（2）创新药方面，2~3月为港股药企业绩披露窗口，多家有望迎来减亏或扭亏；展望全年，AACR(4 月)、ASCO(5月)、ESMO(10月)等学术会议渐次到来，国产创新药有望进一步带来临床数据的兑现。 关注港股通科技ETF基金（159101.SZ）及其联接C（025806.OF），被动跟踪国证港股通科技指数，该 指数在恒生科技基础上，龙头权重更集中（阿里巴巴、腾讯控股合计占比30%），同时兼顾创新药龙头 （药明生物/信达生物/康方生物）。港股通科技ETF基金（159101.SZ）在深圳证券交易所上市，并支持 T+0日内灵活回转交易，为A股投资者提供低门槛、免开跨境户和免换汇的便利。 2月10日盘初，港股AI应用、创新药板块延续昨日涨势。阅文集团、智谱涨超6%，快手-W涨超4%，药 明生物、康方生物、信达生物涨超2%，港股通科技ETF基金（159101.SZ）盘中涨1%。 综合招商证券、国金证券等机构观点，港股科技资产前期回调较为充分，后市催化增多： （1）AI应用方面，腾讯、阿里纷纷在春节期间进行大模型宣传、快手可灵年化ARR超预期、DeepSeek 或在春节期间发布最新V4大模型。 ...

快手：网信办罚款靴子落地，可灵3.0迭代有望拉动流水和估值 整体看，可灵更适合专业创作者，在实际创作应用中灵 快手：网信办罚款靴子落地，可灵3.0迭代有望拉动流水和估值 #2月6日，北京市互联网信息办公室对北京快手科技有限公司处以警告及1.191亿元人民币罚款，因其未履行网络 安全保护义务等问题。 快手App未下架整改，罚款约占档期利润0.5%，靴子落地。 #可灵3.0版本迭代，同时seedance发布2.0产品。 #2月6日，北京市互联网信息办公室对北京快手科技有限公司处以警告及1.191亿元人民币罚款，因其未履行网络 安全保护义务等问题。 快手App未下架整改，罚款约占档期利润0.5%，靴子落地。 #可灵3.0版本迭代，同时seedance发布2.0产品。 整体看，可灵更适合专业创作者，在实际创作应用中灵活度和自由度都比较高，目前观察到几个对比： 1）时长：均支持15s视频，可灵超长续写至2min，seedance不支持续写； 2）素材：可灵支持≤4张图片参考，seedance多模态自由度更高，支持9图+3视频+3音频； 3）分辨率：可灵分辨率上限4K，专业影视级画质输出，seedance支持； 4）成本 ...

Summary of Conference Call Records Industry Overview - The Chinese short drama industry holds a significant global leading advantage, with platforms like Reelshort, Dramabox, and Dramawave outperforming local competitors in revenue generation, supported by the comprehensive strengths of Chinese cultural enterprises in web literature IP, short drama production, and promotional strategies. Short dramas have become a crucial category for Chinese cultural exports [1][1]. Key Insights 1. **Growth in Short Drama and Comic Drama Sectors**: The comic drama sector is expected to experience accelerated growth by Q4 2025, with a notable increase in the number of projects and materials being produced [2][2]. 2. **Dramatic Increase in Comic Drama Projects**: Data from DataEye-ADX indicates that the number of comic drama projects will surge from 234 in January to 17,944 by December 2025, representing a growth of over 76 times. Similarly, the number of comic drama materials will rise from 27,000 to 1,623,000, a growth of over 59 times [2][2]. 3. **Recognition of Seedance and Kling Models**: The Seedance 2.0 and Kling 3.0 models have gained significant industry recognition, enhancing their global influence. These models have shown remarkable advancements in key areas such as intelligent camera work, consistency, and audio-visual synchronization [2][2]. 4. **Investment Opportunities in Multi-modal Fields**: The advancements in video models present investment opportunities in the multi-modal sector, with industry leaders acknowledging the impressive capabilities of AI in understanding and integrating multi-modal information [2][2]. Recommendations - **Long-term Investment in Short/Comic Drama**: It is recommended to focus on long-term investment opportunities in the short and comic drama sectors, particularly in companies with strong IP accumulation and early positioning in the comic drama field, such as Chinese Online, Huayi Brothers, Kunlun Wanwei, and others [3][3]. - **Attractive Valuation for Kuaishou**: Kuaishou is highlighted as having an attractive valuation, with the release of the Ling 3.0 model expected to further enhance the company's AI business revenue and valuation [2][2]. Financial Projections - The projected non-IFRS net profits for the company from 2025 to 2027 are estimated at 20.6 billion, 22.9 billion, and 25.2 billion yuan, respectively. The current market capitalization corresponds to a valuation of only 12 times for 2026, maintaining a "buy" rating [3][3]. Risks - Potential risks include the pace of model technology iteration not meeting expectations, slow commercialization of AI applications, and regulatory policy risks within the industry [3][3].

