通信行业：VideoWorld提出，无需依赖语言模型

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The communication industry has shown strong performance over the past twelve months, with relative returns of 36.48% and absolute returns of 52.41% [3] - The report highlights the rapid growth of the AI industry, emphasizing the importance of computing power [4] - The introduction of the VideoWorld model represents a significant advancement in video generation technology, eliminating the reliance on language models for understanding and reasoning tasks [5][6] Summary by Sections Industry Performance - Over the past month, the communication industry has achieved a relative return of 5.65% and an absolute return of 8.86% [3] - In the last three months, the relative return was 8.36%, while the absolute return was 3.41% [3] - The twelve-month performance indicates a robust relative return of 36.48% and an absolute return of 52.41% [3] Technological Developments - The VideoWorld model, developed by the Doubao team in collaboration with universities, is a groundbreaking video generation model that does not depend on language models [5] - This model utilizes a latent dynamics model to efficiently compress visual changes between video frames, enhancing knowledge learning efficiency [8] - VideoWorld has demonstrated capabilities equivalent to a professional 5段 9x9 Go level with only 300 million parameters, showcasing its potential in various robotic tasks [8]