7月18日，非凡资本以"应用无界，智创全球"为主题，在深圳益田威斯汀酒店主办「2025年度生成式AI 全球化高峰论坛暨Go Global AI 100年度评选」圆满落幕。全天议程自上午9点至晚上18点，线上同步直 播。内容以主旨演讲、巅峰对话和趋势圆桌为主，现场颁发"2025 Go Global AI 100"，并同步进行AI应 用全球化发展论坛和AI硬件全球化发展论坛。其中AI应用全球化发展论坛由非凡产研承办，AI硬件全 球化发展论坛由火星加速器承办，超过2000名来自全球的参与者、800家AI企业、400位创始人齐聚一 堂。 AI角色的进化，在《AI生产力｜把 Copilot 进化成 Colleague》上得到了形象的描绘。主持人易点天下 CEO朱鹤与ACEStudio联合创始人赵文骁、AFFiNE AI创始人&CEO贺嘉琛、印象笔记高级产品副总 裁焦文超和VAST CTO梁鼎，共同畅想了AI从辅助工具到数字同事的未来。VAST的梁鼎在谈及AI 3D 时表示，AI正让"同事"变成真正的"协作伙伴"，例如一个建模师可以利用AI完成自己不擅长的动画制作 环节，长期来看，AI发展的瓶颈不在技术，而在人类的想象力 ...

Video generation model competitive landscape review China Low entry barrier and switching cost: We dissected the competitive landscape of video generation models. Based on online feedback, users appear to be in the phase of trying out these models, rather than having committed to one, especially when new models from Chinese players with similar features are being offered at a 40-80% discount to Google's Veo 3 subscription based on our calculations. Each model has its edge - Veo 3 offers the most advanced au ...

Core Viewpoint - The disparity between the overseas AI chain and the domestic AI chain is widening, with overseas companies showing strong recovery while domestic counterparts lag behind [1] Group 1: Market Performance - Global tech stocks faced pressure due to tariff policies in early April, but have since rebounded, particularly in the AI sector, with companies like NVIDIA and Microsoft reaching new highs [1] - In contrast, domestic AI companies, including those in foundational computing power, algorithm services, and application solutions, have not experienced similar rebounds, leading to a divergence in stock performance [1] Group 2: Domestic AI Developments - Despite the slower commercialization of domestic AI applications, there are emerging local products with significant revenue potential, such as Kuaishou's Kling AI, which achieved an annualized revenue run rate exceeding $100 million within 10 months [4] - The domestic AI models are continuously improving, with significant increases in token usage, indicating a growing demand for cloud computing power to support AI applications [3] Group 3: Investment Opportunities - Investment focus is suggested on domestic AI computing power chains, including AI inference chips (e.g., Cambrian, Haiguang Information) and AI servers (e.g., Inspur, Huaqin Technology, Lenovo Group) [5] - Notable AI applications to consider include consumer-facing products like Kuaishou-W and Wanjing Technology, as well as business solutions from companies like Hand Information and Glodon [5]

