Core Insights - The article discusses the strategic challenges faced by the online literature platform, Yuewen, particularly in light of the recent "1.24 Incident" which highlighted the tensions between the platform and its core author community [1][6][10] - The platform's attempts to reform its recommendation mechanism have led to significant backlash from authors, revealing deeper issues of trust and strategic direction within the company [4][11][12] Group 1: Strategic Challenges - The "1.24 Incident" was triggered by a shift from a long-standing recommendation system to a new "traffic package intelligent distribution" model, which was met with criticism from authors regarding fairness and transparency [1][4] - The platform's management has faced accusations of being out of touch with the realities of authors' livelihoods, as evidenced by controversial statements from the editor-in-chief [3][6] - Historical issues, such as the "55 Suspension Festival" in 2020, have created a pattern of trust erosion between the platform and its authors, exacerbated by strategic inconsistencies and operational missteps [7][8][10] Group 2: Competitive Landscape - The rise of free reading platforms like "Tomato Novel" and "Seven Cats Novel" has posed a significant threat to Yuewen, as these competitors leverage ad-supported models and strong algorithmic recommendations to capture market share [11][12] - Yuewen's attempts to introduce free reading options have been hesitant and inconsistent, reflecting a struggle to balance its traditional paid model with the emerging free content trend [11][12] Group 3: Future Opportunities - The rapid development of AI video models presents a potential turning point for Yuewen, as the company aims to integrate AI into its content creation and IP development processes [13][14] - The CEO has outlined a strategic focus on "evergreen content, IP + AI, and globalization," indicating a shift towards leveraging technology to enhance operational efficiency and IP value [13][14] - The company's historical strength in IP management could be a key asset in navigating the current challenges, provided it can effectively adapt to the changing landscape [14]

Summary of Conference Call Records Industry Overview - The Chinese short drama industry holds a significant global leading advantage, with platforms like Reelshort, Dramabox, and Dramawave outperforming local competitors in revenue generation, supported by the comprehensive strengths of Chinese cultural enterprises in web literature IP, short drama production, and promotional strategies. Short dramas have become a crucial category for Chinese cultural exports [1][1]. Key Insights 1. **Growth in Short Drama and Comic Drama Sectors**: The comic drama sector is expected to experience accelerated growth by Q4 2025, with a notable increase in the number of projects and materials being produced [2][2]. 2. **Dramatic Increase in Comic Drama Projects**: Data from DataEye-ADX indicates that the number of comic drama projects will surge from 234 in January to 17,944 by December 2025, representing a growth of over 76 times. Similarly, the number of comic drama materials will rise from 27,000 to 1,623,000, a growth of over 59 times [2][2]. 3. **Recognition of Seedance and Kling Models**: The Seedance 2.0 and Kling 3.0 models have gained significant industry recognition, enhancing their global influence. These models have shown remarkable advancements in key areas such as intelligent camera work, consistency, and audio-visual synchronization [2][2]. 4. **Investment Opportunities in Multi-modal Fields**: The advancements in video models present investment opportunities in the multi-modal sector, with industry leaders acknowledging the impressive capabilities of AI in understanding and integrating multi-modal information [2][2]. Recommendations - **Long-term Investment in Short/Comic Drama**: It is recommended to focus on long-term investment opportunities in the short and comic drama sectors, particularly in companies with strong IP accumulation and early positioning in the comic drama field, such as Chinese Online, Huayi Brothers, Kunlun Wanwei, and others [3][3]. - **Attractive Valuation for Kuaishou**: Kuaishou is highlighted as having an attractive valuation, with the release of the Ling 3.0 model expected to further enhance the company's AI business revenue and valuation [2][2]. Financial Projections - The projected non-IFRS net profits for the company from 2025 to 2027 are estimated at 20.6 billion, 22.9 billion, and 25.2 billion yuan, respectively. The current market capitalization corresponds to a valuation of only 12 times for 2026, maintaining a "buy" rating [3][3]. Risks - Potential risks include the pace of model technology iteration not meeting expectations, slow commercialization of AI applications, and regulatory policy risks within the industry [3][3].

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's artificial intelligence stocks, indicating a positive market trend in this sector [2] - Cloud Wisdom (云知声) saw an increase of over 13%, reflecting strong investor interest and confidence in its performance [2] - Other companies such as Reading Group (阅文集团), Zhiyun (智谱), and MINIMAX-WP experienced gains exceeding 6%, showcasing a broader rally in AI-related stocks [2] - Companies like Zhihu (知乎), Kuaishou (快手), and Horizon Robotics (地平线机器人) also reported increases of over 4%, further emphasizing the momentum in the AI market [2]

（文章来源：每日经济新闻） 每经AI快讯，阅文集团(00772.HK)高开逾6%，截至发稿，涨6.14%，报40.08港元，成交额2370.7万港 元。 ...

