传媒：AI迎生成交互环境；各平台助推短剧发展

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Viewpoints - The rapid development of AI generation is driving breakthroughs in content creation, exemplified by Google's release of Genie, an innovative AI generative interactive environment that trains on unlabelled internet video data [1]. - The short drama sector is experiencing positive growth, supported by various platforms enhancing their business models to mitigate piracy and improve user engagement [1]. Summary by Sections AI Development - The Genie model, with 11 billion parameters, is trained on over 200,000 hours of public internet game videos, enabling it to generate playable interactive environments based on text, images, and sketches [1]. - Key features of Genie include the ability to transfer learned actions to real human-designed environments, learn control without action labels, and serve as a foundation for general intelligence [1]. Short Drama Growth - Platforms like Bilibili and Douyin are optimizing their short drama monetization strategies, moving away from free access to paid models, which has reduced piracy issues [1]. - Douyin is enhancing user engagement by requesting more permissions for notifications related to short dramas, thereby increasing exposure and user retention [1]. Investment Recommendations - The report suggests focusing on AIGC-related stocks such as Jiecheng Co., Visual China, Kunlun Wanwei, and others, as well as short drama-related stocks like Zhongwen Online and Huayi Brothers, due to the expected continued growth in these sectors [1].