Investment Ratings - Kuaishou: Buy rated, share price increased by 55% YTD and 28% post 1Q result [3] - Tencent Music: Buy rated, share price increased by 80% YTD and 37% post 1Q result [5] - NetEase: Buy rated, share price increased by 52% YTD and 25% post 1Q result [11] - Focus Media: Buy rated, share price increased by 11% YTD and 8% post 1Q result [14] - Bilibili: Buy rated, share price increased by 31% YTD and 22% post 1Q result [18] Core Insights - The report highlights a strong rally in major games and entertainment names post 1Q25 results, driven by resilient growth profiles, disciplined competition, AI applications potential, and rising expectations on game pipelines [1] - Key focus areas for the upcoming earnings season include advertising outlook, game momentum into the summer peak season, AI applications monetization, and pricing strategies [2] - The report anticipates that further upside in share prices will require continued earnings delivery or new growth engines contributing to revenue growth in future years [1] Kuaishou - Kuaishou is expected to deliver in-line results for 2Q25 with a 12% year-over-year growth in ads and a 13% growth in GMV, with a 3Q25 outlook of 14% ads growth [3][4] - The company is positioned to improve sequential ads from 2Q onwards due to higher monetization efforts, despite competition from peers [4] - The revenue target for Kling AI has been raised from US$100 million to over US$140 million for FY25 [4] Tencent Music - Tencent Music is projected to achieve a 17% year-over-year growth in music revenue for 2Q25, with an ARPU increase of 9% [8] - The company is expected to maintain good momentum in ARPU due to lower discounts on SVIP subscriptions and new content initiatives [9] - Long-term growth visibility remains strong, with expectations of mid-teen year-over-year music revenue growth [10] NetEase - NetEase is expected to report a 15% year-over-year growth in game revenue for 2Q25, with operating profit increasing by 20% [11][12] - The company is focusing on updates for its 2026 game pipeline, with expectations of stable performance from legacy titles [13] - The stock is trading at 16X 2025E PE, with potential for further EPS upgrades [13] Focus Media - Focus Media's revenue is expected to increase by 1% year-over-year in 2Q25, with operating profit up by 3% [14] - The company anticipates a 6% year-over-year sales increase in 2H25 due to rising ad demand from internet and selective consumer players [15] - The collaboration with Alipay aims to target 400K devices across tier 1/2 locations [17] Bilibili - Bilibili's game sales are projected to increase by 58% year-over-year in 2Q25, with ads up by 18% [18] - The company is expected to face a high comparison in 2H24 but has reset market expectations lower, with potential catalysts from new game approvals [19] - Despite valuation concerns, Bilibili is expected to deliver faster than industry growth in ads and livestreaming [20] Price Targets and Estimates - For NetEase, revenue estimates for 2025-27E have been slightly adjusted downwards, while net profit estimates have been raised [21] - Focus Media's revenue estimates have been trimmed slightly, but the price target has been revised up to Rmb8.3 [21] - Across game coverage, price targets and estimates for XD have been raised due to solid new game releases and better profit margins [21]

Core Viewpoint - Kuaishou is expected to report inline 2Q25 results with a projected 11% YoY revenue growth and 14.6% adjusted net profit margin, driven by accelerated monetization of Kling AI [1][3] Group 1: Financial Performance Expectations - Total revenue for 2Q25 is estimated to rise 11% YoY to RMB34.5 billion, aligning with consensus expectations [3] - Revenue contributions from streaming, online advertising, and eCommerce are projected to grow by 5% YoY, 12% YoY, and 22% YoY respectively [3] - Kling AI is forecasted to generate approximately RMB270 million in revenue for 2Q25, indicating continued acceleration in monetization efforts [3] Group 2: AI Strategy Execution - The company is effectively executing its AI strategies, particularly with Kling AI, focusing on version upgrades, internal ad and eCommerce integrations, and expansion into various industry verticals [2] - Kling AI is expected to contribute RMB1.2 billion in revenue (0.8% of total revenue) in 2025, driven by improved paying penetration among global users [2] - The company maintains stable forecasts for online advertising and eCommerce GMV despite raising Kling revenue estimates, indicating confidence in the core business [2] Group 3: Operational Adjustments - Total operating expenses assumptions for FY2025-27 have been raised by 1-2% due to committed investments in AI, leading to a 1% reduction in adjusted EPS estimates for FY2025-26 [2]

17 June 2025 | 11:17AM HKT Navigating China Internet: Top AI/apps tracker: steady video-generation AI monetization; solid May engagement trends China's top AI applications maintained healthy user engagement trends in May with key investor focuses around 1) Rising use cases scenario: increasing AI adoption across to-C/to-B use cases, demonstrated by continued ramp of AI app engagement led by DeepSeek and Bytedance's Doubao, improving penetration of AI functionalities into existing app portfolios of internet ...

