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].

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 report highlights a positive outlook on AI applications and cultural exports, particularly focusing on sub-sectors such as gaming, IP, short dramas, marketing, and publishing [5][36]. - The media industry (Shenwan) saw a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12][36]. - The advertising and marketing segment led the growth with a 4.70% increase, while other segments like publishing and digital media experienced declines [12][36]. Market Performance - The media industry (Shenwan) increased by 0.21% during the week of January 26 to February 1, 2026, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector showed the highest growth at 4.70%, followed by the film and cinema sector at 2.49%, while publishing, digital media, gaming, and television broadcasting saw declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12][36]. Industry Key Data AI Applications - Tencent's "Yuanbao" app reached the top of the domestic Apple free app chart, with a significant week-on-week download increase of 97.76% [2][17]. - The weekly token call volume for the OpenRouter platform increased by 10%, reaching 8.25 trillion tokens [2][17]. Gaming - The top five mobile games on the iOS platform as of January 31, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - A total of 182 games received approval in the first batch of licenses for 2026, including 177 domestic and 5 imported games [19][22]. Film and Television - The total box office for domestic films during the week of January 26 to February 1, 2026, was 283 million yuan, with "Zootopia 2" leading the box office [28][30]. - Six films have been scheduled for release during the Spring Festival, indicating a robust upcoming film slate [29][30]. Investment Recommendations - The report recommends focusing on AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Companies highlighted for investment include Giant Network, Kuaishou, and Perfect World, among others [5][36].

Core Viewpoint - Kunlun Wanwei officially launched the desktop AI application "Skywork Desktop," which operates locally without the need for cloud data upload [1] Group 1: Product Features - The application supports Windows operating systems and can process various file formats including images, videos, spreadsheets, and PPTs [1] - Users can choose from models such as Claude Opus 4.5, Claude Sonnet 4.5, or Gemini 3 Pro, with system recommendations available [1] - It includes over 100 built-in skills for tasks related to office work and content generation [1] Group 2: Performance and Security - The product is positioned as "Windows version of Claude Cowork," claiming superior image and video generation quality as well as task processing speed compared to competitors [1] - All tasks are completed in a local virtual machine isolation environment to ensure data security [1] - The application is part of the Skywork 2.0 capability system, aimed at integrating into desktop workflows [1]

Core Insights - Kunlun Wanwei officially launched "Skywork Desktop," a desktop application that executes tasks locally without the need to upload files to the cloud [1] - The application can directly read a vast amount of files on the computer, allowing for aggregation, organization, and content-based generation of new products [1] Company Overview - Kunlun Wanwei is expanding its product offerings with the introduction of Skywork Desktop, indicating a strategic move towards enhancing local processing capabilities [1] - The launch reflects a growing trend in the industry towards applications that prioritize data privacy and local execution over cloud dependency [1]

Market Overview - The gaming sector increased by 3.25% on February 3, with Shunwang Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Shunwang Technology (300113) closed at 27.88, up 13.80%, with a trading volume of 1.18 million shares and a transaction value of 3.22 billion [1] - Xunyou Technology (300467) closed at 34.39, up 9.56%, with a trading volume of 109,800 shares and a transaction value of 372 million [1] - ZheShu Culture (600633) closed at 16.10, up 6.20%, with a trading volume of 763,500 shares and a transaction value of 1.22 billion [1] - Other notable performers include Yuqu Technology (300315) up 6.09%, Kunlun Wanwei (300418) up 6.02%, and Perfect World (002624) up 5.57% [1] Fund Flow Analysis - The gaming sector experienced a net outflow of 603 million from institutional investors, while retail investors saw a net inflow of 1.03 billion [2] - Major stocks like Shunwang Technology had a net inflow of 159 million from institutional investors, but a net outflow of 91.83 million from speculative funds [3] - Other stocks like Kunlun Wanwei and Xunyou Technology also showed mixed fund flows, with varying levels of net inflows and outflows from different investor types [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index saw a decline of 1.97% over the past five days, with a current P/E ratio of 41.24 [5] - The Food and Beverage ETF (515170) increased by 2.42% over the past five days, with a P/E ratio of 20.04 [5]

