Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The launch of the AI video generation model Seedance 2.0 by ByteDance is expected to significantly accelerate the development of the AI animation industry. The model's capabilities have been greatly enhanced, allowing for a transition from "generating a scene" to "completing a work" [2][3]. - Seedance 2.0 offers users near "director-level" precision in video generation, including features like self-storyboarding, multi-modal references, audio-visual synchronization, and multi-shot narrative capabilities. Users can specify video generation effects using up to 9 images, 3 videos, and 3 audio segments [2][3]. - The model's improved video usability rate is projected to reach 90% for generating 15-second videos, a significant increase from the previous industry average of around 20%. This enhancement is expected to lower production costs dramatically, with the cost of a 90-minute video project potentially decreasing from over 10,000 yuan to around 2,000 yuan [2][3]. - The AI technology represented by Seedance 2.0 is likely to push the animation industry into a phase of scaled development. Traditional animation often requires years of refinement and substantial financial investment, while the lightweight production of short video products can significantly reduce creation time and lower barriers to entry. The domestic animation user base is projected to grow from approximately 120 million in 2025 to 280 million in 2026 [2][3]. Investment Recommendations - Recommended companies to focus on include: - AI Applications: Decai Co., Zhaochi Co., Zhongwen Online, and Zhangyue Technology - AI Infrastructure: Dongyangguang, Runze Technology, and Guanghuan New Network - AI Chips: Cambricon and Haiguang Information [4].

Group 1 - The company Zhihu-W (02390) announced a share buyback plan on February 6, 2026, with an investment of $112,000 to repurchase 97,000 shares [1]

格隆汇2月9日丨知乎-W(02390.HK)发布公告，2026年2月5日耗资11.2万美元回购9.67万股。 ...

智通财经APP讯，知乎-W(02390)发布公告，于2026年2月6日斥资11.2万美元回购9.7万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 知乎 呈交日期： 2026年2月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02390 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | ...

知乎-W(02390)公布，2026年2月5日耗资约11.49万美元回购9.9万股股份。 ...

智通财经APP讯，知乎-W(02390)公布，2026年2月5日耗资约11.49万美元回购9.9万股股份。 ...

格隆汇2月6日丨知乎-W(02390.HK)发布公告，2026年2月5日耗资11.5万美元回购9.9万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 知乎 呈交日期： 2026年2月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 02390 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股 ...

知乎-W(02390)发布公告，于2026年2月4日该公司斥资10.89万美元回购9.38万股，回购价格为每股1.12- 1.1833美元。 ...