短剧预期将受益于AI全栈式生产工具获得全球流量收入极高增长 东方证券发布研报称，字节文娱APP高增驱动境内娱乐大盘全盘时长增长，该行认为需要持续关注其余 大厂中台化整合效果。另认为短剧、漫剧将是在AI有声阅读后下一个大幅受益于AI能力提升的内容产 业。全栈式生产工具将让AI短剧生产方变为内容生产者主导;具备上游小说IP储备和流量积累的平台将 更容易在后期获得超额收益。该行在文娱板块建议关注类平台型公司，将获得AI对于生产能力赋能的 超额收益。 东方证券主要观点如下： 字节文娱APP高增驱动境内娱乐大盘全盘时长增长 因AIGC和AI算法驱动，增长最快的为视频(短剧)、阅读(AI有声小说)、音乐。字节在上述领域整合AI和 版权中台能力赋能子公司，市场份额持续提升。该行认为需要持续关注其余大厂中台化整合效果。 游戏新品储备充足，长青平台型产品因AI编辑器获益 游戏板块字节发展落后于市场，该行认为给各大中小企业留下更大发展空间。短期来看，2026年游戏新 品储备充足，大盘将更类似于2024年供给竞争格局。价格战或在高ARPU赛道展开，打价格战的新品容 易奇袭成功;低ARPU长青老游戏向好不动摇。长线来看，具备大DAU ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Group 1 - The AI application sector in the Hong Kong stock market showed a recovery in the afternoon, with MINIMAX-WP (00100.HK) rising over 16% [1] - Other companies such as Zhiyun (02513.HK) increased by more than 4%, while companies like Reading Group (00772.HK) and Bilibili (09626.HK) also experienced gains [1]

Core Insights - The animation market experienced significant growth in the past year, with monthly online views skyrocketing from 3 billion to 15 billion, and total views exceeding 75 billion, surpassing traditional animation market size within a year [1] - Despite the rise of short animations, long video platforms have not been significantly impacted, as top IP annual series remain stable, indicating a parallel development path [1][2] - The rapid evolution of short animations towards IP and quality production is expected to disrupt the current market equilibrium [1][7] Group 1: Market Dynamics - The domestic drama market faced a notable impact from short dramas, with the top 20 long dramas in 2025 seeing a 20% reduction in effective views compared to previous years [2] - Animation has become a crucial support for long video users, with 6 out of the top 10 new shows on Tencent Video being anime series, enhancing user acquisition and retention [2] - The overall impact of short animations on long-form anime remains limited, as the latter continues to attract substantial viewership [5][6] Group 2: Content Quality and Audience Engagement - Current short animations primarily serve as "fast food" entertainment, lacking the depth and emotional connection found in long-form anime, which continues to dominate viewer preferences [5][6] - The transition of short animations towards quality and IP-driven content is anticipated, with platforms beginning to leverage classic stories to establish emotional connections with audiences [9][10] - The rise of male and female-targeted short animations is expected to cater to diverse audience needs, potentially shifting viewer demographics [10] Group 3: Platform Strategies - Major platforms like Tencent Video and Bilibili are actively engaging in the short animation space, with Tencent Video launching initiatives to support quality content creation [11][19] - Bilibili's unique UGC community is driving the production of short animations, although it faces challenges in upgrading to higher-quality 3D animations [19][21] - Platforms are exploring collaborations with web novel IPs to enhance the quality and appeal of short animations, indicating a shift towards more structured content creation [10][23]

Core Viewpoint - The article highlights the rapid growth of China's cultural industry, particularly in the context of cultural products going global, with Shanghai as a key player in this transformation [1][2]. Group 1: Cultural Industry Growth - The significant increase in overseas revenue is a prominent feature of China's cultural industry development, especially in gaming and online literature [3][5]. - The self-developed products generated overseas sales revenue of $20.455 billion (approximately 143.056 billion RMB), marking a year-on-year growth of 10.23% [5]. - The overseas market for Chinese online literature is projected to reach 4.815 billion RMB in 2024, with a year-on-year growth of 10.68% [5]. Group 2: Evolution of Cultural Products - The evolution of online literature has progressed through three stages: translation of content, establishment of overseas platforms, and deep integration into global entertainment industries [5][6]. - The current phase of cultural products going global is characterized by a shift from mere content export to collaborative creation across various cultural sectors [6][7]. Group 3: Localized Strategies and Globalization - Localized strategies are crucial for gaming companies expanding into overseas markets, with teams established in key regions to enhance community engagement and user feedback [11][12]. - The trend of simultaneous global launches and prioritizing overseas versions reflects the growing capabilities of cultural enterprises in international markets [12][13]. Group 4: Regional Support and Policy Framework - Regional policies, such as those from Shanghai's Pudong New Area, provide comprehensive support for cultural enterprises going global, including investment, financial services, and legal assistance [7][13]. - The establishment of the "Micro Short Drama Outbound Base" aims to facilitate the entire industry chain for micro short dramas, enhancing cultural exchange and dissemination [20][24]. Group 5: Industry Collaboration and Ecosystem Building - The cultural industry's success in going global relies on a collaborative ecosystem that supports content creation, distribution, and local operations [16][18]. - The "Cultural IP Industry Development Pudong Initiative" aims to strengthen innovation, reform systems, and enhance global resource allocation capabilities [18][24].

Core Viewpoint - The company,阅文集团 (00772), announced the issuance of 600 shares due to the exercise of stock options on January 14, 2026 [1] Summary by Relevant Categories Company Actions - The company will issue 600 shares as a result of stock options being exercised [1]

Group 1 - The core point of the article is that the company,阅文集团 (00772.HK), has exercised stock options to issue 600 shares as part of its 2021 stock option plan, which was approved on May 24, 2021, and revised on May 22, 2023 [1] - The company has granted a total of 98,800 restricted stock units [1]

阅文集团(00772)发布公告，于2026年1月14日，因购股权获行使发行600股。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 閱文集團 呈交日期： 2026年1月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00772 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開 ...

Group 1 - The company,阅文集团, announced the grant of a total of 98,800 restricted share units to several employees on January 13, 2026, under the terms of the 2020 restricted share unit plan [1]