本文源自：金融界AI电报 港股科网股盘初普涨，网易-S(09999.HK)涨4.18%、京东健康(06618.HK)涨3.2%、快手(01024.HK)涨 3.01%、美团(03690.HK)涨3%。 ...

港股恒生指数开盘涨1.46%，报26798.97点，恒生科技指数涨1.77%，报5303.5点，国企指数涨1.47%，报9091.15点，红筹指数涨0.27%，报4395.97点。 大型科技股中，阿里巴巴-W涨2.04%，腾讯控股涨1.34%，京东集团-SW涨2.12%，小米集团-W涨1.41%，网易-S涨5.24%，美团-W涨3.03%，快手-W涨 3.16%，哔哩哔哩-W涨1.39%。网易涨超5%领涨蓝筹，智谱高位回落跌近14%，公司就改版致歉，支持用户退款。 当地时间2月21日，特朗普宣布将全球输美商品关税从10%提高至15%并立即生效，称将推出新"合法关税"。稍早前，美国联邦最高法院公布裁决结果，认 定特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施缺乏明确法律授权。 为了配合特朗普的关税政策，美国贸易代表办公室宣布启动新一轮"301条款"调查，范围覆盖大多数主要贸易伙伴。贸易代表格里尔表示，美国与欧盟、韩 国等国家达成的那些协议仍然有效。 上周五，三大指数集体收涨，纳指涨0.9%，上周累涨1.51%；标普500指数涨0.69%，上周累涨1.07%；道指涨0.47%，上周累涨0.25%。科 ...

（文/陈济深 编辑/吕栋） 据公司招股书及最新披露信息，2025年公司营收同比增长超300%，企业级客户数量突破2万家，覆盖金 融、政务、工业制造等十余个核心行业，标杆客户复购率超80%。 2月16日，智谱发布消息称，由于全球范围内对GLM-5的需求激增，并发访问量突破了既有规划的上 限，导致服务出现排队、响应延迟及卡顿现象，影响到部分用户的体验，公司对此深表歉意。 智谱称，尽管已经多次对国产芯片集群进行扩容，并限量发售了GLMCodingPlan套餐，但依然无法彻底 解决当前供不应求的局面。为了给用户提供更极致的智能体验，智谱启动"算力合伙人"招募计划，包括 芯片厂商、算力伙伴与推理服务商、以及其他形式的算力合作。 智谱近期大涨也契合了国内AI大模型产业的高景气度周期。据IDC此前发布的《中国大模型市场跟踪报 告》显示，2025年中国大模型市场规模同比增长超220%，预计2026年市场规模将突破1800亿元，2023- 2027年复合年均增长率将保持在150%以上。随着大模型从"技术验证"全面进入"规模化商用"阶段，行 业红利开始向具备核心技术和商业化能力的头部企业集中，马太效应愈发凸显。 2026年2月2 ...

在智谱、MINIMAX相继大涨之后，港股科技股的格局已经被改写。一日之内携程、快手和京东市值相 继被智谱和MINIMAX超过，距离百度的3500亿港元并不遥远。此外，今日白电巨头海尔智家市值也被 超过，而新消费龙头泡泡玛特的3273亿港元市值对于智谱、MINIMAX也近在咫尺。 Seedance2.0深度参与春晚 值得注意的是，在春节以及春晚中，各种大模型利好不断传来。 在一众股民调侃恒科成分股已经成为"老登股"的玩笑中，港股大模型双雄智谱、MiniMax农历马年第一 天继续保持高光表现，市值均突破3000亿港元大关，大有一副科技新贵上位的架势。 2月20日，港股迎来农历马年的首个交易日，在恒生科技指数大跌近3%的惨淡市场中，AI六小龙中的智 谱、MiniMax强势暴涨，成为今日市场中为数不多的亮点。 港股开盘后，大模型公司智谱和MINIMAX股价均大幅上涨，其中智谱在经过早盘震荡后，午后股价不 断上扬，先后突破600、700大关，最高触及739港元/股，一度涨幅超过45%，截至收盘智谱涨近43%， 报725港元/股，市值达到3232.4亿港元，市值增加超过967亿港元，相当于一日之内涨出了一个B站。从 2月 ...

Core Viewpoint - The event "Guofeng Yao Milan" organized by Kuaishou in Milan showcased traditional Chinese culture during the Winter Olympics, attracting a diverse audience and promoting cultural exchange [1][10]. Group 1: Event Highlights - The event featured performances by Kuaishou influencers and celebrated the Chinese New Year with traditional elements like lion dancing, which resonated well with both Chinese and foreign attendees [3][5]. - Winter Olympic champion Wang Meng was a key figure at the event, engaging with the audience and sharing her experiences with Chinese culture [3][7]. - The performances included various traditional art forms, such as Qin opera and monkey king acts, which captivated the audience and highlighted the richness of Chinese heritage [7][9]. Group 2: Audience Engagement - The event attracted a mix of Chinese students, expatriates, and foreigners interested in Chinese culture, creating a vibrant atmosphere filled with excitement and cultural appreciation [1][3]. - Attendees expressed their enthusiasm for the performances and the Winter Olympics, with some sharing personal connections to Chinese culture and their experiences in China [5][9]. - The event concluded with a message of unity and sportsmanship, emphasizing the importance of sports in bridging cultural gaps [10].

