2026 年 02 月 22 日 春晚节点重燃 AI 传媒有望承接 AI 应用新场景 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 2.4 | 20.8 | 31.0 | | 沪深 300 | -1.3 | 4.6 | 17.1 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 相关研究 1 、 《 传 媒 行 业 点 评 报 告 ： Seedance2.0 推动 AIGC 进入卡尔达 肖夫指数》2026-02-10 2、《传媒行业周报：从春节档到 AI 春晚迎 2026 年新篇章关注 AIGC》 2026-02-08 3、《传媒行业周报：迎2026春节档 看 AI 春晚》2026-01-25 ▌本周观点更新 2026 年春晚是 AI 含量高浓度的一年，也是 AI 应用的重要分 水岭与节点，春晚后，AI 的竞争也将更加热烈，各家持续推 出 ...

Group 1 - The 2026 Spring Festival Gala will feature a total of 3 skits, 2 comedy short plays, and 1 dialogue program, with no traditional crosstalk performances [2][4] - Notable performances include a New Year's microfilm by Shen Teng and Ma Li titled "The Night I Can't Forget" [4][27] - The gala will showcase a variety of new faces, including actors from popular comedy shows appealing to younger audiences [5] Group 2 - The music segment will include performances by Wang Fei, who will sing "The Moment We Experienced Together," and a collaboration featuring international artists like John Legend and Westlife [6][9] - The stage design will incorporate advanced technology, including a dynamic art installation representing galloping horses, symbolizing vitality and auspiciousness [16][20] - The gala will utilize AI, AR, and XR technologies to create an immersive visual experience [20] Group 3 - Over 20 companies have been announced as partners for the gala, spanning various sectors such as smart mobility, artificial intelligence, and alcohol [24][27] - Notable partners include Huawei, which is collaborating on live streaming, and several robotics companies like Yushutech and Songyan Power [25][27] - Among the partners, 8 are publicly listed companies, including major players in the liquor and automotive industries [28]

Group 1 - The 2026 Spring Festival Gala has announced over 20 partners across various sectors, including smart mobility, artificial intelligence, and liquor [1] - Notable partners in the smart ecosystem include companies like ZhiMi Group, MOVA, and Huawei's Mate 80 series, which is designated as the live broadcast phone partner [2] - In the smart mobility sector, partners include Lynk & Co 900 and JAC Motors, which collaborates with Huawei on the flagship vehicle [2] Group 2 - The artificial intelligence and robotics sector features partners such as Volcano Engine, Yushutech, and Galaxy General, highlighting a strong technological focus for the gala [3] - Among the liquor partners, notable companies include Wuliangye, Yanghe, and Gujing Gongjiu, with a total of three liquor companies involved [3] - Eight of the announced partners are publicly listed companies, including Wuliangye, Yanghe, and Great Wall Motors, indicating significant market presence [3]

Core Viewpoint - The 2026 Spring Festival Gala, organized by the China Central Television (CCTV), will feature a diverse lineup of performances and collaborations with over 20 partners from various industries, emphasizing technological innovation and cultural celebration [3][26]. Group 1: Event Details - The gala will be broadcast live on multiple platforms, including 10 television channels and 9 radio frequencies, as well as 6 new media platforms, reaching a global audience through 3500 media outlets in over 200 countries [15]. - The event is scheduled for February 16, 2026, at 8 PM [4][15]. Group 2: Host and Performance Lineup - The main hosts for the Beijing venue include Ren Luyu, Sa Beining, and others, with regional hosts for various sub-venues [16]. - The performance lineup includes a variety of acts such as songs, dances, and comedy skits, featuring well-known artists and groups from different regions [5][8][12]. Group 3: Partnerships and Collaborations - The gala has partnered with over 20 companies across sectors like artificial intelligence, smart transportation, and traditional industries, including notable brands such as Wuliangye and Great Wall Motors [26]. - Among the partners, 8 are publicly listed companies, indicating a significant intersection between the event and the stock market [26].