阅文集团(00772)高开逾6%，该股昨日大涨近10%。截至发稿，涨6.14%，报40.08港元，成交额2370.7万 港元。 值得一提的是，近期，字节跳动正式推出新一代AI视频生成模型Seedance2.0，模型能力得到大幅度提 升，中银国际指出，根据新华网（603888）2026年1月数据，阅文集团已有十多部作品播放量破亿，80 多部漫剧作品播放量破千万。随着Seedance2.0发布，漫剧制作成本进一步降低，制作效果进一步提 高，行业有望迎来加速发展。 消息面上，阅文集团CEO兼总裁侯晓楠发布春节内部信。侯晓楠表示，AI发展越快，原创内容就越珍 贵，好故事的价值将被前所未有地放大，阅文海量优质IP迎来视觉化的新机遇。阅文将在内容孵化、精 品内容制作、IP开发、产业全球化等环节全面拥抱AI，全力布局AI漫剧等新场景，提升IP的开发效率与 价值空间。 ...

Core Viewpoint - The rapid development of AI is making original content increasingly valuable, and the company is poised to leverage its extensive IP portfolio to capitalize on new opportunities in visual storytelling [1] Company Summary - The stock of the company,阅文集团, opened over 6% higher and experienced a nearly 10% increase the previous day, currently trading at 40.08 HKD with a transaction volume of 23.707 million HKD [1] - CEO and President, 侯晓楠, emphasized in an internal letter that the company will fully embrace AI across various stages including content incubation, quality content production, IP development, and global industry expansion [1] - The company plans to enhance the efficiency and value of its IP development by focusing on new scenarios such as AI-generated comic dramas [1] Industry Summary - The recent launch of ByteDance's new AI video generation model, Seedance 2.0, significantly enhances production capabilities, reducing costs and improving outcomes [1] - According to data from Xinhua News, by January 2026, the company has over ten works with view counts exceeding 100 million and more than 80 comic drama productions with over 10 million views [1] - The industry is expected to accelerate its development with the advancements brought by Seedance 2.0 [1]

Core Strategy - The company has identified "evergreen content, IP+AI, and globalization" as its three core strategic directions for 2025 [1] - The CEO emphasizes that the biggest achievement by 2025 will not just be hit products, but a more resilient and continuously evolving ecological capability [1] Evergreen Content - The company aims to support core authors and advantageous categories while actively nurturing new talents and diverse themes [1] - There is a focus on accelerating the development of film sequels and high-quality animations, promoting the upgrade of short dramas and comic dramas to premium quality [1] - The company plans to integrate IP into users' lives through various channels such as derivatives and trendy toys, continuously nurturing evergreen IP [1] - In 2025, the company plans to produce 122 short dramas annually, with the GMV of derivatives reaching 480 million yuan in the first half of the year, nearing the total for 2024 [1] IP+AI Development - The company believes that as AI develops rapidly, original content will become increasingly valuable, and the worth of good stories will be magnified [1] - The company is committed to embracing AI across all stages of content incubation, premium content production, IP development, and global industry expansion [1] - AI tools such as "Miaobi Tongjian" have already been launched to enhance IP development efficiency and value [1] Globalization Strategy - The company aims to accelerate multi-language expansion while deepening focus on key regions to create internationally influential benchmark IPs [2] - By October 2025, the company has facilitated the overseas promotion of over 13,600 Chinese web novels, 2,100 comics, 80 animations, and over 100 film and television works [2] - The company's platform WebNovel has accumulated nearly 400 million global users [2]

