Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Insights - In the AI era, the short video giant Kuaishou is actively embracing new technologies, launching AI-native video products that lead industry development. The company is undergoing a value reassessment as it fully utilizes AI to reshape its core business commercialization chain [3][5] - The AI-native product, Keling AI, is positioned to lead the industry with its technical and product capabilities, while the OneRec recommendation model enhances user engagement and reduces operational costs, validating its revenue growth logic [5][6] - The market is expected to recognize Kuaishou's unique value proposition, leading to a potential revaluation of its stock as the AI commercialization process accelerates [19] Summary by Sections Introduction - Kuaishou, listed as the "first short video stock" in 2021, has gained market attention due to its unique monetization model in advertising, e-commerce, and live streaming. The company is transitioning from high-speed growth to stable growth in its e-commerce business, leading to a market valuation of around 10x PE [5][19] Keling AI - Keling AI is leading the AI video sector with its superior model performance and product capabilities. The market for AI-generated videos is projected to exceed $100 billion, with Keling achieving stable monthly revenues of over 100 million yuan and a quarterly revenue growth rate of over 20% [7][30] Main Business - Kuaishou's short video business is being comprehensively reshaped by AI, with a rebound in performance expected in Q1 2025. The company is enhancing its algorithm capabilities and commercial efficiency through the OneRec system, which is expected to improve advertising revenue significantly [8][62] Commercialization - Keling AI's user base consists mainly of professional and business users, with 70% of its revenue coming from overseas. The product is designed to cater to professional film and short video production needs, demonstrating strong growth in user numbers and video generation [53][59]