Group 1 - The 2026 Spring Festival Gala has announced over 20 partners across various sectors, including smart mobility, artificial intelligence, and liquor [1] - Key partners in the smart ecosystem include companies like ZhiMi Group, MOVA, and Huawei's Mate 80 series, which is designated as the live broadcast phone partner [2] - In the smart mobility sector, partners include Lynk & Co 900 and JAC Motors, which collaborates with Huawei on the flagship vehicle [2] Group 2 - The artificial intelligence and robotics sector features partners such as Volcano Engine, Yushu Technology, and Galaxy General, highlighting a strong technological presence at the gala [3] - Notably, there are 8 listed companies among the partners, including Wuliangye, Yanghe, and Great Wall Motors, indicating significant corporate involvement [3]

Summary of Conference Call on Media Sector and AIGC Industry Overview - The focus is on the media sector, particularly the impact of AIGC (Artificial Intelligence Generated Content) on enhancing PE (Price Earnings) and EPS (Earnings Per Share) in the media industry [1][2] - The Chinese government is increasing its support for AI, which is expected to boost the entire AI industry chain, particularly benefiting the media sector [1] Key Insights - AIGC is anticipated to improve both PE and EPS for the media sector, especially with the upcoming Chinese New Year, which is expected to enhance market performance [1][2] - The 2026 fiscal year is seen as a new chapter for many companies, with expectations for improved performance following the resolution of previous uncertainties [2] - Companies directly related to ByteDance, such as Bona Film Group and Windy Studio, are expected to benefit significantly from AIGC developments [2][3] Notable Companies and Their Prospects - **Bona Film Group**: Expected to release AI-generated films in 2026, benefiting from collaborations with ByteDance [2][3] - **Windy Studio**: Partnering with ByteDance for AI 3D projects, which has led to a significant stock price increase [3][4] - **Shunwang Technology**: Focused on AI gaming and digital marketing, with potential growth in 2026 due to new game releases and esports events [15][16] - **Yaoji Technology**: Engaged in gaming and digital marketing, with potential benefits from AI tools to enhance efficiency and revenue [17][18] - **Aofei Entertainment**: Strong IP portfolio with potential for commercialization through AI, including new product launches [18][19] Market Dynamics - The introduction of AI tools like ByteDance's CDS 2.0 is seen as a significant advancement, lowering content creation barriers and increasing competition among content producers [6][7] - The market is expected to see a surge in AI-generated content, raising the bar for quality and aesthetic standards [8] - The upcoming AI Spring Festival is anticipated to serve as a major digital traffic driver, benefiting the AIGC sector [12] Investment Recommendations - **Bona Film Group (001330)**: Despite recent stock price increases, it remains a strong investment due to its proactive approach in AI and film production [13][14] - **Wanda Film (002739)**: Although slower in stock performance, it is still a key player in the cinema sector with upcoming projects that could drive future growth [14] - **Shunwang Technology (300113)**: Recommended for its digital marketing and gaming segments, which are expected to benefit from industry recovery [15][16] - **Yaoji Technology (002605)**: Stable performance with potential for growth through AI integration in gaming and marketing [17][18] - **Aofei Entertainment (002292)**: Strong IP management and commercialization strategies make it a favorable investment [18][19] Conclusion - The media sector is poised for growth driven by AIGC advancements and supportive government policies. Companies that adapt to these changes and leverage AI tools are expected to outperform in the coming years. The market dynamics suggest that while some stocks have already surged, there are still opportunities for investment in companies that may experience delayed growth but are fundamentally strong.

