Core Viewpoint - The article discusses the advancements in domestic AI technology, particularly focusing on the new video call feature of the "Doubao" AI, which can accurately tell the time and engage in real-time conversations while watching videos [1][3][4]. Group 1: AI Capabilities - The domestic AI can accurately report the time during a video call, demonstrating significant improvement over previous models that struggled with such tasks [2][3]. - The AI integrates internet search capabilities, enhancing the accuracy and timeliness of its responses to current events and trending topics [6][7]. - The new feature includes subtitles, allowing users to view the conversation history, which adds to the interactive experience [9]. Group 2: Practical Applications - The AI can serve as a companion for watching shows, accurately identifying scenes and providing commentary, as demonstrated with the show "Zhen Huan Zhuan" [16][18]. - It can assist in cooking by recognizing ingredients and providing detailed cooking instructions, showcasing its practical utility in everyday tasks [20][22]. - The AI is capable of solving academic problems, such as physics questions, and can assist with understanding complex topics like calculus, highlighting its educational applications [23][34]. Group 3: Underlying Technology - The "Doubao Visual Understanding Model" powers the AI's capabilities, featuring strong content recognition abilities that allow it to identify various elements in images [24][25]. - The model excels in understanding and reasoning, enabling it to perform complex logical calculations and provide clear problem-solving strategies [33][34]. - The AI's detailed visual description and creative capabilities contribute to its effectiveness in real-time interactions, making the user experience engaging and informative [35][36].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights the rapid growth of AI applications, particularly in the media sector, indicating significant investment opportunities [4][10] - The daily token usage of the Doubao large model has surged to over 12.7 trillion, which is three times that of December 2024 and 106 times compared to its initial release [4] - The report emphasizes the advancements in AI models, including the release of Doubao 1.5 and its capabilities in various fields such as mathematics, coding, and creative writing [6][8][9] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -6.58% over one month, 1.3% over three months, and 8.21% over twelve months compared to the CSI 300 index [2] Key Developments - The Doubao 1.5 model has been released with a new MoE architecture and dual-track reward mechanism, showcasing superior performance in reasoning tasks [5][6] - The Doubao text-to-image model 3.0 has been upgraded to produce better text layout and high-quality images, ranking among the top globally [8] - The Doubao visual understanding model has improved its capabilities in video localization and understanding, applicable in various commercial scenarios [9] Investment Opportunities - The report suggests focusing on companies such as Hand Information, Chuangye Heima, and Hehe Information for potential investment in AI applications [10]

Investment Rating - The industry investment rating is "Outperform the Market" [1][38]. Core Insights - OpenAI's latest models, o3 and o4-mini, introduce significant advancements in image reasoning and agent capabilities, enhancing the AI programming ecosystem [3][4]. - The competition in the global large model field remains intense, with a strong emphasis on native agent capabilities and multimodal reasoning [34]. - The domestic AI computing power market is expected to see increased acceptance and market share for Chinese AI computing solutions due to ongoing global trade tensions [34]. Summary by Sections OpenAI's New Models - OpenAI released o3 and o4-mini, which are touted as the most intelligent models to date, featuring breakthroughs in image reasoning and agent capabilities [3][4]. - The o3 model has set new state-of-the-art benchmarks in coding, mathematics, and visual perception tasks, outperforming its predecessor o1 by 20% in error rates on complex tasks [5][7]. - The o4-mini model is optimized for fast and cost-effective reasoning, excelling in non-STEM tasks and data science [5]. Doubao 1.5 Model - Doubao 1.5 has reached or is close to the top tier globally in reasoning tasks across mathematics, coding, and science, with enhanced visual understanding capabilities [17][21]. - The Doubao APP, based on the Doubao 1.5 model, can perform "thinking while searching," providing detailed recommendations based on user needs [24][27]. - Doubao's daily token usage has surged to over 12.7 trillion, indicating significant growth and market penetration [18]. Investment Recommendations - The report suggests focusing on AI applications in enterprise services, programming, and office automation, as well as on domestic AI computing power companies [34]. - Recommended stocks in AI applications include companies like Fanwei Network and Kingdee International, while AI computing power recommendations include companies like Haiguang Information and Inspur Information [34].

Core Insights - The Volcano Engine has officially launched the Doubao 1.5 Deep Thinking Model, which utilizes the MoE architecture with a total parameter count of 200 billion and an active parameter count of 20 billion, achieving top-tier performance in multiple benchmark tests [1][3][8] Model Capabilities - Doubao 1.5 features practical capabilities such as "thinking while searching" and "visual understanding," available for enterprise users on the Volcano Ark platform [3][4] - The model can achieve a low latency of 20 milliseconds in high-concurrency scenarios, allowing it to perform searches and reasoning simultaneously [4][6] - It demonstrates visual understanding by analyzing text and image information, providing tailored recommendations based on user preferences [6][20] Performance Metrics - In various authoritative benchmark tests, Doubao 1.5's scores are comparable to OpenAI's models, particularly in mathematical tests like AIME 2024 and AIME 2025, while showing significant advantages in the ARC-AGI test [8][10] - The model scored 77.3 in the GPQA Diamond reasoning challenge, closely trailing OpenAI's models, and has shown strong performance in programming benchmarks [10] Market Position - As of March 2025, Doubao's daily token usage has exceeded 12.7 trillion, marking a threefold increase from December 2024 and a 106-fold increase from its initial launch [3] - Volcano Engine holds a 46.4% market share in China's public cloud model usage, positioning it as the market leader [3] Additional Model Upgrades - The upgraded Doubao Text-to-Image Model 3.0 can generate high-quality 2K images and is applicable in various fields such as marketing and design [11][15] - The new Doubao Visual Understanding Model enhances visual localization capabilities and supports semantic video search, making it suitable for commercial applications like security and home care [17][20] Industry Context - The competition among domestic reasoning models is intensifying, with Doubao 1.5's advancements in reasoning costs and visual understanding potentially setting the stage for the next wave of upgrades in the industry [21]