Core Viewpoint - The article discusses the competitive landscape of the AI model industry, highlighting the strategic moves of Jieyue Xingchen and its collaboration with Qianli Technology to accelerate the "AI + vehicle" strategy [2][4]. Group 1: Company Developments - Jieyue Xingchen announced the appointment of Yin Qi as chairman, who will oversee strategic direction and technology development [2]. - The company completed a B+ round financing of over 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [4]. - The financing will support foundational model research and the development of a top-tier base model, furthering the AI + terminal strategy [4]. Group 2: Strategic Partnerships - Jieyue Xingchen has formed deep collaborations with 60% of leading domestic smartphone brands, including OPPO and Honor, achieving a model installation volume of over 42 million units [5]. - In the automotive sector, Jieyue Xingchen partnered with Qianli Technology and Geely to launch the first end-to-end voice model in the AgentOS smart cockpit, with the Geely Galaxy M9 selling nearly 40,000 units within three months [5]. Group 3: Future Outlook - The company aims to deploy its large model in over one million vehicles this year [5]. - The core management team, including Yin Qi, CEO Jiang Daxin, and Chief Scientist Zhang Xiangyu, is expected to provide stronger leadership and direction for Jieyue Xingchen's next phase of growth [7]. - Qianli Technology is transitioning its core business towards smart technology, with a focus on AI integration in vehicles, which is seen as a significant growth area [8].

Group 1: AI Applications - The AI application ecosystem is thriving, with continuous upgrades in AI+ gaming, comics, companionship, advertising, education, and healthcare [2] - Major companies are accelerating their layouts, with advancements in multi-modal interaction and video generation technologies [2] - Key products like Ant Lingguang, Tencent's Mixed Yuan Game 2.0, Kuaishou Keling, and Yidian Tianxia AdsGo.ai are driving AI penetration in content creation, gaming, video production, and marketing [2] Group 2: Gaming - The gaming market is expected to show steady growth in 2025, driven by quality content and IP [3] - A clear policy encouragement is evident, with a record issuance of 1,772 game licenses in the year, injecting vitality into the industry [3] - Innovative gameplay, such as the "search, hit, withdraw" model and SLG fusion gameplay, is expanding the user base [3] Group 3: Film and Television - Short dramas and AI comics are gaining popularity, while long videos are expected to recover [4] - The comic drama market is projected to explode in 2025, with nearly 47,000 new releases and a market size of approximately 53.3 billion yuan, reflecting a 113% year-on-year growth [4] - The film market is set for a comprehensive recovery, supported by both top-tier and mid-tier films, with significant box office returns [4] - The television industry is experiencing a supply rebound driven by new policies, indicating a potential turning point for the drama market [4]

后续，大模型厂商对AI入口及商业化的竞争或更为激烈，从而有望打开围绕大模型广告、电商、本地 生活、教育、娱乐等变现方式的产业链上下游成长空间。 互联网大厂对AI应用C端市场的积极布局，为赛道发展注入强劲动力，也获得多家机构一致看好。中信 证券表示，AI应用板块成为2026年开年主线，年初以来涨幅19%，位居A股首位。后续AI应用催化仍 多，AI应用加速落地趋势有望延续。 国金证券则表示，全球科技巨头正密集推动AI通用基座向垂直场景与核心业务流渗透，应用落地全面 提速。产业趋势已由虚向实，加速兑现。 1月25日，百度发布文心助手关于春节现金红包活动的通知。自1月26日至3月12日，用户在百度APP使 用文心助手，有机会瓜分5亿元现金红包，最高可获得1万元奖励。 同日，腾讯旗下AI助手应用"腾讯元宝"发布《关于春节分10亿现金的通知》，宣布将于2月1日正式开启 新春活动，向用户派发总额高达10亿元的现金红包。 开源证券分析认为，腾讯元宝的新春红包活动或标志着腾讯加入对C端AI应用超级入口的争夺，红包活 动或推动元宝下载量及日活用户数大增，大模型厂商对于AI入口的争夺再升级。 1月26日，AI应用概念股多数高开，截 ...

