According to the CITIC Securities Research Report, video model competition is shifting from performance competition to production usability and commercial implementation, and AI dramas have become the first application scenario to generate large-scale consumption. Seedance 2.5 improves content delivery efficiency through long-term generation, multi-modal referencing, and consistent editing. Tomato Novel, creator centers, and production agencies undertake IP development and large-scale production; Hongguo relies on free content, algorithm distribution, and e-commerce monetization to establish commercial recycling and export, and promotes the refinement of content supply through review, accounting, and investment policies. Byte thus forms a closed loop in an industry where models, content, traffic, and monetization work together. With the rapid expansion of content supply and scarce distribution resources, the core contradiction of AI dramas has shifted from insufficient production capacity to insufficient effective supply. The value of the industrial chain is expected to be further concentrated on companies with high commercialization efficiency, high-quality IP and quality production capabilities, high-quality corpus resources, and deep cooperation with Hongguo.

According to the CITIC Securities Research Report, video model competition is shifting from performance competition to production usability and commercial implementation, and AI dramas have become the first application scenario to generate large-scale consumption. Seedance 2.5 improves content delivery efficiency through long-term generation, multi-modal referencing, and consistent editing. Tomato Novel, creator centers, and production agencies undertake IP development and large-scale production; Hongguo relies on free content, algorithm distribution, and e-commerce monetization to establish commercial recycling and export, and promotes the refinement of content supply through review, accounting, and investment policies. Byte thus forms a closed loop in an industry where models, content, traffic, and monetization work together. With the rapid expansion of content supply and scarce distribution resources, the core contradiction of AI dramas has shifted from insufficient production capacity to insufficient effective supply. The value of the industrial chain is expected to be further concentrated on companies with high commercialization efficiency, high-quality IP and quality production capabilities, high-quality corpus resources, and deep cooperation with Hongguo.