KAIYUAN SECURITIES·2026-03-30 00:25Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the continuous investment in AI by major companies, with ByteDance's Doubao model achieving a daily token call volume exceeding 100 trillion, marking a growth of over 60% in less than two months [3][28] - The gaming sector is expected to see a resurgence with the upcoming launch of highly anticipated titles like "Yihuan," which has already surpassed 30 million global pre-registrations [4][10] - The report suggests a strong potential for domestic models in video generation, music, and coding, which will drive demand for token and cloud computing services [3] Industry Data Overview - "Luokewang Kingdom: World" ranked first in the iOS free game chart in mainland China, while "Peace Elite" topped the iOS revenue chart [10][14] - The film "Rescue Plan" achieved the highest box office for the week, grossing 0.81 billion [22] - The daily consumption of AIGC (AI-Generated Content) has seen significant growth, with ByteDance's Doubao model leading the way [27] Industry News Summary - The report notes that the AIGC sector is experiencing rapid advancements, with the daily token call volume for ByteDance's Doubao model surpassing 100 trillion [27][28] - OpenAI has officially shut down its AI video generation tool Sora, indicating a strategic shift towards productivity and programming tools [27] - The upcoming launch of OpenAI's next flagship model, Spud, is anticipated within weeks, reflecting ongoing innovation in the AI space [27]