MBKUASO@EP2602A

Sina Finance publishes a commentary article "It's Kuaishou's turn to chase ByteDance again"

Kuaishou Launches First AI-Generated Lunar New Year Animated Short Film Series 'Horse-picious Play'

Hong Kong tech stocks strengthen, Kuaishou's stock price rises by over 4%

Kuaishou Technology completes USD 2 billion dual-currency bond issuance

Su Hua resigns as Kuaishou Chairman, Cheng Yixiao to hold the position concurrently

Kuaishou Announces Personnel Changes: Su Hua as Chairman, Cheng Yixiao as CEO

Kuaishou's Commercial Ecosystem Upgrades Again: Reconstructing Three Core Business Scenarios

Kuaishou's AI layout shows results: 'Keling' becomes a new growth engine

Analyst Cheung Siu Chung Suggests Buying Kuaishou on Dips is a High-Probability Win

Kuaishou invests in the AI-powered animated drama industry to reshape content consumption

Kuaishou Charity launches 'Bang Bang Academy' plan, will invest tens of millions in funds and 30 billion in traffic

Southbound Trading Records Net Sell of HK$569 Million in Kuaishou

BOC International Upgrades Kuaishou's Rating and Raises Target Price

Beijing Cyberspace Administration fines Kuaishou 119.1 million and orders rectification

JPMorgan: Premature to Name Ultimate Winners in AI Application Market, Favors Alibaba, Baidu, and Kuaishou

Citigroup: Fine on Kuaishou by Beijing's Cyberspace Administration is Manageable, Maintains 'Buy' Rating

Kuaishou Reaches a Partnership with CCTV Spring Festival Gala 2026

Sina Finance analysis indicates that a massive fine has exposed Kuaishou's systemic shortcomings in balancing commercial growth and content security.

CITIC Construction Securities released a report stating that Kuaishou's AI video business corresponds to a hundred-billion-level market

China's cyberspace regulator fines Kuaishou 119.1 million yuan

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CENTURY GINWA

ELEGANCEOPTICAL

RIDGE OUTDOOR

SYNAGISTICS

HING LEE (HK)

PROSP INV HOLD

SHANGHAI QINGPU

SNACK EMPIRE

UNITY GP HLDGS

01024

China's leading position in the AI video field is gradually becoming apparent, especially with ByteDance's Seedance 2.0 marking the industrial delivery of AI video. Through technologies such as multimodal input and automatic camera movement, creators can achieve reusable production processes. As early as last year, KUAISHOU-W's Keli 2.0 had already surpassed competitors in terms of generation stability and character consistency. Chinese companies view video as an engineering problem, driving the development of commercial capabilities in AI video

- China's AI video technology has achieved a leading position, exemplified by the launch of Seedance 2.0, which signifies a shift towards stable and functional production.  
- The advancement stems from earlier success with models like Kuaishou's Keling 2.0, demonstrating superior consistency and reproducibility, essential for commercial viability.  
- This progress reflects a broader engineering approach in Chinese models, focusing on process optimization over mere algorithmic enhancement, contrasting with the high-cost, high-failure Western methodologies.

Wallstreetcn

KUAISHOU-W

Why the Chinese Model Leads in AI Video

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On February 11th, the three major indices of the Hong Kong stock market showed a fluctuating stabilization trend during the trading session, with the Hang Seng Technology Index performing strongly, leading with a rise of 1.05%, indicating a rebound in investor interest in technology growth stocks. The Hang Seng Index slightly increased by 0.21% to 27,239.34 points. Sector performance was notably mixed: the hardware and storage sectors saw widespread gains driven by positive news from Xiaomi's business, with Xiaomi Group rising by 4.55%; the internet sector experienced mixed results, with Bilibili rising over 4% while Tencent saw a slight pullback; the semiconductor sector weakened across the board, with SMIC falling nearly 4%. Additionally, popular stocks Zhihu and Lexin Outdoor showed significant gains. The market is currently focused on the strength of macroeconomic recovery, awaiting further economic data guidance

- On February 11, Hong Kong's main indexes stabilized, with the Hang Seng Index at 27,239.34, rising 0.21%.  
- The Hang Seng Technology Index led with a 1.05% increase, reflecting a recovery in tech stocks, while the Enterprise Index also gained 0.21%.  
- Market focus remains on macroeconomic recovery and liquidity changes, with upcoming trade and retail data essential for assessing domestic demand and export resilience.

