AI视频行业深度报告 技术跃迁驱动内容革命，把握产业变革新机遇 传 媒 行业评级：强大于市|维持 证券研究报告 证券分析师 王晓萱 证书编号 S1340522080005 中邮证券 1 1 发布时间：2026-02-14 投资要点 请参阅附注免责声明 2 ◼ 视频生成：从GAN走向DiT，通往AGI的重要路径。视频作为同时融合文本、图像、音频等多模态信息，并引入时间维度因果结构的内容形态，天然具备更高的复杂性与表 达力，代表着AIGC产业能力上限。当前文本、图片、音乐等模态生成技术已相对成熟，视频仍是行业技术短板，其突破将对AIGC的产业应用前景起到重要作用。从技术演 进看，AI视频生成技术自2010年代中后期逐步起步，经历了GAN、Transformer等多个架构的尝试，行业技术路线一度出现分歧。直至2022年，Diffusion与Transformer 的融合思路逐步成型，叠加2024年OpenAI发布的Sora验证了DiT架构在视频生成中的可行性与效果，行业迎来关键转折点，主流厂商全面向DiT路径演进，视频生成自此 进入快速发展阶段。 ◼ 技术进展：短视频生成已近专业水准，世界模型或为长视频生成带来新变 ...

经济观察网中文在线（300364）正积极推进H股上市，同时其海外短剧业务增长显著，AI技术布局持续 深化。 高管变动 旗下短剧平台FlareFlow持续扩张，例如新作《一品布衣2烽火篇》上线次日有效播放量突破1.16亿， 《一品布衣3朝堂篇》预约量截至2026年1月末已超270万，反映出业务增长潜力。同时，公司通过AI技 术优化内容生成与投放，形成协同生态。 业务与技术发展 公司聚焦"AI内容工业化"赛道，依托自研"中文逍遥"大模型等工具链，降低制作成本并提升效率，助力 全球短剧出海战略。 以上内容基于公开资料整理，不构成投资建议。 公司正积极推进发行H股并于香港联合交易所主板挂牌上市的工作，已制定和修订40余项配套制度。这 一举措旨在拓宽融资渠道并提升国际影响力。 业务进展情况 ...

Investment Rating - The report maintains an "Outperform" rating for the media sector [3] Core Insights - The media sector outperformed the market in January, with the Shenwan Media Index rising by 17.94%, surpassing the CSI 300 Index by 16.29 percentage points, ranking second among 31 sectors [4][22] - The number of game approvals remains high, with 177 domestic games and 5 imported games approved in January, reflecting a year-on-year increase of 33.8% [4][31] - The report highlights the potential for growth in the gaming market, projecting a revenue of CNY 350.79 billion in 2025, a 7.7% increase year-on-year [35] - The upcoming Spring Festival is expected to boost box office revenues, with seven films scheduled for release, including "Fast Life 3," which has generated significant interest [66][72] Summary by Sections 1. Media Sector Market Review - In January, the media sector ranked second among 31 sectors, with a TTM-PE of 49.9x, placing it in the 98.8th percentile over the past five years [22][27] 2. Gaming - The report notes a sustained high level of game approvals, with 182 game licenses issued in January 2026, marking a 33.8% year-on-year increase [31] - The gaming market is projected to generate CNY 350.79 billion in 2025, with mobile and client games expected to see revenues of CNY 257.1 billion and CNY 78.2 billion, respectively, reflecting growth rates of 7.9% and 15.0% [35][41] 3. Film and Television - January's total box office was CNY 1.964 billion, down 69.2% year-on-year, primarily due to fewer new releases [55] - The Spring Festival is anticipated to drive box office recovery, with a nine-day holiday expected to boost ticket sales [66][67] 4. AI Applications - The report emphasizes the rapid development of AI applications, particularly with the introduction of Seedance 2.0, which enhances video generation capabilities [86][100] - The competition for AI application traffic during the Spring Festival is expected to intensify, with major players launching promotional campaigns [6][86]

