KUAISHOU(HK:01024) 硬AI·2026-02-13 13:25Core Viewpoint - Goldman Sachs believes that the AI video generation market is not a "winner-takes-all" scenario, with both Kuaishou's Keling and ByteDance's Jiemeng benefiting from market expansion. The global AI video generation market is expected to grow from $3 billion in 2025 to $29 billion by 2030, a tenfold increase, reshaping the entertainment industry's value chain towards upstream IP design and distribution platforms, which will gain higher added value [2][8]. Market Growth and Dynamics - The global AI video generation and editing market is projected to expand rapidly, increasing tenfold over the next five years from approximately $3 billion in 2025 to about $29 billion in 2030. This growth will be driven by the rising penetration and adoption of AI in advertising and entertainment video production [8]. - The expansion of the market will benefit leading models, including Keling, as the qualitative leap in model capabilities and the paradigm shift in the video production industry accelerate this process [8]. Competitive Landscape - Goldman Sachs emphasizes that it is too early to determine the winners in the AI video generation/application market, suggesting that multiple companies may coexist rather than a single dominant player [8]. - Keling 3.0 and Jiemeng 2.0 have both made significant advancements in video generation capabilities, with Keling focusing on enterprise and professional users while Jiemeng targets the consumer market [6][8]. Technological Advancements - Keling 3.0 includes upgrades such as native multilingual audio generation, extended video length to 15 seconds, multi-shot narrative capabilities, and high-fidelity output. Keling Video 3.0 Omni offers advanced generation features based on reference videos [5]. - Jiemeng 2.0 has shown strengths in understanding physical laws, natural action fluidity, and realistic human representation, capable of generating complete long videos from a single prompt [6]. Value Chain Transformation - The release of Jiemeng 2.0 has sparked interest in the broader impact on the entertainment industry, including long and short videos, games, music, and advertising. The enhancement of multimodal AI capabilities is expected to significantly lower the barriers to video creation, leading to an almost limitless supply of content [10]. - As AI tools lower production barriers, companies with high-quality IP, creative design capabilities, and strong distribution networks will occupy more advantageous positions in the new value distribution landscape [11].