BABA(US:BABA) CHINA DRAGON SECURITIES·2026-03-02 08:01Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][30]. Core Insights - ByteDance has released the Seed 2.0 series model, which significantly upgrades its multi-modal capabilities and complex task execution levels, aiming to enhance performance in real-world applications [5][24]. - Alibaba's Qwen model leads the Chinese enterprise-level large model market, with a daily usage share of 32.1% in the second half of 2025, nearly doubling from 17.7% in the first half [19][20]. - The report emphasizes three core directions for investment in the media sector: AI technology empowerment, IP value release, and recovery of the film industry [30]. Summary by Sections Industry News - Windy Technology collaborates with leading companies to establish a smart application pilot base in Hangzhou, focusing on embodied intelligence as a key component of new productivity [18]. - The Chinese enterprise-level large model market is dominated by Alibaba's Qwen, which has seen a significant increase in daily usage [19][20]. Key Company Announcements - Kyeing Network has approved a share repurchase plan, intending to buy back shares worth between 100 million and 200 million RMB, enhancing investor confidence and aligning interests [22]. - Ice River Network has received approval to use idle funds for cash management, aiming to improve capital efficiency [23]. Investment Recommendations - The report suggests focusing on companies with high-performance agent model development capabilities and those deeply engaged in vertical industry MaaS services [30]. - Specific companies to watch include Kyeing Network, Giant Network, and Tencent Holdings for AI technology empowerment, and Huace Film and Wanda Film for the recovery of the film industry [30].