Core Viewpoint - The AI industry is experiencing a surge in activity with major companies like ByteDance, Alibaba, and others releasing flagship models, indicating a competitive landscape and potential investment opportunities in AI applications and related sectors [3][6]. Group 1: Industry Performance - On the last trading day before the Year of the Snake, the film and media, as well as semiconductor equipment sectors, saw significant gains, with the Seedance video model index rising against the trend [4]. - Companies such as iReader Technology and Light Media reached their daily limit up, while semiconductor stocks like Deep Technology and North Huachuang also surged [4]. - In the Hong Kong market, AI leaders MiniMax and Zhiyu both saw their market values exceed HKD 200 billion [4]. Group 2: AI Model Developments - ByteDance's Seedance 2.0 model has achieved four key breakthroughs, including multi-modal input support and a significant reduction in video production costs, with costs dropping to between 4.5-9 yuan per 15-second 1080P video [6][7]. - Zhiyu AI launched its flagship model GLM-5, enhancing programming capabilities, while MiniMax introduced its new text model MiniMax M2.5 [7]. - The rapid release of flagship models in the AI sector is noted as unprecedented, with a shift towards converting technological advancements into consumer products [7]. Group 3: Market Trends and Investment Insights - The AI sector is witnessing a surge in ETF investments, with several thematic ETFs showing over 20% gains this year [6]. - Analysts caution that the current enthusiasm in the AI sector may lead to overvaluation, with some stocks already reflecting optimistic future earnings [9]. - Investment opportunities are seen in areas with high certainty, such as computing infrastructure and content production, while risks remain due to high valuations and market volatility [9][10]. Group 4: Future Outlook - The AI commercialization path is expected to focus on user subscriptions and enterprise applications, with internet tech companies poised to benefit from advertising and value-added services [10]. - Market sentiment is anticipated to improve post-Spring Festival, with analysts expressing a relatively optimistic outlook for the A-share market [10].

200亿AI漫剧市场， 狂飙的变革浪潮 第一次刷到AI漫剧时，宋晨的指尖没有丝毫停顿，立刻滑了过去。质感粗糙，人物表情僵硬，他想不明白："到底谁在看这些'工业垃圾'？" 但在平台狂轰滥炸的推送中，不知不觉他还是"沦陷"了。早高峰地铁，宋晨会习惯性点开红果短剧。"富家千金为了吃上一口热饭，竟选择嫁给你这个街 头小混混……"AI旁白听不出什么感情，但爽点密集的逆袭故事，勾得他欲罢不能。有好几次，他都差点坐过站。 目前，AI漫剧可以分为2D/3D漫剧（传统定义的动态漫）AI仿真人漫剧、沙雕漫。红果爆款漫剧，大多是2D/3D漫剧和沙雕漫。 "AIGC的童年时代，结束了"。这句话刷屏了中文互联网，2月7日，字节跳动推出了AI视频生成模型Seedance 2.0。 仅需几张参考图和一段提示词，60秒后就能生成一段2K分辨率的多镜头视频。还能根据节奏，自动切换远景、中景、特写。不同镜头和场景中，角色保 持高度一致；AI生成15秒视频的可用率从行业平均的20%提升至90%以上。 这意味着原本成本就不高的AI漫剧，每分钟的制作成本将从万元跌至千元，整整打了一折。过去一个月才能完成一部漫剧，如今只需要一周就能完成。 技术迭代，搅 ...

经济观察网中文在线（300364）(300364.SZ)近期启动赴港上市程序，公司董事会已审议通过发行H股并 在香港联交所主板上市的相关议案。 以上内容基于公开资料整理，不构成投资建议。 公司项目推进 2025年12月15日，中文在线发布公告称，公司召开了第六届董事会第五次会议，审议通过了关于发行H 股股票并在香港联交所主板上市的相关议案。这表明公司已正式启动在香港联合交易所挂牌上市的程 序。 ...

