国泰海通指出，2026年，基础大模型成熟度不断更新提升，看好AI应用在C端和B端的放量和领先的商 业化探索，有望带来如GEO模式等广告营销创新、AI内容（短剧、漫剧、长剧、电影等）角色创新和 产能释放、《EVE》虚拟陪伴等娱乐产品创新。细分板块龙头景气持续，建议布局垂直细分领域业绩有 望持续高增的投资机会。同时，AI应用持续加快商业化变现，例如ChatGPT广告即将上线，快手旗下视 频生成大模型可灵AI的月活跃用户在2026年1月突破1200万，并实现收入的快速增长。 （文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及游戏开发运营、 动漫制作及衍生品销售等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的整体 表现。 ...

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].