东吴证券：AI漫剧爆发在即，重视产业链机遇

Core Insights - The report from Dongwu Securities highlights a robust growth in the demand and supply of AI-generated animated dramas, indicating a significant expansion in the industry [1] - The technological advancements in tools such as Sora, Jimeng, and Keling are leading to accelerated production capabilities, with breakthroughs in physical interaction, multi-modal synchronization, and long-term consistency [1] - The report anticipates that by 2025, the production of AI animated dramas will reach 300 units, with a strong performance in the market as evidenced by 22 out of the top 50 new plays on Douyin being AI dramas [1] Industry Trends - The cost of producing animated dramas has significantly decreased, with per-minute costs dropping from 2,000-5,000 yuan to 1,000-2,500 yuan after the integration of AI [1] - AI is now involved in the entire production process, including scriptwriting, storyboarding, line art, animation effects, voice acting, and editing, leading to efficiency improvements of 50%-80% in certain areas [1] Investment Recommendations - Companies to watch in the IP and content production sector include Zhongwen Online, Yuedu Group, Jiecheng Co., Rongxin Culture, Kunlun Wanwei, Haikan Co., and Zhangyue Technology [1] - In the content platform and community space, Kuaishou-W is recommended for potential investment opportunities [1]