豆包大模型家族升级，生产力提升和端侧应用潜力凸显

Investment Rating - The industry investment rating is "Outperform the Market" [14] Core Insights - The report highlights the comprehensive upgrade of the Doubao large model family by ByteDance's Volcano Engine, emphasizing enhanced productivity and potential for edge applications [4] - The daily average tokens usage for Doubao has exceeded 4 trillion, representing a growth of over 33 times since its launch in May [4] - The newly released visual understanding model is expected to be applied in various sectors such as education, e-commerce marketing, and tourism, with a competitive pricing of 0.003 yuan per 1,000 tokens [4] - The Doubao model's comprehensive capabilities have improved by 32% since its initial release, with specific professional capabilities increasing by 54% and mathematical capabilities by 43% [4] Summary by Sections B-end Applications - Doubao large model significantly enhances enterprise productivity, with usage in information processing increasing by 39 times and customer service and sales by 16 times [5] - The model's multi-modal capabilities are rapidly improving, with voice input functionality enhancing input efficiency [5] C-end Applications - Doubao large model shows strong potential for edge applications, having partnered with 80% of mainstream automotive brands for AI cockpit scenarios [8] - The model has been integrated into over 50 application scenarios across approximately 300 million terminal devices, with token usage from smart terminals growing 100 times in six months [8] Investment Recommendations - The report suggests that as AI large model applications penetrate various new scenarios, there will be new opportunities in the related supply chain [9] - Recommended companies include Haiguang Information, Industrial Fulian, and others in the AI computing power sector, as well as companies in SOC and storage chip sectors [9]