2025 年也是更多中国电竞项目走向世界的"元年"，虽然论成绩差强人意，几大热门项目的国际对抗铩羽而归，赛事落地继续在国内外践行下沉之道，行 业里许多公司和IP定位也在不停转换，从领头人切换到服务商。但电竞以及与电竞有关的一切，都在探索更多潜在价值。 围绕泛二次元的消费迎来转折"元年"，传统兴趣消费衰退，二手市场交易价值两极化，情绪消费市场下沉，IP+授权业务猛增，未来的二次元消费正深入 生活的方方面面。 站在2026年的开年，我们对今年怀有更为复杂的情绪，焦虑、迷茫，更有期待与笃定。在更多文章之前，我们先立足国内市场，从2025年ACGN行业全球 范围内发生的大事件中遴选100件，与各位同行者一起，回溯2025年的发展轨迹，探索2026年的新机遇。 （注：以下排名不分先后，尽量按照时间顺序整理） 「 一月&二月 」 如果用一个词形容ACGN领域的2025，那大概率是"元年"。 这一年我们迎来了很多真正意义上产业巨变的开端。中国动画电影"元年"毋庸置疑，春节档《哪吒之魔童闹海》用150亿票房击穿质疑，暑期档《浪浪山 小妖怪》刷新2D动画票房记录，大银幕动画成为兼具口碑与商业价值的长内容香饽饽。中国动画剧集也在 ...

阅文集团（00772）盘中涨超5%，截至发稿，股价上涨3.06%，报36.40港元，成交额7765.59万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视觉化开发的 漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合作标志着国 内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方官宣技术合 作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视教育，构建 产业级人才培养体系。 责任编辑：卢昱君 阅文集团（00772）盘中涨超5%，截至发稿，股价上涨3.06%，报36.40港元，成交额7765.59万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视觉化开发的 漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合作标志着国 内头部内容平台与领先AI技术公司，在AIGC产业 ...

据透露，Vidu模型的多模态生成能力将深度嵌入阅文漫剧助手的创作全链路，为平台创作者提供从图像 到视频的AI生成支持。阅文漫剧助手将作为Vidu在AI漫剧领域的关键应用场景和反馈入口，双方的协 同有望加速模型在垂直领域的迭代优化。通过将Vidu的AI生成能力与阅文的海量IP资源相结合，平台旨 在为创作者提供从IP到视觉内容的一站式解决方案，并计划未来将合作拓展至AI真人剧等更广阔的领 域。 智通财经APP获悉，阅文集团(00772)涨超5%，截至发稿，涨4.47%，报36.9港元，成交额5480.78万港 元。 消息面上，据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视 觉化开发的漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合 作标志着国内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方 官宣技术合作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视 教育，构建产业级人才培养体系。 ...

阅文集团(00772)涨超5%，截至发稿，涨4.47%，报36.9港元，成交额5480.78万港元。 据透露，Vidu模型的多模态生成能力将深度嵌入阅文漫剧助手的创作全链路，为平台创作者提供从图像 到视频的AI生成支持。阅文漫剧助手将作为Vidu在AI漫剧领域的关键应用场景和反馈入口，双方的协 同有望加速模型在垂直领域的迭代优化。通过将Vidu的AI生成能力与阅文的海量IP资源相结合，平台旨 在为创作者提供从IP到视觉内容的一站式解决方案，并计划未来将合作拓展至AI真人剧等更广阔的领 域。 消息面上，据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视 觉化开发的漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合 作标志着国内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方 官宣技术合作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视 教育，构建产业级人才培养体系。 ...

Core Insights - The rise of "manhua drama" represents a transformation of traditional animation into short video formats, catering to the entertainment needs of modern young audiences with a focus on quick, engaging content [1][2] - The unique production model of manhua drama, characterized by lower costs and shorter production cycles, differentiates it from traditional animation and live-action short dramas, allowing for a diverse range of content [1][2] - The integration of AI technology in the production process has significantly reduced costs and improved efficiency, enabling a scalable growth phase for the industry [3][5] Group 1: Market Performance and User Engagement - Manhua dramas have achieved significant viewership, with 80 works surpassing 10 million views and over 10 works exceeding 100 million views, indicating strong market potential [1] - The overlap between paying users of manhua dramas and short dramas is only 38%, suggesting that manhua dramas attract a substantial number of new paying users [2] - The appeal of manhua dramas lies in their ability to resonate emotionally with users, enhanced by community interactions and a low-cost, fast-paced payment model [2] Group 2: Technological Advancements and Production Efficiency - AI tools have drastically reduced the production costs of manhua dramas, with costs dropping from 2000-5000 yuan per minute to 1000-2500 yuan, achieving a reduction of up to 50% [3] - The introduction of platforms like "Manhua Assistant" and "Dream Maker 2.0" has further streamlined the creative process, allowing creators to focus on narrative and aesthetics [5] - The evolution of AI technology is reshaping the production logic, enabling creators to generate high-quality content with less manual effort [5] Group 3: Industry Challenges and Future Directions - The manhua drama industry faces challenges such as content homogenization, copyright disputes, and the need for content safety, which could hinder sustainable growth [6][7] - AI is currently viewed as a supportive tool in scriptwriting, lacking the capability to create complex narratives independently, which highlights the need for human creativity in the production process [7] - The increase in copyright infringement cases related to AI-generated content necessitates the establishment of a comprehensive copyright governance system within the industry [8]

