过 去半年，AI 视频模型的迭代速度令人惊叹。变身、特写、运镜、特效轮番上阵，一秒出片、人人导演，似乎已触手可 及。 但回到真实使用场景，问题就出现了： 这些效果，普通用户真能复现吗？ 模型越来越多，工具五花八门，到底该怎么选？ 毕竟不是谁都在拍科幻大片。 大多数用户真正需要的，可能只是一段叙事清晰、动作合理、画面流畅的视频。 所以这次，我们只问关心一个问题： 这些模型，能不能在实际应用层面解决真正的问题？ 为此，我们找来了 年轻的新人内容"创作者" 。他们并不是AI视频的资深用户，也不是视频制作达人，甚至很多人还刚刚接触AI和视频制作。 他们中，有人希望能快速生成一个清晰的画面，用来呈现创意、完成提案；有人希望能直接产出一个能用的成片，省掉拍摄、剪辑的繁琐流程。 这正是许多AI视频产品声称可以解决的部分。 于是我们在完成了 音乐生成工具测评 、 PPT制作工具测评 等测评后，设计了这次测评任务：不炫技、不堆术语，只聚焦日常工作中实际的视频内容场景。 虽然当前应用端，"图生视频"（Image-to-Video）依然是主流使用方式，但为了更全面评估模型在语义理解、动作链组织、镜头语言构建等核心能力上的差异，我们 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Insights - The domestic video generation models are continuously advancing, driving industry development. The first global AI unit story collection "New World Loading" premiered recently, showcasing the capabilities of the Kuaishou Keling AI model [5] - Keling AI has achieved significant revenue growth, reaching 150 million yuan in Q1 2025, with nearly 70% of its revenue coming from paid subscriptions by professional users in the self-media and marketing sectors [5] - The top five domestic video generation models have made notable progress, with ByteDance's Seedance 1.0 ranked first, followed by Minimax Hailuo02 and Kuaishou Kling2.0 [5] Summary by Sections Industry Performance - The industry has shown strong relative returns over the past year, with a 34.3% increase in relative returns over 12 months and a 47.59% increase in absolute returns [4] Investment Recommendations - The report suggests focusing on companies such as Zhongwen Online, Yuedu Group, Kaiying Network, Shanghai Film, Kunlun Wanwei, and others, as they are expected to benefit from the ongoing advancements in video generation applications [5]

Investment Rating - The report maintains a "Buy" rating for the AI video generation industry, highlighting the accelerated commercialization and strong performance of domestic manufacturers [2]. Core Insights - The AI video generation industry is entering a commercial development fast track, with significant advancements in technology and diverse application scenarios. The global market size is projected to reach approximately 25.63 billion USD by 2032, with a compound annual growth rate (CAGR) of 20% from 2025 to 2032 [4][40]. - The industry is driven by both pricing and model capabilities, with current API prices ranging from 0.2 to 1 RMB per second. The cost advantages of AI video generation compared to traditional video production methods are substantial [46][47]. - Domestic manufacturers, such as Kuaishou and Meitu, are showing outstanding performance in the competitive landscape, with products like Kuaishou's Kling and ByteDance's Seedance leading the market [58][62]. Summary by Sections 1. Technology Path - The evolution of AI video generation technology has progressed from static image sequences to GAN, Transformer, Diffusion Model, and DiT, enhancing content richness and controllability [4][7]. - The DiT architecture, which combines diffusion models with transformers, has emerged as a key direction in the industry, validated by the Sora model's performance [23][31]. 2. AI Video Generation Industry 2.1 Driving Factors - The growth of the AI video generation industry is fueled by both pricing and performance improvements, with significant cost advantages over traditional video production methods [46][47]. - The current mainstream generation duration is 5-10 seconds, with advancements allowing for longer video generation, enhancing narrative capabilities [47]. 2.2 Industry Applications - The industry has diverse applications in B2B sectors such as film content creation, commercial advertising, e-commerce marketing, and education, as well as in C2C scenarios that enhance user engagement [51][54]. 2.3 Product and Competitive Landscape - Domestic manufacturers like Kuaishou and ByteDance are leading the market with their advanced models, achieving high usage and web traffic [58][62]. - The competitive landscape shows that products like Seedance1.0 and Veo2/3 are among the top performers, indicating a strong domestic capability in AI video generation [58][62]. 3. Investment Recommendations and Related Stocks - The report suggests focusing on Kuaishou (1024.HK) and Meitu (1357.HK) as key investment opportunities in the AI video generation sector, given their strong commercial performance and growth potential [64][75].

Investment Rating - The report maintains an "Outperform" rating for the media sector [5][40]. Core Views - The short-term performance cycle is expected to improve, with a long-term positive outlook on AI applications and IP trends [4][40]. - The report highlights the importance of focusing on individual stocks within the gaming, advertising media, and film sectors, as the fundamentals show signs of recovery [4][40]. Summary by Sections Industry Performance - The media sector experienced a decline of 1.78% during the week of June 16-20, underperforming both the CSI 300 index (-0.45%) and the ChiNext index (-1.66%) [12][14]. - Notable gainers included Lianjian Optoelectronics, Baina Qiancheng, and ST Huatong, while major decliners were Yue Media and Yuanlong Yatu [12][13]. Key Developments - OpenAI signed a $200 million contract with the U.S. Department of Defense and launched a new feature called "ChatGPT Record" [2][17]. - ByteDance introduced the AI video generation model Seedance 1.0, outperforming Google's latest model [2][18]. - MiniMax launched a video agent tool that generates videos from text commands and maintains character consistency using uploaded images [2][19]. - Beijing introduced support measures for the gaming and esports industry, offering up to 5 million yuan for outstanding projects [2][19]. Important Data Tracking - The box office for the week of June 16-22 reached 366 million yuan, with the top three films being "Sauce Garden Case" (150 million yuan), "New Dragon Trainer" (73 million yuan), and "Breakup List" (32 million yuan) [3][21]. - The top-grossing mobile games in May 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "PUBG MOBILE" [28][29]. Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [4][40]. - The report emphasizes the potential of AI applications across various sectors, including marketing, education, and gaming, and recommends companies like Bubble Mart and Yaoji Technology for IP trends [4][40].