Core Viewpoint - ByteDance has launched Seedance 2.0, marking a significant advancement in domestic multimodal AI capabilities, enhancing content generation efficiency and cost-effectiveness [1][6]. Group 1: Seedance 2.0 Features - Seedance 2.0 integrates comprehensive multimodal content reference and editing capabilities, positioning itself as a "directable, movie-level full-process generation engine" [1]. - The model supports multimodal "all-in-one reference," allowing for input from images, videos, audio, and text, significantly improving reference generation capabilities [2]. - It demonstrates state-of-the-art (SOTA) performance in complex motion representation, adhering to physical laws and maintaining action consistency, particularly in multi-entity interactions [2]. - Enhanced generation control and instruction-following capabilities have been introduced, expanding its video editing functionalities to include cutting, camera movement, and storyboarding [2]. Group 2: Competitive Landscape - The competition in video generation models is intensifying, with domestic models like Seedance 2.0, Keling 3.0, Wan 2.6, and ViduQ 3.1 catching up to international counterparts such as Grok Imagine API, Sora 2, and Veo 3.1 [3]. - Domestic models currently lead in input control, reference generation, and intelligent storyboarding, while international models excel in generation quality and consistency [3]. - Domestic models offer a clear cost-performance advantage, making them more accessible for professional content creation [3]. Group 3: Investment Opportunities - The optimization of video generation capabilities in Seedance 2.0 is expected to enhance professional content creation efficiency and accelerate AI video penetration [3]. - Investment opportunities include companies within the ByteDance ecosystem such as Hand Information, Huicheng Co., Zhongke Chuangda, and others [3]. - Other AI application companies and computing power firms are also recommended for investment consideration, including Zhuoyi Information, Hehe Information, and Zhongke Shuguang [3].

Group 1 - DeepSeek aims to reshape the AI industry landscape by leading the open-source model ecosystem, breaking the monopoly of foreign models with its DeepSeek-R1 inference model launched on January 20, 2025, which features lower training costs and superior model capabilities [1][6] - The organization has a flat structure with a young team of fewer than 140 members, primarily composed of top talent from domestic universities [1] - DeepSeek adheres to a long-termism philosophy, avoiding short-term commercial interests, and is projected to reach a valuation of 1.05 trillion yuan by September 30, 2025 [1] Group 2 - DeepSeek is focused on optimizing model training and deployment costs, with the upcoming DeepSeek-V3 model set to launch in December 2024, featuring a training cost of only 5.57 million USD and performance comparable to GPT-4 [2] - The DeepSeek-R1 model, released in January 2025, offers leading inference capabilities and facilitates low-cost private deployment, significantly advancing AI applications in finance, healthcare, and government sectors [2] Group 3 - The anticipated release of the V4 model in February is expected to enhance code generation and processing capabilities, surpassing existing models like Claude and GPT [3] - The commercial potential of DeepSeek's ecosystem is seen as a core barrier to the commercialization of large models, with the company positioned to become a foundational infrastructure for AI applications across various industries [3] Group 4 - Investment opportunities are suggested in AI applications and computing power sectors, with specific companies listed for potential investment, including 卓易信息, 汉得信息, and 海光信息 among others [4]

把握节前红包行情。 本周受美股科技股下跌影响，市场风险偏好下行，板块整体调整较为充分。下周是春节前最后一周，伴随外围市场企稳，市场整体风险偏好有望修 复。叠加市场对春节期间 AI产业景气加速的预期，建议重点关注已经超跌的AI细分赛道，优选逻辑硬、边际变化大的龙头加仓布局，把握节前红包行情。 AI入口抢夺战打响 。 本周腾讯、阿里陆续围绕旗下大模型产品开启针对 AI流量的扩张。腾讯以"元宝"为核心，投入10亿元打造元宝社交场景，接入微信、QQ等内部生 态产品。阿里以"千问"为核心，开启30亿元"春节请客计划"，全面接入淘宝、飞猪等生态产品，大厂围绕AI流量的跑马圈地升级为生态级别的战略博弈，开启AI应用变现 的新篇章，建议持续关注大厂AI生态变化及其核心合作伙伴。 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 1、本周 观 点 ： 把握节前红包行情， AI 入口抢夺战打响 2、深度跟 踪 ： Anthropic：B端Agent全球龙头，Cowork打造AI员工 周观点 把握节前红包行情， AI 入口抢夺战打响 本文第二章， 对全球 B端 ...

