消息面上，OpenAI于2025年9月30日发布的新一代视频生成模型Sora2和Sora APP，发布后在社交媒体火 爆出圈。国信证券认为，快手可灵在AI视频领域领先。OpenAI推出Sora2有望重塑短视频生态。视频内 容未来若AI内容占比提升，将拉齐其他短视频平台与抖音内容的差距，重塑内容和UGC生态。建议关 注AI视频相关公司快手。华创证券表示，快手作为AI视频模型龙头或直接受益于Sora2出圈。海外模型 进步引领国内模型迭代，看好国内自研视频模型自主可控及跟进。 此外，富瑞发布研报称，预计快手将可如期达成该行对其收入和盈利的预测，即预计第三季总收入同比 增长13%至353亿元人民币；交易总额(GMV)预计升15%；毛利率预计扩张至约55%；非IFRS盈利预计 达约48.4亿元人民币。该行强调，人工智能是一个关键范畴，而影片生成是一个处于早期发展阶段的庞 大市场。 快手-W(01024)涨超4%，截至发稿，涨4.02%，报89.2港元，成交额46.77亿港元。 ...

此外，富瑞发布研报称，预计快手将可如期达成该行对其收入和盈利的预测，即预计第三季总收入同比 增长13%至353亿元人民币；交易总额(GMV)预计升15%；毛利率预计扩张至约55%；非IFRS盈利预计 达约48.4亿元人民币。该行强调，人工智能是一个关键范畴，而影片生成是一个处于早期发展阶段的庞 大市场。 消息面上，OpenAI于2025年9月30日发布的新一代视频生成模型Sora 2和Sora APP，发布后在社交媒体 火爆出圈。国信证券认为，快手可灵在AI视频领域领先。OpenAI推出Sora2有望重塑短视频生态。视频 内容未来若AI内容占比提升，将拉齐其他短视频平台与抖音内容的差距，重塑内容和UGC生态。建议 关注AI视频相关公司快手。华创证券表示，快手作为AI视频模型龙头或直接受益于Sora2出圈。海外模 型进步引领国内模型迭代，看好国内自研视频模型自主可控及跟进。 智通财经APP获悉，快手-W(01024)涨超4%，截至发稿，涨4.02%，报89.2港元，成交额46.77亿港元。 ...

中银国际认为，目前AI基建重心正在从训练侧向推理侧转型。随着AI模型的迭代，AI应用的商业模式 越来越清晰。Sora2.0的发布在技术升级的同时引入社交属性，为Open AI拓宽了商业变现渠道，同时社 交属性会为AI应用的用户数量进一步赋能，进而对上游算力基础设施建设提出了更高的要求。Open AI 率先锁下三星、SK海力士、AMD的存储、GPU等相关订单意味着AI基建需求增长的确定性进一步强 化，相关算力产业链有望在未来趋势中受益。 根据华尔街见闻报道，2025年9月30日Open AI发布其第二代视频生成模型Sora 2.0。相较于第一代， Sora 2.0在物理真实感、音视频同步和多镜头叙事等方面取得重大突破。Open AI同步推出Sora APP社交 应用，用户可以通过文字生成短视频，创建AI数字形象，并在获取许可的情况下被嵌入自己或朋友制 作的视频中。Sora 2.0的发布标志着Open AI在社交媒体领域取得重大进步，或为Open AI打开新的广告 收入渠道，这也意味着AI应用的商业变现途径进一步拓宽。 Open AI相关合作刺激AI基建需求 根据芯智讯报道，2025年10月初Open AI和韩国 ...

中信建投主要观点如下： 中信建投发布研报称，Sora2以"为产品定义功能"的产品思维，构建了从拉新、留存到促活的产品闭 环，3天登顶iOS应用榜，开启了P、B、C三端共振的千亿级AI视频生成赛道。据测算，AI视频生成市 场中期空间将达到763亿元，长期将达到1554亿元。同时，根据该行正文的测算依据，保守估计Sora APP每日仅推理成本便高达1400万美元，年化成本超过51.2亿美元，预计将带来持续的算力需求。建议 关注两大主线，AI应用推荐以阿里为代表的互联网大厂生态伙伴、Pre-AI环节和垂直场景;算力环节推 荐算力和端侧AI相关标的。 "为产品定义功能",Sora2围绕社交打造全链路能力 Sora2三天内登顶美国iOS应用榜，证明了将复杂技术封装于极致简洁的创作流程，并嫁接"Cameo"(数字 分身)与"Re mix"(二创)等强社交功能，能够有效引爆大众市场的病毒式传播。Sora2将AI工具转变为社 交和娱乐产品，成功构建了从拉新、留存到促活的产品闭环，为AI应用打造了产品化模板。 Sora APP将带来年化50亿美元以上推理算力需求 根据Transformer架构和DiT架构论文，该行保守估计So ...