Core Insights - AI music is gaining popularity, with the AI virtual singer "Daitouzheng" achieving significant success on platforms like Kugou Music, producing over 1900 songs and attracting nearly 25.2 million monthly listeners, comparable to popular artists like Jay Chou [1][6] - The rise of AI in music creation is lowering barriers for ordinary people to produce music, with platforms like Muse AI amassing nearly 10 million users and drastically reducing song production time from over a week to mere minutes [1][2] - However, the proliferation of AI music has raised concerns about the quality of songs, with Spotify reporting the removal of over 75 million low-quality tracks in the past year [2][20] AI Music Consumption Trends - Young audiences aged 18 to 44 are the primary consumers of AI music, spending approximately 2.5 to 3 hours weekly listening to it, while older demographics show significantly lower engagement [2][3] - YouTube and TikTok are identified as the main platforms for listening to AI music in the U.S. [3] Industry Response and Adaptation - Domestic streaming platforms like NetEase Cloud Music and Kugou Music are actively embracing AI music, hosting competitions and providing creative tools, contrasting with the more cautious approach of overseas platforms like Spotify [20][22] - NetEase Cloud Music's recent initiatives include a "Million Prize AI Music Creation Competition," attracting over 20,000 participants and more than 50,000 submissions, indicating a robust interest in AI-assisted music creation [22][23] Quality Control and Challenges - To combat the influx of low-quality AI music, platforms are implementing quality checks during the upload process, ensuring only songs that meet certain standards are published [23] - The industry is also facing challenges regarding the transparency of AI-generated music, with a significant percentage of listeners unable to distinguish between AI and human-created songs [10][18] Future of AI in Music - The music industry is expected to evolve towards a model that includes pure human creation, human-AI collaboration, and pure AI creation, with the latter two likely dominating [24][25] - Major record labels are beginning to recognize the commercial potential of AI music, with partnerships being formed to explore new product models and distribution channels [24][25] Creative Dynamics - AI is seen as a tool to enhance creativity rather than replace human musicians, with many artists adopting a hybrid approach of using AI for initial creation followed by human refinement [27][28] - The emotional and narrative aspects of music creation remain a unique strength of human artists, suggesting that AI will complement rather than fully replace human creativity in the music industry [26][28]

Core Insights - The AIGC (Artificial Intelligence Generated Content) industry is experiencing explosive growth in China, with revenue expected to rise from approximately 440 million yuan in 2020 to 544.55 billion yuan by 2032, positioning China as a potential global leader in this market [1][10]. Group 1: AIGC Industry Overview - AIGC is defined as a new content production method utilizing AI technology to automatically generate content, categorized as a type of content from the producer's perspective [2]. - The core infrastructure of the AI industry consists of computing power, algorithms, and data, which are essential for the innovation and development of the AIGC sector [2]. Group 2: AIGC Industry Advantages - AIGC significantly reduces costs and increases efficiency by automating repetitive content production tasks, thus shortening the overall content creation cycle and lowering labor and time costs [3][4]. - The technology enables multi-modal creation, allowing for cross-media conversion of different content forms, enhancing creativity and broadening the scope of content presentation [3][4]. - AIGC offers high customization accuracy, deeply analyzing user inputs to generate tailored content that meets diverse user needs [4]. Group 3: AIGC Industry Policies - Since 2023, China has been establishing a multi-layered policy framework for AIGC, progressing from basic regulations to comprehensive empowerment and safety governance [5]. - Policies encourage innovation in AIGC technology across various fields, aiming to create a robust application ecosystem [5]. Group 4: AIGC Industry Chain - The upstream of the AIGC industry includes data collection, cleaning, and labeling, which provide high-quality data support for AI model training [7]. - The downstream involves various applications that utilize AI models to solve specific problems, including the development and operation of applications that automatically generate images, text, and music [7]. Group 5: AIGC Industry Development Status - Since 2023, advancements in large model capabilities and decreasing operational costs have accelerated the development of AIGC, with commercial products like ChatGPT and Midjourney emerging [8][9]. - The global AIGC market is projected to grow from approximately $2.3 billion in 2020 to about $19.5 billion by 2024, with a compound annual growth rate of 70.6% [9]. Group 6: AIGC User Growth - The user base for AIGC in China is expected to reach 515 million by June 2025, driven by the expansion of application scenarios and increased product usability [11][12]. - The demographic profile shows that young and middle-aged groups constitute the majority of users, reflecting the adoption patterns of emerging internet technologies [12]. Group 7: AIGC Competitive Landscape - Major international players in the AIGC space include OpenAI, Microsoft, Google, and Meta, while Chinese companies like Baidu, Alibaba, and Tencent are also significant competitors [13][14]. - The competition is shifting from technical parameter comparisons to the ability to implement and commercialize solutions across various scenarios [14]. Group 8: AIGC Industry Development Trends - AIGC technology is evolving towards systematic upgrades, with multi-modal integration breaking down barriers between different types of data [17]. - The industry is moving towards deeper penetration into vertical sectors, creating tailored solutions that meet specific needs [17].

