ZHESHANG SECURITIES·2026-01-15 13:42Investment Rating - The industry rating is "Positive" (maintained) [7] Core Insights - The search logic has fundamentally shifted from SEO to GEO, emphasizing the importance of authoritative information sources in the era of AI and large models [1][3] - The credibility of traditional media content is significantly higher, with a weight of 73% in credibility assessments compared to self-media content [3] - Collaboration between authoritative media and technology platforms is creating a new value ecosystem, enhancing content quality and reducing risks associated with AI-generated content [3][4] Summary by Sections Industry Overview - The transition from "ranking" to "answering" in search logic highlights the growing importance of authoritative information sources [1][3] - The rise of AI has led to an increase in false information, creating a trust crisis for large models [2] Data Quality and Challenges - The pre-training of foundational large models has reached a bottleneck, necessitating sustainable supply of high-quality data [2] - Epoch AI estimates that by 2028, all high-quality text data on the internet will be exhausted [2] Collaboration and Commercialization - Authoritative media, such as Xinhua and People's Daily, are recognized as high-weight sources in AI knowledge graphs, influencing the structure and relationships of information nodes [4] - Information cited by three or more authoritative media sources sees an 80% increase in penetration within AI-generated content [4] Investment Recommendations - Focus on key authoritative information publishing institutions such as People's Daily, Xinhua News, and Southern Media [5]