传媒：AI应用加速发展，各类产品扩充使用场景

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Insights - The AI application sector is experiencing accelerated development, with various products expanding their usage scenarios. ByteDance's AI assistant "Doubao" has become the first AI product to surpass 100 million downloads, while the second place, "Kimi," has approximately 40 million downloads [1]. - The report highlights a growing disparity among AI assistant applications, with a clear division into four tiers based on cumulative download numbers. The first tier, led by Doubao, has over 120 million downloads, while the second tier, represented by Kimi, has over 43 million downloads [1]. - Daily Active Users (DAU) for the leading AI assistants show significant growth, with Kimi reaching nearly 7 million DAU and a monthly growth rate of around 20%. Doubao's DAU has decreased to about 3 million [1]. - The report notes that the retention rate for top products is improving, with Doubao and Kimi achieving over 28% and 27% three-day retention rates, respectively [1]. - The landscape of AI applications is evolving from being technology-driven to ecosystem-driven, with a focus on "AI+" (native applications) and "+AI" (enhanced existing core businesses) [1]. - The report suggests that the development pattern of AI applications is becoming more refined, with various applications focusing on exploring and expanding their respective scenarios [1]. Summary by Sections Market Performance - As of September 30, 2024, the cumulative download numbers for AI assistants show a clear tiered structure, with the first tier (Doubao) leading significantly [1]. - The DAU metrics indicate a strong user engagement, particularly for the top applications, with Kimi showing a notable increase in user activity [1]. User Engagement - The report emphasizes the increasing user stickiness, with top products experiencing over 12% growth in user engagement metrics [1]. - The three-day retention rates for leading products are above 27%, indicating a positive trend in user retention [1]. Future Outlook - The report recommends focusing on companies such as Kuaishou, Tom Cat, Kunlun Wanwei, and others as potential investment opportunities in the AI application sector [1].