Market Overview - The Dow Jones Industrial Average is projected to reach 100,000 points by January 2029, as stated by Trump, with the index recently surpassing 50,000 points for the first time [1] - The Hong Kong stock market rebounded significantly, closing up 1.76%, while the Nikkei 225 and KOSPI indices rose by 3.89% and 4.10%, respectively [1] - The Japanese ruling coalition secured a majority in the recent elections, with promises to stimulate the economy, leading to a surge in the Japanese stock market [1] Gold and Mining Stocks - Gold stocks continued to rebound, with the WanGuo Gold Group rising over 8% [2] - Zijin Mining announced a three-year production plan aiming to rank among the top three globally in copper and gold production by 2028, resulting in a stock increase of over 5% [2] AI and Technology Sector - Major tech companies including Meta, Amazon, Google, and Microsoft are expected to have a combined capital expenditure of $660 billion this year [3] - Nvidia is anticipated to report strong earnings, with Goldman Sachs raising its price target to $250, indicating a potential 35% upside from last week's closing price [2][3] Renewable Energy and Power Generation - North America is shifting investments in electricity generation from gas turbines to gas internal combustion engines and SOFCs, with stocks like Eagle Precision and Dongfang Electric seeing significant gains [4] - Dongfang Electric announced the commissioning of Ethiopia's largest wind power project, contributing to a stock increase of over 14% [4] AI Applications and Content Creation - ByteDance launched the Seedance 2.0 video generation model, which can create high-quality videos in 60 seconds, positively impacting related stocks like IP reserve holder Yuedong Group, which rose nearly 10% [5] - The copyright technology service provider for short dramas, Fubo Group, also saw a stock increase of over 7% [5] Real Estate Sector - Major real estate companies are undergoing organizational restructuring to adapt to market conditions, with firms like China Overseas Development and China Resources Land implementing significant changes [8] - These strategic adjustments are expected to enhance performance and improve valuations in the sector [8] Entertainment Sector - Cat's Eye Entertainment reported that the pre-sale box office for the 2026 Spring Festival exceeded 60 million yuan, with expectations for strong performance in upcoming films [9] - The company is heavily involved in the production and promotion of major films, which is likely to boost its revenue [9][10]

Core Viewpoint - The internal letter from CEO Hou Xiaonan outlines the evolution of the company towards becoming a globally competitive IP ecosystem factory, moving beyond just a literary creation platform, with a focus on three core strategies for 2026: "Evergreen Content, IP+AI, and Globalization" [2][15]. Group 1: Business Evolution and Achievements - In 2025, the company solidified its foundation and cultivated new momentum amidst industry adjustments, achieving breakthroughs in multiple dimensions including IP visualization, commercialization, globalization, and AI technology [3]. - The company’s network literature remains robust, with record-breaking head works such as "The Lord of the Mysteries" and "The Great Decree of the Night Watchman" surpassing 300,000 subscriptions for the first time [5]. - The creator ecosystem has become younger, with 65% of newly signed authors being post-95s, ensuring a vibrant and diverse content ecosystem [6][7]. Group 2: IP Dominance and New Growth Engines - The company maintains its dominance in the IP film and television sector, with 9 out of 33 new long dramas in 2025 being adaptations of its IPs, accounting for nearly 30% of the total [8]. - In the animation sector, the company holds 9 out of the top 10 spots in the cumulative effective playback ranking [9]. - The company has transitioned from trial phases to large-scale production in emerging sectors such as short dramas, comic dramas, and derivative products, with 122 short dramas produced in 2025 [10]. Group 3: AI Integration and Future Strategies - The company launched "Miaobi Tongjian," an industry-first deep understanding capability for web literature, enhancing the IP lifecycle through AI applications [14]. - The 2026 strategy includes creating "Evergreen Content" by supporting core authors and diverse themes, while also focusing on developing sequels and high-quality animations [15][16]. - The company aims to build an "IP+AI" creative ecosystem, leveraging AI to enhance content incubation, production, and global market expansion [17][18]. Group 4: Global Expansion and Market Challenges - The company has seen significant growth in global user access, with nearly 400 million cumulative users on its platform WebNovel, particularly in emerging markets [19]. - By October 2025, the company had facilitated the international distribution of over 13,600 Chinese web novels, 2,100 comics, 80 animations, and over 100 film and television works [20].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The launch of the AI video generation model Seedance 2.0 by ByteDance is expected to significantly accelerate the development of the AI animation industry. The model's capabilities have been greatly enhanced, allowing for a transition from "generating a scene" to "completing a work" [2][3]. - Seedance 2.0 offers users near "director-level" precision in video generation, including features like self-storyboarding, multi-modal references, audio-visual synchronization, and multi-shot narrative capabilities. Users can specify video generation effects using up to 9 images, 3 videos, and 3 audio segments [2][3]. - The model's improved video usability rate is projected to reach 90% for generating 15-second videos, a significant increase from the previous industry average of around 20%. This enhancement is expected to lower production costs dramatically, with the cost of a 90-minute video project potentially decreasing from over 10,000 yuan to around 2,000 yuan [2][3]. - The AI technology represented by Seedance 2.0 is likely to push the animation industry into a phase of scaled development. Traditional animation often requires years of refinement and substantial financial investment, while the lightweight production of short video products can significantly reduce creation time and lower barriers to entry. The domestic animation user base is projected to grow from approximately 120 million in 2025 to 280 million in 2026 [2][3]. Investment Recommendations - Recommended companies to focus on include: - AI Applications: Decai Co., Zhaochi Co., Zhongwen Online, and Zhangyue Technology - AI Infrastructure: Dongyangguang, Runze Technology, and Guanghuan New Network - AI Chips: Cambricon and Haiguang Information [4].