Group 1 - The article emphasizes the importance of seizing the investment opportunities in the technology sector during February, which historically shows a high success rate for investments [1] - February is highlighted as a favorable month due to the Lunar New Year, with expectations of increased traffic and activity from major domestic tech companies, particularly in AI product competition [1] - The release of earnings forecasts this week has alleviated some performance pressures in the sector, potentially improving risk appetite among investors [1] Group 2 - The AI industry is experiencing high growth, with significant price increases announced by major cloud service providers like Amazon and Google, indicating a robust demand for cloud and AI applications [2] - Amazon has raised prices for machine learning capacity blocks by approximately 15%, while Google plans to double prices for certain data transmission methods in North America starting May 2026 [2] - The launch of OpenClaw, a personal AI assistant, has gained global popularity, marking a significant advancement in the AI application landscape [2]

◆◆ 工作机会画像 ◆◆ 兴业证券成立于1991年，并于2010年在主板上市。经济与金融研究院是兴业证券总部一级部门，2024/2025年均位列新财富最佳研究团 队第3名。 计算机研究团队自2015年以来，连续11年上榜新财富最佳分析师，2024/2025年均为第2名。首席从业15年、司龄11年，组内氛围融 洽，团结奋进。 工作日常主要包括撰写证券研究报告、客户路演、产业及上市公司调研、线上线下会议组织等，以创佣和创誉为核心业务导向，考核机 制清晰透明。 ◆◆ 我们期待的你 ◆◆ 1、社会招聘 1）研究生及以上学历，拥有ICT知识储备、1年以上工作经验； 工作地在北京、上海、深圳均可。 ◆◆ 应聘渠道 ◆◆ 有意者请发简历到邮箱jiangjialin@xyzq.com.cn。可附上相关证明材料，并以"姓名-当前工作单位-工作时间-第一本科毕业院校"为标 题，您提交的任何信息我们均会严格对外保密。 你还在等什么？ 2）具有为理想而拼搏的精神，以及善于分享的性格特质。 2、应届生招聘 1）攻读硕士及以上学位的应届生； 2）每周能保证3天以上实习时间，表现优异有留用机会。 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 1、本周 观 点 ： 继续坚定看多 AI行情，CPU产业景气加速 周观点 继续坚定看多 AI行情，CPU产业景气加速 继续坚定看多 AI 应用。 本周板块整体维持震荡趋势，核心赛道龙头保持震荡上行趋势。当前阶段， AI 应用仍然具备极高性价比： 1 ）产业趋势明确，边际变化明 显； 2 ）板块整体估值修复具备较大空间； 3 ）核心公司 AI 业务高增速预期。建议继续重点把握 AI 应用投资机会，聚焦行业龙头加大布局力度。 CPU 产业景气加速上行。 近期， Intel/AMD 相继针对 CPU 产品提价，需求端核心影响因素： 1 ） Agent 应用数量的爆发拉动对 CPU 刚性需求； 2 ）智算集群部署 提高对 CPU 加速调度的需求，整体体现为对 CPU 部署总量的增长； 3 ）供给端呈现先进制程涨价及产能受限特点， CPU 产业供需缺口扩大，景气高企。建议重点关 注 CPU 产业变化，把握投资机会。 本文第二章，对 CPU 产业动态进行了重点跟踪分析。 风险提示： 板块业绩不达预期； ...

Core Viewpoint - The article discusses the current state and trends in the computer industry, highlighting the allocation of public funds and the performance of key stocks within the sector. Group 1: Industry Allocation and Performance - The relative allocation of public funds in the computer industry shows a significant interest in top stocks, with the most held stocks being Kingsoft Office, Hikvision, and Inspur Information [6][9]. - The top twenty stocks by fund holdings include notable companies such as Kingsoft Office, Keda Xunfei, and Deepin Technology, indicating a concentrated investment strategy among funds [6][9]. - The market value held by funds in these top stocks reflects a strong confidence in their performance, with Kingsoft Office leading with a market value of 184 billion [9]. Group 2: Fund Holdings and Changes - The article lists the top twenty stocks with the highest fund holdings, emphasizing the dominance of companies like Keda Xunfei and Kingsoft Office in terms of both number of funds and market value [9][10]. - The stocks with the highest increase in fund holdings include Keda Xunfei and Zhongke Xingtai, suggesting a growing interest and potential bullish sentiment towards these companies [8][10]. - The analysis of fund holdings indicates a strategic shift towards companies that are perceived to have strong growth potential in the computer sector [6][8].

