传媒行业：豆包大模型家族升级，看好字节AI产业链机会

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report highlights the upgrade of the Doubao large model family by ByteDance, showcasing innovations in large models, middleware, and service layers. The Doubao visual understanding model has been officially released, demonstrating enhanced content recognition, understanding, reasoning, and detailed visual description capabilities. The input price for Doubao visual understanding is 0.003 yuan per thousand tokens, which is 85% lower than the industry average [4] - The Doubao general model Pro has seen a 32% improvement in comprehensive task handling capabilities compared to May, with notable enhancements in reasoning (13%), instruction adherence (9%), coding (58%), mathematics (43%), and professional knowledge (54%) [4] - The Doubao music model 4.0 has been released, and the video generation model is set to be launched in January 2025. The advancements in AI video generation capabilities are expected to empower industries such as IP, film, and gaming [4] - The AI ecosystem around ByteDance is gradually forming, with a daily token usage exceeding 4 trillion in December, representing a growth of over 33 times since its launch in May. This ecosystem is anticipated to foster more application scenarios based on robust model capabilities [4] Summary by Sections Industry Overview - The report discusses the continuous improvement of large model capabilities, middleware, and service levels, which are expected to create a better ecosystem for domestic AI development. The advancements in visual understanding, sound, and video generation capabilities are likely to lower content production barriers and stimulate growth in the content sector [4] Investment Recommendations - Recommended companies in AI marketing include Yidian Tianxia and BlueFocus, with attention to companies like Ingravity Media, Leo Group, and others [4] - In the AI toy sector, companies such as Shanghai Film, Tom Cat, and others are highlighted [4] - For AI emotional companionship, recommendations include Kaiying Network and Kunlun Wanwei [4] - In AI film, recommended companies are Huace Film & TV, Mango Super Media, Bona Film Group, and others [4] - For AI IP, companies like Zhongwen Online and Shanghai Film are noted [4] - In AI gaming, recommended companies include Kaiying Network, 37 Interactive Entertainment, and others [4]