每日晨报│2026 年 1 月 26 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 26,749 | +0.45% | +4.37% | | 恒生科技指数 | 5,798 | +0.62% | +5.11% | | 国企指数 | 9,160 | +0.51% | +2.77% | | 沪深 300 | 4,702 | -0.45% | +1.57% | | 上证综合指数 | 4,136 | +0.33% | +4.22% | | 深证成份指数 | 14,439 | +0.79% | +6.76% | | 中小板指 | 8,883 | +0.69% | +7.50% | | 道琼斯指数 | 49,098 | -0.58% | +2.15% | | 标普 500 指数 | 6,915 | +0.03% | +1.02% | | 纳斯达克指数 | 23,501 | +0.28% | +1.12% | | 伦敦富时指数 | 10,143 | -0.07% | +2.14% | | CAC40 指数 | 8,143 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the **AI domestic chain** and its significant updates, particularly focusing on **multimodal AI applications** such as AI comic dramas and short dramas, which are experiencing rapid growth and have a relatively mature business model since the second half of last year [1][2]. Key Insights - **Market Demand**: There is a strong demand for high-quality comic dramas, with technological advancements significantly reducing production costs, potentially down to **1/10** of original costs, leading to substantial profit margins [1][5]. - **Major Players**: Companies like **ByteDance, Baidu, and Tencent** are actively preparing high-quality short dramas, indicating an impending boom in the comic drama industry chain [1][5]. - **Revenue Generation**: The industry is expected to monetize through advertising and paid viewing, with all levels of the industry chain willing to promote market development [6]. - **Investment Opportunities**: The AI domestic chain is anticipated to see increased activity and sentiment before the Spring Festival, with a notable surge in **Token** usage, particularly in the multimodal AI applications [2][3]. Industry Dynamics - **Growth Trajectory**: The multimodal AI applications have shown explosive growth since last year, with significant increases in ROI and audience engagement, particularly among older male demographics [4][5]. - **Production Cost Reduction**: The production costs for high-quality animations and short dramas are expected to decrease significantly, enhancing profitability [5]. - **Sweet Spot for Comic Dramas**: The market is predicted to experience a "sweet spot" due to early investments by major companies in quality content, which will stimulate market vitality [7]. Company Strategies - **Incentives and Revenue Sharing**: Major companies are offering attractive incentives and revenue-sharing models, with production companies potentially receiving **70% to 90%** of revenue [8]. - **Role of Tool Companies**: Basic model tool companies and cloud vendors play a crucial role in enhancing the quality of comic dramas through improved animation consistency [10]. Future Outlook - **Long-term Potential**: The comic drama industry has vast growth potential, with lower costs and cultural barriers compared to short video products, and opportunities for international market expansion [11]. - **Key Companies to Watch**: Notable companies in the AI application space include **Fengxing Online, Wanjing Kunlun, and Minimax**, which are expected to gain significant market attention [12]. IDC and Domestic Computing Power - **Significant Progress**: The domestic computing power and IDC sectors are projected to see substantial advancements by **2026**, with increased construction volumes and a shift towards AI optimization and green data centers [13][14]. - **Impact of H200 Chip Restrictions**: While the import restrictions on the H200 chip may affect IDC construction, the rapid development of domestic computing power is expected to mitigate severe supply shortages [14][15]. Recommendations - **Investment Focus**: Recommended companies include: - **Liquid Cooling**: Yingweike, Shenling Environment - **Power Systems**: Zhongheng Electric, Keshida - **Chip Sector**: Huawei Chain - **Multimodal Applications**: Zhao Chi Technology, Wanxing Technology [18]. This summary encapsulates the key points from the conference call, highlighting the growth potential and investment opportunities within the AI domestic chain and related sectors.

