Zhi Tong Cai Jing·2026-01-27 02:29Group 1 - The core viewpoint is that ByteDance's entertainment app is driving significant growth in the domestic entertainment market, with a focus on the integration effects of other major companies' platforms [1][2] - The fastest growth areas are video (short dramas), reading (AI audiobooks), and music, driven by AIGC and AI algorithms, with ByteDance enhancing its market share through the integration of AI and copyright capabilities [2] - The gaming sector is expected to see a substantial supply of new products by 2026, with a competitive landscape similar to that of 2024, while older games with high DAU remain stable [3] Group 2 - Short dramas and comic dramas are anticipated to benefit significantly from AI advancements, with full-stack production tools shifting the production focus from technical personnel to content creators by 2026 [4] - Companies with upstream novel IP reserves and accumulated traffic are likely to achieve excess returns in the long term [4] - Investment recommendations include focusing on platform-type companies in the entertainment sector that will gain excess benefits from AI-enhanced production capabilities [5]