Core Insights - The gaming industry is witnessing a significant influx of new titles, with 124 games either launched or in testing in Q1 2026, of which 84.7% have obtained approval numbers [1][44] - A notable trend is the migration of 21 games from the Steam platform to mobile, indicating a shift towards innovative gameplay and artistic styles that may rejuvenate the mobile gaming market [1][44] - Several new games have shown promising market performance, including "Survival 33 Days," "Crazy Water World," "Goose Duck," "Counterattack: Future," and "Arknights: End of the World," which have all achieved strong rankings in various app stores [6][10][15][17] Game Launches and Performance - Five standout games have performed well at the start of 2026, with "Survival 33 Days" leading the charge, achieving top rankings on both WeChat and Douyin mini-game platforms shortly after launch [6][8] - "Crazy Water World," a survival simulation game, has also maintained a strong presence in the top 10 of mini-game rankings and is showing upward momentum in the iOS charts [10][11] - "Goose Duck," a social deduction game, has rapidly gained a large user base, surpassing 1 million users within six days of its mobile launch [13] - "Counterattack: Future," a PvE shooter, has successfully positioned itself within the top 20 of the iOS game rankings shortly after its release [15] - "Arknights: End of the World," a strategy RPG, has also made a strong debut, reaching the top ranks in the iOS charts [17] Upcoming Titles and Trends - The upcoming quarter is set to feature several high-potential titles, including Tencent's "Kingdom of Rock," NetEase's "Forgotten Sea," and FunPlus's "Imo," all of which are expected to enter testing soon [19][30] - The trend of porting games from PC to mobile is gaining traction, with complex genres like SOC and Roguelike also being adapted for mobile platforms, indicating a broader acceptance of diverse gameplay styles in the mobile market [44][48] - The industry is experiencing a renewed sense of optimism, with the potential for quality products to thrive despite challenges, suggesting a possible turnaround in market sentiment [47]

Group 1 - The AI social platform Moltbook has gained significant popularity overseas, featuring 1.5 million AI agents engaging in discussions across thousands of forums, mimicking human social patterns [1][3] - Tencent's AI platform Yuanbao launched a cash red envelope activity on February 1, leading to a surge in downloads, topping the iPhone app rankings on the same day [2][3] - The advancements in large model reasoning and multi-modal capabilities indicate a strong foundation for human-like interactions in AI social platforms, suggesting a pathway from niche applications to broader social engagement [1][3] Group 2 - Google announced the public testing of its world model Genie3, allowing users to create real-time interactive virtual worlds through natural language dialogue, enhancing game development accessibility [4] - The launch of Taptap Maker by Xindong Company enables game creators to develop games directly within a chat interface, significantly lowering the barriers to game development [4] - The gaming sector is expected to benefit from AI advancements, with recommendations to focus on companies with strong platform attributes, including Xindong Company and others [4]

因为优异的品质表现， Mureka V 8 的发布，被认为是音乐行业的" ChatGPT 时刻"。但是，从工具 应用迈向社交平台，这是一个不小的跨越，昆仑天工有什么资源，可以支撑这一野心？ 从"可生成"跨越到"可发布" 音乐行业的" ChatGPT 时刻" 在 Mureka V 8 之前， AI 音乐大模型的生成效果，还有诸多不足之处，比如 AI 感太强、人声唱法 的匹配都不够、无法修改等。用户用 AI 生成音乐就像抽"音乐盲盒"，输入提示词， AI 吐出一段音 乐，仅有部分歌词或旋律达到心理预期，大量普通用户只能用来玩票。 2026 年 1 月 28 日，北京前门 Blue Note ， 昆仑万维 旗下的昆仑天工，发布 Mureka V8 音乐大 模型，在现场播放的 AI 音乐，其灵动的旋律、饱满的音色与精准的情感表达，展示了 Mureka V8 模型在音乐创作上的专业实力。 昆仑天工董事长兼 CEO 周亚辉 认为， Mureka V8 是最接近可用于音乐的大规模工业级生产的应 用，已经具备创作完整艺术表现力音乐作品的能力，让 AI 音乐 实现 从 " 可生成 " 迈向 " 可发布 "，成为一种音乐的新品类 ...