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

以下文章来源于盐财经 ，作者旷晓伊 原标题《一分钟奖励3万，这个风口正在火过短剧》 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 最近，罗倩迷上了一种特别的短剧。这些剧集的主演并非真人，而是 Q版或者二次元风格的动画小人，被称作"漫剧" 。 这些漫剧的形式多样，有的是通过游戏编辑器生成的3D动画，有的是将平面漫画动态化，甚至有些是直接以"熊猫头"等表情包为素材，配上静态场景和配 音制作而成。 "刷起来根本停不下来。"罗倩如此形容自己的痴迷程度。她算了一下，自己上个月除去吃饭、睡觉和工作的时间，几乎每天都在刷这种短剧，连平时最爱 的小说也被搁置在一旁。 罗倩的沉迷绝非个例，越来越多年轻人正成为漫剧的忠实拥趸，直接推动了这个赛道的爆发式增长。 抖音平台数据显示，仅2025年10月份，平台漫剧新增播放量就突破 61 亿，其中《高考落榜，忽悠同学上冥牌大学》等多部作品播放量破亿，头部爆款 《开心锤锤2025下》的累计播放量更是突破12.9亿。而放眼全网， 漫剧单月播放量更是冲破百亿大关。 以熊猫头为主角的漫剧，主人公一般名字是虾仁/截图自B站up主虾仁狂 漫剧排行榜图源/ 红果免费漫剧APP 如今市面 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 閱文集團 | | | | | | 呈交日期: | 2026年1月5日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00772 | 說明 | | | | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 10,000,000,000 | USD | 0.0001 USD | | 1,000,000 | | 增加 / 減少 (-) | | 0 | USD | | 0 | | 本月底結存 | 10,000,000,000 | USD ...

12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们 来自世界各地，包括印度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协 会发布的《2025中国网络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美 的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升 维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠 深有同感，他在接受21世纪经济报道记者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国 网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如WebNovel），吸引本土创作者， 形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场 景的价值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需要从"走出去"到"走进去"。 2026年短剧、漫剧、衍生品会跑更快 21世 ...

Core Viewpoint - The article emphasizes that the rise of "manga drama" represents a significant shift in the entertainment industry, driven by AI technology, and is seen as a new industrial revolution rather than just a trend in content consumption [1][16]. Industry Overview - The manga drama industry has rapidly evolved, with companies like 酱油文化 (Soy Sauce Culture) transitioning from short dramas to manga dramas, achieving significant revenue growth [3][6]. - In 2025, the revenue from 酱油文化's manga dramas surged from a few million to 50 million yuan in just a few months, showcasing the potential of this new format [3][6]. Production Efficiency - Manga dramas are produced using AI, which drastically reduces the production time to 10-20 days compared to 3 months for traditional short dramas, eliminating the need for a large crew [5][17]. - The cost of producing manga dramas is significantly lower, with estimates of 1,000 yuan per minute, compared to 5,000 yuan for short dramas and at least 15,000 yuan for traditional animated series [17]. Market Dynamics - The manga drama market is experiencing explosive growth, with platforms like Douyin and Kuaishou investing heavily in this format, leading to a projected market size of over 20 billion yuan by 2025 [8]. - The introduction of guaranteed revenue-sharing models by platforms has further incentivized production, with some offering up to 30,000 yuan per minute as a base fee [8]. Competitive Landscape - Key players in the manga drama space include 酱油文化, 灵矩动漫 (Lingju Animation), and other former short drama companies, all pivoting towards this new format due to declining profitability in short dramas [3][11]. - The competition is intensifying, with many companies recognizing the potential of AI-driven content creation, leading to a shift in focus from traditional short dramas to manga dramas [11][12]. Future Outlook - As AI technology continues to mature, the cost and efficiency of producing high-quality manga dramas are expected to improve, making it a more viable and profitable venture for companies [18]. - The industry is poised for further growth, with expectations that the quality of AI-generated content will enhance, leading to a more competitive landscape [18].