芒果超媒|字节系短剧深度合作方，旗下内容创作平台山海AIGC已面向全网开放 不仅仅是漫剧、多模态能力提升也利好短剧等形式的视频生产。 1、2025年芒果TVAPPMAU2.68亿（QuestMobile数据），同比+4.88%，付费会员7560万，同比+3.1%；2025年芒果 TV影视剧有效播放同比增长28%，综艺节目有效播放量稳居长视频平台第一；其中，"大芒计划"2025年累计上线 5137部微短剧，同比+超14倍。 2、与字节系深度合作：包括与红果合作推出的双平台精品短剧联盟专区"果果剧场"、与抖音在短剧联合开发（精 品短剧扶持计划）及中长视频二创的合作等。 山海AIGC面向专业影视从业者、并已应用于互动影游和漫剧等内容的生产。 不仅仅是漫剧、多模态能力提升也利好短剧等形式的视频生产。 目前AI漫剧生产流程成熟度较高，字节Seedance2.0、可灵3.0视频生成能力显著提升下，真人短剧有望成为继漫剧 后、可使用多模态工具重塑工作流的下一个内容形态。 芒果旗下积累了大量的优质长视频IP，而"长+短"已经成为优质IP的标配，多模态能力的提升将撬动长视频IP更大 的价值量。 加速推进微短剧布局，公司平台、I ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603721 | *ST天择 | 22.19 | 5.02% | 5.20万 | 1.14亿 | | 300413 | 芒果超媒 | 28.50 | 4.86% | 84.37万 | 23.98亿 | | 601098 | 中南传媒 | 11.43 | 4.38% | 42.00万 | 4.74亿 | | 000917 | 电广传媒 | 11.40 | 3.54% | 105.69万 | 11.98亿 | | 600479 | 干金药业 | 10.97 | 3.30% | 27.18万 | 3.00亿 | | 600731 | 湖南海利 | 7.59 | 1.88% | 15.98万 | 1.21亿 | | 002716 | 湖南白银 | 14.28 | 1.13% | 414.31万 | 58.88 亿 | | 002523 | 大桥記車 | 4.60 | 1.10% | 38.43万 | 1.77亿 | | 000504 | *ST生物 | 8 ...

【中泰传媒】芒果超媒：主业稳步向上，AI剧、IP布局持续推进 互联网视频业务稳步向上。公司2025年综艺节目播放量稳居第一，影视剧有效播放量同增28.1%，稳步向上，芒 果TV移动端MAU达2.7亿，同增4.9%，有效会员规模近7,560万。另外，公司"大芒计划"2025年累计上线5,137部短 剧，同增超14倍，且芒果TV同红果短剧围绕短剧授权、IP联动开发及联合出品等方向开展深度合作，形成芒果+红 果双平台精品短剧联盟专区——"果果剧场"，实现内容互通。 【中泰传媒】芒果超媒：主业稳步向上，AI剧、IP布局持续推进 IP运营表现亮眼。小芒电商持续深耕IP衍生品开发，GMV再创新高，联合TOYCITY推出首个自有潮玩 IP"Cluebie"，首个"灵魂出逃"盲盒系列产品已在名创优品等渠道销售，看好后续持续挖掘IP价值。同时，小芒电商 首次实现年度盈利，迎来关键拐点，保持快速扩张可期。 互联网视频业务稳步向上。公司2025年综艺节目播放量稳居第一，影视剧有效播放量同增28.1%，稳步向上，芒 果TV移动端MAU达2.7亿，同增4.9%，有效会员规模近7,560万。另外，公司"大芒计划"2025年累计上线5,1 ...

（来源：淘金ETF） 1. 中文在线（300364） 总部位于北京，是国内数字阅读龙头，拥有超560万种数字内容及2000余签约作家。主营业务覆盖数字 阅读、IP全生命周期开发，旗下17K小说网、四月天小说网等平台沉淀海量网文IP。AI动漫布局方面， 公司自研"中文逍遥2.0"大模型，支撑AI漫剧全流程生产，已完成近百部AI漫画及动态漫改编，与即梦 AI合作推进IP视频化，将网文转化为漫剧的周期压缩至3天。增长展望：依托IP储备与AI技术，2026年 AI漫剧产能有望持续释放，出海与付费订阅将打开增量空间，成长曲线随AIGC内容工业化持续抬升。 2. 荣信文化（301231） 总部位于陕西西安，深耕少儿图书领域，"乐乐趣揭秘翻翻书"等畅销作品为AI漫剧改编提供优质内容基 础。主营业务包括少儿图书出版、IP运营及AI智能陪伴产品开发，旗下原创IP"莉莉兰的小虫虫"结合AI 技术推出智能陪伴玩偶。AI动漫布局方面，公司与阿里合作开发AI内容生成工具，将少儿绘本转化为 AI漫剧，实现低龄用户内容触达。增长展望：少儿内容赛道需求稳定，AI漫剧可降低内容生产成本， 2026年有望通过IP衍生与智能产品联动，打开成长空间 ...

