近期，AI漫剧这一新兴赛道在资本市场引发高度关注。 根据券商中国记者统计，在10月24日至10月28日短短5天内，至少有10家券商密集发布研报，一致看好AI漫剧 的发展前景。 华源证券则指出，AI漫剧是AI重构内容生产范式的起步。其"大模型改编→工业化流程制作"的新模式，效能显 著提升，综合成本大幅降低，未来有望替代中低成本的动态漫、动画及部分短剧市场。同时，AI漫剧也更容 易获得流量扶持。 10人团队45天完成50集 机构认为，AI驱动漫剧市场加速发展，今年全年漫剧市场流水规模有望达到短剧的1/3。 5天10家机构发研报 根据开源证券研报，漫剧是以漫画视觉语言为基础，结合短剧的叙事节奏和情绪表达，通过动态化呈现方式所 创作的视频内容，其以竖屏短视频为主要形式，非常适合当下的碎片化阅读与快速传播场景。 从数据来看，今年以来漫剧市场爆发。据巨量引擎最新数据，2025年4—7月，漫剧供给量、播放量及点赞量分 别以83%、92%、105%的月度复合增长率高速增长。近半年累计上线作品达3000部，环比增长高达603%，市 场规模预计年内将突破200亿元。 产业巨头的加速入局更是添了一把火。阅文集团于10月16日宣布， ...

Core Insights - The emergence of AI-generated short dramas is transforming the content production landscape, with significant market responses observed for titles like "奶团太后三岁半" and "九尾狐男妖爱上我" [1][6] - AI-generated short dramas have the potential to disrupt traditional production methods, although they are still in the exploratory phase compared to AI animated dramas [1][18] - The market for AI-generated short dramas is expected to grow significantly, with projections indicating a market size of 634.3 billion yuan by 2025 [18] Group 1: Market Response and Trends - Recent AI-generated short dramas have achieved over 200 million views, indicating strong audience interest [1][6] - The genre is still relatively new, with audience reactions ranging from curiosity to acceptance as AI content becomes more prevalent [2][3] - The AI short drama market is characterized by a focus on female-oriented themes, contrasting with the male-dominated AI animated drama sector [6][7] Group 2: Production Efficiency and Cost Reduction - AI-generated short dramas can significantly reduce production costs, with examples showing costs dropping from tens of thousands per minute to around 10,000 yuan for entire projects [11][9] - The production process has been streamlined, allowing small teams to create content that traditionally required larger crews and longer timelines [9][11] - The use of AI tools enables rapid content creation, with some projects completed in as little as two weeks [11] Group 3: Industry Participation and Competition - Major platforms like iQIYI and Tencent are actively investing in AI short drama competitions to attract talent and innovate in this space [13][14] - Traditional media companies, including TVB, are also exploring AI-generated content to rejuvenate their offerings [14][17] - Technology companies are developing platforms to facilitate AI short drama creation, aiming for a "one-click" production process [17] Group 4: Content Quality and Challenges - Despite technological advancements, there is a concern that AI-generated content may lack depth in storytelling and character development [21][22] - The industry needs to balance technical innovation with narrative quality to avoid viewer fatigue and ensure engaging content [21][22] - The potential for diverse themes exists, but the current focus remains limited, indicating a need for broader creative exploration [19][21]

抖音力推AI漫剧登上热门推荐位当抖音把AI漫剧推上热门流量池，阅文抱着IP库追着AI团队合作，某MCN靠AI漫剧单账号日入十万直接晒出截图—— 这个被AI撕开大口子的赛道，正在上演比三年前霸总短剧更疯的"抢钱"狂欢。 作为一家专注AI本土应用的研究院，未可知团队扎进AI漫剧一线，扒了近百家AI漫剧供应商的底——从剧本生成到分镜画稿，从角色动效到语音合成， 把这条被"价格屠夫"掀翻的产业链拆了个明白。 结论就一句话： AI漫剧不是待爆风口，是已经炸了的火药桶 ，赚钱速度比你想的霸总短剧野十倍。 机会面前，有人看看而已，有人永攀高峰。 —— 达 · 芬奇 成本砍到脚脖子！AI把漫剧做成"奶茶价"生意 三年前做漫剧还是"贵族玩法"，每分钟成本随便飙到800-1200元，光画师画分镜就占了六成成本。 01 但现在你去深圳龙岗的工作室看看：刚毕业的大学生靠AI工具，一天就能捣鼓出50分钟漫剧素材，单分钟成本直接压到 20-50元 ——这价儿，还没一杯 网红奶茶贵！ 这波成本"大跳水"，全靠AI对漫剧制作流程的"降维打击"，每一步都在省真金白银： • 剧本端 ：过去需要编剧团队打磨一周的剧情，现在用大模型输入"重生+复仇 ...

