HUKUASO@EC2604A

Analysts predict Kuaishou's Q4 revenue to grow by 8.2% to 14.7% year-on-year, with AI technology as a key driver

UBS is optimistic about Kuaishou's AI commercialization and may raise its valuation

Hang Seng Index closes down 233 points, Kuaishou is the worst-performing blue-chip stock month-to-date

Kuaishou Partners with China Media Group for '2026 Spring Festival Gala'

An accountant embezzled ten million in public funds to tip live streamers on platforms including Kuaishou

Cyberspace administration to strictly regulate the dissemination of false and untrue information that lacks AI labeling

Industry analysis indicates Kuaishou is focusing on a specialization strategy in the multimodal AI field

Kuaishou's micro-loan business performs impressively in Guangzhou, entering the top ten

China's State Council emphasizes comprehensive promotion of AI development, benefiting related industries

Kuaishou Smart Cloud Technology's Registered Capital Increased to 1.95 Billion Yuan

Kuaishou's Magnetic Engine Builds a New Business Ecosystem for the 'New Year's Goods Festival' to Empower Merchants

Kuaishou's tech team announces a paradigm shift in R&D, marking the entry into an organizational stage of AI-driven development

Domestic Video Model Evaluation: ByteDance's Jimeng 2.0 vs. Kuaishou's Kling 3.0

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

STARCOIN GROUP

ALLEGRO CULTURE

WALNUT CAP

MANY IDEA CLOUD

XINHUA LANDE

CENTURY GINWA

HING LEE (HK)

HEALTHYWAY INC

GUANZE MEDICAL

PPS INT'L

00700

09888

01024

09988

01810

On February 13th, the three major indices of Hong Kong stocks collectively weakened in the morning session, with the Hang Seng Index falling by 1.79% and the Hang Seng TECH Index dropping by 1.65%. Affected by regulatory interviews and profit-taking pressure, technology stocks fell across the board, with MEITUAN down 4.54%, Baidu down 3.78%, and JD.com down 3.04%. Although Tencent continued to attract attention from southbound funds, its stock price still adjusted down by 1.68%. Individual stocks showed divergence, with AI concept stock Zhipu surging over 28% against the trend, and catering leader Haidilao rising by 2.22%. Market risk aversion sentiment is rising, entering a phase of digestion and consolidation in the short term

- On February 13, Hong Kong's three major indices fell after a recent high, indicating profit-taking pressure amid heightened risk aversion.  
- The Hang Seng Index closed at 26,548.41 points, dropping 1.79%, with the technology and retail sectors, including Tencent and Alibaba, showing significant declines due to regulatory concerns.  
- Market focus is shifting to external liquidity and mainland economic recovery, as the upcoming macro data release is anticipated to influence market direction.

Market Heartbeat

TENCENT

BIDU-SW

KUAISHOU-W

JD-SW

BABA-W

MNSO

HAIDILAO

MEITUAN

YUM CHINA

XIAOMI-W

KNOWLEDGE ATLAS

Tencent Holdings Limited

Dacheng Hang Seng Technology ETF(QDII)

Tencent

Hang Seng TECH Index

Hang Seng Index

CAM HS TECH

CSOP HS TECH

HSTECH ETF

FL2 CSOP HSI

Baidu

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

FI2 CSOP HSI

ChinaAMC Hang Seng Technology ETF(QDII)

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.79%, tech stocks collectively declined, while AI concept stock Zhipu surged over 28% against the trend

Goldman Sachs reiterated its "Buy" rating on KUAISHOU-W, with a target price of 87 yuan. The report analyzed investors' core controversies regarding KUAISHOU-W, including the potential of generative AI, industry competition, and tax-related issues. Goldman Sachs pointed out that after a recent adjustment, KUAISHOU-W's stock price fell below the forecasted price-to-earnings ratio of 12 times for 2026, believing that the market has underestimated the valuation of KUAISHOU-W's artificial intelligence business, making the risk-reward more favorable

AASTOCKS

Goldman Sachs reiterated its "Buy" rating on KUAISHOU-W, indicating that the market underestimates the valuation of its core business

CSSW传媒

517770

159805

Goldman Sachs believes that the AI video generation field is not a "winner-takes-all" scenario, and both KUAISHOU-W and ByteDance's Dream will benefit from market expansion. It is expected that the global AI video generation market will grow from USD 3 billion in 2025 to USD 29 billion in 2030, a tenfold increase. AI technology will reshape the value chain of the entertainment industry, shifting towards upstream IP design and distribution platforms, which will gain higher added value

- Goldman Sachs highlights that the AI video generation market is not a zero-sum game, with multiple players like Kuaishou and ByteDance's Dream benefiting from market expansion.  
- Following the launch of Dream 2.0 on February 12, the competition between platforms is intensifying, with Kuaishou's 3.0 model having advanced capabilities and maintaining competitiveness in certain aspects despite a late release.  
- The global AI video generation market is projected to grow tenfold by 2030, reaching about $29 billion, leading to increased opportunities for leading models amid a diversified market landscape.

