CITIC Securities: ByteDance releases Seedance2.0 video model, continues to have high expectations for AI animated dramas.

CITIC Securities' research report stated that the ByteSeedance 2.0 video model has been released, with the ability of multi-modal models leaping up, expected to revolutionize the film and television industry, and continues to be optimistic about AI animated dramas: 1) Animated dramas are one of the few tracks with low risk of being replaced by large models and high industry growth. Compared to film and games, large models now basically meet the creative needs of animated dramas. Animated drama production companies are downstream applications of large model companies with low risk of being replaced by large models. 2) There is a high demand for tokens, and model companies support industry development. According to different types of animated dramas, AI animated dramas consume tokens ranging from 500,000 to millions per minute, and the production of a single animated drama requires consuming over a hundred million tokens. Large model companies giving various forms of support to the animated drama industry bring a strategic opportunity period to the industry. 3) The platform competition is fierce, and production companies have profit margins. Various animated drama platforms continue to upgrade their profit sharing and traffic support policies, looking optimistically at the increased profit margins of AI animated drama production companies.