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's artificial intelligence stocks, indicating a positive market trend in this sector [2] - Cloud Wisdom (云知声) saw an increase of over 13%, reflecting strong investor interest and confidence in its performance [2] - Other companies such as Reading Group (阅文集团), Zhiyun (智谱), and MINIMAX-WP experienced gains exceeding 6%, showcasing a broader rally in AI-related stocks [2] - Companies like Zhihu (知乎), Kuaishou (快手), and Horizon Robotics (地平线机器人) also reported increases of over 4%, further emphasizing the momentum in the AI market [2]

【长江传媒互联网】# 快手 调整点评：AI视频工具各有所长，调整后更具性价比，请重视机会！ 今早快手收跌4%+，市场核心担心：1）此前直播监管处罚落地影响；2）seedance2.0竞争问题。 我们认为： 1网信办针对此前快手平台内容直播问题处罚1.19e，该事件已平稳落地。 【长江传媒互联网】# 快手 调整点评：AI视频工具各有所长，调整后更具性价比，请重视机会！ 今早快手收跌4%+，市场核心担心：1）此前直播监管处罚落地影响；2）seedance2.0竞争问题。 2seedanc2.0更新后，其确实：1）在AI漫剧较难的音频等环节卡点处理较好，漫画动作捕捉能力抬升（但仍未彻底 解决穿模问题）；2）抽卡废片率较低，zj内部人用较有性价比。 以上两点并未影响可灵在专业影视，真实世界方面的渲染能力超强，# 实际上AI视频擅长领域各有所长。 从基本面影响来看，快手利润体量200e+，此次处罚金额力度影响有限。 3竞争问题老生常谈了，我们基于可灵擅长的影视/广告/电商赛道加速渗透趋势测算，未来该市场拥有千亿美元+体 量，而现在头部玩家渗透仅有1％左右，相较于竞争我们更应该欣喜国内厂商逐步认可该赛道，大家共同做大做 ...

在叙事能力方面，据介绍，新模型支持最长15秒的连续视频生成，并引入了智能分镜与自定义镜头控制 功能。这意味着，创作者可以通过文字指令，对镜头节奏和叙事结构进行一定程度的组织，不再完全依 赖于对碎片化片段的拼接。模型还支持原生音画同步生成，兼容多国语言及多种地方口音。 在图片生成方面，据了解，可灵图片3.0系列模型支持生成最高4K分辨率的图片，并新增了系列组图生 成功能，旨在保持组图间风格与细节的一致性，以适配影视分镜、概念设定等专业需求。 东方证券指出，可灵3.0版本进一步推进技术前沿，若在春节前全面推广，有望延续1月产品热度，带动 需求释放。维持快手"买入"评级，目标价104.36港元。中信证券认为，可灵3.0模型已适配影视级创作场 景，其商业化进程加速验证了产品竞争力。花旗则在报告指出，可灵移动端收入增长强劲，预计其2026 年收入将翻倍至2亿美元，重申"买入"评级，目标价95港元。 据悉，此次上线的模型覆盖了图片生成、视频生成、编辑及后期等流程。据介绍，与过往版本相比， 3.0系列模型在保持视频中人物、场景一致性方面进行了技术优化。据了解，其"图生视频+主体参考"技 术，旨在解决行业中长期存在的主体形象 ...

