Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The overseas mobile game market is experiencing significant growth, with a focus on casual and hyper-casual games, reflecting a shift in advertising strategies among developers [34][41] - Chinese casual game developers are adopting a centralized promotion strategy, focusing on a limited number of products for maximum user acquisition, while overseas developers are more balanced in their advertising efforts [34][37] - The report highlights the competitive landscape of various game genres, indicating that different types of developers have distinct strategies for product promotion and user engagement [38][41] Summary by Sections 7.01 Overseas Mobile Game Market Status and Trends - The overseas mobile game market is characterized by a competitive environment with a focus on casual and hyper-casual games, which are gaining popularity [34] - Major players in the market are adapting their advertising strategies to target high-value users rather than broad coverage [37] 7.02 Insights on Popular Game Genres - The report identifies key markets for mini-games, particularly in Hong Kong, Taiwan, Japan, and South Korea, where new gameplay mechanics are rapidly evolving [68] - Classic products continue to perform well, indicating a blend of innovation and established gameplay [68] 7.03 Marketing Case Studies of Overseas Game Developers - The report analyzes successful marketing strategies employed by various game developers, emphasizing the importance of engaging content and user-centric advertising [87][98] 7.04 Overseas Application Market Status and Trends - The overseas application market is dominated by short video formats, with vertical videos accounting for 73% of advertising materials [119] - The primary audience for these applications is predominantly male, with a significant portion of ads targeting the 25-44 age group [120] 7.05 Insights on Key Application Categories - The report highlights the rise of AI applications, particularly in image and text generation, with several Chinese developers making significant inroads into the market [144][145] - The competitive landscape for AI applications is intensifying, with a focus on enhancing user productivity and creative output [145][148]

新周刊 . 中国最新锐的生活方式周刊。 编者荐语： 今年深入使用AI后，感慨到"人猿相揖别，只几个石头磨过"。 新周刊做了期《守住工位》的封面专题，找了同为内容/创意创作者的我，聊了对AI如何影响、定义自己的工作的疑问。 我最大的感受是：如果你不去熟练使用工具，那就会被更熟练使用工具的人剥削。 以下文章来源于新周刊 ，作者王立 如果自我意识不过是人类的神经活动，那机器迟早也会拥有。如果连意识都不是独特的， 面对机器更强大的学习能力和处理能力，人类该如何自视、如何自处？ 作者 | 王立 编辑 | DR 参加工作时，我的第一个选题是关于AlphaGo的。2016年3月，谷歌旗下人工智能公司DeepMind研发的围棋机器人AlphaGo，在人机大战中战胜了围 棋世界冠军李世石。 科幻小说《深渊上的火》作者弗诺·文奇曾提及"技术奇点"这个概念：在未来的某个时间点，比人类更聪明的智能体将被创造出来并引发"智能爆 炸"，使科技进步以指数级速度加速，技术发展将进入一个人类完全不可预测和不可逆转的阶段。 有人将"奇点"的来临形容为"在站台上等待列车"：你知道火车迟早会到达，但具体什么时候到却无法确定。火车到站、离开的时间只是 ...

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 重视 AI 陪伴产品进度，关注新游产品周期 投资评级： 看好（维持） ——传媒互联网行业周报（2025.4.21-2025.4.27） 投资要点： 本周观点：继 24 年 10 月"首款 3D AI 伴侣"《EVE》首曝之后，AI 智能伴侣公司 「自然选择」于 4 月 25 日发布《EVE》同名的 3D AI 男友 PV，并宣布内测即将开 启。建议重视 AI 陪伴产品的落地进度，同时部分重点新游产品陆续进入定档上线时 间，关注游戏产品周期的开启。 联系人 板块表现： 游戏方向：4 月 25 日，AI 智能伴侣公司「自然选择」发布《EVE》3D A ...

" 从「综艺主导」向「剧综并行」转型。 " 作者丨成妍菁 编辑丨董子博 4月25日晚，芒果超媒发布2024年年报及2025年一季报。 数据显示，2024年芒果超媒实现营业收入140.8亿元，净利润16.45亿元，其中会员收入首次突破50亿元 大关，Q1营业总收入29.0亿元，较上年同期的33.24亿元下降12.76%。Q1归母净利润3.79亿元，同比 下降19.8%。 虽然芒果超媒Q1营业收入同比下降，主要归因于传统电视购物业务板块的收缩，但鉴于传统电商并非芒果 超媒主要利润来源，所以整体对利润端的影响并不大。 业内分析师认为，本次芒果超媒财报中，芒果TV的表现符合预期，公司其他业务线仍有提升空间。 分析师章雷看来，芒果TV的综艺优势源于湖南卫视的创新体系，回顾过去，湖南卫视一直秉承"不创新， 毋宁死"的观念，积极鼓励内容创新，2019年芒果TV正式提出独创战略，通过建立"工 作室制度"等改革 措施，成功打造《妻子的浪漫旅行》、《密室大逃脱》、《乘风破浪 的姐姐》等系列 IP。 财报显示，2024全年广告收入34.38亿元，同比下滑12%，分析师章雷认为，广告收入的下滑主要受品牌 广告主的需求回暖相对更慢，影 ...

