国信证券发布研报称，OpenAI于2025年9月30日发布的新一代视频生成模型Sora2和SoraAPP，发布后在 社交媒体火爆出圈，有望重塑短视频生态。视频内容未来若AI内容占比提升，将拉齐其他短视频平台 与抖音内容的差距，重塑内容和UGC生态，建议关注AI视频相关公司，快手-W(01024)可灵在AI视频领 域领先。快手可灵AI写实风格视频表现优异，持续在生成效果和可控性迭代。 国信证券主要观点如下： 作为"世界模拟器"的升级版本，Sora2在图像分辨率、风格操控和指令遵循方面均有突破 Sora2社交互动的三大支柱： ①"客串"(Cameo)功能：用户可通过录制简短视频样本，创建用户个人数字分身，并将其无缝嵌入任何 AI生成的场景中。更进一步，该功能有望为明星、IP方提供了一个数字肖像权授权和租赁市场，有望开 创了全新的IP变现模式。 ②"二创"(Remix)功能：不仅是简单的视频剪辑，而是对视频内容的解构与重组。用户可以替换视频中 的主角、背景甚至元素，实现高效的二次创作，有望极大地激发了社区的创作活力。 ③类TikTok的社交信息流：Sora App采用类似TikTok的竖屏短视频信息流界面，用户可浏 ...

Core Viewpoint - OpenAI's new video generation model Sora2 and its associated app SoraApp are expected to reshape the short video ecosystem, enhancing AI-generated content's share in video platforms and narrowing the gap with Douyin [1][2]. Group 1: Sora2 Features and Innovations - Sora2 represents an upgraded version of the "world simulator," achieving breakthroughs in image resolution, style control, and instruction adherence [2]. - The model integrates audio-visual synchronization technology, significantly improving physical simulation accuracy, capable of mimicking real-world dynamics such as gymnastics and diving [2]. - SoraApp, launched alongside Sora2, combines creation, distribution, and interaction into a single AI-native social ecosystem, featuring a vertical video stream design similar to TikTok [2][3]. Group 2: User Engagement and Features - The "Cameo" feature allows users to create digital avatars by recording short video samples, which can be seamlessly integrated into AI-generated scenes, potentially creating a new market for digital portrait rights [3]. - The "Remix" function enables users to deconstruct and reassemble video content, fostering community creativity by allowing replacements of main characters, backgrounds, and elements [3]. - SoraApp's interface encourages a closed-loop ecosystem of creation and interaction, combining viewing, inspiration, remixing, sharing, and feedback [3]. Group 3: Market Impact and Adoption - The launch of Sora2 and SoraApp marks a transition of AI video generation technology from experimental tools to mainstream applications, accelerating the commercialization of AI video [4]. - In the initial two days post-launch, Sora's iOS app achieved 164,000 downloads and quickly rose to the third position in the U.S. App Store rankings, despite being limited to invite-only access in the U.S. and Canada [2].