社会服务 行 业 研 究 2026 年 01 月 11 日 投资评级：看好（维持） ——行业周报 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-01 2025-05 2025-09 社会服务 沪深300 相关研究报告 《元旦海南旅游消费活力释放，美图 拟内设千万风投转型 AI Agent—行业 周报》-2026.1.4 《海南自贸港政策红利释放带动市场 活跃，关注社区餐饮快速扩张—行业 周报》-2025.12.28 《小众专业运动衍生品重新定义时 尚，以油养肤与抗衰共振高速增长— 行业周报》-2025.12.21 chumin@kysec.cn 证书编号：S0790522080008 初敏（分析师） 程婧雅（分析师） 李睿娴（分析师） chengjingya@kysec.cn 证书编号：S0790525070010 liruixian@kysec.cn 证书编号：S0790525020004 海南/演艺：节后离岛免税销售延续景气，2026 年表演机器人租赁市场或超百亿 海南跟踪：根据海口海关，我们测算 1 月 4 日至 7 日全省离岛免税购物金额 4.98 亿元/同比增长 50 ...

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] AI 系列跟踪（89）：GEO 有望驱动广告代理商 商业模式变革，关注 AI+广告投资机会 报告要点 [Table_Summary] 生成式引擎优化（GEO）是一种针对 AI 的内容优化策略，主要指的是通过系统性地调整内容 结构、语义、可信度、相关性及呈现方式，帮助品牌、产品或内容在 AI 驱动的搜索引擎的回答 中获得更高的可见性、引用权重和影响力，相较于 SEO 更加强调"被 AI 采信"。目前 GEO 仍 处于发展初期，海外布局 GEO 赛道的头部公司（如 Profound、Semrush）均以订阅制变现为 主。我们认为 GEO 有望驱动广告代理商商业模式变革，看好具备数据积累和技术的公司，如 易点天下等。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 丨证券研究报告丨 %% %% %% %% research.95579.com 1 [Table_Title AI 系列跟踪（2] 89）：GEO 有望驱动广告代理商 商业模式变革 ...

Investment Rating - The report maintains a "Buy" rating for the AI and SaaS integration trend in the computer industry [2]. Core Insights - The integration of AI and SaaS is an inevitable trend due to their technological complementarity, enhancing operational efficiency and user experience across various sectors [6][7]. - The global AI market is projected to reach $368.85 billion by 2025, with significant growth in AI-related investments expected in 2024 [12][17]. - The report emphasizes the importance of specific sectors such as advertising, programming, and education in the AI and SaaS integration landscape [6][7]. Summary by Sections 1. AI and SaaS Integration - AI and SaaS have complementary technologies, making their integration a necessity [10]. - The commercial viability of AI relies on specific application scenarios, which SaaS can provide [12]. - The cloud computing market in China is expected to exceed 2.1 trillion yuan by 2027, supporting AI applications in SaaS [17][20]. 2. Sector-Specific Applications - **AI + Advertising**: AI enhances advertising efficiency and effectiveness, with the AI marketing market projected to reach $35.54 billion by 2025 [28][30]. - **AI + Programming**: The global AI coding tools market is expected to reach $6.7 billion by 2024, with a CAGR of 25.2% [40]. - **AI + Education**: The AI education market is projected to grow from $2.46 billion in 2024 to $28.22 billion by 2032, with a CAGR of approximately 35.66% [54][56]. 3. Investment Recommendations - The report suggests focusing on specific companies within the AI + SaaS sectors: - For AI + Advertising: Google, Meta, APPlovin, Unity [64] - For AI + Programming: Gitlab [64] - For AI + Education: Duolingo [64]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The report highlights the launch of the MAISEAT platform by Damai International, which connects domestic and international performance services, enhancing the ticketing experience for global users [13][15] - The camping economy in China is projected to reach a core market size of CNY 213.97 billion in 2024, with a year-on-year growth of 60.4%, indicating significant potential for outdoor activities [18][22] - The advertising industry is undergoing a transformation towards AI-driven personalized marketing, with major companies like Google and Meta adopting advanced AI advertising engines [30][32] Summary by Sections 1. Offline Entertainment - Damai International has launched a global performance service platform, MAISEAT, which offers ticketing services for various events in multiple languages and payment options [13][15] - The Asian market for online ticketing is expected to grow rapidly, benefiting from increased middle-class consumption and government support for music and sports tourism [15][17] 2. Camping and Barbecue - The camping economy is expected to grow significantly, with the core market projected to reach CNY 213.97 billion by 2024, driven by a growing interest in outdoor lifestyles [18][22] - The barbecue market is also expanding, with an expected size of CNY 316.2 billion by 2025, growing at a CAGR of 12% from 2024 to 2029 [25][20] 3. AI and Advertising - The advertising industry is shifting towards AI-driven models, enhancing targeting and efficiency, with Google and Meta leading the way in adopting AI technologies [30][32] - The adoption rates for AI advertising products have surged, with Google's AI engine seeing a rise from 2% in Q4 2021 to 59% in Q4 2024 [30][32] 4. E-commerce and Beauty Care - The Double Eleven shopping festival in 2025 saw a robust performance across e-commerce platforms, with total sales reaching CNY 16,191 billion, a year-on-year increase of 12.3% [39][43] - Beauty care categories performed steadily, with Tmall maintaining a strong market position, particularly in high-end brands [49][51]

