分析师 1: 好的。各位投资的朋友，大家晚上好，我是方安策略首席袁道宇。我们这个整个策论中关 第一期，我们是很荣幸的邀请到我们这个传媒和互联网首席焦娟来给大家讲一讲这个，聊 一聊 AI 应用，因为我们看到，其实从年初以来。整个 AI 应用板块表现还是挺好的，包括 像一些细分的像传媒在今年应该是领涨的，在所有一级行业领涨的。那么这个 AI 应用这 块，包括可能涉及到港股，包括港股互联网，还有这个 A 股的一些具体的一些细分板块的 这个催化也好，包括后面这个行情的节奏，包括排序这块我们今天都会聊到。 那我们现在就这个正式开始，就是我先，就是请教那个焦老师第一个问题，因为我是，就 是从策略角度来说，我注意到就可能从 23 年 ChatGPT 出现以来，其实 AI 应用基本上好 像每年春节前后都会有一波行情。这个包括今年也不例外，就是这个背后的原因。主要是 有哪些？那个姜老师 分析师 2: 好的，我这边的话总结了三个比较深刻的原因，正好借着袁老师的这个场子，跟大家汇报 一下。确实，我自己非常长足的进步，也是从 2023 年，尤其是 23 年 ChatGPT 出来之后， 我自己这边基本上把这个研究架构都搭得差不多。然后 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call discusses the advancements in AI video generation, specifically focusing on OpenAI's Sora 2 model and its associated social application, Sora. [1][2][9] Core Insights and Arguments 1. **Technological Breakthroughs**: Sora 2 has achieved significant advancements in audio-video synchronization, with an error margin of less than 120 milliseconds, and a physical action scene compliance rate improved from 41% to 88%. [1][3][4] 2. **Core Functional Modules**: Sora 2 includes key functionalities such as text-to-video generation, image-to-video generation, remixing, and guest appearance features, which lower content creation barriers. [1][5] 3. **Market Positioning**: Since its launch on September 30, Sora has consistently ranked first in the U.S. iOS free app chart, indicating a major breakthrough in AI applications for video generation. [2][9] 4. **Social Ecosystem Strategy**: OpenAI is positioning Sora as a social ecosystem product, utilizing an invitation mechanism to encourage user growth and content co-creation. [6][12] 5. **Impact on AI Applications**: Sora 2 is seen as a milestone product that could initiate a new cycle of innovation in AI applications, similar to the impact of ChatGPT in text generation. [9][18] 6. **Future Trends in AI Industry**: The AI industry is expected to continue evolving towards multi-modal models, reshaping creator and content ecosystems, and increasing use case penetration. [7][21] Other Important but Potentially Overlooked Content 1. **Competitive Landscape**: Other companies like ByteDance and Keling have also made strides in AI video generation, indicating a shift from assisted to autonomous generation. [1][8] 2. **User Engagement**: Sora's user engagement is notable, with 30% of active users identified as creators, highlighting the platform's strong interactive attributes. [15] 3. **Revenue Potential**: Sora's business model is expected to leverage network effects and high IP derivative value, indicating significant revenue potential. [17] 4. **Downstream Industry Outlook**: The downstream sectors, particularly in video, e-commerce, advertising, and gaming, are anticipated to experience growth driven by advancements in AI technology. [27] This summary encapsulates the key points discussed in the conference call, providing insights into the advancements in AI video generation and the strategic positioning of OpenAI's Sora 2 model.