Investment Rating - The report maintains a "Buy" rating for the internet media industry, indicating expected returns exceeding the market benchmark by over 15% in the next 6-12 months [6]. Core Insights - The short drama market in China is projected to reach RMB 634.3 billion by 2025, with a year-on-year growth of 26%, and is expected to grow to RMB 856.5 billion by 2027, reflecting a compound annual growth rate (CAGR) of 19.2% from 2025 to 2027 [1][13]. - The AI-driven comic drama market is anticipated to exceed RMB 200 billion in 2025, with a significant increase in production capacity and the number of new releases [3][27]. - The report highlights the transition of the industry towards "premiumization and industrialization," with AI technology playing a crucial role in enhancing production efficiency and reducing costs [5][35]. Summary by Sections Short Drama Market - The domestic short drama market is expected to grow steadily, with a projected market size of RMB 634.3 billion in 2025, up 26% year-on-year, and a forecasted increase to RMB 856.5 billion by 2027 [1][13]. - The supply of short dramas is increasing, with the number of new releases rising from 34,600 in 2024 to 39,600 in the first half of 2025, indicating a faster pace of capacity release [1][16]. - The overseas short drama market is set for significant growth, with revenues expected to reach USD 2.38 billion in 2025, marking a year-on-year increase of 263% [2][21]. Comic Drama Market - 2025 is identified as the year of AI comic dramas in China, with the market expected to surpass RMB 200 billion, driven by the use of AI tools for script generation and production [3][27]. - The number of comic dramas released is projected to reach 46,931 in 2025, with a notable increase in production efficiency due to AI integration [3][28]. - Major companies are investing in comic drama production, with platforms like Douyin and iQIYI providing financial incentives to support creators [4][30]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the growth in short and comic dramas, recommending companies such as Yu Wen Group, Zhongwen Online, and Zhangyue Technology [5][35][36]. - The report emphasizes the importance of capacity release in the industry and the potential for significant IP value to be unlocked in the coming years [5][35].

Industry Overview - The year 2025 is described as a "new era" for the ACGN (Animation, Comic, Game, Novel) industry in China, marking significant changes in animation films, series, and AI-driven content [1] - The Chinese animation film "Nezha: Birth of the Demon Child" achieved a record-breaking box office of 15 billion yuan, while "The Wandering Earth" set new records for 2D animation films [1] - The gaming industry continues to grow steadily, with major companies like Tencent and NetEase launching new blockbuster products [1] Animation and Content Trends - 2025 is seen as a transformative year for Chinese animation series, with changes in platform policies and content planning, as well as a focus on female-oriented themes to escape content homogeneity [1] - AI-driven comic series are gaining traction, with platforms like iQIYI and others recognizing the potential of AI technology in the entertainment sector [1] - The rise of AI comic series is reminiscent of the past boom in the comic industry, leading to increased competition and potential market consolidation by 2026 [1] Gaming and E-sports Developments - The gaming industry is experiencing stable growth, with total revenue continuing to increase year-on-year, and new competitive products emerging from major players [1] - 2025 is also noted as a pivotal year for Chinese e-sports projects expanding globally, despite mixed results in international competitions [2] - The first e-sports Olympics is scheduled for 2027, indicating a growing recognition of e-sports on a global stage [7] Financial Performance and Market Dynamics - The report from the Chinese gaming industry indicates a total of 1,771 game licenses were issued in 2025, marking a 25% increase from 2024, with a diverse range of game types being approved [124] - Companies like Reading Group reported a total revenue of 8.12 billion yuan in 2024, a 15.8% increase year-on-year, showcasing the industry's robust growth [19] - Kinsan Software reported a revenue of 10.318 billion yuan in 2024, with a significant increase in gaming-related income [20] Notable Events and Releases - The release of "Nezha 2" and "The Wandering Earth" highlights the success of Chinese animated films in 2025, with both films achieving record box office numbers [5][70] - The launch of various gaming titles and platforms, including the public testing of "Decision Peak" and "Xianjian World," reflects the ongoing innovation in the gaming sector [4][11] - The publication of multiple industry reports, such as the "2025 Trends Report" for domestic animation and GenAI, indicates a focus on understanding and adapting to market changes [6][9]

2026年央视春晚已确定由字节跳动旗下火山引擎成为独家AI云合作伙伴，其旗下的AI智能助手豆包将 深度参与互动，为AI应用(包括漫剧)提供了巨大的用户土壤和变现想象空间。字节发布的多模态模型 让"造剧"变得"白菜价"，在25年12月的火山引擎Force大会上，字节发布了豆包大模型1.8及 Seedance1.5Pro视频生成模型，Draft样片创作提效65%、无效创造成本下降60%，视频生成成本进一步 下降为规模化复制爆款提供了坚实的技术底座。 风险提示：宏观经济不及预期、AI应用落地不及预期等的风险。 因为26年上半年，服务商预计集中推出产品或战略，大模型厂商将在信源治理、GEO优化治理层面推 出新政策。国内GEO市场从2025年下半年起步，服务模式未定型，暂无法给出明确毛利率。市场上主 流的GEO商业化路径以满足提升AI推荐率的营销需求为主，按照主题词和AI推荐持续时间收费。 AI漫剧：从"降本增效"到"平台扶持"再到"春晚风口" 浙商证券（601878）发布研报称，AI催化流量获取与内容生产的根本性变革，重点关注GEO和AI漫剧 两大主题，生成式引擎优化(GEO)正从技术概念快速演变为营销刚需，AI漫剧 ...

