互联网传媒周报：字节AI春晚合作，游戏潮玩视频消费旺季来临-20251228
Shenwan Hongyuan Securities·2025-12-28 10:44

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - ByteDance's AI collaboration for the Spring Festival Gala is expected to significantly enhance user engagement, with Doubao's daily active users surpassing 100 million. This milestone is anticipated to drive commercialization in AI applications in 2026, prompting major internet companies to accelerate their investments and strategies [2]. - Key companies highlighted include Tencent, Alibaba, and Baidu, with a focus on their AI product developments and market strategies. Tencent is restructuring its AI framework to enhance model development, while Alibaba is expanding its AI applications in consumer and enterprise sectors [2]. - The report emphasizes the upcoming peak consumption season in gaming and video content, with significant releases expected to drive user engagement and revenue growth [2]. Summary by Sections AI Developments - ByteDance's Doubao has achieved over 100 million daily active users, with plans for monetization through e-commerce and advertising [2]. - Tencent is reorganizing its AI departments to boost research and development, while Alibaba is focusing on AI applications in cloud services and consumer health [2]. Gaming and Entertainment - The report identifies key gaming titles for the upcoming Spring Festival, including Giant Network's "Supernatural Action Group" and Tencent's "Delta Force," which are expected to perform well during the peak season [2]. - The animation "Chinese Folktales 2" is set to premiere exclusively on Bilibili, highlighting the growing importance of video platforms in content distribution [2]. Company Valuations - The report provides a valuation table for key companies, indicating projected revenue growth and profit margins for firms like Tencent, Alibaba, and Bilibili, with Tencent's market cap at approximately 49.895 billion RMB and expected revenue growth of 14% in 2025 [4].