Group 1 - Goldman Sachs reiterated a "buy" rating for Kuaishou, highlighting the competitive landscape between Kuaishou's Keling AI and ByteDance's Seedance 2.0 [1] - The report noted that the release of Keling 3.0 has significantly improved capabilities in multimodal generation, image consistency, scene control, and multilingual audio generation, placing it among the top globally [1] - Despite some market feedback favoring Seedance 2.0 for physical motion and complex action handling, Keling AI remains competitive in image consistency, commercial scene adaptability, and professional creation capabilities, particularly in the enterprise and professional user market [1] Group 2 - The AI video generation industry is in a rapid expansion phase, with no single platform expected to dominate, and the global market size projected to grow approximately tenfold to around $29 billion by 2030 [1] - Keling AI has shown significant acceleration in overseas users and revenue since December of last year, with expectations for continued growth this year [1] - Goldman Sachs forecasts Keling AI's revenue to reach approximately $280 million by 2026, representing a year-over-year growth of over 90% [1] Group 3 - On the valuation front, Goldman Sachs estimates Keling's current implied valuation at around $5 billion, which does not fully reflect its growth potential [2] - Following a recent stock price correction, Kuaishou's valuation is considered to be in a relatively reasonable range, with the long-term growth potential of its AI business not yet fully reflected in the current stock price [2] - Dongwu Securities reported breakthroughs in consistency, stability, and scene control in the new models compared to the previous generation, with the most significant advancement being the ability to upload a video for reference in generating new videos [2]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Kuaishou (01024) with a 12-month target price of HKD 87, indicating a potential upside of approximately 25% from the current stock price [1] Group 1: Competitive Landscape - The report highlights the competition between Kuaishou's AI video generation model, Keling, and ByteDance's Seedance 2.0 [1] - Keling 3.0 has shown significant improvements in multi-modal generation, visual consistency, scene control, and multi-language audio generation, placing it among the top-tier globally [1] - Despite some market feedback favoring Seedance 2.0 for physical motion and complex action handling, Keling AI remains competitive in visual consistency, commercial scene adaptability, and professional creation capabilities, particularly in the enterprise and professional user market [1] Group 2: Market Expansion - Goldman Sachs believes the AI video generation industry is in a rapid expansion phase and will not lead to a single platform monopoly [1] - The global AI video generation market is expected to grow approximately tenfold over the next five years, reaching around USD 29 billion by 2030 [1] - Multiple leading models are anticipated to benefit from this industry expansion [1] Group 3: Commercialization and Revenue Growth - Since December of last year, Keling AI has seen a significant acceleration in overseas users and revenue, with expectations for continued growth this year [1] - Revenue for Keling AI is projected to reach approximately USD 280 million by 2026, representing a year-over-year growth of over 90% [1] Group 4: Valuation Insights - Goldman Sachs estimates that the current stock price implies a valuation of Keling at around USD 5 billion, which does not fully reflect its growth potential [2] - Following a recent stock price correction, Kuaishou's valuation is considered to be in a relatively reasonable range, with the long-term growth potential of its AI business not yet fully reflected in the current stock price [2]

尽管字节跳动旗下即梦近期推出的Seedance 2.0引发了市场高度关注，但高盛认为，AI视频生成领域并 非"赢家通吃"的零和游戏，快手可灵与字节跳动即梦2.0等头部模型都将从快速扩张的市场中受益，且 AI技术的进步将重塑整个娱乐行业的价值分布。 2月13日，据追风交易台消息，在字节即梦2.0于2月12日正式向公众开放后，投资者对两大平台的竞争 格局高度关注。高盛分析师Lincoln Kong、Ronald Keung及Luqing Zhou在最新研报中表示，可灵3.0在2 月5日升级，较即梦2.0提前数日推出，两者均在音视频一致性、视频时长（15秒）及叙事控制方面实现 重大突破。 尽管部分测试者认为即梦2.0在流畅度和多场景连贯性上表现更优，但高盛强调，可灵3.0在影视级细节 和定价优势上仍保持竞争力，且在第三方基准测试中持续位居全球顶级模型行列。更重要的是，该行预 计全球AI视频生成市场规模将在未来五年增长10倍，至2030年达到约290亿美元，足以容纳多个头部玩 家共存。 可灵3.0对阵即梦2.0：技术对比与市场定位 高盛最新报告详细对比了两大平台的技术能力与市场策略。 研报称，可灵3.0系列包括Kli ...

12 February 2026 | 9:30PM HKT Equity Research Kuaishou Technology (1024.HK) Key debates on Kling vs. Seedance, tax overhang and 2026 growth; Buy 1024.HK 12m Price Target: HK$87.00 Price: HK$69.55 Upside: 25.1% We dissect the key investor debates on Kuaishou that have come up in our conversations over the past 2 months around its Kling AI's potential and competition vs. peers (Seedance 2.0 etc.), various tax related issues and a potential tax overhang in 2026 ("traffic acquisition tax", "eCommerce related ta ...

Group 1 - The core event, Kuaishou Winter Games, took place from February 9 to 11 in Changchun, integrating winter sports with local customs and culture, creating a festive atmosphere for participants and online viewers [1][2] - The event featured a variety of low-threshold winter sports inspired by Olympic events, attracting participants of all ages and backgrounds, fostering a strong community spirit [2][3] - The opening ceremony combined traditional culture with modern elements, featuring performances from local celebrities and cultural showcases, enhancing the festive experience [6][7][8] Group 2 - The "Ice and Snow Forward" competition area included engaging activities that blended traditional sports with creative twists, appealing to a wide audience [5][6] - Kuaishou leveraged online platforms to enhance engagement, achieving over 1.24 billion views on the event's hashtag, promoting both physical activity and tourism in Northeast China [10] - The event aimed to transform Northeast China's winter sports resources into economic opportunities, aligning with the national trend of promoting fitness and winter tourism [10]