1月12日下午，AI+继续强势。截至14：42，低费率创业板人工智能ETF华夏（159381）涨超7%，云计 算ETF华夏（516630）涨超8%。热门个股中，易点天下、拓尔思、中科星图、万兴科技、汉得信息、 中文在线等多股20cm涨停。 AI行情向中下游渗透，相关产业链受益。云计算ETF华夏（516630）跟踪云计算指数（930851），是跟 踪该指数费率最低的ETF。该指数聚焦国产AI软硬件算力，计算机软件+云服务+计算机设备合计权重高 达83.7%，deep seek、AI应用含量均超40%。创业板人工智能ETF华夏（159381）助力布局创业板AI主 业公司。资料显示，该ETF跟踪指数一半权重在AI硬件算力（CPO），一半权重在AI软件应用（计算 机、传媒、电子），具备较高弹性和代表性。 （文章来源：每日经济新闻） 近期，生成式引擎优化（GEO）受到市场关注，据券商机构，2026 年上半年，服务商预计集中推出产 品或战略，大模型厂商将在信源治理、GEO 优化治理层面推出新政策。浙商证券分析认为，AI 催化流 量获取与内容生产的根本性变革，重点关注GEO 和AI 漫剧两大主题，生成式引擎优化（GEO）正 ...

证券研究报告 | 行业点评 | 传媒 传媒 报告日期：2026 年 01 月 12 日 AI 应用一马当先，重点关注 GEO 和漫剧 ——行业点评报告 投资要点 行业评级: 看好(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 相关报告 1 《25 年票房整体复苏，年底 弱档期表现超预期》 2026.01.05 2 《《疯狂动物城 2》票房有望 超预期，叠加春节档定档催化》 2025.12.01 行业点评 股票投资评级说明 3 《"云+AI"继续驱动北美云厂 资本开支高速增长》 2025.11.20 | 股票代码 | 股票简称 | 总市值（亿元） | 1220至今涨幅（%） | 上周涨幅（%） | 上周交易额（亿元） | 周交易额占市值比 | | --- | --- | --- | --- | --- | --- | --- | | 603598.SH | 引力传媒 | 69.90 | 55.74 | 52.62 | 48.75 | 69.75% | | 300058.SZ | 蓝色光标 | 616.80 | 101.17 | 49.13 ...

Core Viewpoint - Liou Co., Ltd. is enhancing its AI capabilities in marketing by developing multiple intelligent agents for various business roles and exploring new opportunities in the AI comic drama sector [1] Group 1: AI Development in Marketing - The company is deepening its AI intelligent agent layout in the marketing field, aiming for full-chain intelligent upgrades from strategy formulation to user operation [1] - Liou has constructed multiple intelligent agents for specific business roles, which are already being applied in actual operations [1] Group 2: Exploration of New Opportunities - The company is exploring the extension of its AI capabilities into the new sector of AI comic dramas [1] - This initiative is based on the company's existing AI video generation and content production capabilities, utilizing multi-agent collaboration for automating workflows in comic drama production [1] - The automation significantly reduces time and management costs traditionally associated with comic drama production processes [1]

Group 1: AI Application and Development - LEO Digital has initiated its AI strategy in 2023, launching the self-developed AIGC ecosystem platform "LEO AIAD" to enhance digital marketing capabilities [3] - The company has established a comprehensive AI framework covering demand insight, creative generation, advertising placement, post-investment optimization, and customer response, aiming to create a complete digital marketing technology loop [3] - By 2025, LEO Digital plans to leverage AI as a core driver to provide integrated services, enhancing operational efficiency and aiming to become China's most commercially valuable digital marketing group [3] Group 2: AI Achievements and Tools - LEO Digital has developed the "LEO Digital AI Integrated Platform," which includes an AI creative factory module successfully applied in the automotive advertising sector, with plans to expand to 3C digital, beauty, education, and tourism industries in 2026 [3] - The platform integrates an advertising material review AI to ensure compliance and safety in AI-generated content, enhancing the efficiency and adaptability of advertising creation [3] - The company has introduced various short video advertising production tools within the platform, achieving significant results in core application scenarios such as lip-syncing and character replacement [3] Group 3: AI Intelligent Agent Development - LEO Digital is deepening its AI intelligent agent layout across its marketing operations, creating dedicated intelligent agents for strategy formulation, creative production, and user operations [4] - The company is transitioning from single intelligent agent applications to multi-agent collaboration, enabling different functional agents to work together on marketing tasks [4] Group 4: New AI Ventures - LEO Digital is exploring the AI comic series sector, utilizing its AI video generation and content production capabilities to automate workflows in theme planning, script adaptation, and video production, significantly reducing time and management costs [5] - The company aims to create a business loop of "AI-generated content + automated placement" while ensuring compliance and responding to market feedback [5] Group 5: Investment in AI Capabilities - LEO Digital has established a specialized AI R&D team and is continuously advancing core platform and product development, alongside investments in hardware infrastructure to support AI model control and content generation [6] Group 6: Hong Kong Stock Listing - The company is advancing its Hong Kong stock listing to enhance its global strategic layout and build an overseas capital platform, with progress proceeding normally according to regulatory requirements [8]

