行 业 及 产 业 行 业 研 究 / 行 业 深 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 2026 年 02 月 26 日 Seedance2.0 突破，AI 视频竞争 格局及产业链机遇 看好 ——GenAI 系列报告之 69 暨 AI 应用深 ...

Core Viewpoint - The article discusses the rapid rise of AI-generated animation dramas (AI漫剧) in 2025, highlighting their potential for profitability and the transformative impact of AI on the animation industry [3][4][5]. Group 1: Definition and Characteristics of AI漫剧 - AI漫剧 is a combination of traditional animation and AI-generated video technology, characterized by quick production and engaging storylines [10][15]. - The genre has quickly gained popularity, replacing previous dominant forms of animation due to its cost-effectiveness and ability to produce high-quality content rapidly [17][19]. Group 2: Market Growth and Production Data - In the first half of 2025, the total number of AI漫剧 released reached 3,000, with a compound growth rate of 83% [19]. - In September 2025 alone, over 6,500 new AI漫剧 were launched on Douyin, indicating a significant surge in production [19]. - The estimated monthly costs associated with AI image generation for these productions could approach 100 million yuan [20]. Group 3: Cost Efficiency and Profitability - The production cost for high-quality 3D animation content has been reduced to approximately 1,300 yuan per minute, compared to 15,000 to 40,000 yuan for traditional short dramas [38][39]. - AI漫剧 can achieve a production cost as low as 400 yuan per minute, significantly lower than previous costs before AI became prevalent [43][44]. - The average net profit for a paid AI漫剧 with over 10 million views can reach 200,000 to 300,000 yuan, with daily gross merchandise volume exceeding 10 million yuan on Douyin [49]. Group 4: Audience Demographics and Market Potential - The core audience for AI漫剧 is significantly younger, with a concentration between 24 to 30 years old, compared to traditional short dramas, which have a higher average age demographic [55][56]. - The AI漫剧 market is seen as a new growth opportunity, similar to the initial rise of short dramas, with keywords like "low cost," "high return," and "emerging industry" frequently associated with it [57][58]. Group 5: Industry Challenges and Risks - Despite the rapid growth, the industry faces challenges such as market saturation and the potential for low-quality productions due to the influx of new entrants [62][63]. - Many new teams lack experience, leading to inconsistent quality and reliance on AI tools that may not yield satisfactory results [70][76]. - The article notes that a significant portion of AI漫剧 fails to achieve substantial viewership, with only 12% surpassing 10 million views [83].

Core Insights - The year 2025 marked a significant shift in the AI landscape, with DeepSeek gaining prominence and the launch of the "Doubao" AI mobile assistant, which surpassed 159 million monthly active users, indicating a widespread adoption of AI technology in daily life [1][3][12] - The competitive dynamics in the food delivery sector intensified, with major players like Alibaba, Meituan, and JD.com engaging in aggressive subsidy wars, raising regulatory concerns about market practices [21][22][31] - The regulatory environment for AI and digital platforms is evolving, with a focus on compliance and governance, as seen in the tightening of rules around content moderation and advertising practices [2][18][30] AI Landscape - DeepSeek's open-source model significantly reduced training costs and disrupted the Silicon Valley-dominated AI narrative, being hailed as a "national-level technological achievement" [2][12] - The rise of AI products has led to increased risks, including misinformation and privacy concerns, as users engage with AI in various contexts [4][5][10] - The term "Slop" was coined to describe low-quality AI-generated content, highlighting the challenges of maintaining content integrity in the AI era [4] Advertising and Marketing - The concept of GEO emerged, where brands aim to influence AI-generated content to feature their products without direct advertising, reminiscent of early SEO practices [7][8] - Major AI platforms are grappling with the balance between monetization through advertising and maintaining user trust, with some exploring paid advertising models [9][10] Compliance and Regulation - A notable trend in 2025 was the emergence of AI misuse across various industries, prompting a reevaluation of platform governance capabilities [2][3] - The legal landscape for AI copyright disputes is becoming clearer, with significant cases involving major companies like Disney and OpenAI, indicating a shift towards recognizing AI-generated content as a potential copyright issue [12][13][14] Food Delivery Sector - The food delivery market saw unprecedented subsidy wars, with major companies committing billions to capture market share, leading to regulatory scrutiny [21][22] - Regulatory bodies have begun to intervene more actively, emphasizing the need for fair competition and consumer protection in the face of aggressive marketing strategies [22][31] User Engagement and AI Interaction - The relationship between users and AI is evolving, with increasing instances of users relying on AI for emotional support and companionship, raising ethical and privacy concerns [5][6] - The proliferation of AI tools has lowered the barriers for misuse, leading to new forms of fraud and misinformation in various sectors, including education and e-commerce [10][11] Content Governance - The enforcement of stricter content moderation policies has led to the suspension of accounts that engage in misleading practices, indicating a shift in platform governance strategies [30][31] - Platforms are reassessing their business models in light of the need for authentic content, as the erosion of trust could undermine their commercial viability [31]

