2026年传媒行业投资策略报告：AI+IP双轮共振，重构内容产业新生态

Investment Rating - The report maintains a positive outlook on the media industry, indicating it will outperform the market, with a projected increase of 27.17% in 2025, ranking ninth among all primary industries in the Shenwan index [2][15]. Core Insights - The media industry is expected to experience robust growth in 2025, driven by the dual focus on Intellectual Property (IP) and Artificial Intelligence (AI). The shift in consumer behavior from "functional" to "emotional value" is anticipated to enhance the commercial viability of IP content and its derivatives [2][29]. - The report highlights that AI is a transformative force in the digital age, becoming a focal point of global technological competition and a key driver of economic development, with significant applications across various sub-sectors of the media industry [2][8]. Summary by Sections 1. Market Performance - The media industry showed strong performance in 2025, with a total revenue of 3,874.8 billion yuan, reflecting a year-on-year growth of 5.90%, and a net profit attributable to shareholders of 320.97 billion yuan, up 36.80% [20][24]. - The industry’s PE ratio has adjusted to 27.12X, which is above the average of 26.03X from 2018 to 2024, indicating a period of valuation adjustment [16][18]. 2. Investment Highlights - IP is categorized into content-based IP and image-based IP, both of which can interchangeably enhance their commercial value through derivative products [3][43]. - Content-based IP includes literary, film, game, and animation types, with a focus on cross-media development and the extraction of commercial potential [3][43]. - Image-based IP relies on unique visual symbols and requires structured character matrices and continuous updates to maintain its commercial viability [4][72]. 3. AI Development - The AI sector is rapidly evolving, with applications spanning over 20 different fields, including AI assistants, cameras, and writing tools, enhancing user experience and meeting personalized needs [8][9]. - In gaming, AI is revolutionizing production processes, improving narrative depth and player immersion through intelligent NPCs and dynamic storylines [9][35]. - In advertising, traditional marketing models are being restructured by AI, leading to the emergence of Generative Engine Optimization (GEO) as a key strategy for enhancing marketing effectiveness [9][40]. 4. Future Outlook - The report emphasizes the importance of leveraging IP and AI as dual mainlines for future industry transformations, with a focus on emotional value and consumer engagement driving the growth of IP derivatives [2][29]. - The integration of AI across various media sectors is expected to facilitate significant changes in content production efficiency and cost reduction, thereby reshaping the industry landscape [9][30].