【华为联合11 家汽车品牌发布智能辅助驾驶安全倡议：技术先行、营销透明、用户为本】 华为乾崑智能 汽车解决方案官微发布《智能辅助驾驶安全倡议》。倡议中，一共有11家汽车品牌的高管署名，分别为 广汽、上汽、江汽、奥迪、东风猛士、岚图、深蓝汽车、北汽、阿维塔、赛力斯、奇瑞汽车。（腾讯 网） 上下滑动可查看长图 【蚂蚁集团旗下OceanBase任命AI战略一号位】 蚂蚁集团旗下分布式数据库OceanBase发布全员信， 宣布CTO杨传辉担任AI战略一号位，并新设AI平台与应用部、AI引擎组，全力推进"DATA×AI"平台 的搭建与应用开发。OceanBase CEO杨冰透露，OceanBase的AI战略得到了蚂蚁集团的全力支持，蚂 蚁将开放全部AI场景给OceanBase。（格隆汇） 【美团："因使用双开或京东软件，被永久停止接单"系恶意P图造谣】 4月27日，美团发布声明称， 在澄清"去其他平台跑单会被美团永久封号"的谣言后，社交平台上依旧出现了骑手App显示"永久停止 接单原因为：存在使用双开或京东软件的行为"的谣言图片。经核实，该图片源自平台封禁违规抢单 外挂的正常提示页，但ip地址在广东的个别网民，对图片进 ...

扫码订阅 AIGC 产业日报， 3.【Meta Token-Shuffle登场：自回归模型突破瓶颈，可AI生成 2048×2048 分辨率图像】报道称Meta AI创 新推出Token-Shuffle，目标解决自回归（Autoregressive，AR）模型在生成高分辨率图像方面的扩展难 题。在语言生成方面，自回归模型大放异彩，近年来也被广泛探索用于图像合成，然而在面对高分辨率 图像时，AR模型遭遇瓶颈。不同于文本生成仅需少量token，图像合成中高分辨率图片往往需要数千个 token，计算成本随之暴增。这让许多基于 AR 的多模态模型只能处理低中分辨率图像，限制了其在精细 图像生成中的应用。尽管扩散模型（Diffusion Models）在高分辨率上表现强劲，但其复杂的采样过程和 较慢的推理速度也存在局限。（搜狐） 4.【Adobe发布Firefly Image Model 4模型：AI生图再升级】Adobe发布博文，推出Firefly Image Model 4和 Firefly Image Model 4 Ultra两款文本生成图像AI模型，并预告针对Photoshop和Illustrator的Crea ...

Core Viewpoint - The creative economy can only truly form when creators can obtain effective returns through legitimate business models, with copyright protection being the cornerstone of this commercial model in the digital economy era [2]. Group 1: Company Overview - Vobile Group, founded in 2005, recognized the significant transformation in the media industry due to the development of mobile device video capabilities, leading to challenges in copyright protection [3]. - The company developed innovative copyright protection solutions tailored for the mobile internet era, including video fingerprint technology, which effectively protects and monetizes content [3]. - Vobile Group gained industry recognition by winning the annual technology and engineering award at the 69th Emmy Awards in 2017 for its contributions to the protection of film copyright value [4]. Group 2: Financial Performance - In 2024, Vobile Group reported total revenue of HKD 2.4 billion, representing a year-on-year growth of 20.0%, and a net profit of HKD 180 million, reflecting a significant increase of 380.3% [4]. - The company's gross profit margin has consistently increased over three years, rising from 40.9% in 2022 to 43.8% in 2024 [4]. Group 3: Industry Trends and Innovations - The rise of AIGC technology presents a new opportunity for the creative industry, significantly lowering the barriers to content creation and releasing vast creative potential [6]. - Vobile Group has launched an AI strategy, including the DreamMaker platform, which combines AI video production with copyright protection and content monetization solutions [7]. - The company aims to facilitate the international expansion of Chinese culture by leveraging its technology in the creative industry [8]. Group 4: Strategic Partnerships and Initiatives - Vobile Group is collaborating with various partners to develop a comprehensive copyright protection and trading platform based on blockchain technology, enhancing the efficient trading and circulation of digital assets [9]. - The company has also engaged in deep cooperation with the Central Radio and Television Station's subsidiary to establish a copyright protection and trading platform [9].