Core Insights - The report emphasizes the importance of high-quality development and technological self-reliance as key goals for the upcoming "15th Five-Year Plan" period, projecting a market space increase of approximately 10 trillion yuan over the next five years [6][7][8] - The retail banking sector is experiencing a manageable level of risk despite rising non-performing loan rates, with a focus on credit de-collateralization strategies [17][19][20][22] - The food and beverage industry shows mixed performance, with companies like Fuling Zhacai maintaining steady growth while others like Qiaqia Foods face short-term operational pressures [35][41] Macro Economic Overview - The "15th Five-Year Plan" aims for significant advancements in high-quality development, technological independence, and comprehensive reforms, with a focus on enhancing the quality of key industries [6][7] - Recent monetary policy discussions highlight the need for a stable and effective monetary policy framework to support financial market stability [7][8] Retail Banking Sector - Retail non-performing loan rates are high, but risks are considered manageable due to supportive policies and the nature of retail loans [19][20] - The transition period for new risk regulations is approaching its end, which may lead to an increase in reported non-performing loans for some banks [20][22] - The trend of de-collateralization in retail banking is evident, with banks shifting towards non-collateralized loans to mitigate risks [21][22] Food and Beverage Industry - Fuling Zhacai reported a steady revenue growth of 1.8% year-on-year for the first three quarters of 2025, with a focus on expanding product lines and market channels [35][36][38] - Qiaqia Foods experienced a significant decline in revenue and profit, with a 5.9% drop in Q3 revenue and a 72.6% decrease in net profit, attributed to increased competition and rising costs [41][43] - The overall food and beverage sector is adapting to market pressures by exploring new channels and product innovations to sustain growth [41][44] Agricultural Sector - Juxing Agriculture reported a steady increase in pig production, with a revenue growth of 42.57% year-on-year for the first three quarters of 2025, despite facing challenges from declining pork prices [56][57]

hyzqdatemark 2025 年 10 月 27 日 证券研究报告 晨会 资料来源：聚源，华源证券研究所，截至2025年10月27日 华源晨会精粹 20251027 固定收益 收益率持续下行，10 月做多信用收益兑现——信用分析周报：本周 AA+ 有色金属、电子、建筑材料行业信用利差有不同程度走扩，其余行业的信用利差大 多压缩。城投债方面，本周不同期限的城投信用利差均有不同程度压缩。产业债方 面，本周不同期限的产业债信用利差较上周均有不同程度压缩，且长端压缩幅度大 于短端。银行资本债方面，本周 3YAAA-二级债信用利差有所走扩，其余不同期限 不同评级的银行二永债信用利差均有不同程度压缩。10 月份信用债收益率进入较为 流畅的下行通道，信用利差也有较为明显的压降。以 5YAAA 信用债活跃券"25 工 行二级资本债 02BC"为例，收益率已由月初的 2.19%下行至本周五收盘的 2.11%， 月内下行幅度已达近 8BP。我们在 10 月 11 日发布的报告《10 月，信用策略如何布 局？》中提到，近年来 10 月份的不同信用策略均有不错表现，我们建议短端下沉打 底仓，且增配中长久期信用债并通过债券质押式 ...

Core Viewpoint - The article highlights the significant growth potential of the AI comic drama sector, driven by technological advancements and global expansion, with companies like阅文集团 positioned to benefit from this trend [1]. Company Summary -阅文集团's stock has increased by 5.42%, reaching HKD 41.26, with a trading volume of HKD 307 million [1]. - The company announced an upgrade to its "Creative Partner Program" during the 2025阅文创作大会, expanding its focus from short dramas to the new comic drama sector [1]. -阅文集团 is implementing four major initiatives to develop its comic drama ecosystem, including the release of 100,000 premium IPs, establishing a creative fund of HKD 100 million, launching the AIGC tool "Comic Drama Assistant" to enhance adaptation efficiency, and building a comprehensive support system for the entire industry chain [1]. - Currently, 30 of阅文集团's comic drama productions have surpassed 10 million views, with titles like《大明贤婿》and《刷爆无敌模拟系统》exceeding 100 million views and frequently topping platform rankings [1]. Industry Summary - According to data from 巨量引擎, the supply of comic drama productions is expected to grow at a compound monthly growth rate of 83% in the first half of 2025, with over 3,000 works produced and a revenue scale increasing twelvefold [1]. - The overall market size for comic dramas is projected to exceed HKD 20 billion for the year [1]. - 中航证券 believes that the AI comic drama sector is entering a golden development period, driven by three main factors: technological breakthroughs, explosive demand, and accelerated international expansion [1].

