传媒行业跟踪分析：豆包发布实时语音大模型，看好字节产业链+陪伴类应用体验提升

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The report highlights the launch of the Doubao real-time voice model, which integrates voice understanding and generation, showing significant advantages over GPT-4o in terms of naturalness and emotional richness [7] - ByteDance's AI ecosystem is expected to lead the market, with Doubao and other applications enhancing user experience and engagement [7] - The emotional capabilities of AI products are anticipated to improve, benefiting platforms that integrate these models, particularly in the audio and companionship sectors [7] Summary by Sections Industry Overview - The report discusses the competitive landscape of the media industry, emphasizing the advancements in AI technology and its applications in enhancing user interaction and experience [7] Key Companies and Valuation - The report provides a detailed valuation analysis of key companies in the media sector, all rated as "Buy," indicating strong expected performance relative to the market [8] - Specific companies mentioned include: - Light Media (300251.SZ): Target price of 10.52 RMB, current price 9.38 RMB [8] - Mango Super Media (300413.SZ): Target price of 29.75 RMB, current price 26.62 RMB [8] - Tencent Holdings (00700.HK): Target price of 478.17 HKD, current price 389.80 HKD [8] Investment Recommendations - The report suggests focusing on companies with established partnerships in AI, such as Yidian Tianxia and BlueFocus, as well as those involved in AI voice-related businesses like ShengTian Network and Kunlun Wanwei [7] - It also highlights the potential of AI toys and emotional companionship products to benefit from advancements in voice model capabilities [7]