东方证券：AI云原生推进 算力建设至关重要

Group 1 - The family of Doubao large models is expanding, with ByteDance's Volcano Engine set to release various models including visual understanding, 3D generation, and music models by December 2024, and a video generation model 1.5 version in Spring 2025 [1] - The integration of large models with smart terminals is driving significant changes in application areas, with AI capabilities being embedded in devices like AI phones and wearables, enhancing human-computer interaction [1] - The demand for computing power is crucial for the performance upgrades and inference needs of Doubao large models, benefiting server, liquid cooling, and PCB manufacturers, while also creating market opportunities for storage, optical modules, and optical chip companies [1] Group 2 - Companies to watch include Juchip Technology, Industrial Fulian, and Huadian Co., Ltd. [2]