今年11月以来，Applovin、Shopify、Palantir等不同赛道的美股公司，受益于AI带来的业务爆发，股价持续走强，给国内带来了直接的“映射”投资机会。OpenAI作为全球大模型领域的领跑者，其持续的技术和产品展示，有望带来AI应用关注度的提升，目前国内kimi、智谱等大模型仍在持续进化，AI Agent/文生视频等方向进步显著，但应用层面目前仍处于从0到1的突破阶段，未来随着用户数据的持续兑现，有望迎来爆发性成长，持续看好AI应用投资机会。HAITONG SEC believes that ByteDance is establishing an AI ecosystem based on Doubao, through applications such as Maoxiang, Xinghui, and Doubao Aixue, and is promoting the upgrade iteration of AI products in the market. Continuous attention to AI application development is advised.
According to Zhitong Finance APP, HAITONG SEC released a research report stating that Sora Turbo officially launched on December 10, supporting text-to-image, image-to-text, and video generation, with a maximum duration of 20 seconds and a maximum resolution of 1080P. It supports both landscape and portrait modes, offering three video ratios of 16:9, 1:1, and 9:16, with six main functions: Storyboard, Style presets, Re-Cut, Loop, Remix, and Blend. The model exhibits excellent performance in terms of color, style, and consistency.
According to the Quantum Bit public account, by the end of November, Doubao APP's cumulative user base in 2024 has successfully exceeded 0.16 billion, with an average of 0.8 million new users downloading Doubao daily in November. In November, the DAU of Doubao APP approached 9 million, with a growth rate exceeding 15%. HAITONG SEC believes that ByteDance is establishing an AI ecosystem based on Doubao, through applications such as Maoxiang, Xinghui, and Doubao Aixue, and is promoting the upgrade iteration of AI products in the market. Continuous attention to AI application development is advised.
Since November this year, US companies such as Applovin, Shopify, and Palantir in different sectors have benefited from the business explosion brought by AI, with their stock prices continuing to strengthen, directly creating "mapping" investment opportunities for the domestic market. OpenAI, as a leader in the Global large model field, is expected to enhance the focus on AI applications through its continuous technology and product demonstrations. Currently, domestic models such as Kimi and Zhipu are still evolving, with significant progress in AI Agent/text-to-video directions. However, at the application level, it is still in the breakthrough phase from 0 to 1. In the future, continuous realization of user data is expected to lead to explosive growth, with continuous optimism for AI application investment opportunities.
In addition, with the Spring Festival approaching in 2025, several key films are expected to remain scheduled for release. The National Film Administration announced the launch of the "National Film Consumer Benefit Season," continuing from December 2024 to February 2025, covering important film release periods such as the New Year and the Spring Festival, benefiting film audiences nationwide. The Industrial And Commercial Bank Of China, China UnionPay, MAOYAN ENT, and Taopiaopiao, as supporting institutions, will collectively invest no less than 0.6 billion yuan in viewing consumption subsidies. HAITONG SEC believes that, driven by the supply of high-quality films and movie ticket subsidies among other Bullish factors, the overall box office for the 2025 Spring Festival film season is expected to reach new highs, suggesting a focus on content directions such as Film and Short Drama.
Recommended areas to pay attention to: 1) Hong Kong stock Internet. 2) Gaming Sector. 3) Marketing. 4) Film and Television. 5) IP Entertainment. 6) AI Applications. 7) Undervalued state-owned enterprises: Broadcasting and Publishing. 8) AI toy directions, etc.
Risk warning: Changes in policy and regulation, increasing industry competition, and delays in the launch of new games.