今天分享的是：从B站、小红书、抖音探讨内容平台的用户泛化与变现潜力-国信证券 报告共计：32页 内容平台的用户泛化与变现潜力分析总结 内容平台的类型由内容分发方式决定，早期因内容供给有限、推荐算法不成熟，B站、小红书、快手等内容社区凭借人际关注关系辅助分发兴起，创作者话 语权较高；而字节跳动以推荐算法为核心打造今日头条、抖音等信息分发平台，内容门槛低、供给充足，平台话语权更强，这种差异也影响了各平台的泛化 难度与商业化潜力。 平台用户泛化呈现两条路径：一是横向泛化为信息分发平台，抖音从潮酷短视频社区起步，经算法赋能和站外导流成为全民级平台；快手作为社区与信息分 发平台混合体，在保留社区氛围的同时向商业效率靠拢；小红书从生活分享社区逐步拓展，以"生活指南"定位强化搜索心智，加速用户泛化。二是垂直整合 为文化品牌，B站聚焦ACG垂类赛道，通过OGV与PUGV内容构建差异化生态，目标成为文化品牌公司。目前B站、小红书在利基市场与抖音形成差异化竞 争，预计中远期日活分别可达2亿、3亿。 变现模式方面，信息分发平台以广告变现为主，抖音单DAU年收入优势显著，广告及佣金收入占比超90%；内容社区则侧重增值服务、游戏等多元 ...

Core Insights - Tencent officially launched the mixed yuan 3D 3.0 model at the "2025 Tencent Global Digital Ecosystem Conference," significantly improving modeling accuracy by three times compared to the previous version, enhancing character and complex detail generation [1] - The introduction of the mixed yuan 3D Studio aims to streamline the 3D production pipeline, addressing high production costs and inefficiencies in traditional 3D development [1][4] - The gaming industry is experiencing a resurgence, with the A-share gaming sector recovering since 2025, driven by deep integration of AI technology [1][4] Industry Trends - The Chinese gaming market achieved a sales revenue of 168 billion yuan in the first half of 2025, marking a 14.08% year-on-year growth, with a user base reaching 679 million [4] - Game companies face challenges such as high R&D costs, slowing user growth, and content creativity saturation, necessitating efficient content creation and global distribution solutions [4] - AI applications in gaming are enhancing production efficiency, with Tencent's mixed yuan platform offering capabilities like image-to-video generation and one-click animation [4][5] Technological Advancements - The mixed yuan 3D 3.0 model has improved structural details in character facial expressions and clothing folds, achieving industry-leading usability in cartoon character creation [4] - Tencent's AI code assistant, CodeBuddy, facilitates collaboration throughout the coding process, enhancing overall development efficiency [4][5] - AI is transforming the production model in the gaming industry, allowing for independent high-quality game demos and reducing the need for large development teams [10] User Engagement and Market Dynamics - AI is expected to drive a new wave of user engagement by lowering barriers to entry for non-gamers, expanding the gaming audience [7] - Different user groups exhibit varying acceptance levels of AI-generated content, with core players valuing emotional connection and creativity, while casual users prioritize convenience and entertainment [8] - The potential for monetization among new user groups is evident, with high interest in virtual idols and AI companionship products [8] Organizational Changes - The gaming industry's organizational structure is evolving from a hierarchical model to a more collaborative, networked approach, enabling smaller teams and individuals to compete creatively [10] - Talent requirements are shifting, with a focus on individuals who can navigate AI tools and possess strong aesthetic judgment [11] - AI is not seen as a replacement for human creativity but as a means to enhance the creative process, necessitating a balance between technology and artistic value [12]