China Post Securities·2026-03-30 07:52Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that domestic companies are accelerating their entry into the world model sector, which is expected to speed up the industrialization process. Previously, research in this area was mainly dominated by overseas institutions like Google and World Labs. Domestic firms, including ByteDance, Ant Group, Tencent, Huawei, and Alibaba, are now making significant strides in this field [5][6] - The application of AI technology in game development has reached an overall application rate of 86.36% as of 2025, with a focus on art design, automated testing, and sound generation. The penetration rate for core game asset generation is approximately 36.8%. The world model is anticipated to enhance AI's role in complex asset generation and scene construction, transitioning from a "point efficiency tool" to a "system-level productivity platform" [6] - The report suggests that game interaction is evolving from "character-level intelligence" to "scene-level generation + system-level interaction," which will transform content production from "pre-fabricated content supply" to "real-time generated supply" [6] Summary by Sections Industry Overview - The closing index is 784.68, with a 52-week high of 1021.75 and a low of 591.71 [1] Investment Highlights - Companies to watch include those with dual capabilities in world model development and scene application, such as Kunlun Wanwei, and large 3D game production companies like Perfect World and Giant Network [7]