Wallstreetcn

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Penghua CSI Media ETF

"KUAISHOU-W vs ByteDance" Who is stronger? Goldman Sachs: There is no "winner takes all," but AI will significantly change the value distribution in the entertainment industry

The three major indices of the Hong Kong stock market were all under pressure today, with the Hang Seng Index falling 1.52%, the Hang Seng Tech Index dropping 1.24%, as the market faced profit-taking after reaching a peak. The technology, internet, and retail sectors generally weakened, with heavyweight stocks Tencent Holdings down 1.77%, Alibaba down 2.21%, and Meituan down 3.30%. The restaurant sector showed mixed performance, with Haidilao rising 1.56% against the trend. In terms of individual stocks, Aisinyuan Intelligence surged 13.68% on its first day of listing, while Starry Chain Group experienced significant volatility due to name change expectations. Investors are closely monitoring upcoming CPI and GDP data to assess the economic recovery process

- The Hong Kong stock market showed declines today, with major indexes experiencing profit-taking after yesterday's highs.  
- The Hang Seng Index fell by 1.52% to 26,622.96 points, while tech and retail sectors suffered due to cautious consumer recovery expectations.  
- Market participants are focused on forthcoming economic data, including CPI and GDP, to assess recovery resilience, as trading activity indicates strategic movements towards certain sectors.

AXERA

LONGCHEER

Hong Kong stock market intraday | The Hang Seng Index fell 1.52%, technology weighted stocks broadly declined, Meituan fell 3.30%, and Aisino surged 13.68%

On February 12th, the three major indices of the Hong Kong stock market collectively adjusted, with the Hang Seng Index falling 0.86% to 27,032.54 points, and the Hang Seng TECH Index dropping 1.65%. In terms of sectors, internet and restaurant stocks generally declined, with Meituan falling 4.5%, and Tencent and Baidu both moving lower; SenseTime surged 6.77% against the trend due to capital inflow, and Zijin Mining rose 3.45%. Investors are closely monitoring liquidity indicators such as M3 and foreign exchange reserves, and market sentiment is becoming cautious

- On February 12, Hong Kong stocks closed lower after recent highs, with the Hang Seng Index down 0.86% at 27,032.54 points.  
- Major sectors like internet content and restaurants faced significant declines, illustrating investor caution amid recovery challenges in consumption.  
- The market is focused on macro liquidity and economic recovery indicators, particularly retail sales and unemployment rates, to gauge future economic prospects.

ILUVATAR COREX

HUAYUEXPRESSWAY

BOER POWER

FI2CAMNDQ100

FI CSOP HSI

Meituan

Hong Kong Stock Market Closing | Hang Seng Index fell 0.86%, losing high ground, Meituan plummeted 4.5% leading the decline in technology and dining sectors, SenseTime surged 6.77% against the trend

TCTZF

BABX

BABA

KBAB

CITIC Securities International's research report points out that the model iteration of mainland internet companies has accelerated, enhancing the valuation recovery of the Hong Kong stock technology sector. It highlights companies such as Alibaba, Tencent, and Kuaishou, believing that the investment logic of the AI mainline has significantly strengthened, and future heavyweight models like DeepSeek-V4 and Alibaba Qwen 3.5 will become catalysts. Preferred stocks include Alibaba and Tencent

BABA 2x Long Daily ETF - GraniteShares

Hwabao CSI HK Equities Internet ETF

iShares MSCI China

Krne Csi China Internet

E Fund CSI HK Connect Internet ETF

Alibaba

Emerging Markets Internet ETF

KraneShares 2x Long BABA Daily ETF

ChinaAMC Hang Seng Internet Technology Industry ETF(QDII)

Harvest Hang Seng SCHK Technology ETF

CITIC Securities International: Domestic model iteration accelerates valuation recovery of Hong Kong stock technology sector, with Alibaba and Tencent as top picks

