传媒行业人工智能专题：从“生产力”到“变现力”，G E O重构流量入口与A I商业化拐点

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry points and the distribution of internet traffic, leading to a revolution in the underlying flow distribution mechanisms [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The trust level of Chinese consumers in AI applications is significantly higher than that of consumers in the US and Europe, reaching 80% [41][42] Summary by Sections AI Reshaping Entry Points - AI is transforming traditional search engines and user interaction methods, moving from keyword matching to natural language queries, which significantly shortens the interaction path [14][39] - The emergence of Generative Engine Optimization (GEO) is changing the flow distribution logic, compressing the value of traditional intermediaries while amplifying the value of high-quality content sources [4][39] Commercial Monetization Acceleration - By 2026, the global GEO market is projected to reach $24 billion, with the domestic market expected to reach 11.1 billion yuan, indicating exponential growth [5][52] - Marketing service providers are evolving from traditional traffic buying models to those that leverage MarTech capabilities, focusing on AI corpus construction and data cleaning [5][54] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, particularly in the video sector where AI tools are enabling full-process production at a fraction of traditional costs [6][70] - The audience for AI-generated short dramas is predominantly male, aged 24-30, indicating a new demographic shift in content consumption [70] Investment Recommendations - The report suggests focusing on commercial pioneers in the GEO space, particularly in marketing services and high-quality content [7][54] - There is also potential for growth in lower-tier content sectors such as film IP, gaming, and publishing [7]