快手年內已累計回購約20億港幣 高盛、瑞銀等多家機構調高目標價
9月1日，快手單日回購超8371萬港幣，共計113.7萬股。數據顯示，今年以來，快手已回購3993.43萬股，累計回購金額約20億港元。
近日，快手公司於成都舉辦投資者交流活動。傑富瑞、高盛、瑞銀及東方證券等機構發佈研報，均予以"買入"評級，目標價介於83至95.37港元。機構普遍看好快手在AI視頻生成、電商多元化及推薦系統優化等方面的進展，認爲其技術佈局與業務基本面相輔相成，將推動未來增長。
快手CEO程一笑在光合創作者大會上強調，短視頻與直播一體化運營已成爲平臺核心策略，通過公私域循環和短直聯動機制助力創作者實現流量與變現雙增長。數據顯示，過去一年中，快手萬粉以上創作者投稿量同比增長超100%，月收入超千元的創作者數量同比增長近12%。
快手內容生態持續繁榮，泛知識、三農等垂類創作者增長顯著，公私域協同策略爲創作者帶來曝光與收入雙重提升。程一笑在演講中表示，短視頻與直播雙線發展的創作者獲取流量的效率高出單一內容類型創作者4-10倍。
同時，可靈等新技術發展，正全面賦能業務發展。AI內容創作端，可靈在技術迭代中推進行業前沿水平，東方證券表示，看到下遊場景端AI滲透率加速，可靈在技術領先下有望搶佔更多行業紅利。AI賦能主業端，內容推薦和排序上OneRec對用戶時長有2.5%提升；商業化場景的應用a/b test有所成效，跟進相關技術突破下Meta邏輯演繹。東方證券指出，OneRec在本地生活場景中已推動GMV提升20%以上，未來覆蓋比例目標提升至50%-60%。
高盛與瑞銀預計，AI視頻生成全球可觸達市場規模約1400億美元，未來三年內AI滲透率有望達15%-20%，快手憑藉先行者優勢已實現月收入持續破億，在全球視頻生成領域月收入排名第一。
對於電商業務，泛貨架成爲快手增長新引擎，快手通過擴展商品品類、提升用戶滲透與優化商家運營，進一步打開電商天花板。高盛指出，80%的日活用戶每日接觸商業內容，KOL帶來的GMV同比增長16.5%。瑞銀認爲，外循環廣告在短劇、遊戲等領域依舊強勁，內循環廣告則受益於泛貨架場域加載量提升。
機構普遍認同，快手在AI技術、內容生態和電商協同方面展現出明確的增長路徑和差異化優勢。儘管行業競爭仍在持續，但其在視頻生成、推薦算法及創作者支持方面的投入，有望進一步鞏固平臺競爭力，推動長期穩健發展。
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