AIGC视听产业创新中心智算"文化+科技"平台重构了影视创作生产范式。从前期剧本分镜创作阶段，AI 就能发挥强大的辅助作用，根据设定的主题和风格生成创意脚本；智能合成虚拟场景功能，让导演和美 术团队能够快速搭建出各种逼真的场景，节省大量实地取景和场景搭建成本；在后期制作环节，批量生 成特效素材更是大幅提高了制作效率，使原本复杂耗时的特效制作变得更加高效和便捷。这种全流程的 效率提升，意味着影视制作不再受限于传统模式的束缚，能够以更低的成本、更高的质量和更快的速度 产出作品。 作为中国首个基于国产算力的影视文化产业AI创新平台，北电数智与各方携手依托朝阳AIGC试听产业 创新中心将AI能力切实转化为行业生产力，并取得了阶段性的落地实践成果：如在内容生产环节，多 场景拍摄效率提升35%，虚拟场景拍摄耗时从2小时缩短至20分钟，产出3部基于AI编辑模型衍生的创新 电影等等。 对于影视视听企业而言，AIGC视听产业创新中心智算"文化+科技"平台的价值不言而喻。北电数智以产 业运营为核心，联合生态伙伴孵化行业专属模型，构建AIGC模型和视听工具一站式平台。这不仅支持 人物AI生成代理、剧情创作辅助工具等超级应用的打造， ...

Core Insights - DeepSeek has emerged as a significant player in the AI market, prompting various companies to integrate its technology to enhance their products and services [1][5][7] - The AI industry is witnessing a shift towards diversification and specialization, with DeepSeek's innovative model injecting new momentum into the sector [1][5] - Wanjun Technology is among the first companies to adopt DeepSeek's model, enhancing its product offerings and achieving significant upgrades in its AIGC technology [1][5][7] Company Strategy - Wanjun Technology has a long-standing commitment to the overseas market, having established a presence in North America, Europe, and Japan, and is now expanding into emerging markets like the Middle East and Southeast Asia [2][10][13] - The company reported a revenue of 1.44 billion yuan for 2024, with a first-quarter revenue of 380 million yuan in 2025, reflecting a year-on-year growth of 6.06% [2][16] - The company has been focusing on AI technology to enhance its product intelligence, launching the multimedia model "Tianmu" and integrating various external models to strengthen its competitive edge [8][12] Market Position and Performance - Wanjun Technology's core business in video creativity generated 961 million yuan, accounting for 67.06% of software revenue, with a total paid user growth exceeding 20% [17] - The company has seen significant growth in its drawing creativity business, with a total renewal sales increase of over 50%, and a 40% increase in revenue from its cloud document product HiPDF [17] - AI commercialization is progressing, with over 500 million calls to AI servers and AI-native application revenue reaching approximately 67 million yuan, a year-on-year increase of over 100% [17][18] Industry Trends - The AI landscape is rapidly evolving, with companies needing to adapt quickly to technological changes and market demands to maintain competitiveness [5][7] - The AI ecosystem in China is developing across three levels: infrastructure, model, and application, with DeepSeek's success contributing to the synergy among these layers [7][18] - Analysts are optimistic about Wanjun Technology's growth potential, citing its commitment to AIGC technology and product innovation as key drivers for future performance [18]

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 板块观点与关注标的：1）资源整合预期：中视传媒、国新文化、广西广电、 唐德影视、吉视传媒、游族网络等；2）AI：荣信文化、奥飞娱乐、汤姆猫、 盛天网络、中文在线、易点天下、视觉中国、盛通股份、焦点科技、豆神教育、 世纪天鸿、佳发教育等；3）游戏：建议关注确定性强的神州泰岳、恺英网络、 巨人网络、吉比特，关注完美世界、ST 华通、冰川网络、华立科技；4）国企： 慈文传媒、皖新传媒、中文传媒、南方传媒、凯文教育、大晟文化等；5）教 育：学大教育等；6）港股：关注【阿里巴巴】【腾讯控股】【泡泡玛特】， 产业爆发在即的【阜博集团】，K12 教培龙头【新东方】及业绩弹性较大的区 域龙头【思考乐教育】【卓越教育】。 【国务院批复《加快推进服务业扩大开放综合试点工作方案》，文件提及国家 将全力推动游戏出海战略升级】近日，国务院批复《加快推进服务业扩大开放 综合试点工作方案》，明确了 155 项试点任务，其中游戏"出海"业务被重点 提及。文件提及国家将全力推动游戏出海战略升级，重点培育游戏国际化全产 业链涵盖 IP 孵化、内容研发、全球发 ...