Market Heartbeat

BILIBILI-W

TENCENT

XIAOMI-W

LENOVO GROUP

SMIC

HUA HONG SEMI

DRINDA

KNOWLEDGE ATLAS

KB LAMINATES

JLMAG

CNBM

BABA-W

VanEck Semiconductor ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

Direxion Semicon Bull 3X

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC Hang Seng Technology ETF(QDII)

iShares Semiconductor ETF

CSOP HS TECH

SPDR S&P Semicon

Tencent

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Dacheng Hang Seng Technology ETF(QDII)

Guotai CSI Semiconductor Material Equipment Theme ETF

Hang Seng TECH ETF I

Tianhong Hang Seng TECH ETF(QDII)

Huaan Hang Seng Technology ETF(QDII)

Hong Kong stock market intraday | Hang Seng TECH Index rose 1.05%, Xiaomi Group rose 4.55%, SMIC fell 3.91%

Recently, KUAISHOU and ByteDance released Keling 3.0 and Seedance 2.0, attracting high market attention. The new models have breakthroughs in consistency, stability, and scene segmentation, with the biggest highlight being support for video input. Tests show that Seedance 2.0 has significantly improved performance, but Keling has an advantage in professional content production. The tests covered both animation and live-action styles, with results indicating that Keling performed average in video conversion, while Seedance failed to generate successfully. Overall, Seedance focuses more on storytelling, while Keling concentrates on professional content

- Recently, Kuaishou and ByteDance launched video models Keling 3.0 and Seedance 2.0, which show significant advancements in consistency, stability, and video input capabilities.  
- Although Seedance 2.0 demonstrates clear performance improvements over its predecessor, Keling 3.0 excels in professional content production with better visual quality and detail.  
- The AI video model market is still early, showing rapid growth potential, with significant room for further penetration in areas like live-action content as technology matures.

Domestic Video Model Evaluation: ByteDance's Dream 2.0 vs KUAISHOU-KeLing 3.0

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On February 10th, the three major Hong Kong stock indices closed higher collectively, with the Hang Seng Index rising 0.58% to 27,183.15 points, indicating a mild recovery in market sentiment. The retail sector performed strongly, with Alibaba up 1.65% and JD.com up 1.95%; the internet sector showed mixed results, with Tencent down 1.61% due to concerns over capital expenditures, while Kuaishou benefited from AI commercialization, rising 1.59%; the catering sector experienced fluctuations downward, with Meituan down 2.47%. Investors are closely monitoring the upcoming retail sales data and changes in the external macro environment

- On February 10, the Hong Kong stock market saw all three major indices close higher, indicating a moderate recovery in market sentiment.  
- The Hang Seng Index rose 0.58% to 27,183.15, while the Technology Index increased 0.62%, although it remains below February's peak, suggesting limited upside potential.  
- Retail stocks gained on improved profit expectations, driven by cost-cutting strategies, with Alibaba and JD.com both showing positive performances despite overall market challenges from intensified competition in various sectors.

JD-SW

BIDU-SW

HAIDILAO

MNSO

YUM CHINA

CHINA LIT

VOBILE GROUP

ILUVATAR COREX

WANKA ONLINE

Alibaba

VanEck Retail ETF

SPDR S&P Retail ETF

KraneShares 2x Long JD Daily ETF

Hwabao CSI HK Equities Internet ETF

BABA 2x Long Daily ETF - GraniteShares

E Fund CSI HK Connect Internet ETF

JD.com

Harvest Hang Seng SCHK Technology ETF

KraneShares 2x Long BABA Daily ETF

Hong Kong Stock Market Closing | Hang Seng Index up 0.58%, retail sector strengthens, Alibaba up 1.65%, Tencent down 1.61%

The Hong Kong stock market rose in the morning session, with the Hang Seng Index up 146 points, reporting at 27,173 points. Technology stocks showed mixed performance, with Tencent and Meituan declining, while KUAISHOU and JD rose. AI stocks continued to be in demand, with KNOWLEDGE ATLAS's stock price increasing by 21%. Pharmaceutical stocks also attracted market attention, with a total transaction volume of 133.823 billion yuan

