2026 年 02 月 07 日 从春节档到 AI 春晚 迎 2026 年新篇章关注 AIGC 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 8.4 | 13.6 | 36.2 | | 沪深 300 | -2.8 | -0.8 | 19.3 | 市场表现 相关研究 券 研 究 报 告 行 业 研 究 1、《传媒行业周报：迎2026春节档 看 AI 春晚》2026-01-25 2、《传媒行业周报：OpenAI 将测试 AI 广告阿里与字节竞相卡位 AI 新入 口》2026-01-18 3 、 《 传 媒 行 业 周 报 ： 智 谱 与 Minimax 重燃数字营销 GEO 关注春晚 与春节档》2026-01-11 ▌本周观点更新 从 AI 应用与内需可选消费有望持续托举传媒板块，2026 年 1 月数字营销广告因 GEO 火热重燃 AI 应用，2 月，互联网大厂 系数下场通过数字红包为 AI 产品获新客，腾讯、阿里、百度 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The AI application competition is intensifying, with major players like Yuanbao, Qianwen, and Doubao launching various promotional activities to capture AI traffic [2][8] - Internet penetration in China has surpassed 80%, with a user base of 1.125 billion, indicating a significant market for digital advertising [14][15] - The advertising market shows signs of recovery, with a notable increase in ad spending starting from July 2025, particularly during the November shopping festival [15] Summary by Sections AI Application Competition - During the 2026 Spring Festival, Yuanbao launched a 1 billion RMB cash red envelope campaign, while Qianwen initiated a 3 billion RMB promotional event focused on food delivery [8][10] - On February 6, 2026, these three AI applications dominated the iPhone app download charts, with Yuanbao and Qianwen reaching the top positions [10][12] Internet Penetration and Advertising Market - According to CNNIC, the internet penetration rate in China reached 80.1% in 2025, with 602 million users engaging with generative AI applications [14] - The advertising market has shown a recovery trend, with ad spending growth rates exceeding double digits from September to November 2025, peaking at 16.6% during the shopping festival [15][16] Recommended Stocks - The report recommends several companies across different sectors that are expected to benefit from the AI ecosystem, including: - **Gaming**: Century Huatong, Giant Network, Perfect World, and others [13] - **Film and Television**: Mango Super Media, Wanda Film, and Shanghai Film [13] - **Marketing**: Easy Point and Worth Buying [13] Industry Performance - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, underperforming compared to major indices [5]

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].

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly highlighting the growth potential driven by AI applications and content quality [1]. Core Insights - The media and internet industry index rose by 17.94% in January 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.65% [6][8]. - The film industry experienced a significant decline in box office revenue, with January 2026 box office at 1.965 billion yuan, down 69.15% year-on-year and 47.08% month-on-month [16][18]. - The gaming industry saw record-high user revenue, with actual sales revenue reaching 350.789 billion yuan in 2025, a year-on-year increase of 7.68% [30][34]. - The advertising market grew by 5.4% year-on-year in 2025, with notable increases in sectors such as telecommunications and personal goods [16]. - AI applications are rapidly advancing, with companies like Zhihui and Minimax listing in Hong Kong, indicating a strong market interest in AI commercialization [1][4]. Market Dynamics - The media industry index showed a strong performance in January 2026, with all sub-sectors experiencing growth, particularly advertising marketing, which rose by 35.73% [7][8]. - The film industry is expected to see a rebound in February 2026 due to the release of new films during the Spring Festival [25][29]. - The gaming market continues to expand, with a user base of 683 million, marking a historical high [30][34]. Sub-industry Data Tracking Film Industry - January 2026 saw a total of 41 films released, with a box office champion being "Zootopia" at 423 million yuan, accounting for 21.5% of the total box office [16][26]. - The average ticket price in January 2026 was 38.84 yuan, down 17.45% year-on-year [18]. Gaming Industry - The domestic mobile gaming market generated 257.076 billion yuan in revenue in 2025, a 7.92% increase year-on-year [30][34]. - The number of approved domestic game licenses increased significantly, with 177 games approved in January 2026, indicating a stable supply for the market [42][44]. Advertising Industry - The advertising market's total expenditure increased by 5.4% in 2025, with significant growth in sectors like telecommunications and IT products [16].

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 | + ...