Alphabet(US:GOOG) Changjiang Securities·2026-02-03 14:28Investment Rating - The report suggests a positive outlook for the gaming industry, emphasizing the long-term empowerment of AI applications, particularly through Google's Genie 3 [12]. Core Insights - Google has officially launched the experimental research prototype Project Genie, with Genie 3 being a key milestone towards AGI, potentially reshaping the game development chain [9][12]. - Genie 3's environment generation capabilities are expected to have significant potential across various sectors, including e-commerce, marketing, interactive education, autonomous driving, physical AI, and simulation [9][12]. - The technology allows for real-time generation of interactive 3D environments based on simple text prompts, representing a major breakthrough in AI world simulation technology [12]. - Genie 3 is anticipated to enhance the efficiency of game prototyping and concept visualization, lowering the barriers for lightweight development in the gaming industry [12]. - The report highlights the potential of Genie 3 to transform AI training paradigms, particularly in autonomous driving and robotics, by providing an infinite "sandbox" for dynamic world generation [12]. Summary by Sections Event Description - Google has launched Project Genie, which allows users to create and explore interactive worlds through text prompts or uploaded images, enabling real-time interaction and simulation of physical environments [9][12]. Event Commentary - Genie 3 is positioned as a critical step towards AGI, capable of generating diverse interactive environments and significantly improving the efficiency of game development processes [12]. - The report identifies the long-term empowerment of industries such as autonomous driving and physical AI through Genie 3's capabilities [12]. Investment Recommendations - The report recommends focusing on gaming companies that prioritize IP, quality content, and innovative gameplay, as these remain core competitive advantages in the industry [12]. - Companies mentioned as potential beneficiaries include Kaiying Network, Xindong Company, Giant Network, Perfect World, 37 Interactive Entertainment, and Tencent Holdings [12].