传媒：AI应用系列报告：Meta：从社媒龙头看AI赋能广告量价齐升，大模型及产品表现可期

Investment Rating - The report assigns a "Buy" rating for multiple companies in the media industry, including Meta, Tencent, ByteDance, and others [4]. Core Insights - Meta's advertising revenue has shown a positive trend, with a recovery and acceleration in growth since Q1 2023, achieving nearly 20% year-on-year growth for six consecutive quarters [11][14]. - Key growth drivers for Meta's advertising revenue include globalization, increased average revenue per user (ARPPU), and rising ad prices [11][14]. - AI technology is enhancing Meta's advertising performance by increasing user engagement and improving return on investment (ROI) for advertisers [11][51]. Summary by Sections Section 1: Meta Advertising Revenue - Meta's advertising revenue has been driven by globalization, ARPPU growth, and ad price increases, with significant contributions from regions outside North America and Europe [11][14]. - The user base is stabilizing, with Instagram's Reels feature significantly boosting user engagement and time spent on the platform [31][41]. - Ad prices have been rising since Q4 2023, driven by increased advertiser demand and improved ad effectiveness due to AI [51][60]. Section 2: Meta's AI Strategy - Meta plans to significantly increase capital expenditures in 2025, focusing on infrastructure and generative AI, with expected spending between $60 billion and $65 billion [63]. - The development of the Llama 4.0 model and AI assistants is anticipated to enhance user personalization and engagement [63]. - New products like AI glasses and enhanced AI tools are expected to further drive user engagement and advertising revenue [63]. Section 3: Investment Recommendations - The report suggests monitoring companies like Tencent and ByteDance, which are also leveraging AI to enhance user engagement and monetization [3]. - Continued investment in AI by Meta is expected to bolster confidence in the AI industry, with a focus on companies with strong R&D capabilities in AI [3]. - The open-source ecosystem of Llama is likely to foster innovation in various AI applications, including gaming and education [3].