点评： Sora2能力显著提升，APP登顶下载榜首位。北京时间10月1日，OpenAI正式推出Sora2视频生成模型， Sora2对物理世界理解能力进一步提升，能够执行跨越多个镜头的复杂指令，并支持音视频同步生成， 使角色语音、环境声与画面动作自然对应，整体沉浸感显著增强，被官方称为GPT3.5时刻。OpenAI同 时推出基于Sora2模型的iOS社交应用Sora，具有两大特色功能：1)Cameo：用户通过上传自己的音视频 片段进行验证后，可将自己的虚拟形象插入至AI生成的场景中，并且该形象可与朋友分享；2)Remix： 基于现有的视频，用户可以输入新的提示词进行二次创作。目前Sora APP仅面向美国、加拿大地区，上 线第四天即登顶苹果美国应用商店免费应用榜第一名。 OpenAI加大算力储备力度，AIInfra需求有望高增。OpenAI在10月7日开发者大会上宣布ChatGPT周活跃 用户已经达到8亿人，开发者数量已经达到400万名，API每分钟处理约60亿tokens(数据来源：机器之心 公众号)，同时宣布ChatGPT升级为"超级APP"，用户能够在对话中直接调用第三方应用。AI模型训练及 广泛应用将进 ...

Group 1: Global Market Highlights - During the National Day and Mid-Autumn Festival holiday, global markets saw significant activity, with AI computing power boosted by OpenAI's major collaborations and gold prices breaking $4,000 per ounce for the first time, setting a historical high [1][5] - The overseas capital markets experienced a surge, particularly in technology and precious metals, driven by positive news and market sentiment [2][3] Group 2: AI Computing Power Developments - OpenAI's partnerships with major South Korean chip manufacturers, Samsung Electronics and SK Hynix, aim to enhance high-bandwidth memory (HBM) production, with demand projected to exceed current capacity by more than double [3] - OpenAI's recent product launches and strategic agreements are expected to significantly impact the commercialization and application of AI technologies [4] Group 3: Gold Market Insights - International gold prices reached new heights, with COMEX gold surpassing $4,000 per ounce during the holiday period, driven by political uncertainties in the U.S. [5][6] - Central banks, including China, have been increasing their gold reserves, with China's gold holdings rising to approximately 7.406 million ounces by the end of September [7] Group 4: Technological Advancements in Solid-State Batteries - A significant breakthrough in solid-state battery technology was reported, addressing challenges in electrolyte and lithium electrode contact, which is crucial for practical applications [8] - During the holiday, the charging volume for new energy vehicles reached a historical high, indicating strong growth in the sector [8] Group 5: Nuclear Fusion Developments - China's nuclear fusion device, BEST, achieved a key milestone with the successful installation of its heavy base, marking the start of its main construction phase [9][10] Group 6: Consumer Behavior and Market Performance - The holiday period saw a total of 2.068 billion domestic trips, exceeding previous forecasts and indicating a recovery in consumer spending [12] - The total box office for films in China has already surpassed the entire box office for 2024, reflecting a strong recovery in the film market [13] Group 7: Stock Market Trends - Global stock markets experienced broad gains, with significant increases in indices such as the Nikkei 225 and the DAX, while sectors like technology and materials led the performance in Hong Kong stocks [14][18] - The outlook for the fourth quarter remains positive, with expectations of continued strength in technology and cyclical sectors, supported by favorable liquidity conditions [21][22]

证券研究报告 | 2025年10月08日 快手-W（01024.HK） OpenAI 发布 Sora APP，AIGC 需求加速增长 1 优于大市 公司研究·海外公司快评 互联网·互联网Ⅱ 投资评级：优于大市（维持） 证券分析师： 张伦可 0755-81982651 zhanglunke@guosen.com.cn 执证编码：S0980521120004 证券分析师： 陈淑媛 021-60375431 chenshuyuan@guosen.com.cn 执证编码：S0980524030003 事项： OpenAI 于 2025 年 9 月 30 日发布的新一代视频生成模型 Sora 2 和 Sora APP，发布后在社交媒体火爆出圈。 国信互联网观点： 作为"世界模拟器"的升级版本，Sora 2 在图像分辨率、风格操控和指令遵循方面均有突破。Sora2 通过 整合音视频同步生成技术，实现画面与环境音、物体交互声及对话的匹配，并显著提升物理仿真精度，能 模拟体操动作、跳水力学等真实世界动态。 OpenAI 同步推出了独立的 Sora App，从工具到社交平台，构建了一个集创作、分发、互动于一体的 AI 原 生社 ...

