根据洞见AI研究院，豆包已经成为用户最多的2C AI产品。在11月的全球月活跃排行榜上，豆包APP的MAU达到了5998万，仅次于OpenAI的ChatGPT，位列全球第二。而它的海外版Cici的MAU也有1267万，排在第22位。用户黏性上，豆包APP的3天留存率有34.5%，超过国内同类模型Kimi和海螺AI，这也反映了字节跳动产品的强大能力。根据财联社，苹果或正与字节跳动商谈将其AI模型整合到在国内销售的iPhone中。With the continuous iteration of domestic models, downstream application scenarios are expected to keep expanding, and the high demand for interactive inference is bound to create new emerging needs on the Hardware side.
According to the IT Finance APP, Minsheng Securities has released a Research Report stating that according to reports from Titanium Media and Chip News on December 19, Microsoft's purchase of NVIDIA Hopper GPUs for 2024 is expected to reach 0.485 million units, exceeding Meta, which ranks second in native purchases in the USA, by 0.261 million units, while Amazon and Google purchased 0.196 and 0.169 million units of Hopper GPUs respectively. From a global perspective, ByteDance's GPU purchases in the domestic market amount to approximately 0.23 million units, ranking first in the domestic market and second globally. With the continuous iteration of domestic models, downstream application scenarios are expected to keep expanding, and the high demand for interactive inference is bound to create new emerging needs on the Hardware side. As Byte's Doubao, the top AI model in terms of monthly active users in China, continues to invest in computing power, it is expected to trigger upgrades along the Industry Chain.
Ranking second in domestic monthly active users, is expected to become the "official configuration" for Consumer terminals.
According to the Insight AI Research Institute, Doubao has become the most popular 2C AI product among users. In the global monthly active ranking for November, the MAU of the Doubao APP reached 59.98 million, second only to OpenAI's ChatGPT, ranking second globally. Its overseas version, Cici, also has an MAU of 12.67 million, ranking 22nd. In terms of user retention, the Doubao APP has a 3-day retention rate of 34.5%, exceeding similar domestic models Kimi and Haidao AI, reflecting the strong capabilities of ByteDance's products. According to the Financial Associated Press, Apple may be negotiating with ByteDance to integrate its AI model into iPhones sold in China.
Simultaneous efforts in computing power expenditures both domestically and internationally are expected to benefit core operations.
According to market media reports, the domestic AI Datacenter of ByteDance mostly uses the H20 version GPU, but its overseas data centers are already equipped with H100 and Blackwell's high-end GPUs and have signed agreements to become the main tenants of the new data center in Malaysia. As AI data structures evolve from text to images and then to videos, both hardware and software operations of the computing power center need to be upgraded simultaneously.
Minsheng Securities believes there are two key challenges currently faced by data centers: 1) the energy consumption ratio of traditional cooling systems is too high (30%-40%); 2) there is an increasing heat dissipation demand due to the growth in power of single cabinets. Currently, some manufacturers like Guangzhou Goaland Energy Conservation Tech have provided ByteDance with 12U immersion liquid cooling modules, which are the industry's first all-in-one immersion liquid cooling products, achieving low energy consumption in data centers while integrating the most advanced data center innovation technologies from ByteDance.
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Optical communication Industry Chain: Zhongji Innolight (300308.SZ), Suzhou TFC Optical Communication (300394.SZ), Eoptolink Technology Inc. (300502.SZ), Yuanjie Technology (688498.SH), T&S Communications (300570.SZ), Dongguan Mentech Optical & Magnetic (002902.SZ), Liantech Technology (301205.SZ), Broadex Technologies (300548.SZ).
IDC + computing power leasing companies: Guangdong Aofei Data Technology (300738.SZ), Shanghai Lonyer Data (603003.SH), China Bester Group Telecom (603220.SH), INESA Intelligent Tech Inc. (600602.SH), Range Intelligent Computing Technology Group (300442.SZ), Xiamen Zhongchuang Environmental Technology (300056.SZ), Kehua Data Co.,Ltd. (002335.SZ), Shanghai AtHub (603881.SH), RunJian Co.,Ltd. (002929.SZ), Capital Online Data Service (300846.SZ).
Server companies: Foxconn Industrial Internet (601138.SH), Dawning Information Industry (603019.SH), Inspur Electronic Information Industry (000977.SZ), Talkweb Information System (002261.SZ), Fiberhome Telecommunication Technologies (600498.SH).
Switch Industry Chain: Shengke Communication (688702.SH), Unisplendour Corporation (000938.SZ), ZTE (000063.SZ), Ruijie Networks (301165.SZ), Shenzhen Gongjin Electronics (603118.SH), Feiling Kesi (301191.SZ).
Edge Computing Industry Chain: Wangsu Science & Technology (300017.SZ), Dongguan Dingtong Precision Metal Co.,Ltd. (688668.SH), MeiG Smart Technology (002881.SZ), Fibocom Wireless Inc. (300638.SZ), Quectel Wireless Solutions (603236.SH), Queclink Wireless Solutions (603236.SH).
Temperature-controlled liquid cooling Industry Chain: Guangzhou Goaland Energy Conservation Tech (300499.SZ), Shenzhen Cotran New Material (300731.SZ), Shenzhen Envicool Technology (002837.SZ), Shuguang Shuchuang (872808.BJ), Shenling Environment (301018.SZ), Shenzhen FRD Science & Technology (300602.SZ), Sichuan Chuanhuan Technology (300547.SZ).
Risk Warning: Capital expenditures are below expectations and competition intensifies.
