AIUGC：“Coding+多模态”重估平台价值

Investment Rating - The industry rating is "Outperforming the Market" [11][19]. Core Insights - AI Coding and multimodal capabilities are becoming the "dual engines" that amplify the value of UGC ecosystems [4]. - The report highlights the significant impact of AI on various platforms, enhancing user-generated content (UGC) creation and interaction [3]. Summary by Sections 1. AI UGC Empowering Gaming Platforms - Roblox utilizes AI tools such as Code Assist, Avatar Auto Setup, and Texture Generator to enhance game development, with over 44 million games launched by Q2 2025, 70% of which include AI-generated assets, reducing development time by 35% [6]. - TapTap's Spark Editor integrates AIGC technology, providing visual programming and AI-generated art and copy, significantly lowering development barriers for small teams and novice users [6]. 2. AI UGC Empowering Short Video Platforms - Kuaishou's Keling 2.0 model significantly improved short video UGC quality, with a 25-fold increase in monthly active users and over 1.68 billion videos generated by April 2025 [7]. - Bilibili experienced over 100% year-on-year growth in AI-related video viewing time in Q1 2025, establishing itself as a core platform for young users interested in AI content creation [7]. 3. AI UGC Empowering IP Development Platforms - Yuewen Group plans to leverage AI for the adaptation of IP into anime, with a strong portfolio of popular anime IPs, aiming to enhance adaptation efficiency and diversify content forms [8]. Investment Recommendations - The report suggests focusing on: - AI gaming platforms: TapTap, Roblox, and Gibit [9]. - AI short video platforms: Kuaishou and Bilibili [9]. - AI IP development platforms: Yuewen Group [9].