Hualong Securities: 3D models achieve single image generation + simulation level modeling double breakthrough. The industry is currently undergoing a key transitional period.

Huolong Securities released a research report stating that on October 23, Volcano Engine released DouBao 3D model 1.0, achieving end-to-end generation of high-quality simulation-level 3D models from a single image. In the future, the team will try to introduce multi-modal large language models (MLLM) to enhance the quality and robustness of 3D generation, and promote the large-scale application of 3D generation models in the world simulator. As 3D generation technology accelerates its penetration into cutting-edge fields such as digital twins, embodied intelligence, and virtual reality, the industry is experiencing a critical transformation from "manual modeling" to "intelligent generation." Efficient and high-quality automated 3D content generation capabilities have become the core DRIVE to drive the digitalization upgrade and scale application of the industry. The main points of Huolong Securities are as follows: DouBao 3D model 1.0 is released, achieving double excellence in geometry and material, performance reaches SOTA level On October 23, Volcano Engine released DouBao 3D model 1.0 (Doubao-Seed-3D-1.0), achieving end-to-end generation of high-quality simulation-level 3D models from a single image. Seed 3D 1.0 is based on the innovative Diffusion Transformer architecture, trained on a large scale of data, can generate complete 3D models including fine geometry, realistic textures, and physically based rendering (PBR) materials, and can achieve consistency in multiple perspectives and material realism. In the future, the team will try to introduce multi-modal large language models (MLLM) to enhance the quality and robustness of 3D generation, and promote the large-scale application of 3D generation models in the world simulator. Beijing Ultrapower Software escorts the industry digitalization upgrade with the Ultra-SOMC platform and secure digital capabilities On October 21, 2025, the security operation management center software UItra-SOMC V3.0 developed independently by Beijing Ultrapower Software was awarded the title of "2025 Outstanding Software Product" by the China National Software & Service Industry Association (referred to as "Zhongruan"). Currently, UItra-SOMC V3.0 has been applied in key industries such as communication and energy, providing security operation support for leading customers and continuing to promote and practice in more industry scenarios. This award not only reflects the high recognition of the industry authority in Beijing Ultrapower Software's technical strength and product value but also demonstrates the company's continuous innovation capabilities in the field of secure digitalization and intelligence. Investment recommendation As 3D generation technology accelerates its penetration into cutting-edge fields such as digital twins, embodied intelligence, and virtual reality, the industry is experiencing a critical transformation from "manual modeling" to "intelligent generation." Efficient and high-quality automated 3D content generation capabilities have become the core DRIVE to drive the digitalization upgrade and scale application of the industry. It is recommended to focus on platform enterprises and solution providers in the 3D generation field with breakthrough algorithms and engineering capabilities and grasp the three core directions of the media sector: 1) AI technology empowerment: The game industry accelerates the integration of AI technology to achieve cost reduction and efficiency improvement. It is recommended to pay attention to Kingnet Network (002517.SZ), Giant Network Group (002558.SZ), XD INC (02400), Shanghai Yaoji Technology (002605.SZ), Perfect World (002624.SZ), TENCENT (00700). 2) IP value release: The commercialization operation of high-quality IP continues to deepen. It is recommended to focus on Alpha Group (002292.SZ). 3) Film and television industry recovery: Improvement in content supply drives industry recovery. It is recommended to focus on Zhejiang Huace Film & TV (300133.SZ), Ciwen Media Co., Ltd. (002343.SZ), Wanda Film Holding (002739.SZ), Shanghai Film (601595.SH). Risk warning New technological developments may fall short of expectations; Intensified industry competition; New product development launch and performance fall short of expectations; Tightening policy and regulatory environment; Macroeconomic fluctuations.