9月1日，此前由国家互联网信息办公室、工业和信息化部等部门发布的《人工智能生成合成内容标识办 法》（以下简称"《标识办法》"），以及配套《标识办法》发布的强制性国家标准《网络安全技术人工 智能生成合成内容标识方法》正式开始施行。 《标识办法》于今年3月发布，要求所有利用人工智能技术生成、合成的文本、图片、音频、视频、虚 拟场景等信息，都必须依法添加相应的身份标识。 新京报贝壳财经记者注意到，截至9月2日，内容平台腾讯、抖音、B站、快手，以及大模型企业 DeepSeek、商汤等均发布了响应添加标识的公告。值得注意的是，作为电商平台，抖音电商安全与信 任中心也发布了相关公告，公布了包括仿冒名人声音带货、生成与现实不符的商品虚假宣传等的典型案 例，强调AI应用必须合规，任何误用、滥用行为将被严厉打击。 内容平台：积极落实《标识办法》各项要求 在《标识办法》正式施行前夕，大部分主流内容平台已提前发布了公告。 大模型公司：已在平台内对AI生成合成内容添加标识 9月1日，DeepSeek公告称，为贯彻落实《标识办法》等国家标准的相关要求，防止AI生成内容可能引 发的公众混淆、误认以及信息失实的风险，DeepSeek已在平 ...

Core Viewpoint - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" by four government departments aims to ensure transparency and credibility in AI-generated content across various platforms [2][3]. Group 1: Regulatory Framework - The new regulations require all AI-generated content, including text, images, audio, and video, to be clearly identified [2]. - Platforms must add explicit and implicit identifiers to AI-generated content to enhance user awareness and trust [3][4]. Group 2: Platform Responses - Major platforms like Tencent, Douyin, Kuaishou, Bilibili, and DeepSeek have quickly adapted to the new regulations by implementing AI content identification features [3]. - Tencent announced the addition of explicit and implicit identifiers to comply with the new regulations, enhancing content recognition capabilities [3]. - Douyin launched two core features: an AI content identification function and an AI content metadata identification function to support content traceability [3][11]. Group 3: Identification Methods - Explicit identifiers inform users directly that content is AI-generated, while implicit identifiers embed information in the content's metadata for traceability [4]. - Kuaishou and Douyin have implemented explicit identifiers such as "AI generated" and warnings for suspected AI-generated content [4][11]. Group 4: Compliance and Enforcement - Users are prohibited from deleting, altering, or concealing AI identifiers and from using AI to create or disseminate false information [5][6]. - Platforms will impose penalties for violations of laws and regulations, ensuring compliance with the new measures [6][8].

Group 1 - The core viewpoint of the news highlights the integration of AI technologies in the automotive sector, specifically with Tesla's new Model Y L featuring advanced AI models for enhanced user interaction and experience [1] - The online consumption ETF fund is positioned to benefit from the expected growth in AI applications, closely tracking the CSI Hong Kong-Shenzhen Online Consumption Theme Index [1] - As of September 2, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has decreased by 2.39%, with mixed performance among its constituent stocks [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of the online consumption sector in the mainland and Hong Kong markets [2] - As of July 31, 2025, the top ten weighted stocks in the index account for 53.33% of the total index weight, including major players like Tencent, Alibaba, and Meituan [2]