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng Index falling 0.92% around the 27,000-point mark, and the Hang Seng Technology Index leading the decline with a drop of 1.59%. Affected by concerns over intensified AI competition, internet technology stocks fell broadly, with Tencent Holdings down 2.28%; the catering sector saw a significant pullback, with Meituan dropping 4.73%. Funds focused on AI applications and restructuring concepts, with KNOWLEDGE ATLAS, MiniMax, and others rising against the trend, while BOER POWER surged over 112% due to restructuring expectations. Market sentiment remains cautious, awaiting guidance from macroeconomic data

- On February 12, Hong Kong's three major stock indices declined collectively, indicating cautious market sentiment after hitting peak levels the previous day.  
- The Hang Seng Index fell by 0.92% to 27,014.81, while the Hang Seng Tech Index experienced a 1.59% drop, and the Hang Seng China Enterprises Index decreased by 1.02%.  
- Concerns over intensified competition among AI models affected various sectors, particularly internet content, retail, and restaurant segments, leading to a generally defensive investor mood awaiting further policy guidance.

MINIMAX-WP

UNISOUND

Hong Kong stock market intraday | Hang Seng Tech Index fell 1.59%, with the restaurant and internet sectors experiencing widespread declines, Meituan dropped 4.73%, and BOER POWER surged 112%

EBIZ

Huachuang Securities stated that at the beginning of the year, domestic multimodal models were updated intensively, with models like Ke Neng 3.0 and Seedance 2.0 significantly enhancing "controllability," marking a leap in AI video from entertainment to industrial production. By reducing the "card drawing" waste rate, the marginal cost of video production converges towards computing power costs. ByteDance focuses on efficiency infrastructure, Kuaishou delves into professional narratives, and Alibaba strengthens vertical e-commerce, collectively driving a revolution in content supply and the revaluation of IP value

- The report highlights recent updates in multimodal AI tools, notably Kuaishou's Kling 3.0 and Byte's Seedance 2.0, indicating a shift towards tools suitable for workflow integration rather than mere entertainment.  
- It emphasizes improvements in controllability, consistency across shots, and enhanced editing capabilities aimed at lowering the waste rate in video production, thus impacting e-commerce and short series production.  
- The analysis forecasts that as production costs trend towards computational expenses, the focus will shift to the value of intellectual property, enhancing the market potential of leading IPs.

Global X E-commerce ETF

Differentiation among major companies in the multi-modal "Deepseek Moment": ByteDance focuses on "efficiency," Kuaishou targets "professionalism," and Alibaba concentrates on "e-commerce"!

09626

On February 12th, the Hong Kong stock market closed at noon, with the three major indices collectively adjusting after yesterday's surge, and the Hang Seng TECH Index fell by 1.68%. Technology heavyweight stocks were all weak, with Meituan leading the decline, dropping 4.16%, while Tencent and Alibaba also weakened simultaneously. The catering and retail sectors were dragged down by market sentiment. Despite the overall market weakness, ZIJIN MINING rose against the trend by 2.25%, and YOFC surged by 11.35%. Market funds have entered a wait-and-see period, awaiting inflation data to verify the sustainability of consumer recovery

- On February 12, Hong Kong stocks experienced a technical correction after a previous surge, with major indices all declining.  
- The Hang Seng Index fell 0.89% to 27,024.06, while technology and retail sectors were notably affected, with Tencent down 2.65% and Meituan down 4.16%.  
- Market sentiment is cautious ahead of upcoming macroeconomic data releases, including CPI and unemployment rates, vital for assessing the sustainability of local consumption recovery.

BILIBILI-W

HPC HOLDINGS

TOUYUN BIOTECH

HANVEY GROUP

ZIJIN MINING

YOFC

Hong Kong Stock Market Mid-Review | The Hang Seng Index fell 0.89%, technology weights weakened across the board, Meituan plummeted 4.16%, and YOFC surged 11.35%

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng TECH Index falling by 1.58%, leading the market decline. Affected by the escalation of the AI model war, the internet and retail sectors experienced widespread declines, with heavyweight stocks such as Tencent Holdings, Meituan, and Alibaba under pressure. Market sentiment has turned cautious, with funds closely monitoring macro data such as retail sales and imports and exports to verify the strength of the economic recovery

- On February 12, Hong Kong's stock indices experienced a collective downturn after reaching yesterday's highs, with the Hang Seng Index down 0.68% to 27,082.16 points.  
- The technology sector faced significant losses, particularly the Hang Seng Tech Index, which fell 1.58%, pressured by concerns over competition in the AI market.  
- Investors are focusing on macroeconomic data for February, especially retail sales and import-export figures, to gauge local consumption recovery and external demand resilience.

