国信证券：Seedance 2.0开启新机遇 布局IP与平台，关注爆款催化

Core Insights - The report from Guosen Securities highlights a positive outlook on the IP and platform segments, particularly focusing on entities with extensive web literature and comic copyright reserves that actively utilize AI technology for IP visualization transformation [1] - The AI animation short drama market is entering a period of explosive growth, with significant increases in production and audience engagement expected by 2025 [1] Group 1: AI Animation Short Dramas - AI animation short dramas utilize AIGC technology to dominate the entire content creation process, significantly lowering production barriers and enabling diverse content forms [1] - By August 2025, platforms have launched a total of 2,902 AI animation micro-dramas, with a rapid increase in monthly releases; the market penetration rate for animation dramas surged from 5% in June to 35% in December, with AIGC animation drama viewership increasing by 181 times throughout the year [1] - The core audience for animation dramas primarily consists of "Generation Z" young adults (ages 24-30), with over 90% being male, contrasting sharply with traditional short drama audiences [1] Group 2: Technological Breakthroughs - Despite advancements in AI video generation technology by 2025, the industry faces four core challenges: lack of consistency, violation of physical logic, audio-visual asynchrony, and loss of directorial control [2] - The introduction of Seedance 2.0 and Keling 3.0 marks a new phase in the industry, enhancing AI's capabilities to provide director-level control and significantly improving content generation efficiency [2] Group 3: Industry Chain Restructuring - Technological advancements are fundamentally transforming the production efficiency and value logic within the AI animation drama industry, drastically reducing costs and production times [3] - The cost of traditional dynamic animation was approximately 2,000-5,000 yuan per minute with a production cycle of 3-5 months, while industrialized AI animation has reduced costs to below 800-1,000 yuan per minute and shortened production cycles to 7-14 days [3] - The application of tools like Seedance 2.0 is lowering the barriers for IP transformation, allowing previously dormant IP assets to be monetized more effectively, shifting valuation models from traditional P/E ratios to cash flow-based assessments [3]