AASTOCKS

GF CSI HK Innovative Drugs Industry ETF(QDII)

E Fund CSI 300 Health Care ETF

FI2 CSOP HSI

MEITUAN

China Universal 800 Health Care ETF

ChinaAMC SSE Health Care ETF Initiating Fund

FL2 CSOP HSI

"Hong Kong Stocks" Hang Seng Index rises 146 points in half a day, AI and pharmaceutical stocks favored, KNOWLEDGE ATLAS surges 21%

On February 10th, the Hong Kong stock market's three major indices collectively closed higher, with the Hang Seng Technology Index leading the way with a 0.84% increase. On the market, the surge in AI applications and the rebound of Chinese concept stocks drove the retail sector up, with Alibaba rising 1.46% and JD.com increasing 2.32%. The restaurant sector weakened due to the drag from heavyweight stocks, with Meituan falling 3.02% and HAIDILAO dropping 3.0%. In terms of capital, the market is in a macro data vacuum period, focusing on liquidity games. In individual stocks, POP MART performed strongly with a 4.35% increase, while Tencent Holdings had the highest trading volume but slightly fell by 1.07%

- On February 10, Hong Kong stocks showed a collective increase, with the Hang Seng Index closing at 27,172.87 points, up 0.54%.  
- The tech sector led the gains, with the Hang Seng Tech Index rising 0.84%, while the retail sector benefited from optimism surrounding AI applications.  
- Several individual stocks experienced notable movements, such as Global Printing Holdings surging 59.18% and Meituan dropping 3.02%, reflecting varied investor sentiment across sectors.

UNI PRINTSHOP

CHINA WACAN

MODERN CHI MED

BAO PHARMA-B

POP MART

Hang Seng Index

Hang Seng Composite Index

CAM HS TECH

GX HS TECH

FI CSOP HSI

Krne Csi China Internet

Hong Kong Stock Midday Review | Hang Seng Tech Index rises 0.84%, AI logic helps Alibaba rise 1.46%, weight drags Meituan down 3.02%

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The main indices of the Hong Kong stock market strengthened across the board, with the Hang Seng Index, Hang Seng TECH Index, and the National Enterprises Index all recording gains. The internet content and retail sectors performed positively, with capital flows clearly concentrating on leading companies. POP MART showed significant gains during the session, while Alibaba, Kuaishou, and JD were actively traded. Under structural differentiation, some popular stocks experienced sharp declines, and investors are paying attention to short-term sector rotations and macro changes

- The Hong Kong stock market showed overall strength, with the Hang Seng Index rising 1.07% to 27,316.62 points, but still below recent highs.  
- Key sectors like internet content saw notable gains, with Tencent Holdings up 0.62%, while retail stocks also performed well, including Alibaba, which rose 2.22%.  
- However, several individual stocks faced declines, such as Zhiyun (17.85%) and Jiu Fang Zhi Tou (11.55%), indicating a cautious investor sentiment amidst fluctuating market conditions.

CTG DUTY-FREE

CHOW TAI FOOK

JF SMARTINVEST

UNISOUND

JD HEALTH

JD LOGISTICS

ALI HEALTH

Hong Kong stocks intraday | All three major indices strengthened, Hang Seng TECH up 1.46%, POP MART leading in intraday gains

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According to the Hong Kong Stock Connect data, the TRACKER FUND had a net outflow of HKD 4.555 billion, and KUAISHOU-W had a net outflow of HKD 569 million. TENCENT, on the other hand, saw a net inflow of HKD 1.8 billion and HKD 904 million in the Shanghai and Shenzhen-Hong Kong Stock Connects, respectively. Overall, the net outflow of southbound funds was HKD 0, with a total transaction amount of HKD 100.432 billion, accounting for 39.36% of the market transaction volume

TRACKER FUND

Net outflow of HKD 4.555 billion from the TRACKER FUND through the Hong Kong Stock Connect

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KNOWLEDGE ATLAS(02513) rose 36.22%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 138.2%. MINIMAX-WP(00100) rose 11.71%, with a trading turnover 796.5 Million HKD, and a year-to-date rose 212.1%. EASTROC(09980) fell 3.87%, with a trading turnover 206.3 Million HKD, and a year-to-date rose 4%. CHINA TELECOM(00728) fell 2.96%, with a trading turnover 587.4 Million HKD, and a year-to-date fell 8.7%.