Core Viewpoint - The importance of safety in AI products is emphasized, as any lapse could lead to significant consequences for the industry and public trust [1][3]. Group 1: AI Safety Concerns - The security testing results for AI hardware products are concerning, with vulnerabilities that could allow for malicious activities, such as using AI glasses for covert surveillance [3][5]. - The current state of security for embodied intelligent robots is described as "full of holes," indicating multiple vulnerabilities that could lead to harmful actions [3][5]. - There is a significant gap in understanding the value of security among many emerging AI startups, with some companies neglecting to establish dedicated security teams until late in their development [5]. Group 2: AI Mobile Assistants - The launch of the AI mobile assistant "Doubao" has sparked controversy regarding its system-level permissions and potential risks to user privacy [6][7]. - The regulatory landscape for AI assistants is evolving, with calls for balanced oversight that prevents both excessive regulation and unchecked growth [7][8]. Group 3: AI Content Regulation - New regulations require AI-generated content to have visible and hidden identifiers to ensure accountability and traceability [9][10]. - There are emerging black market activities focused on removing AI identifiers, posing challenges for content regulation [10][12]. Group 4: AI and Youth Protection - The rise of AI companionship products has raised ethical concerns, particularly regarding their impact on youth, with incidents of self-harm linked to AI interactions [13][14]. - Companies are implementing measures to protect minors, such as usage restrictions and behavior analysis to identify underage users [14]. Group 5: AI Copyright Issues - Ongoing disputes regarding AI copyright focus on the legality of using copyrighted material for training data and the responsibilities of AI platforms [15][17]. - Recent statistics indicate a significant number of copyright infringement cases related to AI in the U.S., highlighting the urgency of resolving these issues [17]. - Collaborative agreements between AI companies and copyright holders, such as the partnership between Disney and OpenAI, are seen as potential pathways to resolve disputes and foster innovation [19].

Group 1 - Disney announced a $1 billion investment in OpenAI, establishing a strategic partnership and content licensing agreement while simultaneously demanding Google to take down AI-generated content featuring its iconic characters [2][3] - The partnership allows Disney to access OpenAI's technology and tools, enhancing its capabilities in content and product development, particularly in the rapidly growing user-generated short video space [3][4] - This collaboration signifies a shift in how traditional content giants view AI, moving from seeing it as a threat to recognizing it as a valuable production tool that requires capital investment [3][4] Group 2 - The deal represents a new model for AI and intellectual property (IP) collaboration, emphasizing that high-quality training data is an asset that must be compensated [4][5] - The partnership sets a precedent for how AI companies will need to navigate copyright issues, as only authorized AI-generated content will be considered compliant [4][5] - The collaboration raises questions about revenue sharing and responsibility for improperly generated AI content, highlighting the complexities of IP rights in the AI era [5]

