传媒：OpenAI降本增效提升体验，豆包矩阵重磅迭代升级

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [4]. Core Insights - OpenAI has significantly reduced costs and improved efficiency with the release of the o1 model API, which supports real-time API upgrades and has lowered audio costs by 60% [2]. - The introduction of the Doubao visual understanding model by ByteDance's Volcano Engine has marked a new era in visual understanding, with input pricing at 0.003 yuan per thousand tokens, which is 85% lower than industry averages [2]. - The advancements in AI products from leading companies are expected to lower the barriers for AI applications, enhancing the development of the industry ecosystem [2]. - The report suggests that the ongoing iterations and upgrades from OpenAI will support content innovation and improve user experience significantly [2]. Summary by Sections Investment Highlights - OpenAI's o1 model API has reduced thinking costs by 60% compared to previous versions, while the mini version's price has decreased tenfold [2]. - The Doubao visual understanding model's pricing allows for processing 284 images at 720P for just one yuan, indicating a significant cost reduction in the visual understanding sector [2]. - The report emphasizes that the domestic and international leading companies are achieving cost reductions and efficiency improvements, which will benefit AI applications in the long term [2]. Market Performance - The report provides a comparative analysis of expected returns over 1M, 3M, and 12M periods, indicating a relative performance of 9.31%, 31.31%, and -14.05% respectively [2]. - Absolute returns are noted as 8.13%, 55.45%, and 3.32% for the same periods, reflecting the market dynamics [2]. Investment Recommendations - The report recommends focusing on companies such as Tencent Holdings, NetEase, InnoCare, BlueFocus, and others, which are positioned to benefit from the advancements in AI technology [2].