快手-WKling AI持续快速迭代

中信证券02-05

摘要中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在2026年2月3日发布的题为《Kling AI continuesrapid iterations》的报告，分析预计快手在2025年四季度总营收及调整后净利润将分别实现增长，Kling AI收入可能继续超预期增长。Kling APP通过新型社交玩法Control Motion获得用户青睐，并升级了Kling2.6Turbo的视频与音频...

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Analysis数据，Kling2.5的图生视频功能位列全球第一，其API定价为每分钟4.20美元，仅为Sora2Pro定价30美元的14%。此外，Kling的典型视频生成时间约86.4秒，快于Sora2Pro的449.6秒。具有竞争力的定价与生成效率将助力Kling持续吸引用户。电商业务增速受竞争加剧影响放缓研究指出，快手的在线营销收入预计同比增长，主要受电商GMV同比增长及外部广告同比增长驱动。外部广告增长可能受益于短剧、小游戏、小说等内容消费垂直领域的强劲扩张，但部分被巴西市场下滑所抵消-当地在线支付新规对广告行业造成负面影响。内部广告增速可能低于GMV增速，因平台持续为商家提供流量支持以推动货架电商生态发展。在市场竞争加剧与消费疲软背景下，电商广告货币化率可能同比/环比下降。不过KOL分佣可能推高电商佣金抽佣率。直播业务受内容治理影响承压直播收入可能同比下降，主要受高基数效应与持续加强的内容治理影响。催化因素月活跃用户增长超预期、单用户广告收入提升、通过有效成本控制(尤其是销售与市场费用)实现利润率改善。投资风险快手核心增长支柱面临传统电商平台、直接竞争对手抖音以及微信视频号快速发展的激烈竞争。若无法保持竞争力叠加宏观经济与监管环境潜在恶化可能构成下行风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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