国盛证券：Seedance 2.0具备更高模型可控性 有助于减少视频生成“抽卡”成本

Core Insights - The release of ByteDance's Seedance 2.0 is expected to significantly enhance model controllability, potentially leading to a leap in the industrialization of the video generation sector [1][2] - The improved controllability of Seedance 2.0 is anticipated to reduce the "gacha" costs in the AIGC industry, thereby lowering production costs and timelines for animated dramas [2] Industry Implications - The traditional "gacha" mechanism in AI-generated video content incurs additional costs due to the randomness of generated visuals, often requiring multiple attempts to achieve satisfactory results [2] - Seedance 2.0's higher controllability is projected to decrease the frequency of "gacha" attempts, which could significantly reduce production costs and timelines in the animated drama industry [2] Cost Savings Analysis - A sensitivity analysis indicates that even with a conservative assumption of a 75% reduction in "gacha" frequency, adopting Seedance 2.0 could lower total generation costs by approximately 5% compared to competing models [3] - Under a neutral assumption where "gacha" frequency is reduced to 50%, the model's cost per second of generation could decrease by 37% compared to industry peers [3] Investment Recommendations - Companies to consider in the AI animated drama sector include Wanjing Technology, Kuaishou, Fubo Group, and Newland Digital [4] - In the multi-modal space, potential investments could be made in companies like Dahong Technology and Hongsoft Technology [4] - For ByteChain-related investments, options include Cambricon and Runze Technology [4]