BABA(US:BABA) Haitong Securities International·2026-02-12 15:20Investment Rating - The report suggests a focus on major players like ByteDance, Alibaba, and Tencent in the multimodal AI space, while the impact on Kuaishou is considered limited [2]. Core Insights - Seedance 2.0 represents a significant shift in AI video technology, transitioning from a "toy" to a "tool" with breakthroughs in industrial-grade consistency, multimodal integration, upgraded physics simulation, and native audio-visual synchronization [3][29]. - The maturation of AI video generation technology is expected to benefit short-duration, high-frequency, lightweight content consumption, particularly in short videos and micro-dramas [4][30]. - The report anticipates rapid growth in the AIGC content market share, with a potential shift towards short-form video formats driven by UGC and PUGC content [4][30]. Summary by Sections Seedance 2.0 Breakthroughs - Industrial-grade consistency resolves long-video issues like character "face drift" and "style jumps," enabling genuine storytelling capabilities [3]. - Multimodal integration allows simultaneous input of images, videos, audio, and text, enhancing the creative process [3]. - Upgraded physics simulation improves realism in generated content, reducing "AI twitching" phenomena [3]. - Native audio-visual synchronization achieves millisecond precision in lip-syncing and sound effects [3]. Impact on Content Production - Seedance 2.0 is expected to significantly lower content production costs, particularly benefiting the film and video industry [4][30]. - The report highlights the potential for explosive growth in AI live-narration short dramas, driven by high narrative efficiency and low production costs [5][32]. - AI comic dramas are identified as a certain commercialization path, with a clear monetization model and strong growth potential [10][38]. Market Opportunities - The report recommends monitoring short-video platforms like Douyin and Kuaishou, as well as emerging short-drama platforms such as Hongguo Short Drama and Fanqie Short Drama [4][31]. - The AI comic drama market is projected to grow significantly, with the number of projects expected to increase dramatically by 2025 [7][10]. - The report emphasizes the importance of IP quality in the AI comic drama industry, suggesting that companies with strong IP portfolios will have a competitive advantage [12][14].