算力压力下，快手计划拆出三分之二个自己

第一财经05-12

行业仍处于“重资本”驱动阶段。　　5月12日，快手（1024.HK）发布公告称，为了进一步利用外部财务资源，公司董事会正在评估拟议重组可灵AI相关资产及业务方案，其中或涉及引入外部融资。拟议方案仍处于初步阶段，公司尚未就此签署任何最终协议，概不保证该等拟议方案将会进行。　　至午盘，快手股价涨3.49%至53.4港元，总市值2321亿港元，约296亿美元。　　此前有消息称快手计划分拆旗下视频...

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itself","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"01024":1.97},"content_text":"行业仍处于“重资本”驱动阶段。\n　　5月12日，快手（1024.HK）发布公告称，为了进一步利用外部财务资源，公司董事会正在评估拟议重组可灵AI相关资产及业务方案，其中或涉及引入外部融资。拟议方案仍处于初步阶段，公司尚未就此签署任何最终协议，概不保证该等拟议方案将会进行。\n　　至午盘，快手股价涨3.49%至53.4港元，总市值2321亿港元，约296亿美元。\n　　此前有消息称快手计划分拆旗下视频模型业务可灵AI，预估明年推进IPO上市，已与潜在投资者就Pre-IPO融资进行洽谈，整体估值近200亿美元，约占快手总市值的67.6%。\n　　视频大模型赛道发展多年，但受高成本制约，并未成为AI领域最受资本追捧的方向。但今年以来，在世界模型落地需求、AI短剧/漫改商业化爆发等多重因素推动下，赛道提速明显。\n　　据DataEye研究院统计，2025年全国漫剧市场规模估计达168亿元，预计2026年将进一步增长至244亿元，增长动因首要是AI驱动供给端产能暴增，其次是真人短剧产业链上的玩家将商业模式复用至漫剧赛道。\n\n　　与此同时，创意工作者、电影制作人和营销人员对AI视频的需求也在激增，谷歌、Meta Platforms Inc．以及埃隆·马斯克的xAI过去一年时间也都在各自的聊天机器人中加入了文生视频和图生视频的功能。\n　　从中外差异化角度来看，中信证券研报分析认为，海外厂商倾向从影视、广告等专业B端切入，通过独立平台、SaaS与API输出能力，以订阅和企业服务为主。国内厂商则率先嵌入短视频、内容社区、电商营销、短剧漫剧等高频成熟场景，通过平台分发、数据反馈和内容消费闭环带动模型迭代与商业变现，更具落地优势。\n　　此外，视频大模型被视为构建世界模型的核心数据来源与能力基石，它能让AI从理解静态图像升级为理解时空、物理、运动与因果关系，直接支撑世界模型对现实世界的模拟、预测与推演。\n　　沂景资本董事总经理谢思远对第一财经记者表示，世界模型在一定程度上连接了互联网侧相对丰富的数据资源，以及具身智能等数据极为稀缺的行业需求，包括无人驾驶等方向。因此，从供给与需求的匹配角度来看，这一方向的逻辑较为清晰。\n　　受上述因素推动，视频模型行业竞争进一步加剧，推高各平台算力成本。谢思远表示，目前头部视频模型在基础生成能力上已逐步接近，这一阶段的竞争核心转向资本与资源投入，包括算力、数据、持续迭代能力。具备海量视频数据与算力优势的平台型公司仍占相对优势。短期看，破局仍与资源投入强相关，行业仍处于“重资本”驱动阶段。\n　　表现在市场端，此前有消息称，字节跳动计划将2026年资本支出上调25%至超300亿美元，原因是对人工智能的投入以及内存成本的上升。字节跳动官方暂未对该数据进行确认。另外，其他视频模型公司如生数科技、爱诗科技等相继披露融资动态。\n　　在此背景下，快手选择分拆可灵AI独立融资，则是更直接高效的资本突围路径，既能减轻母公司快手的算力与财务压力，又能独立对接外部资源，在“重资本”竞赛中换取更灵活的弹药供给。\n\n\n海量资讯、精准解读，尽在新浪财经APP","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":1,"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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