关注AI推理侧行情开启下的三条主线（2024.12.02-12.08）

Investment Rating - The report maintains a positive outlook on the media and internet industry [1] Core Viewpoints - The AI industry is shifting focus towards breakthroughs in AI applications across various scenarios, with expectations for the AI inference market to open in 2025, highlighting three main lines of investment [2][7] Summary by Sections B-end Applications - AI technology is reshaping workflows across verticals, with a focus on AI Agents. For instance, Applovin's software platform saw a 79.4% year-on-year increase in EBITDA in Q3 2024, driven by AI-powered advertising technology [3] C-end Applications - High-tolerance scenarios are expected to see breakthroughs first, particularly in emotional companionship applications. Notably, Character.AI's web version had nearly 215 million visits in October, ranking seventh globally [4] Model Development - OpenAI has initiated a new product release phase, focusing on multi-modal models that have significant potential for technological advancements. This is expected to lower the barriers for content asset elevation and enable a revaluation of content asset value [5] Investment Focus - The report suggests focusing on three main lines as the AI inference market opens in 2025: 1. B-end applications, particularly in advertising and entertainment sectors, with companies like 易点天下, 蓝色光标, and 华策影视 [7] 2. C-end applications in emotional companionship, with companies like 昆仑万维 and 奥飞娱乐 [7] 3. Model development, particularly in multi-modal models, with companies like 中文在线 and 上海电影 [7] Industry Performance - The domestic gaming market generated a revenue of 29.083 billion yuan in October 2024, marking a 14.4% year-on-year growth [36] - The total box office for domestic films in 2024 reached 40.2 billion yuan, with a daily box office of 133 million yuan on December 7, 2024, reflecting a 9.09% increase from the previous week [53] - The top three TV dramas by viewership on November 28, 2024, were "好运家," "婚内婚外," and "暗夜与黎明," with viewership rates of 2.063%, 1.952%, and 1.818% respectively [57]