视频生成进入精准控制时代，创作平权带动B/C两端加速渗透

Investment Rating - The industry investment rating is "Positive" and is maintained [4] Core Viewpoints - The multi-modal video generation sector is experiencing accelerated iteration of domestic models, significantly narrowing the technological gap with overseas counterparts. The most notable change is the introduction of intelligent storyboarding, which lowers the entry barrier for users. The unified multi-modal architecture supports more efficient and flexible expression of creative intent, leading to substantial progress in both B-end and C-end expansions in 2026. Model vendors are focusing on the AI penetration in the content sector while continuing to enhance their technologies [1][7] Summary by Sections Industry Overview - The video generation sector is entering a phase of precise control, with recent iterations of models such as Vidu Q3, Kuaishou 3.0, and Seedance 2.0 supporting multi-modal inputs, which enhances controllability and improves the success rate of generated content. The duration for single generation has increased to around 15 seconds, further lowering the creative threshold for both B-end and C-end users [7] Investment Recommendations and Targets - Emphasis should be placed on vertical multi-modal AI application opportunities, with expectations that technological breakthroughs and cost optimizations will accelerate industry trends, driving user growth, payment penetration, and commercialization. Companies with multi-modal AI applications expanding overseas are particularly noteworthy, as they may experience faster growth rates. Recommended targets include Kuaishou-W (01024, Buy) and Meitu Inc. (01357, Buy) [2]