Group 1 - The core viewpoint is that AI applications are entering a major upward trend, and there is a strong and sustained optimism regarding investment opportunities in this sector [1][2] - The AI application market is expected to have significant potential in both time and space dimensions, with institutional holdings and industry trends aligning favorably [1] - Following the launch of the Qianwen app, other major model developers like ByteDance and DeepSeek are anticipated to catalyze industry development in February, while OpenAI's commercialization efforts are expected to accelerate the AI ecosystem [1] Group 2 - The Qianwen app has fully integrated into Alibaba's ecosystem, including core services like Taobao, Alipay, and Fliggy, marking the beginning of a new era for AI applications [2] - This integration allows for seamless data and interface connectivity with Alibaba's core business, facilitating the realization of AI services and promoting a positive feedback loop for monetization [2] - Other major companies are expected to accelerate their efforts to capture user engagement and realize the commercial value of AI in various scenarios [2]

Group 1 - The core viewpoint emphasizes the need to actively seize the spring market, with AI applications expected to enter a main upward trend [1][2] - The spring market is showing continuous development, with rising risk appetite and significant potential in the computer sector due to low institutional holdings and substantial industry changes [1] - Recommendations include increasing positions in core leaders in AI applications and domestic computing power, as well as focusing on key targets in cutting-edge technology fields such as commercial aerospace, brain-computer interfaces, and digital currencies [1] Group 2 - AI applications are anticipated to experience a major upward trend, driven by positive industry developments and the entry of domestic large model manufacturers like Zhiyu and MiniMax into the Hong Kong stock market [2] - The market is closely watching the annual report expectations, with the potential for AI investments to shift from hardware to software, enhancing the upward potential of AI applications [2] - The outlook for the year suggests that AI applications will achieve more comprehensive and in-depth implementation, supported by continuous iterations in algorithms and computing power [2] Group 3 - The second chapter of the report focuses on the brain-computer interface industry, highlighting the imminent mass production of Neuralink and supportive domestic policies [3]

Core Viewpoint - OpenAI has established itself as a global leader in the large model era, with a decade of development that continues to shape the AI large model industry trends [1][2]. Group 1: Review of OpenAI - OpenAI was founded in 2015 as a non-profit organization, leveraging a top-tier founding team to secure a leading position in the industry. The team has expanded significantly while maintaining a flat organizational structure, with over 5,000 employees expected by April 2025 and a median salary of $630,000, which is above the national average [2][3]. - The company's revenue is projected to reach $13 billion in 2025, representing a 2.5 times year-on-year growth, with expectations to exceed $100 billion by 2028. Revenue sources are diversifying from ChatGPT to APIs and Agents [2][3]. - OpenAI's valuation has risen to $750 billion by the end of 2025, following over ten rounds of financing, with continued investments from major players like Microsoft, SoftBank, and NVIDIA [2][3]. Group 2: Future Outlook - OpenAI maintains a high-frequency model release schedule, with the GPT-5 series leading in areas such as mathematical reasoning and programming, transitioning products from "tool-like assistants" to "productivity partners" [3][4]. - The Sora 2 model has shown significant performance improvements, with a notable partnership with Disney involving a $1 billion equity investment, which is expected to enhance user engagement and retention [3][4]. - ChatGPT has surpassed 1.2 billion monthly active users, leading the industry, with a weekly user conversion rate of approximately 5%, indicating substantial potential for future monetization [3][4]. - The company is expanding its product line based on its models, with innovations like the Atlas AI browser and advanced Codex code tools, while also planning to enter the AI hardware space [3][4]. Group 3: Vision and Ecosystem - OpenAI's core mission is to ensure that AGI benefits all of humanity, with a dual-track structure established in October 2025 to align commercial development with its mission [4]. - The company is building a differentiated competitive barrier by leveraging its technological lead and user base of 800 million weekly active users, collaborating with giants like Microsoft, NVIDIA, Oracle, and Amazon AWS to create an AI infrastructure network [4]. - OpenAI plans to launch a ChatGPT application store in December 2025, integrating various applications to enhance its capabilities and transition ChatGPT towards an operating system-like platform [4]. - As of November 2025, OpenAI has surpassed one million global enterprise customers, with over 7 million commercial user seats for ChatGPT for Work [4].