Core Insights - The article discusses the establishment of a new digital advertising development framework empowered by technology, aiming to create a globally influential "AI + Advertising" innovation hub and application demonstration area in Shanghai's Xuhui District [1] Group 1: Industry Overview - Xuhui District is positioned as the core area for Shanghai's goal of becoming an "International Digital Advertising Capital," with a strong industrial foundation and robust development momentum [1] - In the first ten months of 2025, the advertising industry in Xuhui achieved revenue exceeding 50.1 billion, maintaining the top position in Shanghai [1] - The district has attracted leading companies such as ByteDance and BlueFocus, forming a comprehensive advertising ecosystem from technology support to content production and full-spectrum communication [1] Group 2: Ecosystem Development - The "Xuhui AI + Digital Advertising Cluster Ecological Blueprint" features a spatial layout of "one core and three axes" [1] - The "Mosu Space," the first large model innovation ecological community in the country, serves as the core technology engine, gathering over 200 innovative enterprises and fostering a community of more than 700 large model companies [1] - The "Bingjiang Digital Marketing Axis" leverages the Shanghai Xuhui Bingjiang Digital Advertising Industry Cluster to create a vibrant area for brand communication and digital marketing [2] Group 3: New Business Opportunities - Ten high-quality enterprises in the "AI + Advertising" sector have signed agreements to settle in Xuhui, covering various subfields such as digital integrated marketing, AI content generation, data placement, and outdoor advertising [2] - Companies like Juyuan Huajun focus on the AI short drama sector, while Anengjie Culture explores replicating AI marketing models for fast-moving consumer goods [2] - The event facilitated the signing of "AI + Advertising" ecological cooperation agreements, linking key stakeholders across the entire chain, including platform support, technology research and development, financial capital, and vertical applications [2] Group 4: Trends in AI Advertising - Analysis of the "AI Advertising Brand Innovation Design Competition" entries indicates a trend towards "human-machine collaboration" in creative production, with AI evolving from a tool to a "creative partner" throughout the entire process [3] - The participation rate and submission volume from individual creators significantly exceed those from companies, highlighting that AI tools are substantially lowering the technical and cost barriers for creative production [3] - Geographic distribution of participants is concentrated in cities rich in digital creative resources, with the Yangtze River Delta and Beijing-Tianjin-Hebei regions emerging as two major innovation sources [3]

Group 1 - The 32nd China International Advertising Festival and the 34th Asian Advertising Conference concluded in Haidian, Beijing, attracting over 220 foreign representatives from more than 30 countries, with total participation exceeding 20,000 [1] - The event showcased over 30 cutting-edge technological achievements, including intelligent creative generation systems and AI-driven personalized advertising platforms [1] Group 2 - Haidian District has three core advantages in developing "AI + Advertising": a solid industrial and technological foundation with major tech companies like Douyin, Baidu, Tencent, and Xiaomi; a "technology + culture" integration that enhances the cultural value and dissemination of advertising content; and strong policy and service support, including talent introduction and innovation standards [3] - In the first eight months of 2025, the advertising industry in Haidian generated revenue of 98.726 billion, accounting for 40.2% of the city's total, indicating strong industrial clustering and development momentum [3] Group 3 - The "Tide Surging Zhongguancun: Haidian Welcomes Business Handbook" was introduced to address issues faced by enterprises in innovation and entrepreneurship, providing comprehensive information on policies, funding, and services [4] - The handbook includes 170 national, municipal, and district-level funding policies and over 300 specific contact points, aiming for streamlined access to resources for businesses [4] - Haidian has established a policy network that supports innovation-driven development and industry-specific growth, facilitating the full-cycle growth of enterprises from inception to maturity [4]