JD-SWR

LEMO SERVICES

TJCD

Hong Kong stock market intraday | Hang Seng TECH Index down 1.58%, Tencent down 2.83%, Meituan down 3.38%

00992

02720

On February 11th, the three major indices of the Hong Kong stock market closed higher collectively, with market sentiment warming up. The Hang Seng Tech Index led the gains, closing at 5499.99 points. In terms of sectors, hardware and automotive stocks performed strongly, with Xiaomi Group surging 4.27% on news of new vehicles, and Bilibili rising over 5% due to valuation recovery; the internet and retail sectors showed mixed performance, with Tencent and Alibaba experiencing slight pullbacks. Capital competition was intense, as the market awaited guidance from macro data such as retail sales and CPI

- On February 11, the Hong Kong stock market showed resilience, with major indices closing positively; the Hang Seng Index rose 0.31% to 27,266.38 points.  
- Notable performers included Xiaomi Group, up 4.27% driven by positive sentiment from new SUV announcements, while the Hang Seng Tech Index climbed 0.90%.  
- Investors are closely monitoring upcoming retail sales and CPI data to gauge the recovery of local consumption amidst cautious market sentiment.

LENOVO GROUP

RIDGE OUTDOOR

ELEGANCEOPTICAL

HAO BAI INTL

ONEROBOTICS

SMIC

Hong Kong stocks closed | All three major indices rose, with the Hang Seng Tech Index up 0.90%, and Xiaomi Group rising over 4%

02562

On February 11th, the three major indices of the Hong Kong stock market rose slightly during the session, with the Hang Seng Technology Index leading the gains at 0.74%, showing a narrow range of fluctuations overall. In terms of sectors, the hardware and storage sectors performed strongly, with Xiaomi Group surging 4.38% driven by expectations of AI and new products; the internet sector showed divergence, with Bilibili rising 5.41% and Tencent Holdings falling 1.09%. In terms of individual stocks, Synagistics and Ridge Outdoor soared over 35% due to positive news. The current market is in a macro data vacuum period, with investor sentiment primarily cautious

- On February 11, Hong Kong's stock indices showed a slight overall rise, with investor sentiment remaining cautious amid a lack of macroeconomic data.  
- The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index led gains at 0.74%, although major indices stayed below recent highs.  
- Market focus shifted towards upcoming retail sales and trade data, as well as inflation and unemployment metrics, which are crucial for assessing economic resilience.

SYNAGISTICS

KB LAMINATES

JIAXIN INTL RES

ISHARESHSTECH

Xiaomi Corporation

XL2CSOPHSTECH

CAM HS TECH-U

XI2CSOPHSTECH

Hong Kong stock market intraday | Hang Seng TECH Index up 0.74%, hardware sector strengthens, Xiaomi surges 4.38%, Tencent down 1.09%

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.

Why the Chinese Model Leads in AI Video

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.

HUA HONG SEMI

DRINDA

JLMAG

CNBM

VanEck Semiconductor ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Direxion Semicon Bull 3X

GTJA Allianz SSE STAR Chip Design Thematic ETF

iShares Semiconductor ETF

SPDR S&P Semicon

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

Hang Seng TECH ETF I

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

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

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. ...

EASTROC

Webull

EASTROC BEVERAGE

WisdomTree Gold

Taiwan Semiconductor

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

NVDA quietly revises data, slashing its copper consumption forecast; Kuaishou to issue a three-tranche notes offering | Daily News Recap

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...

CHINA LIT

XPENG-W

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

HUKUASO@EC2604A(19374.HK)

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.79%, tech stocks collectively declined, while AI concept stock Zhipu surged over 28% against the trend

Goldman Sachs reiterated its "Buy" rating on KUAISHOU-W, indicating that the market underestimates the valuation of its core business

"KUAISHOU-W vs ByteDance" Who is stronger? Goldman Sachs: There is no "winner takes all," but AI will significantly change the value distribution in the entertainment industry

Hong Kong stock market intraday | The Hang Seng Index fell 1.52%, technology weighted stocks broadly declined, Meituan fell 3.30%, and Aisino surged 13.68%

Hong Kong Stock Market Closing | Hang Seng Index fell 0.86%, losing high ground, Meituan plummeted 4.5% leading the decline in technology and dining sectors, SenseTime surged 6.77% against the trend