This round of "red envelope market" is essentially a battle for AI super-applications. Considering the investment intensity, traffic ecosystem, and capital moves of each player, Kuaishou (Kling) and Zhipu AI are most likely to achieve the largest gains, but their underlying logic is completely different.

🚀 Top Tier for Gain Potential: Kuaishou (Kling)

Core Logic: Ecosystem Closure + Technological Breakthrough

Kuaishou is the only player in this market cycle that can directly convert traffic into stock price momentum.

Most Aggressive Investment: Kuaishou's main campaigns this year are "Shake the Money Tree" and "Collect Fortune Cards." The gameplay is simple and direct, with guaranteed cash and physical prizes (like the iPhone 17) being highly attractive, effectively leveraging users in lower-tier markets.

Kling Model Upgrade: The Kling AI 3.0 series has launched, emphasizing a shift from "generating images" to "understanding creative language," featuring intelligent storyboarding capabilities. This technological breakthrough, combined with the Spring Festival red envelope campaign, can significantly enhance user stickiness, directly benefiting its "AI + short video" valuation logic.

Traffic Monetization: As a listed company, the surge in Kuaishou's DAU (Daily Active Users) and the demonstration of its AI capabilities will be directly reflected in post-holiday earnings expectations, giving its stock price the greatest elasticity.

📈 Capital's New Favorite: Zhipu AI

Core Logic: IPO Dividend + Ecosystem Expansion

As a newly listed stock, Zhipu's gains stem more from the "scarcity premium" in the capital market.

Ample Funding Firepower: Zhipu just completed its IPO, holding substantial capital. Moreover, the GLM-5 model was released before the Spring Festival, achieving generational leaps in creative writing and Agent capabilities, aiming to capture high-quality users during the holiday period.

B-Side Moat: Zhipu's MaaS platform has already gathered over 3 million enterprises and developers, making it one of the most active large model API platforms domestically. C-side exposure during the Spring Festival helps solidify its B-side ecosystem, forming a virtuous cycle of "C-side traffic acquisition, B-side monetization."

⚠️ Risk Warning

Tencent/Alibaba/Baidu: Despite massive investments (Alibaba 30 billion, Tencent 10 billion, Baidu 5 billion), as giants, the marginal contribution of their AI businesses to overall market value is relatively limited, making it difficult to trigger explosive stock price growth.

MINIMAX: Although also entering with traffic, it focuses more on overseas markets (C-side revenue accounts for over 71%), and the liquidity of the Hong Kong stock market is relatively weaker compared to A-shares, potentially resulting in less gain elasticity than related A-share concept stocks.

Summary: If you pursue short-term explosive power, focus on Kuaishou's (Kling) ecosystem data; if you are bullish on long-term ecosystem value, Zhipu AI's IPO dividend is worth anticipating.