中信证券：谷歌Genie世界模型短期实质性影响较为有限，头部游戏内容相关公司仍处于基本面上行通道

Core Viewpoint - The release of Google's Project Genie has sparked discussions in the US stock market regarding the risks of AI disrupting game content creation, but the technology is still in its early stages and unlikely to have a substantial impact on game engines, developers' business models, or competitive landscape [1] Group 1: Project Genie and Market Impact - Project Genie is currently limited in aspects such as content generation time, internal consistency, adherence to objective physical laws, and experience repeatability [1] - The significant stock price fluctuations of related companies are primarily driven by concerns over AI narratives rather than actual business fundamentals [1] Group 2: Industry Outlook - The advertising sector within the gaming industry may benefit from the advancements in AI technology [1] - Key companies in the sector are still on a path of fundamental improvement, suggesting that ongoing performance and progress should be monitored [1] - Short-term stock price corrections may present significant opportunities for accumulation [1]