Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Insights - The report highlights that 2026 is expected to be a pivotal year for multimodal models, which are anticipated to drive growth in the film, gaming, and advertising sectors due to significant improvements in capabilities and reductions in costs [5][12][15] - The launch of the Keling 3.0 series and Byte's Seedance 2.0 models marks a significant advancement in the multimodal field, enabling comprehensive video production processes and enhancing competition among industry players [6][13] - Keling AI has rapidly commercialized its multimodal models, boasting over 60 million creators and generating more than 600 million videos by the end of 2025, with an annual revenue run rate of $240 million [7][14] Summary by Sections Industry Overview - The computer index fell by 3.27% during the week of February 2-6, 2026, while the CSI 300 index decreased by 1.33% [4][16] Multimodal Model Developments - The initial Sora model by OpenAI, launched in February 2024, is compared to a significant breakthrough in video technology, with subsequent models showing substantial advancements [5][12] - The Keling 3.0 series, launched on February 5, 2026, integrates various multimedia capabilities, marking a new era in AI-driven content creation [6][13] Commercialization Potential - The report emphasizes that 2026 will be crucial for the commercialization of multimodal models, driven by enhanced model capabilities and reduced costs, which will lower barriers to entry for users [7][14] Investment Recommendations - Beneficiaries of the anticipated growth in the multimodal sector include companies such as Wanjing Technology, Haitai Ruisheng, and Hongsoft Technology, among others [8][15]

Group 1 - The core viewpoint of the news highlights the recent performance of the Sci-Tech Innovation Artificial Intelligence ETF (589010), which experienced a 2.14% intraday pullback, reaching around 1.326 yuan, despite structural strengths in key holdings like Xinghuan Technology, which surged by 19.99% [1][2] - The liquidity in the market is robust, with a trading volume exceeding 47 million yuan, indicating active trading conditions [1] - The Chinese artificial intelligence industry is accelerating, with projections indicating that the core industry scale could exceed 1 trillion yuan by 2025, driven by significant growth in large model applications in manufacturing [1][2] Group 2 - OpenAI's upcoming Sora model, set to launch in February 2024, is anticipated to revolutionize the video sector, akin to the GPT-1 moment, with further advancements expected in Sora 2 by September 2025 [2] - Google's recent updates to the Gemini API with Veo 3.1 and Veo 3.1 Fast are expected to enhance audio support and narrative control, contributing to a more realistic user experience [2] - The Sci-Tech Innovation Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange's AI index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

Group 1 - The core viewpoint is that the AI sector is experiencing short-term adjustments, with the Sci-Tech Innovation Artificial Intelligence ETF (589010) down by 1.91% and only 2 out of 30 component stocks showing gains [1] - Microsoft has formed a super-intelligent team within its Microsoft AI division, focusing on affordable AI companions, expert-level medical diagnostics, and clean energy management [1] - The trading volume for the AI sector is approximately 23.94 million yuan, indicating moderate market turnover [1] Group 2 - OpenAI is set to launch its first Sora model in February 2024, marking a significant breakthrough in the video domain, akin to the GPT-1 moment [2] - The Sora 2 model, expected in September 2025, will enhance physical simulation, realism, and controllability, offering a unified audiovisual experience [2] - The Gemini API by Google has released a paid preview of Veo 3.1, which includes significant upgrades for richer audio support and improved narrative control [2]

Product Updates - Veo 3.1 and Veo 3.1 Fast are introduced as the latest video models [1] - The new models feature richer native audio [1] - Improved cinematic styles are included in the update [1] - The models support reference to video [1] - Transitions between frames are enhanced [1] - Video extensions are now available [1]