《人工智能生成合成内容标识办法》9月1日起正式施行，要求对人工智能生成合成内容进行显式标识和 隐式标识。南都N视频记者注意到，DeepSeek、抖音、微信、B站等多个平台发布公告，明确落实该办 法的具体举措。 站内已在投稿侧提供标识选项，UP主可以在运用AI技术产出优质内容的同时，快捷进行自主声明。站 内会对于未主动声明的AI生成合成内容，依据法律法规要求，按照社区规则添加标识，用户不得恶意 篡改、隐匿相关标识。 南都此前报道。 9月1日，DeepSeek发布公告，为贯彻落实《人工智能生成合成内容标识办法》及《网络安全技术 人工 智能生成合成内容标识方法》等相关要求，防止AI生成内容可能引发的公众混淆、误认以及信息失实 的风险，DeepSeek已在平台内对AI生成合成内容添加标识，并明确提醒用户相关内容由AI生成。用户 不得恶意删除、篡改、伪造、隐匿此类生成内容标识，不得利用AI 制作、传播虚假信息、侵权信息以 及从事任何违法违规活动。 此外，"抖音集团"账号发布消息，结合《人工智能生成合成内容标识办法》的要求，抖音已上线两项核 心功能：AI内容标识功能，协助创作者为AI内容添加提示标识，方便用户区分辨别；A ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The report highlights the positive outlook for AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [39] - The report notes significant growth in the gaming sector, with several companies reporting strong financial performance in their mid-year reports [3][37] - The report emphasizes the importance of recent government policies, including the issuance of game licenses and the "Artificial Intelligence+" action plan, which aims to enhance AI integration across various sectors by 2035 [2][36] Summary by Sections Market Performance - The media industry (Shenwan) saw a weekly increase of 1.05%, ranking 12th among primary industries, while the Hang Seng Technology Index rose by 0.47% [10] - Notable performers included Jishi Media, Wento Holdings, ST Huatuo, and Sanqi Interactive Entertainment, with significant weekly gains [17] Key Industry Data AI Application Data - For the week of August 24-30, estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 394,000, 2,102,500, 658,600, and 893,000 respectively, with Doubao leading in downloads [21] Gaming Data - In August, 166 domestic and 7 imported game licenses were issued, with several major titles approved for release [24][25] - The iOS best-selling game rankings featured "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three titles [23] Film Data - The total box office for the week of August 22-28 reached 977 million yuan, with "Chasing the Wind" leading the box office [32][35] Industry Events and Announcements - The report discusses the launch of various AI models and applications by major companies, including ByteDance's new AI video generation model and Tencent's end-to-end video sound generation model [36] - The report also highlights the successful mid-year financial results of several companies, including Perfect World and Sanqi Interactive Entertainment, showcasing strong revenue growth [37][38]

Core Points - The implementation of the "Identification Method for AI-Generated Synthetic Content" began on September 1, requiring all AI-generated content to have clear identification labels [1][5][8] - The regulation mandates that various stakeholders in the AI content generation chain, including service providers and content platforms, must ensure proper labeling of AI-generated content [8][11] Group 1: Regulatory Framework - The "Identification Method" requires explicit and implicit labeling for AI-generated text, images, audio, and video content [5][8] - Content dissemination platforms like Bilibili and Xiaohongshu must verify metadata and provide necessary labeling features to inform users about AI-generated content [8][11] - Users are also required to label AI-generated content when uploading or sharing it [8][11] Group 2: Industry Response - Companies like MiniMax have demonstrated how to implement explicit labeling in their platforms, using visible indicators such as badges stating "AI generated" [9][10] - Douyin has introduced features to assist creators in labeling AI content and has implemented metadata identification for traceability [11][13] - Tencent and Kuaishou have also announced measures to comply with the new regulations, ensuring transparency and user awareness regarding AI-generated content [13][15] Group 3: Market Implications - The new regulations are seen as a foundation for the credibility of generative content, influencing market competitiveness for large model enterprises [10] - The Shanghai Municipal Cyberspace Administration has initiated an ecological alliance to promote implicit labeling recognition among over 30 companies [10][11] - The industry is adapting to these regulations, with platforms actively enhancing their content governance capabilities to align with the new standards [14][15]

Core Points - The "Measures for Identifying AI-Generated Synthetic Content" officially implemented on September 1 mandates that all AI-generated content must be clearly identified [1] - Major platforms like Tencent, Douyin, Kuaishou, Bilibili, and DeepSeek have begun to refine their regulations in response to the new measures [1][2] Group 1: Implementation of Identification Measures - The measures require explicit and implicit identification of AI-generated content, including text, images, audio, and video [1] - Douyin has launched two core features: an AI content identification function and an AI content metadata identification function to assist creators in labeling AI-generated content [1][2] - Tencent announced enhancements to its content recognition capabilities to ensure transparency and credibility for users accessing AI-generated content [2] Group 2: Compliance and User Responsibilities - Users are prohibited from deleting, altering, or concealing AI identification labels when publishing or disseminating AI-generated content [2][4] - Platforms will impose penalties for violations of laws and regulations, as well as for any malicious actions regarding AI content labeling [2][4] - DeepSeek has also implemented identification measures and provided a model principle and training method explanation to enhance user understanding of AI technology [5] Group 3: Platform-Specific Actions - Bilibili has introduced an option for creators to declare AI-generated content during submission, ensuring compliance with the new regulations [3] - Kuaishou has implemented both explicit and implicit labeling for AI-generated content and will provide prominent notifications for such content [3][4]