Core Viewpoint - The article highlights the significant growth potential of the AI comic drama sector, with a projected market size exceeding 20 billion in 2025, driven by technological advancements and global expansion [1] Company Summary -阅文集团's stock has increased by over 5%, currently trading at 41.26 HKD with a transaction volume of 307 million HKD [1] - The company is actively expanding into the AI comic drama space, launching four major initiatives to enhance its ecosystem, including the release of 100,000 premium IPs and the establishment of a 100 million RMB creative fund [1] -阅文集团's CEO announced the upgrade of the "Creative Partner Program" at the 2025 Creative Conference, indicating a strategic shift towards the comic drama sector [1] - The company has already achieved significant viewership, with 30 of its comic drama productions surpassing 10 million views, and several titles exceeding 100 million views [1] Industry Summary - The AI comic drama sector is experiencing a compound monthly growth rate of 83%, with over 3,000 productions expected in the first half of 2025, resulting in a revenue scale increase of 12 times [1] - The overall market for AI comic dramas is anticipated to exceed 20 billion in 2025, indicating a robust growth trajectory [1] - 中航证券 emphasizes that the AI comic drama industry is entering a golden development period, driven by technological breakthroughs, surging demand, and accelerated international expansion [1]

AI 漫剧深度汇报：供需双轮驱动，产业爆发在即 20251026 摘要 短视频平台大力支持漫剧创作，市场需求旺盛，但供给相对不足，预示 着该领域存在巨大的增长空间和投资机会。 AI 技术显著降低漫剧生产成本，提升产能效益，Sora two 等 AI 技术的 应用预示 AI 漫剧将成为主流，并加速商业化进程。 抖音平台漫剧播放量自 2024 年 10 月起显著增加，至 2025 年 9 月达 36.5 亿次，平台供给量和点赞量也呈现高速增长，表明产业端正迅速崛 起。 漫剧产业链由版权方（IP 拥有者）、制作方和运营方构成，其中漫画改 编质量相对最优，全域营销 ROI 可达 1.8 倍，盈利潜力较高。 抖音平台漫剧变现模式成熟，包括会员付费、单集/全集付费，通过小程 序端原生和星图进行转换，变现方式包括 IAP 和 IA。 漫剧内容分为表情包漫剧、传统漫剧和 AI 漫剧，AI 漫剧制作成本大幅降 低，每分钟成本已控制在千元以内，提升了商业可行性。 投资者应关注具有内容优势（如荣信文化、阅文集团）和技术布局（如 快手、B 站）的平台公司，这些公司有望受益于 AI 漫剧情景的发展，呈 现螺旋性上升的成长机会。 Q&A ...

Core Insights - The rise of "manhua drama" as a new trend in the entertainment industry, characterized by its integration of comics, dynamic visuals, and animated expressions, is gaining popularity as a simpler and cost-effective alternative to traditional live-action short dramas [1][3][6] Group 1: Reasons for Popularity - Manhua dramas maintain the core appeal of short dramas, focusing on delivering immediate gratification through intense conflicts and engaging storylines [3][6] - The target audience for manhua dramas is primarily younger individuals, who resonate with the humor and cultural references embedded in the content [6][8] Group 2: Market Dynamics - The Chinese "pan-2D" user base has surpassed 500 million, indicating a strong market potential for manhua dramas, which aligns with the preferences of this demographic [8][12] - The production of manhua dramas is characterized by low costs, short production cycles, and reduced risks compared to traditional media, making it an attractive option for content creators [9][10][12] Group 3: Revenue Models and Future Prospects - The revenue model for manhua dramas largely mirrors that of live-action short dramas, relying on user engagement through subscription or pay-per-view mechanisms during key plot moments [13][19] - Despite the rapid growth in viewership and engagement, the supply of manhua dramas remains insufficient to meet the burgeoning demand, indicating a significant market opportunity [13][19] Group 4: Content and IP Significance - The narrative quality remains crucial, with many successful manhua dramas adapted from established web novels, leveraging existing fan bases and emotional connections [16][19] - The recent initiative by a major publishing group to fund and license IPs for manhua dramas highlights the importance of recognized content in driving audience engagement and market interest [16][19] Group 5: Cultural Reflection - The popularity of manhua dramas reflects a societal demand for accessible, emotionally resonant content, akin to how previous generations engaged with different forms of storytelling [17][19] - The emergence of manhua dramas should be viewed as an evolution in content consumption rather than a decline in quality, emphasizing the need for new narratives that resonate with contemporary audiences [20]

Group 1: Technology Innovations - Peking University has developed a new type of analog computing chip that significantly improves computing efficiency and reduces energy consumption, enhancing applications in artificial intelligence [2] - ByteDance's Seed team launched the 3D generative model Seed 3D1.0, capable of generating high-quality simulation-level 3D models from a single image, addressing current limitations in physical interaction and content diversity [4] Group 2: Market Trends and Insights - Multiple insurance investment institutions recommend prioritizing technology sectors, especially in Hong Kong stocks, as the trading congestion has eased and technology stocks are seen as more attractive in terms of price-to-earnings growth ratios [11] - QFII has increased stakes in 29 companies, focusing on advanced manufacturing sectors with strong performance, indicating a positive outlook for these industries [12] Group 3: Industry Developments - Alibaba's first self-developed AI glasses, Quark AI glasses, are set to launch with a pre-sale price of 3,999 yuan, featuring advanced functionalities [5] - The AI comic industry is experiencing rapid growth, with a significant increase in production and a projected market scale exceeding 20 billion yuan by 2025 [7]