[CITIC Securities: From Seedance to Hongguo Multi-modal Business Closed Loop Acceleration] On September 4, CITIC Securities research report stated that the competition of video models is shifting from the competition of effects to the production availability and commercial realization, and AI dramas have become the first application scenarios to form large-scale consumption. Seedance 2.5 improves content delivery efficiency through long-term generation, multi-modal reference and consistent editing. Tomato Novels, creator centers and production institutions undertake IP development and large-scale production; Hongguo relies on free content, algorithm distribution and advertising e-commerce monetization to establish commercial recycling outlets, and promotes high-quality content supply through review, account sharing and investment policies. Byte thus forms an industrial closed loop in which models, content, traffic and monetization are mutually coordinated. With the rapid expansion of content supply and the scarcity of streaming resources, the core contradiction of AI dramas has shifted from insufficient production capacity to insufficient effective supply. The value of the industry chain is expected to further concentrate on companies with high commercialization efficiency, high-quality IP and quality production capabilities, high-quality corpus resources, and in-depth cooperation with Hongguo.