Group 1: Core Insights - The content industry is rapidly reflecting technological changes, with AI beginning to reshape it by 2025 [2][3] - Emerging content forms like AI comic dramas (漫剧) are rapidly developing, with significant financial growth, while traditional content sectors like gaming are also benefiting from AI [3][4] Group 2: AI Comic Dramas - AI comic dramas, a new content form derived from short dramas, have seen explosive growth due to AI technology, with daily consumption on Douyin surpassing 20 million yuan, a 568% increase from the previous half-year [4] - The AI comic drama industry is projected to reach a scale of 20 billion yuan by 2025, exceeding one-third of the traditional film industry [4] - The development of AI comic dramas has outpaced that of short dramas, achieving a production rate of 300 to 500 episodes per day by July 2025, comparable to traditional animation [10] Group 3: Future Expectations for AI Comic Dramas - The industry is expected to see a significant increase in both quantity and quality in the first half of 2026, with anticipation for blockbuster hits [12][13] - The emergence of high-quality content is expected to drive further demand and competition within the AI comic drama sector [14][16] - The potential for international expansion is noted, with AI comic dramas likely to have advantages in overseas markets due to lower trial costs and cultural accessibility [18][19][20] Group 4: Gaming Industry Insights - AI has permeated the entire game production process, with a notable increase in the number of games utilizing generative AI on platforms like Steam [6][22] - Major gaming companies are focusing on practical applications of AI to enhance efficiency rather than exploring fully AI-native games [23][24] - The gaming industry is currently more concerned with extending the lifecycle of existing games rather than solely developing new AI-native games [26] Group 5: IP Development in Gaming - Game IP development is seen as a crucial strategy for attracting new players and fostering long-term emotional connections with brands [27][28] - The integration of IP into games is viewed as a natural evolution, enhancing the cultural significance and emotional resonance of games [26][28]

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原 型"Project Genie"，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模 型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏， 而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的 企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。 东方证券主要观点如下： 事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型"Project Genie"，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一 孟在各大平台同步开启直播，正式官宣一款新产品"Taptap制造"。 国内AI游戏编辑器的技术路径已具备落地商用条件 以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分 生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

来源：环球网 此外，三七互娱依托"城市合伙人"身份，通过多元创新的玩法，让城市文化传播从"说教式"转变为"沉 浸式游玩"。一方面，企业携手陈艾森推出全运主题城市宣传片《广州，有运行》，以"迎全运、接好 运"为创意内核，借助AI技术让游戏中的主角和陈艾森沿羊城地标一路"寻宝"，以新潮形式为十五运会 助力。另一方面，三七互娱联动广州市交通运输局开展"绿动全运 悦动广州"双IP交通公益行活动，将 古典汴梁雅致韵味与现代全运热血活力融入市民出行场景，打造"文化与体育融合展厅"；联合广州邮政 推出"粤聚迎全运，掌柜乐同邮"纪念典藏礼盒，以广府"以水为财，花开富贵"吉祥寓意结合游戏IP形 象，打造兼具城市情怀与国家级盛事纪念价值的特色藏品。 AI赋能方面，三七互娱依托自研行业大模型"小七"打造的城市合伙人智能助手，可实时解答城市文旅、 广州城市合伙人项目相关疑问，以7×24小时不间断的专业响应，为城市服务注入科技活力。 未来，企业将坚守"城市合伙人"责任，立足数字文化与AI技术优势，从四方面持续发力、深化合作：一 是深耕智慧城市服务，推动"城市合伙人智能助手"功能转型，拓展至城市政务咨询、公共文化导览、企 业政策解读等多 ...

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly highlighting the growth potential driven by AI applications and content quality [1]. Core Insights - The media and internet industry index rose by 17.94% in January 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.65% [6][8]. - The film industry experienced a significant decline in box office revenue, with January 2026 box office at 1.965 billion yuan, down 69.15% year-on-year and 47.08% month-on-month [16][18]. - The gaming industry saw record-high user revenue, with actual sales revenue reaching 350.789 billion yuan in 2025, a year-on-year increase of 7.68% [30][34]. - The advertising market grew by 5.4% year-on-year in 2025, with notable increases in sectors such as telecommunications and personal goods [16]. - AI applications are rapidly advancing, with companies like Zhihui and Minimax listing in Hong Kong, indicating a strong market interest in AI commercialization [1][4]. Market Dynamics - The media industry index showed a strong performance in January 2026, with all sub-sectors experiencing growth, particularly advertising marketing, which rose by 35.73% [7][8]. - The film industry is expected to see a rebound in February 2026 due to the release of new films during the Spring Festival [25][29]. - The gaming market continues to expand, with a user base of 683 million, marking a historical high [30][34]. Sub-industry Data Tracking Film Industry - January 2026 saw a total of 41 films released, with a box office champion being "Zootopia" at 423 million yuan, accounting for 21.5% of the total box office [16][26]. - The average ticket price in January 2026 was 38.84 yuan, down 17.45% year-on-year [18]. Gaming Industry - The domestic mobile gaming market generated 257.076 billion yuan in revenue in 2025, a 7.92% increase year-on-year [30][34]. - The number of approved domestic game licenses increased significantly, with 177 games approved in January 2026, indicating a stable supply for the market [42][44]. Advertising Industry - The advertising market's total expenditure increased by 5.4% in 2025, with significant growth in sectors like telecommunications and IT products [16].

