近年来，海外头部模型持续迭代，多模态、长文本及代码能力屡创新高。应用层随之迎来爆发式增长， ChatGPT等代表性应用的MAU增速远超传统软件的增长曲线。同时，模型厂商与应用厂商的ARR均呈 现指数级增长态势，商业模式已得到初步验证。 AI时代海外科技巨头营收超额增长，软硬协同发展 AI时代下北美科技企业营收较宏观经济及其他行业呈现出明显超额增长。硬件端算力产业链持续受益; 云厂商Capex及云业务收入加速反映AI带来强劲需求;软件侧，B端垂直应用场景商业化更快，C端企业 多将AI应用于提升产品性能或降低成本。 Pre-AI+场景交付在国内B端率先落地 智通财经APP获悉，中信建投发布研报称，海外AI模型迭代、云服务与硬件需求、上层应用共振式爆 发。国内受限于市场环境展现出不同特征，B端企业数据治理基础相对薄弱，商业化聚焦于Pre-AI阶段 与垂直场景降本增效;C端市场在互联网巨头主导下目前仍以免费为主，但以图片编辑、视频生成为代表 的内容创作产品通过出海已实现了一定商业化价值，建议关注：1)Pre-AI的收入率先落地，推荐 OA+ERP环节。2)部分细分垂直场景AI收入更快。3)本地推理逐步起量。 中信建投 ...

Core Viewpoint - The article emphasizes that Chinese startups are gaining a leading edge in the multimodal content generation field, particularly in video and 3D creation, contrasting with the U.S. dominance in large language models [1][3]. Group 1: Advantages of Chinese Startups - Chinese teams have accumulated significant experience in video technology, with products like Douyin and Kuaishou laying a strong foundation for video generation [3][7]. - The flexibility of organizational structures in Chinese startups fosters innovation, allowing them to adapt quickly to market needs [3][4]. - The multimodal field remains open for innovation, with rich application scenarios and a strong talent pool in China providing fertile ground for technological advancements [3][8]. Group 2: Competition with Major Players - Startups maintain strategic focus and seek niche opportunities despite competition from giants like Alibaba and Tencent, who are entering the space with open-source models [4][9]. - The competition with large companies is seen as a rite of passage for startups, pushing them to mature and refine their strategies [10][11]. - Startups are leveraging their early investments in core technologies to stay ahead of larger competitors who are now trying to catch up [9][11]. Group 3: Future Trends and Innovations - The article discusses the potential for technology to lower the barriers for content creation, enabling more ordinary users to participate in multimodal content generation [5][37]. - Key trends include the unification of generation and understanding in multimodal models, which enhances controllability and consistency in outputs [14][15]. - Real-time generation capabilities are advancing, with companies like Pixverse achieving near real-time video generation speeds, which could lead to new application scenarios [17][18]. Group 4: User Engagement and Market Dynamics - The shift towards user-generated content (UGC) is highlighted, with startups aiming to create tools that simplify the content creation process for everyday users [21][22]. - The market for short video creation remains vast, with a significant portion of users yet to engage in content creation, presenting growth opportunities for startups [23][24]. - Startups are focusing on developing professional-grade tools that cater to both professional and semi-professional users, ensuring a robust ecosystem for content creation [25][26]. Group 5: Goals and Challenges Ahead - Companies aim to achieve high-quality real-time video generation models and expand their user base significantly in the coming year [37]. - The challenge lies in creating accessible tools for 3D content creation, with aspirations to democratize the process for a broader audience [37].