快手-W（01024.HK） OpenAI 发布 Sora APP，AIGC 需求加速增长 公司研究·海外公司快评 互联网·互联网Ⅱ 投资评级：优于大市（维持） 证券分析师： 张伦可 0755-81982651 zhanglunke@guosen.com.cn 执证编码：S0980521120004 证券分析师： 陈淑媛 021-60375431 chenshuyuan@guosen.com.cn 执证编码：S0980524030003 国信互联网观点： 作为"世界模拟器"的升级版本，Sora 2 在图像分辨率、风格操控和指令遵循方面均有突破。Sora2 通过 整合音视频同步生成技术，实现画面与环境音、物体交互声及对话的匹配，并显著提升物理仿真精度，能 模拟体操动作、跳水力学等真实世界动态。 OpenAI 同步推出了独立的 Sora App，从工具到社交平台，构建了一个集创作、分发、互动于一体的 AI 原 生社交生态。Sora2 推出的同名社交应用采用垂直视频流设计（类似 AI 视频抖音），用户可生成最长 10 秒 AI 视频并内置"客串"功能，需通过身份验证使用肖像。该应用初期免费开放但存在使用限制，仅限 ...

Group 1: AI Computing Power - The AI sector is experiencing a surge in investment driven by significant collaborations, including OpenAI's agreements with Samsung and SK Hynix to enhance data center capabilities, with demand for high-bandwidth memory (HBM) expected to exceed current production capacity by more than double [3][4] - OpenAI's recent product launches, including the Sora2 model, are anticipated to have a profound impact on the commercialization of AI applications, with the SoraApp achieving top rankings on the App Store [4] - The semiconductor export from South Korea saw a year-on-year increase of 22% in September, reaching a record high of $16.6 billion, indicating strong demand in the AI hardware market [3] Group 2: Gold Market - International gold prices reached a historic high, surpassing $4,000 per ounce during the holiday period, driven by political uncertainties in the U.S. and strong demand from central banks [5][6] - Central banks, including China, have been increasing their gold reserves, with China's reserves rising to approximately 7.406 million ounces, marking the 11th consecutive month of increases [6] - Goldman Sachs raised its gold price forecast for December 2026 from $4,300 to $4,900 per ounce, citing strong inflows into Western market ETFs and ongoing central bank purchases [5][6] Group 3: Solid-State Batteries - Significant advancements in solid-state battery technology were reported, with a new anion regulation technique developed to enhance the contact between electrolytes and lithium electrodes, paving the way for practical applications [8] - During the holiday period, the charging volume for new energy vehicles reached a historical high, with a total of 43.81 million kilowatt-hours charged from October 1 to October 3, representing a year-on-year increase of 51.33% [9] Group 4: Nuclear Fusion - China's nuclear fusion device, BEST, achieved a critical milestone with the successful installation of its heavy base, marking the beginning of its main construction phase [10] - Stocks related to nuclear fusion in the Hong Kong market saw significant gains during the holiday period, reflecting investor optimism [10] Group 5: Travel and Consumption - The total number of domestic trips during the holiday period reached 2.068 billion, a year-on-year increase of approximately 5.2%, exceeding earlier forecasts [11] - The domestic airline industry experienced a surge in bookings, with over 8.71 million tickets reserved, reflecting a 13% increase compared to the previous year [11] Group 6: Film Market - The total box office for the year has already surpassed the entire box office for 2024, indicating a strong recovery in the Chinese film market [12] Group 7: Market Performance - Global stock markets showed a bullish trend during the holiday, with major indices in the U.S. and Europe experiencing gains, while the Hong Kong market saw sector-specific rallies, particularly in technology and materials [12][16] - The top-performing sectors in the U.S. and Hong Kong markets included healthcare, utilities, and information technology, with notable individual stock performances in the technology and materials sectors [16][17]

Core Viewpoint - OpenAI's Sora APP has rapidly gained popularity, reaching the top of the US App Store shortly after its launch, highlighting the potential for user-generated content in the AI space [1] Group 1: Sora APP and User-Generated Content - Sora APP features a "participation" function that allows users to create content with various characters, including OpenAI CEO Sam Altman and Pikachu, leading to a surge in creative videos [1][3] - The platform operates on an "opt-out" mechanism for copyright content, meaning characters can be generated unless the copyright holder requests otherwise, which has led to an explosion of Pikachu-related content [4][5] Group 2: Legal and Copyright Considerations - The proliferation of Pikachu content raises questions about copyright permissions, as Nintendo has not authorized OpenAI to use its characters, potentially leading to legal risks [4][5] - Disney has already opted out, indicating that major IP holders are taking a proactive stance against unauthorized use of their characters [7] Group 3: OpenAI's Commercialization Strategy - OpenAI is exploring an IP revenue-sharing model to monetize user-generated content, aiming to turn popular characters into sustainable revenue sources [6][8] - The company faces a significant challenge in balancing innovation with copyright protection, as successful negotiations with IP holders could lead to substantial financial benefits [9] Group 4: Market Valuation and Financial Outlook - OpenAI's valuation has surged to $500 billion, driven by investor enthusiasm for AI technology, despite the company facing a projected cash burn of $8.5 billion in 2025 [9] - To meet ambitious revenue targets, OpenAI is accelerating its commercialization efforts through platforms like Sora, which could either lead to significant growth or legal challenges [9]