- The Hang Seng Index increased by 1.76%, with a year-to-date gain of 5.4%, while the Hang Seng Tech Index rose 1.34%, but has seen a 1.8% decline this year.  
- Zhipu (02513) surged by 36.22% with a trading volume of 1.16 billion HKD, marking a year-to-date increase of 138.2%.  
- In contrast, Dongpeng Beverage (09980) dropped by 3.87% with a trading volume of 210 million HKD, showing a 4% rise for the year, while China Telecom (00728) fell 2.96%, impacting its year-to-date loss of 8.7%.

Top Gainers & Losers

MINIMAX-WP

GIGADEVICE

INNOVENT BIO

EASTROC

CHINA TELECOM

CHINA MOBILE

POWER ASSETS

Top 5 HK Stock Gainers/Losers (>100B) (2.9)

As of noon, all three major indices of the Hong Kong stock market rose, with the Hang Seng Index up 1.44%, the Hang Seng Tech Index up 1.02%, and the National Enterprises Index up 1.23%, but none broke through recent highs. The retail sector was boosted by Alibaba's innovative news, leading to improved market sentiment, with Alibaba rising 1.94%. The internet content and information sector showed divergence, with Tencent Holdings up 1.10% and Kuaishou down 4.28%. Yangtze Optical Fibre and Cable significantly surged, with an increase of 13.99%, and trading was active as market funds focused on high-growth sectors. Investors are paying attention to macro data, and the overall atmosphere is positive

- Hong Kong stocks exhibited gains, with the Hang Seng Index reaching 26,942.74, up 1.44%, though still shy of its late January high.  
- The technology and retail sectors showed varied performances, with notable movements in Tencent and Alibaba, the latter rising by 1.94% due to positive market sentiment.  
- Macro-economic indicators such as retail sales and exchange rates are influencing trading trends, with increased focus on specific stocks linked to emerging technology sectors.

NANFANG COMM

YOFC

PUTIAN COMM

Hong Kong Stock Market Mid-Review | The Hang Seng Index rose 1.44%, the retail sector was active, and Changfei Fiber Optic Cable rose 13.99% to lead the gains

Citi's research report pointed out that the Beijing Cyberspace Administration fined KUAISHOU-W 119.1 million yuan for failing to fulfill its cybersecurity protection obligations. Citi believes that the fine is within a controllable range, and the rectification requirements have limited impact on KUAISHOU-W's live streaming and e-commerce businesses, suggesting that regulatory scrutiny may have come to a close. Based on KUAISHOU-W's potential in generative AI, it maintains a "Buy" rating with a target price of HKD 95

According to Citigroup, the penalty imposed by the Beijing Cyberspace Administration on KUAISHOU-W is within a controllable range, maintaining a "Buy" rating

KUAISHOU's stock price fell 4% to HKD 68.4 in the morning session due to a large sell order involving 117,800 shares, amounting to HKD 809 million. The company was fined nearly RMB 120 million by the Beijing Cyberspace Administration for a large amount of pornographic and vulgar content on its platform and was required to rectify the situation and hold responsible parties accountable. In addition, KUAISHOU has reached a cooperation agreement with China Central Television (CCTV), allowing users to make reservations for the live broadcast of the 2026 Spring Festival Gala

KUAISHOU-W fell 4% in early trading and was fined nearly 120 million yuan by the Beijing Internet Information Office

China's cyberspace regulator fined Kuaishou Technology 119.1 million yuan ($17.2 million) for failing to control pornographic and vulgar content on its platform. The fine follows a cyberattack on December 22, which exposed users to explicit content. Kuaishou admitted to not responding quickly enough and pledged to rectify the issue. The regulator criticized the company for not addressing system vulnerabilities and ordered remedial actions. This follows a previous fine of 26.7 million yuan for other offenses related to its e-commerce unit.

