| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4147 | -0.01 | 0.34 | 1.58 | | 深证综指 | 2755 | 0.33 | 1.26 | 2.79 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.25 | 0.34 | 5.18 | | 中盘指数 | 0.41 | 1.02 | 22.14 | | 小盘指数 | 0.59 | 1.31 | 15.75 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 元件Ⅱ | 5.57 | 13.86 | 41.45 | | 其他电源设 | 3.9 | 6 | 28.64 | | 备Ⅱ 风电设备Ⅱ | 3.89 | 1.04 | 41.58 | | 通信服务 | 3.29 | 3.43 | -1.44 | | 特钢Ⅱ ...

行 业 及 产 业 行 业 研 究 / 行 业 深 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 2026 年 02 月 26 日 Seedance2.0 突破，AI 视频竞争 格局及产业链机遇 看好 ——GenAI 系列报告之 69 暨 AI 应用深 ...

数据层面，研报援引第三方移动端收入跟踪数据指出，竞品模型上线后，对可灵移动端收入趋势影响有 限。 此外，BofA回顾历史数据指出，2025年5月20日Google发布VEO 3.0时，市场亦曾担忧竞争风险，但可 灵海外日收入在随后一个月保持稳定，并逐步增长，目前已达到当时水平的两倍以上。研报认为，可灵 收入增长主要由自身模型升级驱动，竞品发布影响有限。 估值方面，该机构给予快手94港元目标价，基于分部估值法，其中核心业务按2026年预期13倍市盈率估 值，可灵AI业务按35倍市销率估值。 市场分析人士认为，此次可灵3.0在国际权威评测体系中登顶，有助于强化其在全球AI视频生成赛道中 的领先地位，并进一步夯实其在专业创作与企业级应用场景中的竞争基础。 与此同时，美国银行(BofA)全球研究部在2月25日发布的快手研报中指出，近期市场对AI视频领域竞争 的担忧可能被过度放大，并重申对快手的"买入"评级。 研报指出，近期股价回调主要受竞品模型发布影响，但该机构认为AI视频生成与供给增加有助于推动 行业整体扩容。随着AI视频生成技术渗透率提升，可灵的使用需求有望增加，同时AI视频内容供给提 升也可能对快手短视频主业形 ...

"我提供了2张卡通人物图片，再输入'新年''红包'等关键词，15分钟后，2个卡通人物互赠春节红包的10 秒短视频就已经生成。"科幻"发烧友"李安宁体验Seedance 2.0后，连连称赞，"从镜头语言到台词、再 到动作的塑造很自然，符合大众审美。" 近日，字节跳动公司最新视频生成模型Seedance 2.0开启小范围内测，此举不仅受到资本市场关注，更 在专业领域引起反响。从国内社交平台到海外科技圈，相关讨论量持续飙升。 降低制作门槛，让更多人成"电影主角" Seedance 2.0之所以引发业界震动，主要由于在多模态输入、画面一致性及生成逼真度上展现出的技术 突破。 □ 本报记者 叶真 张宣 虽然2月9日字节跳动公司已在即梦创作者社群发布公告，明确内测期间暂不支持输入真人图片或视频作 为主体参考，但对于AI内容可能带来的信任危机，社会上很多人表示担忧。随着模型展现出前所未有 的真实感，可能会带来肖像侵权、虚假信息混淆现实等风险，公众与行业对安全合规的呼声越来越高。 在江南大学数字科技与创意设计学院副教授杨滨看来，Seedance 2.0降低了视频创作门槛，但也面临着 同质化越来越严重的问题和未知风险。他认为， ...

Group 1 - The A-share film and television sector experienced a significant decline on February 24, with major companies like Light Media, Bona Film Group, Wanda Film, and others hitting the daily limit down [1][4] - The recent Spring Festival box office performance was disappointing, with total box office revenue reaching 5.752 billion yuan, a decrease of 3.762 billion yuan compared to the previous year, and total audience attendance dropping by 6.7 million [4][6] - The average ticket price during the Spring Festival was 47.8 yuan, the lowest since 2021, attributed to local consumer vouchers, but the increase in audience numbers did not meet expectations [6][10] Group 2 - The film industry is facing challenges from AI video generation models, which are changing the landscape of entertainment and content creation [11][17] - The report from Lighthouse Research Institute indicates that the film market is becoming a crucial link between emotions, scenes, and the real economy, highlighting the evolving nature of film as a cultural product [3][10] - The consumption potential in lower-tier markets has been released, with box office revenue from third and fourth-tier cities accounting for nearly 60% of the total, marking a six-year high [10][12]

