字节，恒生科技的大空头吗？

Core Viewpoint - The article discusses the significant impact of ByteDance's new AI video tool, Seedance 2.0, on the competitive landscape of the internet and e-commerce sectors, particularly affecting companies like Kuaishou, Tencent, and Alibaba [4][6][10]. Group 1: Impact on Competitors - Seedance 2.0 has been described as a superior AI video tool that challenges Kuaishou's valuation and market position, which had been based on its leadership in AI applications [9]. - The tool's advantages include lower video generation costs, improved character consistency, and multi-shot storytelling capabilities, making it more user-friendly and efficient compared to previous AI video generation methods [9]. - Kuaishou's stock price, which had risen based on its AI leadership, faced a decline following the launch of Seedance 2.0, indicating a shift in market dynamics [6][9]. Group 2: ByteDance's Strategy - ByteDance's approach focuses on changing the game rules rather than direct confrontations, leading to a gradual erosion of competitors' market share without them realizing it [12]. - The company has successfully disrupted traditional advertising and e-commerce models, with its advertising revenue now leading the industry and its live-streaming e-commerce rapidly gaining market share [12][14]. - ByteDance's AI advancements are positioned to create significant pressure on the valuations of other companies within the Hang Seng Technology Index, which are already feeling the impact of its growth [14]. Group 3: Broader Industry Implications - The article suggests that the ongoing AI wave, led by ByteDance, is a critical variable that could reshape the entire internet landscape, affecting various sectors including short videos, advertising, e-commerce, and local services [14]. - The upcoming Spring Festival Gala, featuring AI products, may further integrate AI into mainstream usage, potentially leading to a broader revaluation of companies in the sector [15].