东北证券：国内开源大模型Tokens用量不断上升 AI应用迎商业化大年

Group 1 - The core viewpoint is that the domestic open-source large model Tokens usage is continuously increasing, with a focus on multi-modal capabilities, image, audio, and video performance improvements, and end-to-end implementation in 2026 [1] - The major trends for large models in 2026 include breakthroughs in multi-modal, long text, multi-agent tool invocation, and complex reasoning capabilities [1] - The competition among large models is expected to intensify in 2026, with an increase in the market share of models like MiniMax, Qwen, Kimi, and GLM in the second half of 2025 [1] Group 2 - Major companies are focusing on building platform ecosystems and competing for traffic entry points, with ByteDance's B-end MaaS leading in market share and Doubao becoming the largest AI native application in China [2] - Independent large model vendors are primarily adopting B-end customized solutions and API subscriptions, while avoiding direct competition with major companies, leveraging their agile innovation and focused teams [2] Group 3 - AI is driving a transformation in marketing paradigms, with programmatic advertising benefiting from cross-platform scheduling and multi-agent collaboration [3] - The competition landscape has shifted from "search result ranking" to "AI answer citation rights," with AI search expected to account for 52% of the market by January 2028 [3] Group 4 - The comic drama industry is entering a lucrative phase, with a projected market size growth of nearly three times by 2025, and expected to exceed 85 billion yuan by 2030 [4] - The trends in the comic drama ecosystem for 2026 include premiumization, diversification of themes, increased female user participation, and a clearer competitive landscape [4] Group 5 - Companies with leading self-developed large models and B and C-end layouts are expected to thrive in the AI era, with a focus on internet giants with ecosystem traffic and capital expenditure advantages [5] - Attention is recommended for independent large model vendors accelerating commercialization post-listing, and companies with significant IP and industrial production capabilities in AI comic dramas [5]