Core Insights - The competition among major tech companies has entered a new phase, with AI technology becoming a significant driver of revenue growth in their latest financial reports for Q1 2025 [1][6] - Major players like Baidu, Tencent, and Alibaba have reported substantial increases in AI-related revenues, indicating a shift from AI as a backend efficiency tool to a front-line revenue generator [1][6] Group 1: Financial Performance - Baidu's Q1 2025 revenue reached 32.45 billion yuan, a 3% year-on-year increase, with generative AI and foundational model revenues experiencing triple-digit growth [1] - Tencent's revenue from AI-driven marketing services grew by 20% year-on-year, reaching 31.9 billion yuan [1] - Alibaba's AI-related product revenue has maintained triple-digit year-on-year growth for seven consecutive quarters [1] - Kuaishou's Kling AI generated over 150 million yuan in revenue in Q1 2025, serving over 10,000 enterprise clients [1] Group 2: AI Integration and Business Models - Major companies have transitioned from using AI primarily for efficiency improvements to integrating it into core business lines, with a focus on cloud services and advertising [2][3] - Baidu and Alibaba emphasize foundational technology output, while Tencent and Kuaishou focus on scenario-based applications [2][3] - The introduction of DeepSeek has catalyzed a shift towards more open AI integration, enhancing model capabilities and reducing costs [4][5] Group 3: Cloud Services and Advertising Growth - Cloud services have become a primary driver of AI revenue growth, with Baidu's intelligent cloud revenue surging by 42% year-on-year and Alibaba's cloud revenue increasing by 18% [6] - AI marketing and advertising have emerged as a second growth engine, with Baidu's search ads seeing 35% of mobile search results generated by AI, up from 22% in January [7][11] - Tencent's advertising click-through rates have improved significantly due to AI, with some rates increasing from 0.1% to 3.0% [7][12] Group 4: Market Response and Future Outlook - The stock market has reacted positively, with Alibaba and Kuaishou shares rising over 40% in 2025, and Tencent and Baidu also seeing gains [9] - The global AI advertising market is projected to grow significantly, with estimates suggesting a rise from $1.023 billion in 2024 to $10.32 billion by 2031, reflecting a compound annual growth rate of 39.7% [13] - Despite the promising growth in AI advertising, challenges remain, including high R&D costs and competitive pressures that may impact profitability [14]

6 June 2025 | 1:41PM HKT Key highlights: Kling 2.1 offer more price affordability: Kuaishou recently launched its Kling 2.1 version with a much lower price vs. 2.0 master, at per video cost of US$0.27-0.47 or 60-80% lower vs. 2.0 version. This will put Kling's product at more competitive position, we note global leading peers such as Google's VEO 3 is now offering the service at a bundle plan ($250/month) with limited number of video generation per day. Further Kling monetization upside on expanding use cas ...

富时罗素宣布了其全球股票指数系列（GEIS）季度回顾结果的最终修订。初步结果于 5 月 23 日发布， 随后在 6 月 6 日进行了几次修订。所有变更将于 6 月 20 日周五收盘后实施。在亚洲 / 新兴市场中，中 国（+11 亿美元）、印度和沙特阿拉伯（各 + 1 亿美元）预计将获得最高的被动资金流入，而日本（-9 亿美元）以及巴西、泰国、印度尼西亚和墨西哥（各 - 1.7 亿至 - 2.4 亿美元）预计将经历最大的资金流 出。 增持韩国：国内积极因素超过全球周期性风险，上调至增持评级，12 个月美元价格 / 总回报率预期为 13%/16%（韩国综合指数目标 3100 点）。 谨慎看待中国台湾省股市：在年初至今大幅跑输大盘且风险回报更平衡后，上调至中性评级，12 个月 美元价格回报率预期为 10%（台湾加权指数目标 23,500 点）。 东盟地区调整：因年初至今表现强劲，将新加坡评级下调至中性；因盈利预期持续下调，将印尼评级下 调至减持。维持菲律宾增持、马来西亚中性、泰国减持评级。 地区展望：中等贝塔，丰富阿尔法；预计 MSCI 亚洲除日本指数 12 个月美元价格 / 总回报率为 8%/11%，目标点位 6 ...

28 May 2025 | 3:37AM HKT Kuaishou Technology (1024.HK) Buy Earnings Review: 1Q in-line, ads sequential improving from 2Q onwards; raising Kling monetization outlook; Buy | | | Kuaishou reported in-line 1Q25, and maintain its earlier FY25 guidance on ads/eCommerce and profitability. We came away from mgmt. call with a still constructive view on Kuaishou's growth momentum into the rest of the year. The better than industry ads/GMV growth, sequentially improving 2Q trend and solid position in the AI applicatio ...