Recently, with the accelerated commercialization of the Doubao large model under ByteDance and its impressive performance in the global AI field, the concept stocks related to “
” have become the new favorites in the capital market, triggering a new round of bullish trends in the AI sector.
Companies like Tianyu Shuke, JuRan Smart Home, and Feng Assistant have seen their stock prices hit the limit up for several consecutive days. Notably, Tianyu Shuke achieved 6 limit ups in 10 days by Friday's close, JuRan Smart Home had 5 in 6 days, and Feng Assistant once reached a 20% limit up during trading. This reflects the market's strong optimism about the Doubao large model and its ecosystem.
According to publicly available data, in November's global monthly active user rankings, the Doubao app reached 59.98 million monthly active users (MAU), second only to OpenAI's ChatGPT. Additionally, ByteDance's creative tools, Jianying and CapCut, achieved over a hundred percent revenue growth in 2024, with total revenue nearing 10 billion RMB.
At the same time, the global monthly active users of Jianying and CapCut have surpassed 800 million. These figures clearly demonstrate ByteDance's strong capabilities and commercial potential in the AI field.
Furthermore, the 2024 Volcano Engine FORCE Conference will be held in Shanghai on December 18-19. The conference will showcase the new Doubao large model and host over ten thematic forums. The main technical forum will focus on the theme of "AI+X Full Stack Capability Interpretation," emphasizing the practical results of AI. The market expects that this conference will release more technical details and application directions for the Doubao large model, further promoting the implementation of AI applications.
According to incomplete statistics from Financial Association, as of the time of writing, eight listed companies including Desheng Technology, Zhouming Technology, JuRan Smart Home, Feng Assistant, Zhongke Lanxun, Shifeng Culture, Zhongke Chuangda, and Yinsai Group have recently released institutional research or interactive platform responses, disclosing information related to their cooperation with Doubao. These collaborations cover various fields such as smart devices, advertising marketing, and cultural creativity, further confirming Doubao's strong commercialization capabilities.
Liu Xi from Guohai Securities stated in a research report on December 12 that the new Doubao large model showcased at this conference is expected to launch new features and applications, becoming another heavyweight product after ChatGPT, and driving the accelerated development of the large model industry. Dongfang Securities pointed out in their December 13 research report that with the widespread rollout of AI agents, the commercialization of model and application layers in China is expected to accelerate further and enter a performance realization period. Under the market's "new hype" inertia, this hot trend is likely to continue.
Liu Xi noted that the Doubao large model originates from ByteDance's "Lark" large model developed in 2023 and is one of the first large models in China to pass algorithm filing. The Doubao large model supports processing of 256K long texts, handles 120 billion tokens daily, generates 30 million images, and possesses strong capabilities in understanding, generating, and logical reasoning.
On September 24, Volcano Engine officially launched the Doubao PixelDance and Seaweed video large models. According to a research report by Liang Cheng from CMB Securities on October 7, it is estimated that the Doubao video large model (using the PixelDance V1.4 model as an example) requires approximately 750,000 H100 for one month of training, which is 4.3 times the computational demand of Sora; assuming Douyin's 700 million daily active users generate 2 minutes of video daily (30% of which is generated by the video large model), it would require 410,000 H100 for daily support.
Compared to Sora, the Doubao video large model effectively overcomes the consistency issue during multi-camera switching, maintaining consistency in subject, style, and atmosphere during transitions, and ensuring multi-subject interaction capabilities, which is an innovative proprietary technology of the Doubao video model.
However, in terms of maximum video generation duration, the Doubao video model still lags behind Sora to some extent. In application fields, Sora has a relatively broader application range, while the Doubao video large model has significant advantages in areas like film creation, advertising media, and short videos due to its enterprise attributes.
Regarding commercialization and localization, ByteDance's Doubao video large model has already announced its usage plans, and based on its outstanding Chinese semantic understanding capabilities, the Doubao video large model is expected to have broader applications in the local market compared to Sora.
According to a research report by Guotai Junan on December 11, ByteDance may form a hardware product matrix centered around Doubao AI in the future, including various products for office, education, companionship, and more. With the continuous improvement and iteration of the Doubao model, if ByteDance further expands the product matrix centered around Doubao, related companies in the Doubao industry chain will continue to benefit.
The research report recommended companies such as Hengxuan Technology and Zhongke Lanxun in the AISoC sector, Puran Co. in the storage sector, and relevant beneficiaries like Xingchen Technology (with deep accumulation in AI glasses chips/ISP capabilities) and Lexin Technology (AI toy chips).
The strong rise of “Doubao” concept stocks fully demonstrates the market's optimistic expectations for the future development of AI technology. However, as stock prices continue to rise, investors also need to remain rational, focusing on the actual performance and profitability of related companies to avoid blindly chasing after prices. With the continuous maturity of AI technology and the ongoing expansion of application scenarios, the future development of the AI industry remains promising.
