Core Insights - The long video industry in China is facing significant structural adjustments due to slowing membership growth, high content costs, and the rapid expansion of short dramas and free models, compounded by AI's ongoing influence on production and distribution [2][5][6] Group 1: Industry Trends - The collaborative sharing of major themes in long video content is entering a validation phase, with platforms increasingly cooperating on significant projects [7] - Platforms are focusing on maintaining type-specific content and scheduling during key periods, ensuring that popular genres remain available to audiences [8][9] - AI has transitioned from a cost-cutting tool to a foundational capability for content production and commercialization, with platforms needing to establish stable AI systems [8][9] Group 2: Company Strategies - iQIYI is testing its amusement park model in Yangzhou, which will influence future expansions in other cities [10][12] - Tencent Video is exploring more ad-driven product forms, including potential ad-supported VIP packages and free short dramas [12][13] - Mango TV has successfully transformed its content strategy, focusing on younger audiences and increasing its user base significantly [15][17] Group 3: Financial and Operational Adjustments - Long video platforms are shifting towards sustainable financial structures, moving away from reliance on single hits or large-scale miracles [25][26] - Pricing adjustments are being made subtly through tiered benefits and service upgrades, rather than direct notifications [26][28] - The competition for local resources is intensifying, with long video platforms collaborating with local governments for long-term content and scene integration [30][32] Group 4: Content Development and Audience Engagement - The long video industry is recognizing the need to create deeper narratives and emotional connections, as audiences grow weary of short, fast-paced content [38][39] - The rise of mini-series and the need for innovative storytelling are becoming crucial as traditional long-form narratives face challenges [42][43] - The differentiation between slice viewers and full episode viewers is impacting content creation and marketing strategies [44][46] Group 5: Future Outlook - The long video sector must actively seek new monetization strategies in the AI era, including using platform content for training AI models [35][36] - The competition for AI talent is becoming critical, with platforms needing to focus on niche AI skills rather than competing for top-tier talent [64][66] - The industry is expected to continue evolving, with a focus on creating unique content experiences that leverage AI and enhance user engagement [70][72]

证券日报网讯2月4日，芒果超媒（300413）在互动平台回答投资者提问时表示，截至2026年1月底，公 司股东总数为65517户。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300785 | 值得买 | 67.65 | -11.55% | 24.73万 | | 17.17亿 | | 603888 | 新华网 | 24.29 | -6.29% | 41.87万 | | 10.26亿 | | 603000 | 人民网 | 23.74 | -5.76% | 65.97万 | | 15.82 Z | | 300987 | 川网传媒 | 20.90 | -4.70% | 15.31万 1 | | 3.21亿 | | 000681 | 视觉中国 | 26.80 | -3.49% | 71.93万 | | 19.44 Z | | 603533 | 掌阅科技 | 23.62 | -2.76% | 21.03万 | | 4.95 Z | | 301313 | 凡拓数创 | 30.58 | -2.74% | 5.53万 | | 1.69 Z | | 600640 | 国脉文化 | 14.12 | -2.35% | 20.0 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

行业月报 · 传媒互联网行业 AI 应用催化密集，同时关注春节档表现 —— 1 月行业月报 2026 年 2 月 3 日 祁天睿 ：010-8092-7603 ：qitianrui_yj@chinastock.com.cn 分析师登记编码：S0130525080003 传媒互联网行业 | | | 分析师 岳铮 ：010-8092-7630 核心观点 ：yuezheng_yj @chinastock.com.cn 分析师登记编码：S0130522030006 相对沪深 300 表现图 -20% 0% 20% 40% 60% 80% 沪深300 SW传媒 资料来源：中国银河证券研究院 资料来源：iFinD，中国银河证券研究院 相关研究 【银河传媒互联网】2026 年年度策略_核心资产筑安 全边际，优质内容+AI 应用燃增长引擎 【银河传媒互联网】12 月行业月报_进口影片表现亮 眼，看好 26Q1 游戏行业表现 【银河传媒互联网】11 月行业月报_千问 APP 上线， 关注 AI 应用与内容板块 【银河传媒互联网】10 月行业月报_Sora App 上线， 关注 AI 视频+社交生态潜力 www.chinasto ...

