传媒互联网：如何看待SORA应用对互联网平台影响？

中金公司10-14

行业近况OpenAI于2025 年9 月30 日正式发布最新视频生成模型Sora2 和推出由Sora2 驱动的Sora App，Sora APP发布首周即取得亮眼的数据表现。评论Sora App通过引入社交属性与多元创作方式构建了沉浸式视频生态。该应用搭载Sora2 模型，采用垂直视频流设计，用户可通过上下滑动浏览AI生成的视频内容，并能对感兴趣的视频进行评论互动。其创新的Cameo功能允许用户...

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日正式发布最新视频生成模型Sora2 和推出由Sora2 驱动的Sora App，Sora APP发布首周即取得亮眼的数据表现。评论Sora App通过引入社交属性与多元创作方式构建了沉浸式视频生态。该应用搭载Sora2 模型，采用垂直视频流设计，用户可通过上下滑动浏览AI生成的视频内容，并能对感兴趣的视频进行评论互动。其创新的Cameo功能允许用户通过简短视频录制生成高保真数字分身，并精细控制使用权限；Remix功能则支持用户对平台内容进行提示词驱动的二次创作，降低了视频创作门槛。根据SensorTower，Sora APP首周美国地区iOS下载量与ChatGPT刚上线时量级类似。我们认为，对比其他专注于专业视频制作的AI工具，Sora App将专业技术与社交功能结合，为工具型应用向内容社交功能渗透的创新。如何看待Sora应用对互联网平台格局的影响？我们认为虽然是创作端显著革新，但Sora应用大概率难以撼动目前海外或国内主流社交媒体竞争格局：1）我们认为AIGC视频内容目前更像视频赛道的一个垂类内容，尤其类似Cameo类型社交属性更强内容偏向于熟人社交网络分发，而难以像当年短视频一样独立成为一个赛道支撑一个全新平台；2）参考大语言模型经验，巨头模型层面差距有望持续追赶；3）AIGC视频目前仍有版权&法律风险，阻碍其大规模推广；4）Sora应用对国内市场没有直接影响，但主流平台有望持续跟进类似创作玩法，提升平台活跃度。估值与建议我们推荐Meta，其社交壁垒依然稳固，其近期股价受Sora App崛起等因素估值有所回归，目前25/26 GAAP 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