Sou Hu Cai Jing·2025-07-13 23:44Core Insights - The report by Huatai Securities highlights the rapid development of multimodal large models (MLLM) and their applications, indicating that the field is approaching a critical turning point [1][4][15] Development Dynamics - MLLM is seen as an inevitable trend in the evolution of large language models (LLM), integrating capabilities from various modalities to expand application scenarios [1][6] - MLLM can be categorized into modular architecture and native architecture, with the latter showing significant advantages in performance and efficiency, albeit with higher computational and technical requirements [1][6] Commercialization Trends - Global progress in multimodal applications is faster overseas than domestically, with first-tier companies advancing more rapidly than second-tier companies, and multimodal products outpacing text-based products in commercialization [1][7] - Overseas chatbot products, such as those from OpenAI and Anthropic, have achieved annual recurring revenue (ARR) exceeding $1 billion, while domestic chatbot commercialization remains in its early stages [1][7] Video Generation Sector - Domestic companies excel in the video generation field, with products like ByteDance's Seedance 1.0 and Kuaishou's Kling achieving significant market presence [2][8] - Kuaishou's Kling reached an ARR of over $100 million within approximately 10 months of launch, marking a significant milestone in the domestic video generation sector [2][8] Future Outlook - The report anticipates that the singularity of multimodal large models and applications is approaching, driven by technological advancements and accelerated commercialization [5][15] - The integration of multimodal data processing will greatly expand AI's application scenarios, facilitating large-scale applications across various fields [4][15] Investment Opportunities - The report suggests potential investment opportunities in both computational power and application sectors, highlighting the demand for computational resources in native multimodal models and the growing AI needs in advertising, retail, and creative industries [9]