Guotou Securities·2025-03-31 02:26Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the media industry [6]. Core Insights - The media industry is expected to benefit from the AI wave and the trend of consumer IP, leading to a new narrative that reshapes production methods and a new round of prosperity, enhancing both supply vitality and capacity [3][48]. - The report identifies four main directions for "AI to C": hardware entry, phenomenal applications, blockbuster content, and IP operation, indicating that both culture and communication will be reshaped by AI [1][43]. Summary by Sections 1. Mobile Internet Era: Transition from Culture and Communication to Content and Distribution - The flow logic is being disrupted, leading to a collapse of traditional flow models [9][10]. - The transition from PGC to UGC has significantly enriched the supply side of content [44]. 2. Four Core Ecological Positions in the Mobile Internet Era to C - The four core ecological positions identified are hardware entry, phenomenal applications, blockbuster content, and IP operation [16][28]. 3. AI Era: Increasing Barriers in Content Distribution and Communication - AI is expected to reshape the production process, enhance supply-side vitality, and elevate the importance of distribution channels [43][47]. 4. New Narrative of Content Industry from the Perspective of Media Internet - The content industry faces challenges due to traditional production methods and a lack of industrialization [44]. - AI is anticipated to significantly improve production efficiency and reduce costs, particularly in high-value roles like top actors and directors [47]. 5. Investment Recommendations - The report suggests focusing on companies such as Bona Film Group, Wanda Film, Mango Excellent Media, and others, as they are likely to benefit from the trends identified [3][52].