Core Insights - The Palu-themed gaming genre is experiencing a resurgence in early 2026, with multiple new titles being announced and tested, indicating a growing interest in this segment within the industry [1][3][5]. Group 1: Game Releases and Testing - Bilibili's self-developed vertical healing pet management mobile game "Shining! Lumi" was officially revealed on December 19, 2025, and is set to differentiate itself with hand-drawn art style and lightweight gameplay [1]. - Lilith's new vertical screen Palu-themed SLG "Palmon Battle Diary" has opened pre-registration for its domestic version, which is scheduled for public release on February 5, 2026 [3]. - FunPlus-backed Hangzhou Claw Studio announced the second testing phase for its open-world pet RPG "Aniimo" on January 23, 2026, following a successful initial reveal at the Xbox conference in March 2025 [5]. Group 2: Market Performance and Data - "Catch & Build: Land of Pals," 4399's first Palu SLG, has gained attention for its rapid growth in overseas markets, achieving approximately 51,000 in daily revenue without significant marketing support [6][10]. - The game has been in testing since September 2024, initially as a mini-game, and saw a peak daily revenue of over 2 million in March 2025 before declining [7][10]. - As of January 17, 2026, "Catch & Build" has accumulated around 224,000 downloads in nine days, with total revenue reaching approximately 510,000, primarily from markets like Indonesia, the Philippines, and the United States [12][16]. Group 3: Gameplay and Features - The game features a unique world view where players explore and collect pets while managing a home base, utilizing a simplified operation system to attract casual gamers [18][24]. - Players can capture pets through battles or by hatching eggs obtained from various activities, with a complex pet development system that includes upgrades and special training [20][22]. - The game aims to transition from a Palu-like experience to deeper SLG content as players progress, ensuring a smooth gameplay experience [26]. Group 4: Competitive Landscape - The Palu SLG market is becoming increasingly competitive, with over 20 titles tested in the past year and a half, but only Lilith's "Palmon: Survival" has emerged as a significant success [32][34]. - 4399 is diversifying its Palu strategy beyond SLG, having tested various titles across different genres, indicating a broad approach to capturing market share in the Palu-themed gaming space [35][41].

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 report maintains an "Outperform" rating for the media industry [4][38]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Shares, People’s Daily, and Visual China, while companies like ST Fanli, Liansheng Technology, Beitou Technology, and Diguang Media faced declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency for brands [15][16]. - Google’s Veo 3.1 received a significant upgrade, improving its video generation capabilities [15][16]. - OpenAI released the GPT-5.2 Codex programming model, enhancing its performance for complex software development tasks [15][16]. - The Qianwen App introduced over 400 new features, covering various services from food delivery to AI tutoring [17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia and Liou Shares, with significant weekly gains [11][12]. - The report provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4][38]. Market Trends - The film box office for the week was 259 million yuan, with top films including "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [17][19]. - In the gaming sector, the top-grossing mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. AI and Technology Developments - The report emphasizes the acceleration of AI applications in the media industry, particularly in marketing and content creation [3][36]. - Companies are encouraged to explore investment opportunities in AI-driven sectors, including AI marketing and content services [3][36].

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][36]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Co., People's Daily, and Vision China, while companies like ST Fanli and Liansheng Technology saw declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency [15][16]. - Google released a significant upgrade to its AI video generation model, Veo 3.1, enhancing its practical applications [15][16]. - OpenAI introduced the GPT-5.2 Codex programming model, which significantly improves performance and reliability for long-term tasks [15][16]. - The Qianwen App launched over 400 new features, marking a significant advancement in AI capabilities [15][17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia, which saw a 54% increase, and Liou Co., which increased by 39% [12]. - The report also provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4]. Market Data - The total box office for the week was 259 million yuan, with the top three films being "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [2][19]. - In the gaming sector, the top three mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. Investment Recommendations - The report emphasizes the potential of AI applications in the media sector, particularly in marketing and content creation, suggesting investment opportunities in companies like Zhejiang Wenlian and Huimai Technology [36]. - It also notes the expected growth in the gaming sector driven by new product cycles and AI integration, recommending companies such as Giant Network and JiBit [36].