Core Insights - StepFun, a Shanghai-based AI startup, has completed a B+ round financing exceeding 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [1] Financing Details - The financing round was backed by various institutional investors, including State Investment Fund, China Life Equity, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen International Trade, and Huqin Technology, along with follow-on investments from existing shareholders like Tencent and Qiming Venture Partners [1] - The funds raised will be utilized for foundational model research and development, aiming to create a world-class base model and accelerate the implementation of the AI + terminal strategy [1] Leadership Changes - On the same day, StepFun announced the appointment of Yin Qi as the new chairman, who will be responsible for setting the company's strategic direction and technological focus [1]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - ChatGPT will launch advertising slots, further driving the revaluation of AI traffic value. OpenAI plans to introduce an ad service in early February, requiring initial spending commitments of less than $1 million from advertisers. This move is expected to open up significant incremental revenue streams for the company and enhance the commercial potential of AI [2][17] - Four films have been scheduled for release during the 2026 Spring Festival, including "Silent Awakening," "Racing Life 3," "The Bounty Hunter: Winds Rise in the Desert," and "Bears: Year of the Bear." The diverse genres are expected to boost box office sales and related industries, alongside the rise of new content forms like AI comic dramas and quality short dramas [2][17] - Current rapid development of AI and the recovery of entertainment consumption suggest investment opportunities in: 1) Hong Kong internet leaders, promoting consumption and stabilizing employment; 2) the gaming industry, benefiting from policy incentives and technological empowerment; 3) the film and cultural tourism industry, supported by consumer policies that stimulate cinema recovery [3][18] Sub-industry Data Film Industry - The top three films by box office this week are "Silent Awakening" with a box office of 31.52 million yuan (19.40% market share), "Killing" with 26.96 million yuan (16.60%), and "Zootopia 2" with 20.46 million yuan (12.60%) [20][21] Gaming Industry - The top three iOS games are "Honor of Kings," "Peacekeeper Elite," and "Crossfire: Gunfight King." The top three Android games are "Delta Force," "Tomorrow's Ark: End of the World," and "Honor of Kings" [22][23] TV Series Industry - The top three TV series by viewing index are "The Sun is Like Me," "Tea Bone," and "Small Town Big Events," with indices of 79.8, 79.7, and 79.6 respectively [24][25] Variety Shows & Animation - The top variety show is "Wonderful Night Season 2" with a viewing index of 68.5, followed by "Sound of the Future 2025" and "Sound of Life: Chinese Flow Season" [26][27] - The top three animated shows are "Immortal Reversal" with a viewing index of 240.4, "Happy Hammer" with 201.1, and "Swallowing the Starry Sky" with 194.1 [28]

Investment Rating - The industry rating is "Positive" (maintained) [5] Core Insights - The AI application market has stabilized after a rapid adjustment period, with significant activities from major companies like Tencent and ByteDance, indicating a focus on AI applications and gaming as robust investment opportunities [1][2] - The gaming sector is highlighted for its strong fundamentals, with companies like 37 Interactive Entertainment and Perfect World focusing on mini-games and overseas markets to drive growth [3] - The report emphasizes the importance of companies with Agent ecosystem layouts and the efficiency gains from accelerated AI application implementations [2] Summary by Sections AI Application Market - The AI application market has shown signs of stabilization after a rapid adjustment phase, with major companies continuing to invest heavily [2] - Tencent announced a 1 billion cash red envelope activity for the Spring Festival, while ByteDance launched the Skills feature to enhance AI application usability [2] Gaming Sector - Companies like 37 Interactive Entertainment are focusing on mini-games, SLG, and overseas casual gaming markets, aiming to return to the top three in China's gaming exports [3] - Investment opportunities are noted in companies such as Perfect World, Century Huatong, and Giant Network [3] Key Company Updates - The report suggests close monitoring of companies like Ali's Qianwen App, ByteDance's new features, and DeepSeek's model iterations for potential investment opportunities [2]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The industry investment rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [48]. Core Views - The report highlights that Kuaishou's AI user base and revenue have achieved breakthrough performance, indicating that domestic AI video model capabilities are now among the global leaders, with ongoing commercialization value [5]. - The application of AI technology in the production of animated dramas addresses previous challenges of high costs and long production cycles, suggesting a new phase of large-scale production for video content like animated and short dramas [5]. - The animated drama market is projected to reach a scale of 22 billion yuan in 2026, contributing 50% of the growth in the short drama industry, with a compound growth rate of 12% in user scale and 24% in playback volume from June to December 2025 [4]. Summary by Sections Industry Ratings - The film sector is rated as "Positive" [3]. User Growth and Revenue - In January 2026, Kuaishou's Keling MAU surpassed 12 million, with a month-on-month increase of 30% in daily revenue. The monthly paid user count grew by 350% [3][5]. - In December 2025, Kuaishou's monthly revenue exceeded 20 million USD [5]. AI Application in Content Creation - AI is applied in various stages of animated drama production, with cost reductions exceeding 70% and efficiency improvements over 80% [4]. - The average playback volume of AI-generated dramas is the highest, indicating audience acceptance of AI-generated content [5]. Market Projections - The animated drama market is expected to grow significantly, with a projected scale of 22 billion yuan in 2026 [4]. - The report suggests that as AI video generation technology continues to evolve, there will be a new phase of large-scale production for video content [5]. Company Recommendations - The report recommends paying attention to companies like Bona Film Group [5].