Core Insights - The 32nd China International Advertising Festival and the 34th Asia Advertising Congress concluded in Haidian, Beijing, showcasing significant achievements in the advertising industry [1][3] Group 1: Event Overview - The event adopted a "dual main venue" model, attracting over 220 international representatives from more than 30 countries, with total participation exceeding 20,000 [3] - The event highlighted technological empowerment, featuring over 30 cutting-edge technological achievements, including AI-driven personalized advertising platforms [3] - Notable companies such as Tencent, Douyin, Baidu, and Kuaishou participated, demonstrating advanced applications in AIGC, intelligent advertising, and digital marketing [3] Group 2: Industry Development - Haidian District has established itself as a digital advertising industry hub, with 30 companies gathered in less than a year, and nearly 10 new companies expressing intent to settle during the festival [3][4] - The district's advertising industry generated revenue of 98.726 billion yuan from January to August 2025, accounting for 40.2% of the city's total, indicating strong industrial clustering and growth momentum [5] Group 3: Policy and Support - Haidian's advantages in "AI + Advertising" stem from a solid industrial and technological foundation, a dual-driven model of "technology + culture," and robust policy support, including talent introduction and financial subsidies [4][5] - The district has implemented a comprehensive policy network to support innovation-driven development and nurture enterprises throughout their growth cycle [6] Group 4: Future Outlook - The China International Advertising Festival will be held in Haidian for five consecutive years (2025-2029), aiming to create a more open, innovative, and international industry exchange platform [7] - Haidian aims to strengthen the dual-driven model of "technology + culture" and develop a modern industrial system to establish itself as a global advertising technology experimental field and a new window for international cultural communication [7]

Core Insights - The global AI application capital market has experienced significant volatility, particularly with AppLovin's stock price dropping over 20% after reaching a historical high of $712.36 per share [1] - The valuation disparity between AppLovin and traditional industry leaders raises questions about whether this is a rational premium or a bubble [1][3] - AI technology is fundamentally restructuring the trillion-dollar advertising market, providing substantial growth potential for related tech companies [2][6] Group 1: Company Performance - AppLovin's stock surged over 7.2 times in the past year, reaching a market cap of approximately $240.9 billion (around 1.71 trillion RMB) [1][2] - In contrast, 汇量科技 (Mopub) saw its stock price increase by up to 16 times over 13 months, reflecting a recovery from a long period of low performance [2] - 汇量科技's revenue from its programmatic advertising platform Mintegral grew by 48.6% to $897 million, contributing to a total revenue increase of 47% [2] Group 2: Valuation and Market Dynamics - As of October 13, both AppLovin and 汇量科技 are experiencing a market correction, with concerns about valuation bubbles in the tech sector [3] - Despite AppLovin's market cap being significantly higher, 汇量科技's price-to-earnings ratio (TTM) is comparable, indicating a high valuation premium [4] - The market is questioning whether 汇量科技's valuation is significantly lower than AppLovin's, given its revenue is about one-third of AppLovin's [4] Group 3: Future Outlook - The AI-driven transformation in advertising is expected to continue, with institutions predicting high growth in the programmatic advertising market over the next five years [7] - 汇量科技's future performance will depend on the efficiency of AI technology in enhancing its advertising business [6][8] - The potential for 汇量科技 to leverage its technology and client relationships in the overseas market is significant, with over 10,000 global advertisers served [8] Group 4: Strategic Positioning - Both companies are transitioning from being "traffic intermediaries" to "algorithm service providers," which is crucial for their long-term success in the AI advertising space [9] - The ideal future state for AI advertising platforms is to become the "operating system of marketing," where algorithm efficiency will dictate revenue sharing and customer loyalty [9]