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call focuses on the domestic AI video generation industry, specifically highlighting ByteDance's AI video generation model Seedance 2.0 and its impact on the market [1][2]. Core Insights and Arguments - **Advancement of Domestic Video Generation Models**: ByteDance's Seedance 2.0 has evolved into a "director-level" tool, capable of generating multi-shot, movie-quality videos with original audio in just 60 seconds. This represents a significant breakthrough in AI video production, transforming it into a productive asset [1][2]. - **Increased Demand for Computing Power During Spring Festival**: The competition for traffic during the Spring Festival has amplified the demand for computing power. ByteDance leveraged the high visibility of the Spring Festival Gala to achieve peak concurrent usage [2]. - **AI Interaction Metrics**: On New Year's Eve, as the exclusive AI cloud partner for the Spring Festival Gala, the AI interaction volume reached 1.9 billion, with a peak of 63.3 billion tokens per minute. This indicates a substantial increase in user engagement and computing resource consumption [2]. - **Competitive Strategies of Major Companies**: Tencent distributed 1 billion yuan in red envelopes to stimulate social engagement, while Alibaba's 3 billion yuan promotional campaign integrated its ecosystem, creating a consumable closed loop. These strategies highlight the fierce competition among major players for consumer entry points, driving up concurrent requests and token consumption [2]. - **Acceleration of the Domestic Large Model and Computing Power Cycle**: The Zhipu GLM-5 model is natively adapted to the domestic GPU ecosystem, having undergone deep optimization from the core to the inference framework, ensuring compatibility with seven major domestic chip platforms. This reflects the robust demand-side traction in the domestic AI sector and the gradual improvement of the ecosystem between domestic large models and computing power [2]. Other Important but Potentially Overlooked Content - **Key Companies to Watch**: The call emphasizes several companies in the server, networking, liquid cooling/power, and connector sectors, including Inspur Information, ZTE, Unisplendour, Huaqin Technology, and others, indicating a broad interest in the supporting infrastructure of the AI industry [3]. - **Risk Warning**: There is a cautionary note regarding the potential risks associated with the industry, particularly the possibility of slower-than-expected progress in technological advancements [4].

Seedance2.0%在海外也刷屏了 在AI视频生成赛道 此刻没有人比它更强 视频生成已经不是新赛道 但这一次Seedance2.0% 似乎真的完成了 从“玩具”到“生产力工具” 的本质跨越 把专业级视频创作的门槛 几乎彻底砸烂 我一个暴论啊 我觉得今年可能是不是就是 Veo跟字节这两个模型在对打了 此次Seedance2.0% 生成的视频 电影质感拉满 非常懂镜头语言和叙事节奏 基本能做到生成即用 它带来的降本增效预期 甚至还直接带动了 整个影视板块强势涨停 而之所以Seedance 2.0% 此次能取得如此大的突破 嘉宾认为可能有 两个核心推动因素 第一 是训练数据的量级与质量突破 我觉得它在数据层面上 花了非常多的功夫 我相信他都是有 一部分数据团队 他们去专门收集这样的数据 所以说它才能支持这么多的 使用场景 第二 视频生成技术 其实有很多不同的 下游应用任务 除了影视制作之外 还有游戏、自动驾驶 机器人等 但此次 Seedance 2.0%可能是 专门针对影视制作领域 进行了深度的工程化设计 和优化 你看这次它更新的很多东西 包括像那些 原生音视频的一体化 然后包括像那个 自动多镜头的叙事 像什么 ...