金吾财讯 | 2月12日，字节视频创作模型Seedance2.0正式发布。该模型此前率先在云雀app中内测，小云 雀app定位为内容创作agent，字节跳动旗下另一个AI视频生成社区即梦与小云雀app同属于一家公司。 这一模型的发布瞬间引发行业广泛关注，为AI视频创作领域注入全新活力。 作为字节跳动在多模态视频生成领域的重磅迭代成果，Seedance2.0的核心突破在于实现了从低确定性 的"抽盲盒式生成"向高可控、可复用创作流程的跃迁，其控制精度更是提升至"导演级"，彻底脱离了传 统AI视频"图像拼接"的局限，升级为具备完整叙事与制作能力的"全能AI导演"。 不同于以往部分模型发布时的高调宣传，字节跳动官宣时保持了务实态度，在其官微发文表示， Seedance2.0还远不完美，其生成结果仍存在诸多瑕疵。未来将持续探索大模型与人类反馈的深度对 齐，让更高效、更稳定、更具想象力的音视频生产工具，服务更多创作者。 AI视频创作的产业演进仍处于持续深化阶段，Seedance2.0的发布更像是一个新的起点，而非终点。从 产业基本面来看，国内互联网大厂在AI领域的密集动作已明确印证，2026年AI应用产业周期正步入景 气 ...

2月12日，A股三大指数集体上涨，全市场成交额2.16万亿元，较前一交易日增量1597亿元。 市场热点聚焦算力概念、液冷概念，电源设备、CPO概念活跃，小金属、智谱AI、腾讯云、AI芯片等板块涨幅居前；影视概念、文化传媒板块下挫。 今日全市场共60股涨停，连板股总数17只，19股封板未遂，封板率为76%（不含ST股、退市股）。 焦点股方面，算力租赁概念股大位科技4连板、特发信息（维权）7天4板，AI应用端的掌阅科技4连板、德才股份4连板，光伏板块雅博股份4连板。 | 代码 | 名称 | 价格 | 涨幅 | 几天几板 涨停分析 | 换手率 | 成交容负 | | --- | --- | --- | --- | --- | --- | --- | | 603533 | 掌阅科技 | 34.20 | +10.00% | 4连板 AI短剧+字节概念+数字阅读 | 2.68% | 4.0317 | | 600589 | 大位科技 | 13.86 | +10.00% | 4连板 算力租赁+东数西算+IDC | 1.68% | 3.45 Z. | | 002323 | 雅博股份 | 2.62 | +10.08% | 4连板 ...

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-8.52 billion), Zhongji Xuchuang (-7.46 billion), and Shenghong Technology (-7.05 billion) [1] - Other notable stocks with capital outflows are Light Media (-6.74 billion), China Duty Free Group (-5.71 billion), and Zhongwen Online (-5.64 billion) [1] - Guizhou Moutai experienced a capital outflow of -5.61 billion, while Aerospace Electronics saw -5.46 billion [1] Group 2 - The stock performance shows that Xinyi Technology had a decline of -0.31%, and Zhongji Xuchuang decreased by -0.17% [2] - Light Media faced a significant drop of -10.8%, while Zhongwen Online fell by -6.91% [2] - Guizhou Moutai's stock decreased by -1.42%, and Aerospace Electronics dropped by -2.33% [2] Group 3 - Other companies with notable capital outflows include Agricultural Bank (-4.80 billion) and China Satellite (-4.79 billion) [3] - Industrial Fulian had a slight decline of -0.24%, while Xian Dao Intelligent saw a minimal change of -0.05% [3] - The overall trend indicates a significant capital outflow from various sectors, including telecommunications, media, and banking [1][2][3]

Group 1 - The core viewpoint is that the launch of Seedance 2.0 by ByteDance has exceeded expectations and is expected to drive explosive growth in downstream applications such as AI comic dramas [1][2] - The capabilities of Seedance 2.0, including multi-modal references and strong consistency, have garnered significant market attention [2] - The advancement of AI video generation models is anticipated to accelerate the growth of industries like AI comic dramas, short dramas, and interactive gaming [3] Group 2 - The AI comic drama industry is expected to return to its essence of content quality, with IP becoming a crucial factor in determining the success of a comic drama [4] - Companies that provide rich IP resources alongside technological empowerment will have a competitive advantage in the AI comic drama space [4] - Investment recommendations include companies with abundant IP resources such as Yu Wen Group, Zhangyue Technology, and others [4]