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The report highlights a positive outlook on AI applications and cultural exports, particularly focusing on sub-sectors such as gaming, IP, short dramas, marketing, and publishing [5][36]. - The media industry (Shenwan) saw a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12][36]. - The advertising and marketing segment led the growth with a 4.70% increase, while other segments like publishing and digital media experienced declines [12][36]. Market Performance - The media industry (Shenwan) increased by 0.21% during the week of January 26 to February 1, 2026, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector showed the highest growth at 4.70%, followed by the film and cinema sector at 2.49%, while publishing, digital media, gaming, and television broadcasting saw declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12][36]. Industry Key Data AI Applications - Tencent's "Yuanbao" app reached the top of the domestic Apple free app chart, with a significant week-on-week download increase of 97.76% [2][17]. - The weekly token call volume for the OpenRouter platform increased by 10%, reaching 8.25 trillion tokens [2][17]. Gaming - The top five mobile games on the iOS platform as of January 31, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - A total of 182 games received approval in the first batch of licenses for 2026, including 177 domestic and 5 imported games [19][22]. Film and Television - The total box office for domestic films during the week of January 26 to February 1, 2026, was 283 million yuan, with "Zootopia 2" leading the box office [28][30]. - Six films have been scheduled for release during the Spring Festival, indicating a robust upcoming film slate [29][30]. Investment Recommendations - The report recommends focusing on AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Companies highlighted for investment include Giant Network, Kuaishou, and Perfect World, among others [5][36].

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

今年春节档，头部厂商也在不断升级节日特定玩法和福利，延长用户活跃周期。 北京商报记者丨程靓 图片来源：新浪微博@万代南梦宫中国 截图 从品类看，23款新游戏覆盖多元赛道，包括角色扮演（RPG）、卡牌策略、开放世界、模拟经营等。例如，在《沙石镇时光》游戏中，玩家作为一名工坊 主，将在荒漠小镇沙石镇开启重建与冒险之旅。通过探索、建造、种植、社交等多种方式，逐步振兴这片土地。此前，其PC版在Steam平台上已累计销量 突破170万份。 从厂商看，目前预计亮相的新游戏集中于中小厂商，大厂新游戏处于测试阶段的更多。例如，腾讯游戏旗下《失控进化》《奥星热浪》、完美世界 （002624）旗下《异环》、网易游戏旗下《遗忘之海》《代号：足球》等。 福利"质变"升级 2026年春节档游戏流量争夺战悄然打响。 据不完全统计，2月2日—16日（除夕夜）将有23款新游戏陆续上线。与以往不同的是，包括腾讯游戏、网易游戏和米哈游在内的游戏大厂在上线新玩法、 新福利的同时，也在寻求由量变到质变的突破，今年各家还加大了与跨界品牌的联动，以激活更大范围的消费潜力。从扎堆上新到福利升级，再到深度联 动，在业内看来，游戏行业也正从"存量博弈"向"生 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market benchmark [5][40]. Core Insights - The media industry has shown a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the successful launch of new products by Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications and game IPs, particularly in the context of marketing and content creation [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Data Tracking - The total box office for the week of January 26 to February 1 reached 257 million yuan, with the top three films being "Zootopia 2" (41 million yuan), "Water Pipe" (63 million yuan), and "Return to Silent Hill" (33 million yuan) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were "Whiteout Survival" by Didi Interactive, "Gossip Harbor: Merge & Story" by Lemon Microfun, and "Kingshot" by Didi Interactive [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for potential investment opportunities, particularly in AI marketing and content creation [4][36]. - Specific companies recommended for investment include Giant Network, G-bits, and K-Young Network, which are expected to benefit from AI product implementations [4][36].

Core Viewpoint - Recent rumors regarding potential adjustments to the value-added tax (VAT) rates for industries such as gaming and finance have caused significant market fluctuations, particularly affecting major companies like Tencent and NetEase. However, these rumors have been debunked by authoritative sources, confirming that no such changes are planned [1][4]. Group 1: Market Impact - The rumors about VAT adjustments led to substantial declines in stock prices for companies in the gaming and finance sectors, with Tencent dropping over 6% and NetEase fluctuating between gains and losses of more than 3% [1]. - Other companies such as Century Huatong and Giant Network also experienced significant stock price drops, with Century Huatong falling over 9% during trading [1]. Group 2: Clarification of Rumors - Experts and industry insiders have confirmed that the rumors regarding VAT increases, including a potential rise in the gaming industry's tax rate from 6% to 32%, are unfounded [4]. - The current VAT law in China stipulates that the maximum VAT rate is 13%, and there are no provisions for a 32% rate, further discrediting the rumors [4]. - Recent announcements from the financial and tax authorities have clarified that there will be no changes to the VAT policies affecting the gaming and finance sectors, ensuring stability and certainty in the tax regime [4].