Core Viewpoint - Disney has issued a cease-and-desist letter to Google, accusing the company of large-scale copyright infringement through the use of AI models and related services, which generate and distribute images and videos involving Disney's classic intellectual properties for commercial use [1][3]. Group 1: Legal Actions and Allegations - Disney has engaged Jenner & Block law firm to send a letter to Google's General Counsel, stating that Google has unauthorizedly copied a significant number of Disney works as training material for its AI, resulting in copyright infringement [3]. - The letter highlights that the AI-generated infringing content includes characters from popular animated films such as "Frozen," "The Lion King," "Moana," and "The Little Mermaid," as well as characters from blockbuster franchises like "Deadpool," "Guardians of the Galaxy," and "Star Wars" [3]. - Disney has provided an example of an image of Darth Vader generated by Google's AI application through text prompts to illustrate the infringement [3]. Group 2: Demands and Industry Context - Disney demands that Google immediately cease the copying, displaying, distributing, or creating derivative content based on Disney characters across various platforms, including YouTube mobile, YouTube Shorts, and other Google AI output products [3]. - The company insists that Google implement technical restrictions in its AI services and all products integrating such AI functions to prevent future infringement at the source [3]. - This action by Disney aligns with its previous cease-and-desist letters to Meta and Character.AI, and it echoes a joint lawsuit with NBCUniversal and Warner Bros. Discovery against Midjourney and Minimax, demonstrating Disney's firm stance on protecting its intellectual property rights [3][4].

Core Viewpoint - The article discusses a landmark case in China regarding AI copyright infringement, highlighting the responsibilities of both users and AI platforms in the context of copyright law [1][4][12]. Group 1: Case Details - The Shanghai Jinshan District People's Court ruled on November 3 that a user infringed copyright by using images of the character "Medusa" from the anime series "Dou Po Cang Qiong" to train an AI model, resulting in a compensation of 50,000 yuan [1][4]. - The AI platform involved was not held liable as it had promptly removed the infringing model and updated its keyword filters after receiving a lawsuit, fulfilling its "notice-and-takedown" obligations [1][12]. - The user, identified as Li, used over 20 images of "Medusa" to create a model that allowed others to generate similar images, which the court deemed a violation of the original copyright holder's rights [4][12]. Group 2: Implications for AI Platforms - The court's decision sets a precedent for how AI platforms are treated under copyright law, emphasizing the need for platforms to respond quickly to infringement complaints and implement effective monitoring systems [1][12][14]. - The ruling aligns with previous cases, such as the "Ultraman AI infringement case," where courts found that platforms are not directly liable if they do not participate in the infringement and take appropriate actions upon notification [12][13]. - Legal experts suggest that AI companies should enhance their complaint handling processes, improve their content review systems, and clearly inform users about copyright risks when using training features [14]. Group 3: Industry Context - The popularity of "Dou Po Cang Qiong" has led to widespread AI-generated content, with many users creating videos and images based on the series, raising questions about the balance between creative expression and copyright protection [5][12]. - The emergence of user-generated content (UGC) communities and AI model fine-tuning presents new challenges for copyright enforcement, necessitating a reevaluation of the responsibilities of AI platforms [13][14].

Core Viewpoint - The case marks a significant development in the ongoing AI copyright dispute, establishing a precedent for how AI platforms and users may be held accountable for copyright infringement in China [1][5]. Group 1: Case Details - The Shanghai court ruled that the user, who used images of the character "Medusa" from the anime series "Dou Po Cang Qiong" to fine-tune a large model, infringed copyright and was ordered to pay 50,000 yuan in damages [1][3]. - The AI company was found not liable for the infringement as it had promptly removed the infringing model and updated its keyword filters upon receiving the lawsuit [1][5]. - The user’s actions were deemed to meet the standards of "access" and "substantial similarity," thus violating the original copyright holder's rights [3][4]. Group 2: Implications for AI Platforms - The ruling emphasizes the need for AI platforms to have effective complaint mechanisms and to act promptly on infringement claims to avoid liability [5][7]. - The distinction between AI platforms as "content providers" versus "technology providers" is crucial, with the court suggesting that platforms must be aware of potential infringement risks [6][7]. - Legal experts suggest that AI companies should enhance their compliance measures, including improving user agreements and providing clear warnings about copyright risks when using training functions [7].

