inception [1] Group 2 - Domestic AI models have been upgraded, with DeepSeek releasing DeepSeek-V3.1, which provides faster responses and improved performance in tool usage and task execution [1] - Kuaishou's Keli AI launched a new feature based on the 2.1 model, achieving a 235% improvement over the previous 1.6 model [1] - Alibaba Tongyi introduced a new end-to-end speech recognition model, Fun-ASR, which enhanced contextual awareness and achieved over 15% accuracy improvement in various industry applications [1] Group 3 - Tianfeng Securities noted that financial reports from internet companies have confirmed that investments in AI are yielding substantial returns, suggesting a rapid iteration cycle in China's AI application ecosystem [1] - The AI ETF (159819) tracks leading companies across various segments of the AI industry chain in the Shanghai and Shenzhen markets, providing a balanced industry distribution [2] - The Sci-Tech Innovation Board AI ETF (588730) focuses on leading AI companies in the Sci-Tech Innovation Board, with a higher proportion of foundational chips and AI applications, facilitating investors in capturing future AI development opportunities [2]