Moltbook 引发关注 ——传媒互联网行业周报 [Table_Summary] 报告要点： 市场表现 2026.1.26-2026.2.1，传媒行业（申万）+0.21%，同期沪深 300+0.08%， 上证指数-0.44%，深证成指-1.62%，创业板指-0.09%，恒生科技指数 -1.34%。细分行业来看，广告营销涨幅领先+4.70%，影视院线+2.49%， 出版/数字媒体/游戏/电视广播分别-0.75%/ -1.31%/-1.94%/-3.66%。 [Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2026 年 02 月 04 日 [Table_Title] 元宝登顶 APP Store 免费榜， 行业重点数据及动态更新 （1）AI 应用：2 月 1 日，腾讯"上元宝，分 10 亿"活动正式开启， 腾讯元宝冲入国内苹果免费榜第一， Deepseek/豆包/腾讯元宝/千问 七 麦 数 据 最 近 一 周 预 估 IOS 端 下 载 量 分 别 为 22.23/209.91/159.59/90.39 万 次 ， 环 比 分 别 -6.87%/- 0.09%/+97. ...

证券之星消息，2月3日数字媒体板块较上一交易日上涨3.73%，视觉中国领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。数字媒体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000681 | 视觉中国 | 27.77 | 5.47% | 77.29万 | | 21.08亿 | | 300413 | 芒果超媒 | 26.84 | 5.42% | 46.61万 | | 12.32亿 | | 603000 | 人民网 | 25.19 | 5.09% | 77.54万 | 1 | 19.31亿 | | 603888 | 新华网 | 25.92 | 5.07% | 42.92万 | | 11.04亿 | | 300987 | 川网传媒 | 21.93 | 4.58% | 15.43万 | | 3.35 乙 | | 603466 | 风语筑 | 9.23 | 2.21% | 14.68万 | | 1.35亿 | | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300295 | 三六五网 | 11.31 | -10.02% | 32.17万 | 3.49亿 | | 603533 | 掌阅科技 | 23.98 | -2.91% | 22.42万 | 5.52 Z | | 603466 | 风語筑 | 9.03 | -2.90% | 18.87万 | 1.73亿 | | 301313 | 凡拓数创 | 30.76 | -2.87% | 5.64万 | 1.77亿 | | 300987 | 川网传媒 | 20.97 | -2.51% | 13.61万 | 2.92亿 | | 603000 | 人民网 | 23.97 | -1.92% | 55.72万 | 13.53亿 | | 600640 | 国脉文化 | 14.39 | -1.71% | 23.63万 | 3.44亿 | | 603888 | 新华网 | 24.67 | -1.32% | 37.05万 | 9.30亿 | | 002095 | 生意宝 | + ...

芒果TV副总裁、CTO卢海波表示，目前在平台智能升级层面，AIGC生产工具已真正达到"商用 级"。他透露，目前公司正深度运用大模型所具备的多模态理解、生成式AI、智能决策等核心能力，针 对综艺、剧集、短视频等音视频内容生产过程中的关键业务环节，构建从素材价值自动评估、剧情看点 智能识别到内容生成与精准分发等智能化制播典型场景，实现音视频内容生产的高效化输出、大众化创 作和个性化服务。 与此同时，芒果超媒的增长引擎更加多元。小芒电商持续深耕 IP 衍生品开发，2025年GMV 再创新 高，首次实现年度盈利，迎来关键拐点。线下布局同步加速，小芒全球旗舰店在上海环球港落地，并同 步加快推动线下分销网络建设，商品进驻全国近3000家门店，覆盖80个城市。 此外，芒果近期还创新发布年轻消费市场兴趣战略，与国内头部潮玩品牌TOYCITY达成全面合 作，推出首个潮玩IP"Cluebie"，开辟"内容IP+实体消费"双轮驱动新赛道。后续，小芒与TOYCITY还将 围绕IP共创、产品研发、供应链管理及渠道拓展展开全面合作，精准对接Z世代情绪消费新需求。 1月30日晚，芒果超媒披露2025年度业绩预告，公司归母净利润预计为11亿 ...

华鑫证券研报指出，2025年芒果超媒持续加码优质内容，影视剧有效播放量同比增加28%（代表剧集如 《国色芳华》《锦月如歌》《水龙吟》《五福临门》等），微短剧战略加速推动，大芒计划在2025年上 线超5000部微短剧，同比增加超14倍。优质内容是拉动会员新增的主驱动力，2025年芒果TV有效会员 达7560万人，较2024年7331万人同比增加3.12%，在短剧及其它娱乐方式影响下用户稳定增长。小芒电 商在2025年首次年度盈利，持续深耕IP衍生品开发拉动GMV。作为融媒体头部公司正处于新旧动能转 换阶段，优质内容产品供给拉动会员稳增，小芒电商首次迎来业绩拐点，后续看IP"cluebie"咕噜比撬动 情绪经济新进展以及看AI如何赋能文化内容新发展，维持"买入"投资评级。 ...