Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% increase, while other segments like publishing and advertising also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-on-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Other notable films included "Zootopia 2" and "Avatar 3" [26][27]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kying Network, Perfect World, and others [4][34].

Group 1 - The gaming sector experienced a brief surge followed by a decline, with the gaming ETF (159869) dropping nearly 1%, indicating a potential opportunity for low-position investments [1] - As of January 19, the gaming ETF (159869) reached a scale of 14.315 billion, providing investors with a convenient tool to invest in leading A-share gaming companies [1] - Giant Network's new feature in "Supernatural Action Group" integrates AI large model challenges into core gameplay, marking the first deep integration of AI in a high DAU game in China [1] Group 2 - The AI-driven NPCs in "Supernatural Action Group" enhance user interaction, with over 25 million AI participation counts in just one week, demonstrating high user engagement and stickiness [1] - The gaming sector is currently benefiting from multiple catalysts, including policy support, product cycles, and AI empowerment, suggesting a favorable window for investment in the gaming track [2] - The gaming ETF tracks the China Securities Animation and Gaming Index, with the highest AI application content in the market, accurately reflecting the overall performance of the A-share animation and gaming industry [2]

Core Insights - The article discusses the innovative integration of AI in the gaming industry, specifically highlighting the success of Giant Network's game "Supernatural Action Team," which has achieved over 1 million concurrent users and dominated app store rankings [1][4][8] - The game features AI-controlled characters that interact with players in real-time, creating a dynamic and unpredictable gaming experience, which contrasts with traditional scripted NPCs [3][12][14] - The implementation of AI in core gameplay has proven to enhance player engagement and satisfaction, challenging the notion that AI could negatively impact gaming experiences [23][24] AI Integration in Gaming - "Supernatural Action Team" is the first major game in China to deeply integrate AI models into its core gameplay, allowing AI to act as both allies and adversaries [8][12] - The AI characters are designed to adapt their behavior based on player actions, creating a more immersive and strategic gaming environment [13][16] - The game has successfully conducted nearly 25 million matches within a week of the new AI feature's launch, demonstrating the system's stability and scalability [7][21] Industry Trends and Challenges - The gaming industry is increasingly welcoming AI, with applications ranging from asset generation to real-time matchmaking, but most implementations remain in a "safe zone" where AI does not directly affect core gameplay [10][11] - Concerns about AI's impact on player experience have led many developers to hesitate in integrating AI into core gameplay, with a significant percentage of players expressing skepticism about AI's role in gaming [22][23] - "Supernatural Action Team" provides a counterexample, showing that when AI is effectively integrated into gameplay, it can enhance the overall experience and be well-received by players [24] Future Implications - The successful integration of AI in "Supernatural Action Team" may pave the way for new content generation methods in gaming, where AI becomes a fundamental part of gameplay rather than just a tool [24] - The article suggests that the future of gaming may involve more frequent and interactive AI-driven experiences, opening new avenues for player engagement and industry growth [24]

Core Viewpoint - The integration of AI in short dramas and interactive games is reshaping the media industry, creating new growth opportunities and transforming traditional content monetization methods [2][3]. Group 1: Market Performance - On January 20, A-shares opened high but quickly retreated, with cultural media stocks, particularly in short dramas and games, experiencing significant price increases [1]. - Companies like Jiayun Technology and Zhejiang Wenlian saw their stocks hit the daily limit, with notable performances from Yue Media and Tiandi Online [1]. - Giant Network's stock price reached 51.70 yuan per share, with a market capitalization of 100.1 billion yuan [1]. Group 2: AI Integration in Media - AI short dramas and interactive games are seen as a new growth engine in the media sector, combining narrative appeal with interactive experiences [2]. - AI is revolutionizing the gaming industry by enhancing gameplay through real-time interactions and reducing costs by over 30% [2]. - In the short drama sector, AI is significantly shortening production cycles to 2-3 days and increasing content output [2]. Group 3: Industry Trends and Opportunities - The integration of AI is lowering entry barriers and expanding market size, allowing smaller teams to innovate and create diverse content [3]. - AI is expected to play a crucial role in the future of content creation, with a focus on human-machine collaboration to enhance creativity while maintaining content quality [3]. - The AI application sector is projected to be a key focus area in 2026, with ongoing trends indicating accelerated adoption [3][5]. Group 4: Specific Company Developments - Giant Network has introduced AI models into its core gameplay, enhancing user engagement and attracting millions of players [4]. - Zhejiang Wenlian's partnership with ByteDance's Douyin has led to significant growth in digital marketing applications, with a reported 250 million yuan consumption in 2025, marking a fivefold increase [5]. Group 5: Investment Focus Areas - Investment opportunities are emerging in three key areas: companies leading in AI-native gameplay, full-service providers for short dramas, and AI computing power suppliers [5].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% rise, while publishing and advertising marketing also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-over-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film and Television Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Upcoming films include "Flying Life 3," "Boon: Year of the Bear," and "Bounty Hunter: Wind Rises in the Desert" [26][30]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kyeing Network, Perfect World, and others [4][34].

