CHINA DRAGON SECURITIES·2025-12-22 10:30Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The release of Doubao Model 1.8 and the Seedance 1.5 pro video generation model at the Force conference highlights significant advancements in AI capabilities, particularly in multi-modal agent scenarios [5]. - Doubao Model 1.8 achieved a score of 67.6 in the BrowseComp evaluation, surpassing leading models like GPT-5 High (54.9) and Gemini-3-pro (37.8), indicating its top-tier performance in complex task planning and execution [5]. - The upgraded Seedance 1.5 pro model features breakthroughs in audio-visual synchronization and multilingual dialogue alignment, enhancing its practical and commercial potential [5]. - The AI industry is transitioning from technical validation to large-scale implementation, with Doubao Model's daily token usage exceeding 50 trillion, ranking third globally [5]. - Future investment focus areas include general agent development platform vendors, vertical industry agent solution providers, and small to medium enterprises benefiting from cost-reduction policies [5]. Summary by Sections Recent Developments - The Force conference held on December 18-19, 2025, showcased the launch of Doubao Model 1.8 and the Seedance 1.5 pro model [3][5]. Market Trends - The AI ecosystem in China is led by major companies, with a focus on agents, multi-modal capabilities, and low-code solutions, which are expected to drive continued investment in computing infrastructure [6]. Investment Recommendations - Key companies to watch include: - AI Computing: Cambrian-U (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ) - Agent Solutions: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Saiyi Information (300687.SZ) - Multi-modal Solutions: Wanjing Technology (300624.SZ), iFlytek (002230.SZ), Tuolisi (300229.SZ) - AI Programming: Zhuoyi Information (688258.SH), Jinxiandai (300830.SZ) [6].