According to Zhitong Finance APP, Hualong Securities released a research report stating that the recent Volcano Engine FORCE conference was held, where multiple domestic large models were officially launched, and the trend of the AI industry is gradually becoming clear. The firm believes that the segmented pricing model fully considers the distribution of enterprise needs in actual application scenarios, which can reduce the overall costs for customers, and the cost-performance advantage of the model continues to improve; the newly upgraded Agent development products not only assist in the implementation of enterprise production scenario Agents but also release the potential demand for inference computing power. The firm maintains a &#34;recommended&#34; rating for the computer industry.
Recommended to pay attention to: (1) AI applications: Zhuoyi Information (688258.SH), Dingjie Smart (300378.SZ), RICHINFO (300634.SZ), SIE (300687.SZ), Jinqiao Information (603918.SH); (2) Computing power: SANGFOR (300454.SZ), Capital Online (300846.SZ), Hongjing Technology (301396.SZ), Yunsai Zhilian (600602.SH).
<h2>Hualong Securities' main viewpoints are as follows:</h2>
Event:
On June 11, 2025, the Volcano Engine FORCE conference was held, where the Volcano Engine officially launched the Doubao Large Model 1.6, Doubao Video Generation Model Seedance 1.0 pro, Doubao Voice Podcast Model, and Doubao Real-time Voice Model.
Viewpoint:
Doubao Large Model 1.6 officially released, comprehensive price 63% lower than DeepSeek R1.
Doubao Large Model 1.6 pioneered the segmented pricing model based on &#34;input length.&#34; Within the input range of 0-32K, which is used by the vast majority of enterprises, the pricing for Doubao Large Model 1.6 is 0.8 yuan/million tokens (input) and 8 yuan/million tokens (output), making it the lowest price for all input ranges. Since the input length for most tasks is within 32K and the input-output ratio is 3:1, Doubao Large Model 1.6 is more cost-effective in enterprise usage scenarios, with a comprehensive cost 63% lower than DeepSeek R1. The firm believes that the segmented pricing model fully considers the distribution of enterprise needs in actual application scenarios, which can reduce customers' overall costs and enhance the cost-performance advantage of the model. Other leading manufacturers may follow suit with segmented pricing, further reducing the average cost of downstream model calls and increasing demand for calls.
New upgraded Agent development products assist in the implementation of enterprise production scenario Agents. This conference introduced five newly upgraded products for enterprise Agent construction. In the field of AI-assisted programming, the AI IDE product TRAE has exceeded 1 million monthly active users since its launch in January 2025. For development scenarios, TRAE provides code completion, local code generation, and other functions, supporting the entire development process through natural language dialogue, with the next version integrating different Agents and tools. In terms of MCP, the newly launched Volcano Engine MCP service can connect the Agent development system, large model tool ecosystem, and cloud services. It integrates with TRAE, Volcano Ark, and Kouzi, supporting the selection of over 200 MCP services. The firm believes that current AI production tools represented by AI IDE products are releasing demand potential
The advancement of MCP services by major companies and support for Agent product iterations will continue to pave the way for the implementation of Agents, which is a necessary condition for the prosperity of the Agent ecosystem.
The usage of tokens has significantly increased, and demand potential is being released. As of the end of May 2025, the daily tokens usage of the Doubao large model exceeded 16.4 trillion, a 137-fold increase compared to May 2024 when the Doubao large model was just released. The Doubao large model has only been released for just over a year, and the explosive growth of tokens reflects that the model's reasoning capabilities are being accepted and recognized. After the release of DeepSeek, the large model industry has become more focused on the cost-effectiveness of reasoning amid competition and catch-up, and the scale benefits brought by &#34;model equality&#34; are becoming apparent, further driving up computing power consumption.
Risk Warning: AI technology innovation may fall short of expectations; policies may not meet expectations; geopolitical risks; AI regulatory risks; macroeconomic conditions may not meet expectations

300634

DPSK

300454

300687

Hualong Securities released a research report indicating that the Volcano Engine FORCE conference showcased trends in the AI industry, including the improvement in cost-performance of domestic large models, the accelerated implementation of Agents, and the potential demand for inference computing power. The Doubao large model 1.6 released at the conference adopts a pricing model based on input length, significantly reducing the cost for enterprises. The firm maintains a "Recommended" rating for the computer industry and suggests paying attention to related AI applications and computing power companies

Zhitong

RICHINFO

DeepSeek

SANGFOR

INESA-it

Capitalonline

Eazytec

SHGBIT

HuaLong Securities: The Volcano Engine FORCE Conference is held, accelerating the implementation of models and releasing the potential demand for computing power