证券研究报告|行业研究周报 [Table_Title] ChatGPT 将上线广告，四部影片定档春节 [Table_Title2] 传媒行业周报系列 2026 年第 4 周 [Table_Summary] ►市场行情回顾 2026 年第4周（实际交易日为 2026.1.19-2026.1.23）上证 指数上涨 0.84%，沪深 300 指数下跌 0.62%，创业板指数下 跌 0.34%。恒生指数下跌 0.36%，恒生互联网指数下跌 0.36%，行业领先恒生指数 0pct。SW 传媒指数上涨 1.98%， 领先创业板指数 2.32pct，在申万一级 31 个行业涨跌幅排 名中位列第 18 位。子行业中影视、出版和体育位列前三 位，分别为上涨 6.39%、上涨 4.35%和上涨 2.81%。 ►核心观点&投资建议 ChatGPT 将推出广告位，进一步推动 AI 流量价值重估。据 财联社报道，OpenAI 已通知十余家广告主，计划于 2 月初 在 ChatGPT 中上线按展示次数收费的广告服务，初期试运 行要求每家承诺支出低于一百万美元。广告将独立呈现并 明确标注，例如可能在用户查询菜谱时展示相关食品品牌 广告。公 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - ChatGPT is set to launch advertising slots, which will further drive the revaluation of AI traffic value. OpenAI has notified over ten advertisers about plans to introduce an ad service in early February, requiring initial commitments of less than one million USD from each advertiser. Ads will be presented independently and clearly labeled, potentially displaying relevant food brand ads during recipe queries. The expansion of the affordable subscription plan ChatGPT GO will also include ad testing among free and subscription users. This move is expected to open significant incremental revenue streams for the company and may further enhance the valuation of AI traffic [2][17] - Four films have been officially scheduled for release on the first day of the 2026 Spring Festival, including "Silent Awakening," "Racing Life 3," "The Bounty Hunter: Winds Rise in the Desert," and "Bears: Year of the Bear." The diverse genres include drama, comedy, animation, and martial arts. The report is optimistic about the Spring Festival's impact on box office revenues and related industries, as well as the potential boost from emerging content forms like AI comic dramas and quality short dramas entering mainstream visibility [2][17] Sub-industry Data Film Industry - The top three films by box office this week are "Return to Silent Hill" with 31.52 million CNY (19.40% market share), "The Kill" with 26.96 million CNY (16.60% market share), and "Zootopia 2" with 20.46 million CNY (12.60% market share) [20][21] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Crossfire: Gunfight King." The top three Android games by popularity are "Delta Force," "Tomorrow's End: The Final Land," and "Honor of Kings" [22][23] TV Series Industry - The top three TV series by viewing index are "The Sun is Like Me," "Tea Bone," and "Small Town Big Events," with indices of 79.8, 79.7, and 79.6 respectively [24][25] Variety and Animation - The top variety show is "Wonderful Night Season 2" with a viewing index of 68.5, followed by "Sound of the Future 2025" and "Sound of Life: Chinese Flow Season" [26][27] - The top three animated shows by viewing index are "Immortal Reversal" (240.4), "Happy Hammer" (201.1), and "Devouring the Starry Sky" (194.1) [28]