国泰海通｜传媒：AI大战一触即发，互联网普及率突破80%

Core Viewpoint - The article highlights the ongoing competition for AI traffic entry points, suggesting that companies benefiting from new scenarios and ecosystems should be closely monitored [1]. Group 1: AI Competition and Market Dynamics - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, ranking 26th among 31 industries, underperforming compared to the Shanghai Composite Index (down 1.27%), Shenzhen Component Index (down 2.11%), CSI 300 (down 1.33%), and ChiNext Index (down 3.28%) [1]. - During the 2026 Spring Festival, three AI applications—Yuanbao, Qianwen, and Doubao—launched various promotional activities to capture AI traffic, with Yuanbao initiating a cash red envelope campaign worth 1 billion yuan [1]. - Qianwen started a 3 billion yuan promotional event on February 6, focusing on free food delivery, while Doubao, as the title sponsor of the 2026 CCTV Spring Festival Gala, is expected to launch its activities on New Year's Eve [1]. Group 2: Beneficiaries of AI Development - The essence of the AI competition is the battle for traffic entry points and the enhancement of new scenarios and ecosystems, with multiple sectors poised to benefit from the scene dividends and the evolution of new content forms [2]. - Recommended sectors include: 1. Gaming: AI applications serve as effective distribution channels, and the integration of AI with gaming can explore new gameplay [2]. 2. Film and Television: Various forms of media, including movies and series, are expected to benefit from AI-driven transformations [2]. 3. Marketing: The new ecosystem is anticipated to generate increased demand for advertising [2]. - As of February 5, 2026, China's internet penetration rate surpassed 80%, with the number of internet users reaching 1.125 billion [2]. - The user base for generative AI has grown to 602 million, with a penetration rate of 42.8% [2]. - From July 2025, advertising expenditure has shown significant year-on-year growth, with double-digit increases in monthly growth rates from September to November, peaking at 16.6% during the November shopping festival [2].