传媒行业：豆包大模型全面更新，加速多模态应用落地

Investment Rating - The industry investment rating is "Positive (Maintain)" for the media industry in China [3]. Core Viewpoints - The report anticipates a shift in demand towards "AI + Search," which includes multimodal applications such as images, voice, music, and video, leading to an increase in user numbers and usage time, thereby affecting market share in the search industry and shifting search advertising shares [2]. - The report highlights significant growth in the user base and usage of the Doubao app, with MAU reaching nearly 60 million in November, a 130% increase from May, making it the second-largest AI application globally after ChatGPT [12]. - Doubao's various models have undergone significant upgrades, with the general model's capabilities improving by 32%, code capabilities by 58%, and mathematical capabilities by 43% compared to the previous version released on May 15 [12]. Summary by Relevant Sections Industry Overview - The Doubao app has seen explosive growth, with daily token usage surpassing 4 trillion, a 33-fold increase from May [12]. - The Doubao large model has partnered with over 80% of domestic car brands, showing a 50-fold increase in daily token usage in the automotive sector [12]. Investment Recommendations - The report suggests focusing on companies involved in AI + advertising, such as BlueFocus Communication Group, Yidian Tianxia, and others, as well as AI + e-commerce with a recommendation to buy Zhidema [2]. - For AI + IP, it recommends attention to Shanghai Film and Aofei Entertainment [2]. Market Dynamics - The report notes that the Doubao app is expected to create new traffic entry points in the consumer sector, with significant investment opportunities in the business, gaming, and education sectors [29].