Core Insights - AI Manhua (AI Manga) is emerging as a new content form, combining animation and short storytelling, with production facilitated by artificial intelligence technology [1][2] - By 2025, AI Manhua is expected to be a significant growth driver in the content industry, with high supply growth and increased user engagement, leading to a record market size [1] - Major internet platforms are launching independent AI Manhua platforms, indicating a strong market interest and potential for international expansion [1] Industry Trends - The rise of AI Manhua is a natural outcome of the continuous evolution of artificial intelligence, enabling scalable and industrialized content production [1] - Traditional animation production, which typically requires hundreds of collaborators and months of time, is being transformed by AI technology, significantly reducing production cycles and costs [1] Creative Dynamics - AI technology lowers the creative barrier, shifting from a highly specialized workflow to a "human-machine collaboration" model, allowing more individuals and small teams to participate in content creation [2] - This shift enhances efficiency and promotes a diverse structure of creative contributors, although challenges such as content homogenization and quality control remain [2] Cultural Impact - AI Manhua is broadening creative boundaries and injecting new energy into the cultural industry, emphasizing that the true value of content lies in the creator's aesthetic and humanistic considerations [2] - The balance between efficiency and content quality is a critical consideration for industry practitioners, as highlighted by the notion that "a bad script renders even the best AI technology ineffective" [2]

Investment Rating - The industry investment rating is "Increase" [4][9] Core Insights - The daily consumption of Douyin's comic dramas has surpassed 20 million yuan, indicating a significant growth trend in the industry. The total daily consumption across major platforms like Douyin, Kuaishou, and Baidu has reached approximately 30 million yuan, approaching the consumption levels of live-action short dramas [6] - The report highlights the competitive landscape, with major platforms like Baidu and NetEase launching their own comic drama applications, intensifying competition in the market. Baidu's independent comic drama app "Youmanju" was launched on December 26, while NetEase's "Lingyang" announced a new comic drama mini-program on Kuaishou [6] - The report notes a substantial increase in female-oriented comic dramas, with 243 new titles added in December, marking a 183% month-on-month growth. However, the report also points out that there is still a lack of breakout hits in this category [6] Summary by Sections Industry Overview - The industry consists of 130 listed companies with a total market value of approximately 1716.49 billion yuan and a circulating market value of about 1590.11 billion yuan [2] Market Trends - The comic drama content type is expanding, with AI-driven productions gaining traction. The report anticipates that the consumption scale of comic dramas may catch up to or even exceed that of live-action short dramas [6] - The competition among platforms is expected to intensify, with various production companies rapidly acquiring IP resources and talent [6] Company Recommendations - The report recommends focusing on companies with strong comic IP reserves and strategic partnerships in comic drama production, such as Rongxin Culture and Zhongwen Online. It also suggests monitoring companies involved in IP sourcing and AI technology [6]

Core Viewpoint - The drama "Yu Ming Cha Gu" introduces a new element to the traditional costume idol genre by incorporating AI-generated content, specifically a 30-episode animated series, alongside its main storyline [1][11]. Group 1: Main Storyline - The plot centers around a young scholar, Lu Jianglai, who becomes embroiled in a complex murder case after being appointed as a county magistrate. He is saved by Rong Shanbao, the daughter of a tea king, and assumes a new identity while hiding in her family [3][5]. - Rong Shanbao, who appears to be focused on the tea industry, has her own agenda involving Lu Jianglai, leading to a series of crises involving family conflicts and business rivalries [5][6]. Group 2: Character Dynamics - The relationship between Lu Jianglai and Rong Shanbao evolves as their contrasting skills complement each other amidst the unfolding mysteries and challenges [6][9]. - The narrative raises questions about Lu Jianglai's lost memories and Rong Shanbao's true intentions, creating a tension-filled atmosphere of intrigue and strategy [6][9]. Group 3: Production and Innovation - The production by Huan Yu Film and Mango TV follows a successful formula seen in previous dramas, emphasizing strong character development and high concepts while moving away from traditional male-dominant narratives [9]. - The integration of AI in the production process aims to control costs by reusing digital assets, marking a significant step in content creation and distribution within the industry [11]. - The dual structure of the main drama and the AI-generated animated series represents an innovative approach to engaging audiences, testing new content distribution methods while maintaining familiar storytelling elements [11].