Group 1 - SK Hynix announced a record performance bonus of over 1.36 million KRW (approximately 640,000 RMB) per employee, benefiting from the AI boom, with stock prices increasing by 275% in 2025 [1] - The company has sold out all chip production capacity for 2026, indicating strong demand [1] Group 2 - Bubble Mart announced a share buyback plan, investing 251 million HKD to repurchase 1.4 million shares at prices ranging from 177.7 to 181.2 HKD per share [11] - Tencent and Taobao have invested in Zhijia Power Technology, a smart driving technology developer, indicating growing interest in AI and smart driving sectors [9] Group 3 - Tea Yan Yue Se is expanding its workforce in major cities, leading to speculation about market expansion, although the company clarified that this is part of regular personnel reserves [2][3] - The company currently operates 758 stores across four provinces and is known for its cautious expansion strategy [2] Group 4 - Vanke has been ordered to pay over 1.089 billion RMB due to enforcement actions, highlighting potential financial challenges [4] - The company is facing scrutiny as it navigates legal and financial obligations [4] Group 5 - The price of gold and silver has risen, with new investment copper bars being introduced in Shenzhen, although concerns about copper's investment viability were raised [2] - The market is reacting to rising commodity prices, which may influence consumer behavior and investment strategies [2]

Strong Stocks - As of January 19, the Shanghai Composite Index rose by 0.29% to 4114.0 points, while the Shenzhen Component Index increased by 0.09% to 14294.05 points. The ChiNext Index fell by 0.7% to 3337.61 points. A total of 103 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on current consecutive limit-up counts and daily trading data are: Sanbian Technology (002112), Siyuan Electric (002028), and Guangdian Electric (601616) [1] - Detailed data for the top 10 strong stocks includes: - Sanbian Technology (002112): 4 limit-ups in 5 days, turnover rate of 48.63%, and closing price of 25.9 - Siyuan Electric (002028): 2 consecutive limit-ups, turnover rate of 3.89%, and closing price of 46.6 - Guangdian Electric (601616): 2 consecutive limit-ups, turnover rate of 15.33%, and closing price of 6.51 [1] Strong Concept Sectors - The top three concept sectors with the highest gains in the A-share market are: Flexible DC Transmission, UHV (Ultra High Voltage), and Glyphosate [2] - The detailed data for the top 10 concept sectors includes: - Flexible DC Transmission: increased by 5.14% - UHV: increased by 4.29% - Glyphosate: increased by 3.46% [3]

Group 1 - The gaming sector increased by 1.36% on January 19, with Giant Network leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Major stocks in the gaming sector experienced varied performance, with ST Zhongqingbao down 3.92% and Giant Network showing significant activity [1] Group 2 - The net outflow of main funds in the gaming sector was 614 million yuan, while retail investors saw a net inflow of 372 million yuan [1] - Specific stocks like Giant Network had a main fund net inflow of 3.29 billion yuan, but also faced a retail net outflow of 1.59 billion yuan [2] - Other stocks such as Century Huatong and Ice River Network also showed mixed fund flows, indicating varied investor sentiment [2] Group 3 - The gaming ETF tracking the China Animation and Gaming Index saw a recent decline of 8.13% over five days, with a current P/E ratio of 42.96 [4] - The gaming ETF's latest share count is 9.07 billion, reflecting a decrease of 370 million shares and a net redemption of 620 million yuan [4]

北京商报讯（记者 魏蔚）1月19日，巨人网络宣布，旗下游戏《超自然行动组》上线全新"AI大模型挑 战"，将AI大模型正式引入游戏核心玩法，面向用户全量开放。在该玩法中，游戏内NPC（非玩家角 色）"假人"由AI大模型实时驱动，不再只是固定脚本角色，而是以"玩家对手"的身份直接参与对局。它 们可以语音交流、模仿真人行为混入队伍，在关键时刻主动发起进攻，与真人玩家正面对抗。上线一周 后，AI参与对局数累计超过2500万。 ...

Core Insights - Giant Network has launched a new AI model challenge in its popular game "Supernatural Action Team," marking the first deep integration of AI models in a high-activity game in China [1][2] - The AI-driven non-player characters (NPCs) can engage in real-time interactions, mimicking human behavior and participating actively in gameplay, which has led to over 25 million AI interactions within the first week [1][2] Group 1 - The AI "dummies" in "Supernatural Action Team" are powered by AI models, allowing for autonomous decision-making and real-time strategy generation based on player interactions [2] - This integration significantly enhances the game's randomness and competitive experience, boosting player engagement [2] - The game has consistently ranked at the top of the Apple App Store's free and best-seller lists since its launch, demonstrating its market success [2] Group 2 - Giant Network collaborates with major AI model providers like Alibaba Cloud, Volcano Engine, and Tencent Cloud to address core issues such as model capability adaptation and real-time inference efficiency [1] - The company previously explored AI-native gameplay in its social deduction game "Among Us," which attracted millions of players and generated tens of millions of matches, laying the groundwork for AI's large-scale application in gaming [2]