AI漫剧：逐步走向精品化时代：传媒

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The AI comic industry is experiencing explosive growth, with a focus on quality becoming a key competitive factor. By 2025, the cumulative viewership of comic dramas on Douyin is projected to exceed 75.772 billion [2]. - The initial phase of the industry shows a significant "head effect," with over 30,000 comic dramas, where approximately 80% have annual viewership below 1 million, while only about 69 dramas have surpassed 100 million views, with just one exceeding 500 million [3]. - There remains potential in the female market, as evidenced by the viewership of female-oriented tags. Despite only 6 female dramas in the top 100 for 2025, the "sweet pet" tag has over 2.8 billion views, indicating room for growth in female content [4]. - Major platforms are entering the market, with IP becoming a crucial competitive asset. Companies like Baidu and Douyin are launching their own comic drama platforms, while established platforms are leveraging vast IP resources to attract viewers [5]. Summary by Sections Industry Growth - The AI comic drama sector is projected to see significant growth, with a cumulative viewership of over 75.772 billion expected by 2025 on Douyin [2]. Viewership Distribution - A substantial portion of comic dramas (approximately 80%) has low viewership, while a small fraction achieves high viewership, highlighting the competitive landscape [3]. Female Market Potential - The female-oriented content market shows promising engagement, with specific tags achieving high viewership despite a limited number of female dramas [4]. Competitive Landscape - The entry of major players and the strategic use of IP resources are shaping the competitive dynamics of the industry, with platforms offering incentives for content creators [5]. Investment Recommendations - The report suggests focusing on companies such as Zhongwen Online, Rongxin Culture, Kunlun Wanwei, and others for potential investment opportunities in this growing sector [5].