- China’s cyberspace regulator fined Kuaishou Technology 119.1 million yuan ($17.2 million) for inadequate control of pornographic and vulgar content.  
- The fine followed a livestreaming cyberattack on December 22, which exposed users to explicit content, revealing the company's failure to respond promptly.  
- Kuaishou acknowledged the issue and committed to rectifying it, while the regulator ordered remedial actions and accountability for those responsible.

Reuters

China fines Kuaishou over $17 million for failure to curb offensive content

Today’s Key News Recap

0121 | Dolphin Research Focus: 🐬 Macro/Industry — China's MIIT will issue guidelines to build a comprehensive standardization framework for humanoid robots and embodied AI. The framework spans five core modules: foundational/common standards, safety, system integration, key components/tech, and testing. It will prioritize urgently needed specs such as multimodal perception and interfaces for core components.In parallel, supporting measures include industry investment funds and the build-out of open-source tech communities to speed tech transfer and global sharing. These moves target pain points around fragmented tech roadmaps and weak product interoperability.Policy support should accelerate the commercialization of humanoid robots. Beneficiaries include sensors, servo systems, and AI algorithms...

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

NVIDIA

Meta Platforms

KUAISHOU-WR

XIAOMI-WR

Xiaomi Corporation

Tesla

PDD hit with RMB 100k fine; TSLA Dojo3 returns | Daily News Recap

Jan 16 | Dolphin Research Focus: 🐬 Stocks. 1、$NVIDIA(NVDA.US) Nvidia was criticized for errors in a technical report on data-center copper usage, and has quietly revised the figures.It cut the estimated copper busbar requirement per GW for traditional racks to 200 tons from 500,000 tons — a drastic change. The correction undercuts the aggressive thesis that AI compute would trigger an explosive surge in copper demand, prompting a reset of supply-demand assumptions across the copper value chain. Near term, it deflates copper-price froth and eases data-center build-cost pressure.2、$KUAISHOU-W(01024.HK) Kuaishou announced a dual-currency senior notes offering. ...

Webull

EASTROC BEVERAGE

WisdomTree Gold

Taiwan Semiconductor

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

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0112 | Dolphin Research Focus: 🐬 Stock 1, $CHINA LIT(00772.HK) jumped 10%+ today. The move was driven by a deep AIGC tie-up with Shengshu Tech.Its 'Yuewen Comic-Drama Assistant' fully integrated the multimodal LLM 'Vidu'. AI now spans the end-to-end creation workflow to cut costs, boost efficiency, and strengthen visual IP monetization, aligning with the industrialization of AI content.This should accelerate the conversion of online-literature IP into comic-dramas and short-form series, opening new growth avenues. Sentiment was also helped by a rebound in China and AI names on the day...

XPENG-W

XPeng

XPEV's Aeroht files for IPO confidentially; AI theme takes off｜Daily News Recap

0105 | Dolphin Research Focus: 🐬 Macro/Industry — Over the weekend, the U.S. move to detain Venezuela's President Nicolás Maduro roiled global markets. Washington tightened the oil blockade, driving the country's crude exports near zero, stranding over 17 mn bbl at sea, and forcing field shutdowns. Markets swung sharply, with Brent/WTI whipsawing at the open and gold rallying on haven demand, underscoring how U.S. unilateralism can disrupt diplomacy and energy markets...

Moutai

Kling Frenzy Lifts Kuaishou; Moutai Rallies on a Flurry of Moves | Daily News Recap

1223 | Dolphin Research Focus: 🐬 Macro/Industry. Dec 22–23, the National Housing and Urban-Rural Development Work Conference in Beijing set stabilizing the property market as the core task through 2026.Planned actions include city-specific policies to cap new additions, clear inventory, and optimize the supply mix, and converting existing commercial housing into affordable units. A 'whitelist' program will support developer financing, and a completed-home sales regime will be promoted to curb delivery risk. At the same time, Housing Provident Fund reforms will be deepened and a housing quality upgrade initiative rolled out...

BABA plans a big order to secure AMD MI308; Kuaishou hit by fraud rings, campaign backfires | Daily News Recap

1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

Meituan HK SDR 5to1

LI AUTO-W

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

MBKUASO@EP2602A(18407.HK)