民生证券：Sora 2带来AIGC视频的GPT-3.5时刻 建议关注三大利好方向

Core Insights - Sora 2 represents a significant advancement in AIGC video technology, creating a closed-loop business model that connects content platforms, payment channels, and e-commerce platforms, indicating substantial commercial potential [1][8] - The introduction of the "Agentic Commerce Protocol" (ACP) facilitates a new business model in the AI era, enhancing the integration of AI with e-commerce [3][8] Group 1: Sora 2's Impact on Distribution Platforms - Sora 2 has created new opportunities for distribution platforms, achieving top rankings in app stores shortly after launch, indicating a shift in commercial models [1][2] - The app features innovative AIGC social functions such as Cameo and Remix, allowing users to create and share content easily, thus lowering barriers to participation in AIGC production [1][2] Group 2: E-commerce Integration - OpenAI's new "Instant Checkout" feature allows users to purchase products directly through ChatGPT, marking a deep integration with e-commerce and creating a full transaction loop from product recommendation to payment [3][4] - The collaboration with Stripe enhances payment processing capabilities, enabling features like pre-filled payment information and one-click checkout for ChatGPT subscribers [3] Group 3: IP Licensing and Compliance - Sora 2 opens new markets for IP licensing and compliance management, with OpenAI planning to provide copyright holders with more control over character generation and share revenue with them [5][8] - The rapid development of AIGC is expected to increase the demand for IP protection, as seen with companies like VDNA, which offers advanced video content identification technology [6][5] Group 4: Cloud Demand and Global Expansion - OpenAI's ambitious plans for scaling its computing infrastructure to 250 GW by 2033 suggest a significant increase in cloud demand driven by the success of Sora 2 [7] - Companies like Alibaba Cloud are already benefiting from this trend, with substantial growth in their AI-driven services and global reach [7]