Group 1 - The core viewpoint is that AI video generation technology has made significant progress in cost optimization and content innovation, with companies like Kuaishou and Alibaba leading the way [1] - Kuaishou has achieved a reduction in inference costs through technological iterations, while Alibaba's MoE architecture can save 50% in computational consumption, indicating a trend towards lower user costs and increased penetration in the industry [1] - The participation of AI in content creation has increased from 50% to 80%, with AI tools capable of replacing live-action segments, suggesting a shift in content production dynamics [1] Group 2 - The potential market for AI video is estimated to reach $41.6 billion, with the B-end commercialization space accounting for approximately $39.7 billion (20% penetration) and the P-end creator market around $3.8 billion [1] - Industry trends are driven by three main logics: extension of video length (potentially reaching 1 minute within the year), cost reductions leading to "better and cheaper" content, and the expansion of new content categories [1] - Companies focusing on multimodal AI applications and international expansion are expected to experience faster commercialization processes [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which primarily covers technology-related companies accessible through the Stock Connect, with a focus on non-essential consumer sectors and including automotive, pharmaceuticals, biotechnology, and information technology equipment [1]

2)以快手可灵为代表的视频生成产品在推理层面实现毛利打平，以及阿里Wan2.2的MoE架构可实现同参 数下节省50%计算消耗，该行判断"更好更便宜"将持续演绎，技术侧持续探索成本优化带动用户使用成 本降低，提升用户渗透率。技术侧如快手可灵表示通过技术迭代，可实现可灵推理成本进一步下降;阿 里Wan2.2的MoE架构下，一个高噪声专家负责整体布局，一个低噪声专家精调细节，同参数下可节省 50%计算消耗。若行业普遍采取这一技术架构，整体成本有望降低，带动用户使用成本降低，提升用户 渗透率。此外在商业模式上，快手可灵已在推理层面实现边际利润打正。 3)以AI漫剧直接生成、AI转绘等为代表的动漫内容新形态出现，带动整体内容市场扩容。中文在线表示 AI漫剧直接生成流程中，AI参与度从24年的约50%提升到目前的近80%。AI转绘漫剧，则是利用AI技术 对真人实拍短剧进行再创作生成，在全球发行层面都更具普适性，其中真人实拍阶段也可部分被AI视 频工具替代。该行认为新内容业态的成熟将带动内容市场扩容，AI视频可触及的规模有望扩大。 跟踪近期主要AI视频厂商的动态，该行对产业的发展更加乐观，该行判断产业发展趋势或超预期，基 ...