据悉，此次上线的模型覆盖了图片生成、视频生成、编辑及后期等流程。据介绍，与过往版本相比， 3.0系列模型在保持视频中人物、场景一致性方面进行了技术优化。据了解，其"图生视频+主体参考"技 术，旨在解决行业中长期存在的主体形象、品牌标识在多镜头切换中难以保持稳定的问题，以降低后期 修正成本。 在叙事能力方面，据介绍，新模型支持最长15秒的连续视频生成，并引入了智能分镜与自定义镜头控制 功能。这意味着，创作者可以通过文字指令，对镜头节奏和叙事结构进行一定程度的组织，不再完全依 赖于对碎片化片段的拼接。模型还支持原生音画同步生成，兼容多国语言及多种地方口音。 2月10日，快手-W(01024)开盘涨超4%，最高涨至每股72.7港元。消息面上，2月9日，快手宣布与中央 广播电视总台《2026年春节联欢晚会》达成合作。春晚期间，快手将通过直播、点播及短视频等多种内 容形态，呈现2026年央视春晚全程内容，同时支持历年春晚节目回看。 同期，快手旗下视频生成产品可灵AI迎来重大升级。2月5日，可灵AI正式上线3.0系列模型，包括可灵 视频3.0、可灵视频3.0 Omni、可灵图片3.0及可灵图片3.0 Omni。据了解，目 ...

Core Viewpoint - The report from Zhongyin International indicates that Kuaishou-W (01024) is expected to meet market expectations for its Q4 performance, with total revenue projected to grow by 10% year-on-year and adjusted net profit reaching 5.4 billion RMB [1] Group 1: Financial Performance - Total revenue for Kuaishou is anticipated to increase by 10% year-on-year [1] - Adjusted net profit is expected to reach 5.4 billion RMB [1] Group 2: Rating and Price Target - The company rating has been upgraded to "Buy" [1] - The target price has been raised from 66 HKD to 80 HKD [1] Group 3: Competitive Landscape and Strategy - The company faces short-term pressures from intense competition in its core business and stricter tax scrutiny [1] - Kuaishou's focus on integrating AI capabilities with its core content and commercial ecosystem is expected to unlock long-term commercialization potential [1] - The AI capabilities, including customizable features, user-friendly interface, competitive monetization strategies, cost-effectiveness, and localized operations, will further strengthen Kuaishou's global competitive advantage [1]

Core Viewpoint - Zhongyin International's report indicates that Kuaishou-W (01024) is expected to meet market expectations for its Q4 performance, with total revenue projected to grow by 10% year-on-year and adjusted net profit reaching 5.4 billion RMB [1] Group 1: Financial Performance - Total revenue for Kuaishou is anticipated to increase by 10% year-on-year [1] - Adjusted net profit is expected to reach 5.4 billion RMB [1] Group 2: Investment Rating and Target Price - The company rating has been upgraded to "Buy" [1] - The target price has been raised from 66 HKD to 80 HKD [1] Group 3: Competitive Landscape and Strategic Focus - The company faces short-term pressures from intense competition in its core business and stricter tax scrutiny [1] - The integration of AI capabilities, including Keling, with core content and business ecosystems is expected to unlock long-term commercialization potential [1] - Keling AI is set to enhance global competitive advantages through model capabilities, customization features, user-friendly interfaces, competitive monetization strategies, cost-effectiveness, and localized operations [1]

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]