ByteDance's latest video generation model, Seedance 2.0, has commenced internal testing on platforms such as Jian Meng, Dou Bao, and Xiao Yun Que, attracting widespread attention both domestically and internationally. The model officially supports multimodal input and intelligent scene segmentation, capable of producing cinematic-level short films with original audio, consistent characters, and coherent camera work. It has been rated by several institutions as an "all-around AI director" level product, signifying a transition for AI video from a "novelty tool" to a new stage of "industrialized production."

The CEO of Game Science, Feng Ji, commented on ByteDance's Seedance 2.0, stating, "The AI's ability to understand and integrate multimodal information has achieved a leap forward, which is astonishing." He indicated that the production costs for general videos will no longer follow the traditional logic of the film and television industry and will begin to approach the marginal cost of computing power. The content field is inevitably facing unprecedented inflation, and traditional organizational structures and production processes will be completely restructured. Furthermore, Feng Ji issued a reminder regarding the "proliferation of fake videos and a crisis of trust," adding, "I am glad that, at least today's Seedance 2.0 comes from China."

Galaxy Securities pointed out that in recent years, the scheduling effect and Matthew effect in the movie market have become increasingly pronounced. Based on current scheduled releases for the upcoming Spring Festival period and popularity on third-party platforms, audiences still show high acceptance and willingness to watch high-quality films. The 2026 Spring Festival holiday will last for nine days, which is expected to provide a more ample time window for box office releases, warranting attention on subsequent box office performance during this period. Additionally, with ByteDance's video model Seedance 2.0 recently entering internal testing and showing significant improvements in video generation capabilities, there is optimism about the long-term empowering effect of AI video tools on the film and cinema industry. It is advised to focus on: 1) content producers involved in key films during the period; 2) leading cinema chains; and 3) companies with outstanding film production and marketing capabilities.

Regarding Hong Kong-listed stocks related to the AI video content industry chain: CHINA LIT (00772): On February 9, the CEO and President of CHINA LIT, Hou Xiaonan, issued an internal Spring Festival letter systematically reviewing the company's business progress in 2025 and clearly defining "evergreen content, IP+AI, and globalization" as the three core strategic directions. The internal letter revealed that in 2025, while consolidating its core online literature business, CHINA LIT achieved breakthroughs in multiple areas including IP visualization, commercialization, globalization, and AI. Emerging formats such as short dramas, comic dramas, and derivatives achieved规模化 growth, collectively forming a "second growth curve" for the IP ecosystem and propelling the company into a new phase of quality and efficiency improvement.

VOBILE GROUP (03738): Zheshang Securities released a research report noting that Disney and OpenAI have entered into a three-year strategic partnership, core to which is licensing Disney's classic IPs to AI models for content generation. This marks a shift where top Hollywood IP holders are proactively building new models of licensing and revenue sharing with AI. VOBILE GROUP, a long-term digital rights management provider for giants like Disney, is expected to directly benefit from the increased demand for active asset and authorization management. Its mature solutions are also likely to help attract more new clients.