Core Insights - The article highlights the significant revenue achievement of Nvidia, reporting $46.7 billion in Q2, signaling the arrival of the AI era and the commercialization of AI across various sectors [3] - The AI advertising sector is identified as a key area for value reassessment in the tech stock market, with emerging players like AppLovin showing exceptional growth [5][7] - The article emphasizes the dual engine growth model of companies like Huya, combining live streaming with AI advertising, which positions them favorably in the evolving market landscape [8] Group 1: AI Commercialization and Market Trends - Since 2025, there has been increasing market focus on the commercialization of AI, particularly in the technology and media sectors, with advertising being a leading area of disruption [3][10] - The advertising sector is experiencing its most significant structural transformation in a decade, driven by the rise of AI algorithms and computational power, which align with advertisers' needs for ROI [12][15] - Emerging players are reshaping the market dynamics, leveraging vertical expertise and agile business structures to outperform traditional tech giants [10][12] Group 2: Company Performance and Valuation - Huya's advertising business, particularly through BIGO Ads, has shown a revenue increase of approximately 29% year-over-year, indicating strong growth potential [13][20] - Despite Huya's promising growth trajectory, its valuation remains significantly lower compared to peers like Mobvista, which has a TTM P/E ratio of 94, while Huya's projected P/E ratios for 2025 and 2026 are only 9.8 and 8.6, respectively [8][20] - The article suggests that Huya's combination of stable cash flow from live streaming and high growth potential from its global advertising platform positions it as a key player in the trillion-dollar advertising market [20] Group 3: Technological Advancements and Competitive Edge - AI is becoming a new barrier to entry in the advertising sector, with advertisers increasingly relying on real-time personalized ads that require robust computational resources [19][20] - Huya's BIGO Ads platform benefits from a unique combination of proprietary and third-party traffic, enhancing its ability to serve diverse advertising needs effectively [16][18] - The integration of AI across the advertising value chain is significantly improving conversion rates for advertisers and revenue generation for developers, solidifying the competitive advantage of companies like Huya [13][20]

Core Viewpoint - The article emphasizes that artificial intelligence (AI) is transforming the advertising industry from a "one-size-fits-all" approach to a highly personalized "one-to-one" advertising model, driven by AI's capabilities in understanding user intent and context [4][5][6]. Group 1: AI's Impact on Advertising - AI is evolving from a tool for content production to a core driver of industry growth, reshaping the advertising landscape [4]. - Major platforms like Google, Meta, Tencent, and Kuaishou are actively integrating AI into their advertising processes, enhancing creative production and intelligent ad placement [5]. - The shift from "computational advertising" to "intelligent advertising" is establishing a new infrastructure that allows for deeper understanding of user needs and real-time context [6][9]. Group 2: Intelligent Advertising Infrastructure - The new intelligent advertising infrastructure is built on three pillars: multimodal large models, reasoning engines, and intelligent agent collaboration protocols [9][11]. - Multimodal models enable the understanding of various content types, allowing for dynamic ad generation based on real-time user context [9]. - The reasoning engine enhances AI's ability to plan and execute marketing strategies across the entire customer journey [9]. Group 3: Evolution of AI Agents - AI agents are transitioning from single-function tools to comprehensive "super agents" capable of managing the entire marketing process autonomously [11][12]. - These agents will consist of specialized AI roles that collaborate to optimize advertising strategies, reducing the need for human intervention to high-level oversight [12]. - The interaction between users and ads is being redefined, with AI agents acting as knowledgeable sales consultants that provide personalized recommendations [12][14]. Group 4: Personalization in Advertising - The advertising matching paradigm is shifting from "thousands of faces for thousands of people" to "thousands of faces for one person," focusing on real-time, context-aware ad generation [14][15]. - This transformation allows ads to become more relevant and timely, enhancing user experience by addressing immediate needs rather than relying on past behaviors [15]. Group 5: Industry Transformation and Collaboration - The advertising industry is experiencing a shift towards human-AI collaboration, with platforms enhancing their capabilities and agencies transitioning to more strategic roles [16][18]. - Advertisers are now empowered to build their own intelligent systems, benefiting from the democratization of AI tools [16]. - The demand for talent is evolving, with a focus on strategic creative individuals who can leverage AI and data insights [18]. Group 6: Ethical Considerations and Future Outlook - While AI brings efficiency and scale, the importance of human creativity, emotional resonance, and trust remains paramount in advertising [20]. - The article calls for a balanced approach to AI integration, ensuring that ethical standards and authenticity are maintained in the advertising ecosystem [20].