Huachuang Securities·2026-02-12 04:16Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [67]. Core Insights - The report highlights a significant transformation in the content creation paradigm due to advancements in multi-modal models, particularly with the release of new video generation models like Kuaishou's Keling 3.0 and ByteDance's Seedance 2.0, which enhance precision and controllability in video production [3][11]. - The supply-side revolution is expected to reshape the cost structure of content production, with a notable reduction in marginal costs due to improved capabilities in image and video generation [3][58]. - The report emphasizes the potential for AI video generation technology to catalyze downstream opportunities in content IP, content copyright, and AI application tools, as well as the demand for cloud services and computing power [3][58]. Summary by Sections Industry Basic Data - The industry comprises 138 listed companies with a total market value of approximately 22,562.85 billion and a circulating market value of about 20,757.76 billion [5]. Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 8.9%, 31.9%, and 42.7% respectively, while the relative performance is 9.6%, 16.8%, and 21.6% [6]. Model Updates - Keling 3.0 and Seedance 2.0 represent significant upgrades in video generation models, focusing on physical realism, narrative consistency, and enhanced understanding of complex text instructions [11][41]. - Keling 3.0 introduces integrated editing capabilities, allowing for controlled modifications to generated content without the need for complete regeneration [29][33]. - Seedance 2.0 enhances the precision of video production, addressing common issues such as consistency and complex action replication [41][50]. Investment Opportunities - The report identifies several investment opportunities in the content IP sector, including companies like Zhongwen Online, Yuedu Group, and Shanghai Film, as well as in content copyright and AI video production tools [58][59].