豆包生态，国内AI应用落地先行者

Investment Rating - The report maintains an "Outperform" rating for the domestic computer industry, indicating a positive outlook compared to the market [3]. Core Insights - The report highlights the rapid growth of the Doubao AI application, which has become the most popular ToC AI product in China, achieving over 160 million cumulative users by the end of November 2024 [6]. - ByteDance's Doubao ecosystem is strengthening its competitive edge through accelerated development of AI capabilities across models, applications, and hardware, positioning itself as a leader in generative AI [5]. - The upcoming FORCE 2024 conference by Volcano Engine is expected to showcase advancements in the Doubao model family and explore new AI application scenarios [4]. Summary by Sections Market Performance - The report notes a significant increase in Doubao's daily active users, reaching nearly 9 million in November 2024, with a strong growth trajectory [6]. - The advertising expenditure for top AI applications in China has surged, with a 5-fold increase over the past six months, indicating a robust market for AI applications [6]. Investment Recommendations - The report suggests focusing on companies within the Doubao chain, including Lexin Technology, Runze Technology, and others, as well as AI Agent companies like Kingsoft Office and Wanxing Technology [7].