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2026-10-15 15:07:31 China Merchants Securities International published a research report stating that the capabilities of video generation models have achieved stepwise breakthroughs over the past year, with flagship model iteration cycles compressed to within one quarter and generation quality improving significantly. World models have become the mainstream direction for iteration. Chinese vendors are comprehensively leading in both rankings and the open-source ecosystem, while major overseas firms are shifting focus toward native multimodality and pure-play model companies are accelerating consolidation. Commercialization has expanded from short dramas to film-grade production, advertising appliances and gaming scenarios. The broker said the industry is facing intensified competition, with value capture shifting from the model layer to distribution channels, users and ecosystems. The broker remains positive on the strong growth outlook and commercialization flexibility of the AI video generation sector. Its investment recommendations include BABA-W (09988.HK), Google and ByteDance, which lead in model capabilities while also possessing full-stack capabilities and closed-loop ecosystems; TENCENT (00700.HK) and Meta Platforms, Inc. (META.US), which have ecosystem advantages and whose model capabilities serve internal ecosystems; MINIMAX-W (00100.HK), which continues to deliver through open-source strategy and the scarcity of its model capabilities; as well as the scarce investment target of the yet-to-be-listed "first video model stock". In addition, the broker is positive on distribution channels, ecosystems and IP suppliers along the value migration direction, but believes AI generation is reshaping the logic of IP incubation. Attention data is becoming a new production factor, and investors should be cautious that formerly dominant IP holders could weaken into suppliers of existing copyrighted materials. AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |