2026年传媒互联网行业策略：看好AI应用、游戏及港股互联网

Group 1: AI Applications - The report is optimistic about AI applications in cloud services and entertainment sectors, predicting significant productivity releases in 2026. Key areas of focus include programming, search, and office productivity, with a notable increase in token consumption across these fields [3][17][21] - Major obstacles to the large-scale deployment of AI agents include reliability issues, severe product homogeneity, and unresolved cost problems. The report emphasizes that the reliability of AI agents is crucial, especially in high-stakes environments like customer service [22][23][24] - The competition among major cloud service providers is expected to intensify, with cloud vendors being the most certain beneficiaries of the AI market growth. Vertical agents focusing on specific industries are likely to establish more viable business models compared to general-purpose agents [30][25] Group 2: Gaming Industry - The gaming industry is entering a cycle of gameplay innovation, with a long-term potential for female-oriented gaming segments. The report highlights the transition from simple romance simulations to more complex narratives incorporating elements like strategy and science fiction [4][62] - The report notes that the gaming market is stabilizing, with a slight decline in revenue year-on-year but a recovery in the quarter-on-quarter performance due to new game launches and the sustained operation of mature products [58][62] - AI is expected to enhance gaming experiences by introducing new interaction forms and personalizing gameplay based on player preferences, which could significantly improve player engagement and satisfaction [46][44] Group 3: Hong Kong Internet Sector - The report indicates that Hong Kong's leading internet companies are currently undervalued, with adjusted profit valuation multiples ranging from 15 to 20 times for major players. E-commerce platforms like JD and Pinduoduo are valued around 10 times, while social and content platforms like Tencent and Bilibili are valued around 20 times [5][30] - The report recommends several companies in the Hong Kong internet sector, including Tencent Holdings, Xiaomi Group, and Meituan-W, citing their potential for growth driven by AI-driven advertising and stable gaming revenues [5][30]