Core Viewpoint - The article discusses the rapid evolution of the AI video generation market, highlighting the competitive landscape where ByteDance's Seedance 2.0 has emerged as a significant player, potentially redefining the industry standards and challenging existing leaders like Kuaishou's Keling [4][5][6]. Market Dynamics - The AI video generation sector is transitioning from isolated breakthroughs to comprehensive competition, with various domestic models like Kuaishou's Keling, ByteDance's Jimeng, and Alibaba's Wanxiang leading the charge [8]. - The competition is intensifying as different companies adopt varied development strategies, with many models converging on basic capabilities while maintaining distinct features and technical specialties [8][12]. Keling's Position - Keling has been recognized as a leading video generation model since its launch in June 2024, achieving over 30 iterations and generating significant revenue, exceeding 700 million yuan by the third quarter of 2025 [11][20]. - Despite its early advantages, Keling faces pressure as its technological lead diminishes, with competitors rapidly advancing in areas like multi-shot narrative and complex content generation [15][20]. Seedance 2.0's Impact - Seedance 2.0 has introduced significant advancements, such as automatic multi-shot usage and improved narrative logic, outperforming competitors in efficiency and cost [13][19]. - The model's ability to generate 2K videos faster than competitors by 30% has raised the bar for the industry, prompting concerns for Keling's market position [13][19]. Competitive Strategies - ByteDance's Jiemeng AI integrates deeply with its Douyin platform, achieving rapid user growth, while Alibaba's Wanxiang adopts an open-source strategy to enhance its technological edge [12][20]. - Keling's strategy focuses on product innovation and commercialization, but it must navigate internal challenges and external competition to maintain its market share [10][21]. Future Outlook - The article suggests that Keling must differentiate itself beyond being a mere generation tool to avoid being marginalized in the competitive landscape [22]. - The future of competition will hinge on understanding creator needs, content ecosystem management, and innovative business models, indicating that both Seedance and Keling have significant challenges ahead [22].

Core Insights - The 2026 Spring Festival Gala prominently featured AI model Seedance 2.0, marking its debut in a major event with applications across multiple performances [1][2] - Seedance 2.0 was utilized in at least three segments of the gala, showcasing its capabilities in generating high-quality visual effects [1][3] Group 1: Seedance 2.0 Applications - Seedance 2.0 was the first client for the Spring Festival Gala, having been deeply integrated into the visual production of various performances [2] - The segment "He Hua Shen" featured 12 celebrities transforming into flowers, demonstrating seamless integration of AI-generated visuals with live performances [3] - The model's ability to create detailed and aesthetically pleasing visuals was highlighted, with a focus on micro-level changes and high aesthetic standards [3] Group 2: Technical Capabilities - Seedance 2.0 exhibited strong physical properties, allowing for realistic animations of traditional Chinese ink paintings, such as the dynamic representation of horses in "Yu Feng Ge" [5] - The model overcame challenges associated with traditional animation, such as rigid movements, by ensuring natural motion and adherence to physical laws [5][6] - The integration of Seedream for static keyframe generation provided a high-quality foundation for subsequent video production, enhancing the overall output quality [5] Group 3: Industry Implications - Director Jia Zhangke's involvement with Seedance 2.0 in the short film "Jia Ke Zhang Dance" indicates the growing potential of AI in the film industry [7][9] - The dialogue between "Jia Zhangke" and "AI Jia Zhangke" in the short film reflects on the evolving relationship between technology and filmmaking, emphasizing that technology will not replace creativity but rather coexist with it [9] - Commentary from industry professionals suggests that AI tools will democratize filmmaking, enabling a broader range of creators to produce high-quality content [10]

针对这一产业痛点，阜博集团(03738)上线Vobile MAX™平台的元素级确权管理能力，首次展示真实案 例。在阜博展示的真实案例中，平台针对近期热点进行了针对性追踪：以《疯狂动物城》中的"朱迪"形 象为例，Vobile MAX™能够精准识别并追踪全网由AI生成的变体内容。针对经典真人形象(如科比等)的 二次创作，平台不仅能实现全网传播监测，还能帮助创作者进行内容变现。通过这一机制，版权方和创 作者能够清晰掌握其资产的流转路径与变现潜力，实现真正的"心里有数"。 智通财经APP获悉，随着2026年农历春节临近，AI视频生成技术进入爆发期但随之而来的版权治理难题 也正成为市场焦点。近日，字节跳动旗下视频生成大模型Seedance 2.0低调上线并迅速走红，然而其强 大的生成能力也引发了连锁反应：周星驰经纪人公开质疑平台充斥大量未经授权的AI生成电影片段;社 交平台上，利用AI制作的明星脸"合家欢"拜年视频引发肖像权争议。 在AI时代，数字内容的创作方式已发生根本性变革。传统的侵权行为多为对完整作品的非法搬运，而 现在的AI生成则是对海量素材进行深度学习，通过提取角色形象、特定场景等元素进行重构生成。 ...