Huatai Securities: ByteDance's Seedance 2.0 goes public, AI videos welcome the industrialization inflection point.

Huatai Securities pointed out that on February 7, ByteDance launched Seedance 2.0, with the core breakthrough being the transition from low certainty "blind box-style generation" to a high controllable, reusable creative process. Huatai Securities believes that Seedance 2.0 is expected to provide technical support for the domestic AI comic drama, AI short drama, and AI film industry development and commercialization. The gradual maturation of AI video industrialization capabilities will drive changes in the value distribution structure of the content industry chain. It is optimistic about: 1) the reassessment of digital assets by upstream IP holders. AI greatly reduces the threshold for converting textual IP into video content, and companies with a large reserve of high-quality IP will directly benefit; 2) in the middle stream of production, it is optimistic about companies that can efficiently combine AI tools to empower content creation, especially those with scarce director/writer resources; 3) leading video large model manufacturers.