Guolian Minsheng Securities·2026-02-14 00:51Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative performance exceeding 15% compared to the benchmark index over the next 12 months [8]. Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, enabling users to create videos with simple text prompts, which is expected to enhance user engagement and frequency of use over the long term [3][5]. - The model's capabilities include multi-modal input acceptance, narrative coherence, and audio-visual synchronization, addressing key industry challenges such as character consistency and audio-visual mismatch [4][5]. - The demand for computational power is projected to increase exponentially due to the anticipated high concurrency from both consumer (C-end) content creation and business (B-end) API calls [6]. Summary by Sections Seedance 2.0 Launch and Features - Seedance 2.0 is integrated into various platforms, allowing users to generate short videos easily, which is expected to drive higher usage rates [3]. - The model supports multiple input types and can generate videos with synchronized audio, enhancing the creative process for users [4]. Computational Demand Projections - The report estimates that by October 2025, the monthly usage of AI-generated content on the platform will reach 63,900 times, with a total usage time of 1,668.2 hours [6]. - The complexity of video generation is significantly higher than that of text and images, leading to a substantial increase in computational requirements [6]. - Projections indicate that the number of required H100 GPUs for video generation could range from 2.4 million to 4.284 million under different scenarios, with a market space for H100 GPUs estimated between $4.8 billion and $8.568 billion [14][12]. Long-term Market Opportunities - The report highlights the potential for domestic computational power providers to benefit from the growth of AI video generation, with specific companies recommended for investment, including chip designers and AI server manufacturers [13]. - The user base for short videos in China is expected to exceed 1 billion by the end of 2024, with increasing daily usage times projected [7][11].