2026 年 02 月 07 日 从春节档到 AI 春晚 迎 2026 年新篇章关注 AIGC 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 8.4 | 13.6 | 36.2 | | 沪深 300 | -2.8 | -0.8 | 19.3 | 市场表现 相关研究 券 研 究 报 告 行 业 研 究 1、《传媒行业周报：迎2026春节档 看 AI 春晚》2026-01-25 2、《传媒行业周报：OpenAI 将测试 AI 广告阿里与字节竞相卡位 AI 新入 口》2026-01-18 3 、 《 传 媒 行 业 周 报 ： 智 谱 与 Minimax 重燃数字营销 GEO 关注春晚 与春节档》2026-01-11 ▌本周观点更新 从 AI 应用与内需可选消费有望持续托举传媒板块，2026 年 1 月数字营销广告因 GEO 火热重燃 AI 应用，2 月，互联网大厂 系数下场通过数字红包为 AI 产品获新客，腾讯、阿里、百度 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The AI application competition is intensifying, with major players like Yuanbao, Qianwen, and Doubao launching various promotional activities to capture AI traffic [2][8] - Internet penetration in China has surpassed 80%, with a user base of 1.125 billion, indicating a significant market for digital advertising [14][15] - The advertising market shows signs of recovery, with a notable increase in ad spending starting from July 2025, particularly during the November shopping festival [15] Summary by Sections AI Application Competition - During the 2026 Spring Festival, Yuanbao launched a 1 billion RMB cash red envelope campaign, while Qianwen initiated a 3 billion RMB promotional event focused on food delivery [8][10] - On February 6, 2026, these three AI applications dominated the iPhone app download charts, with Yuanbao and Qianwen reaching the top positions [10][12] Internet Penetration and Advertising Market - According to CNNIC, the internet penetration rate in China reached 80.1% in 2025, with 602 million users engaging with generative AI applications [14] - The advertising market has shown a recovery trend, with ad spending growth rates exceeding double digits from September to November 2025, peaking at 16.6% during the shopping festival [15][16] Recommended Stocks - The report recommends several companies across different sectors that are expected to benefit from the AI ecosystem, including: - **Gaming**: Century Huatong, Giant Network, Perfect World, and others [13] - **Film and Television**: Mango Super Media, Wanda Film, and Shanghai Film [13] - **Marketing**: Easy Point and Worth Buying [13] Industry Performance - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, underperforming compared to major indices [5]

Core Insights - The long video industry in China is facing significant structural adjustments due to slowing membership growth, high content costs, and the rapid expansion of short dramas and free models, compounded by AI's ongoing influence on production and distribution [2][5][6] Group 1: Industry Trends - The collaborative sharing of major themes in long video content is entering a validation phase, with platforms increasingly cooperating on significant projects [7] - Platforms are focusing on maintaining type-specific content and scheduling during key periods, ensuring that popular genres remain available to audiences [8][9] - AI has transitioned from a cost-cutting tool to a foundational capability for content production and commercialization, with platforms needing to establish stable AI systems [8][9] Group 2: Company Strategies - iQIYI is testing its amusement park model in Yangzhou, which will influence future expansions in other cities [10][12] - Tencent Video is exploring more ad-driven product forms, including potential ad-supported VIP packages and free short dramas [12][13] - Mango TV has successfully transformed its content strategy, focusing on younger audiences and increasing its user base significantly [15][17] Group 3: Financial and Operational Adjustments - Long video platforms are shifting towards sustainable financial structures, moving away from reliance on single hits or large-scale miracles [25][26] - Pricing adjustments are being made subtly through tiered benefits and service upgrades, rather than direct notifications [26][28] - The competition for local resources is intensifying, with long video platforms collaborating with local governments for long-term content and scene integration [30][32] Group 4: Content Development and Audience Engagement - The long video industry is recognizing the need to create deeper narratives and emotional connections, as audiences grow weary of short, fast-paced content [38][39] - The rise of mini-series and the need for innovative storytelling are becoming crucial as traditional long-form narratives face challenges [42][43] - The differentiation between slice viewers and full episode viewers is impacting content creation and marketing strategies [44][46] Group 5: Future Outlook - The long video sector must actively seek new monetization strategies in the AI era, including using platform content for training AI models [35][36] - The competition for AI talent is becoming critical, with platforms needing to focus on niche AI skills rather than competing for top-tier talent [64][66] - The industry is expected to continue evolving, with a focus on creating unique content experiences that leverage AI and enhance user engagement [70][72]

证券日报网讯2月4日，芒果超媒（300413）在互动平台回答投资者提问时表示，截至2026年1月底，公 司股东总数为65517户。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300785 | 值得买 | 67.65 | -11.55% | 24.73万 | | 17.17亿 | | 603888 | 新华网 | 24.29 | -6.29% | 41.87万 | | 10.26亿 | | 603000 | 人民网 | 23.74 | -5.76% | 65.97万 | | 15.82 Z | | 300987 | 川网传媒 | 20.90 | -4.70% | 15.31万 1 | | 3.21亿 | | 000681 | 视觉中国 | 26.80 | -3.49% | 71.93万 | | 19.44 Z | | 603533 | 掌阅科技 | 23.62 | -2.76% | 21.03万 | | 4.95 Z | | 301313 | 凡拓数创 | 30.58 | -2.74% | 5.53万 | | 1.69 Z | | 600640 | 国脉文化 | 14.12 | -2.35% | 20.0 ...

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].