Core Viewpoint - The article discusses the emergence of Sora 2 by OpenAI, highlighting its potential to revolutionize the AI video generation landscape and the competitive dynamics it introduces in both domestic and international markets [2][5][19]. Group 1: Sora 2's Features and Innovations - Sora 2 has made significant advancements over its predecessor, including the first-time synchronization of audio and visuals, improved physical accuracy, and enhanced resolution and detail, marking a pivotal moment in AI video generation [7]. - Compared to industry averages, Sora 2 excels in key performance metrics such as physical consistency, multi-shot storytelling, and audio-visual synchronization, outperforming by over 40% [7]. - The introduction of the "Cameo" feature allows users to create digital avatars and authorize others to use them, raising concerns about potential copyright infringement and misuse of digital assets [8][12]. Group 2: Market Dynamics and Challenges - Despite the excitement surrounding AI video models, the commercial viability remains uncertain, with high costs and unclear revenue prospects being significant barriers [5][12]. - OpenAI's new copyright policy aims to give IP owners more control over how their characters are used, but the challenge lies in balancing pricing and preventing IP misuse [12][14]. - The article suggests that while Sora 2 may resemble an AI version of social media platforms, it faces significant hurdles in achieving widespread user acceptance and creating sustainable IP assets [16][17]. Group 3: Competitive Landscape - The launch of Sora 2 has led to market reactions, including a drop in Meta's stock price, reflecting concerns about the potential disruption to existing social media ecosystems [16]. - The article emphasizes that while AI tools can democratize content creation, the true differentiator remains the creativity and storytelling ability of individual users, which AI cannot replicate [16][17]. - The current state of AI-generated content is characterized by high homogeneity and questionable quality, raising concerns about the future of artistic skills and content diversity [17].

Core Viewpoint - The article discusses the ethical and copyright issues surrounding AI-generated videos of deceased celebrities, particularly focusing on the case of Robin Williams and the implications of OpenAI's Sora 2.0 release, which has sparked significant controversy and backlash from family members and industry stakeholders [1][2][3]. Group 1: AI Video Generation and Controversy - The release of Sora 2.0 has led to a surge in AI-generated videos featuring Robin Williams, raising concerns about the manipulation of his image and voice without consent [1][3][5]. - Robin Williams' daughter has publicly condemned the creation of AI videos of her father, emphasizing the emotional distress it causes to the family and the disrespect it shows to his legacy [5][6]. - The rapid adoption of Sora 2.0, which reportedly surpassed one million downloads within five days, highlights the growing demand for AI-generated content, but also the challenges of regulating its use [5][6]. Group 2: Legal and Ethical Implications - The article outlines the legal framework in China regarding the posthumous rights of deceased individuals, indicating that family members can claim rights over the deceased's image and voice, which complicates the use of AI in recreating these figures [8][9]. - OpenAI has faced pressure from various stakeholders, including Hollywood unions and family members, to establish clearer boundaries regarding the use of deceased individuals' likenesses in AI-generated content [13][14]. - OpenAI has adjusted its copyright policy from an opt-out to an opt-in mechanism, allowing public figures to control the use of their likenesses in Sora-generated videos, although this does not address the rights of deceased individuals [14][15]. Group 3: Industry Response and Future Directions - The article notes that the backlash against AI-generated content is not isolated, as other companies in the industry have faced similar legal challenges and public outcry regarding copyright infringement [13][16]. - There is a call for a more structured approach to the ethical use of AI in recreating public figures, with suggestions for obtaining explicit consent from deceased individuals' estates and establishing clearer guidelines for AI platforms [9][16]. - The ongoing debate highlights the tension between artistic expression and the rights of individuals, suggesting that the industry is still in the process of finding a balance between innovation and ethical responsibility [16].