Core Insights - The advertising revenue landscape is showing a clear divide, with nearly half of the companies reporting positive growth while the other half struggles, highlighting the shift from traffic-driven success to algorithm efficiency and precision targeting [1][2] - AI technology is becoming a critical factor in redefining the advertising industry, driving competition based on algorithm efficiency and innovation speed, with companies leveraging AI as a key asset for growth [1][2] Company Performance - Tencent's advertising revenue reached 35.8 billion, growing 19.73% year-over-year, marking its 11th consecutive quarter of double-digit growth, driven by AI improvements and a robust WeChat ecosystem [2] - Kuaishou reported advertising revenue of 19.765 billion, up 12.81% year-over-year, with significant contributions from short dramas and local life services, supported by AI technology [3][4] - Bilibili's advertising revenue reached 2.45 billion, growing 20% year-over-year, with strong performance in effect advertising and an increase in advertisers, aided by AI-driven enhancements [5][6] - Xiaomi's advertising revenue was 6.8 billion, up 13.33% year-over-year, benefiting from a growing user base and enhanced AI capabilities for targeted advertising [7][8] - BlueFocus achieved advertising revenue of 18.103 billion, with a year-over-year growth of 20.08%, driven by AI and global expansion strategies [9][10]

1、市场竞争格局加剧风险； 事件评论 收入端。1）B 站25Q2 广告业务收入24.5 亿元，同比增长20%。a）广告基础设施深度整合AI，通过升 级推荐算法、创意生成及智能广告投放，广告效率及效果均得到提升。 b）B 站活跃用户平均年龄26 岁，而青年消费力能够持续吸引广告主、带来更多商业价值，由此Q2 广 告主数量同比增长20%+，效果广告收入同比增长约30%。25H1 广告收入贡献前5 的行业为游戏/数码家 电/网服/电商/汽车，不断增长的消费品牌客户和电商平台支出彰显B 站用户增长的购买力。2）B 站 25Q2 增值服务业务收入为28.4 亿元，同比增长近11%。B 站用户保持高粘性，截至25Q2 正式会员达到 2.7 亿，第12 个月留存率约80%；大会员达到2370 万，其中年度订阅或自动续订用户超80%。3）B 站 25Q2移动游戏业务收入为16.1 亿元，同比增长60%。主要得益于公司长线化运营游戏《三国： 谋定天下》表现亮眼，最高到达IOS 游戏畅销榜第二。 经营数据。B 站社区生态持续繁荣，25Q2DAU 达1.09 亿，MAU 达3.63 亿，日均使用时长达105 分钟。 1）B 站社区 ...

Core Viewpoint - Bilibili's Q2 2025 financial results exceeded expectations, with significant growth in revenue and net profit, driven by advertising and live streaming services [1][2] Group 1: Financial Performance - In Q2 2025, Bilibili reported revenue of 7.34 billion CNY, a year-over-year increase of 19.8%, slightly above Bloomberg's expectations by 0.1% [1] - Non-GAAP net profit reached 560 million CNY, compared to a net loss of 270 million CNY in the same period last year, exceeding Bloomberg's expectations by 7.5% [1] - The company anticipates Q3 2025 revenue to reach 7.5 billion CNY, reflecting a year-over-year growth of 21% [1] Group 2: Advertising Revenue - Q2 2025 advertising revenue was 2.45 billion CNY, up 20.2% year-over-year, and also above Bloomberg's expectations by 1.3% [1] - Factors contributing to this growth include participation in the "潮流起飞" project, improved ad distribution efficiency through multimodal models, and AI-generated ad covers enhancing ECPM [1] - The company expects Q3 2025 advertising revenue to reach 2.5 billion CNY, maintaining strong growth due to potential expansion across multiple screens and scenarios [1] Group 3: Live Streaming and VAS Revenue - Live streaming and VAS revenue in Q2 2025 was 2.84 billion CNY, a year-over-year increase of 11%, exceeding Bloomberg's expectations by 0.3% [2] - The growth is primarily driven by the charging business, with expectations for Q3 2025 revenue to reach 3.1 billion CNY, reflecting a year-over-year growth of 10% [2] Group 4: Gaming Revenue - Q2 2025 gaming revenue was 1.61 billion CNY, a significant year-over-year increase of 60%, although slightly below Bloomberg's expectations by 0.2% [2] - Due to a high base from last year's game releases, gaming revenue is expected to decline in Q3 2025 to 1.5 billion CNY, a year-over-year decrease of 15% [2] - New game releases are anticipated to contribute to revenue growth in 2026, with titles like "三国卡牌" and "嘟嘟脸恶作剧" expected to launch by year-end [2] Group 5: Revenue Forecast - The company projects revenues of 30.1 billion CNY, 32.9 billion CNY, and 34.8 billion CNY for 2025, 2026, and 2027 respectively, adjusting previous forecasts due to advertising expansion and revised sales expense predictions [2] - The target price is set at 211.53 HKD (193.06 CNY), based on a comparable company PS average of 2.7x for 2025, maintaining a "buy" rating [2]