华泰证券研报表示，12月11日，华特迪士尼公司与OpenAI宣布达成为期三年的战略授权协议，首次将 迪士尼旗下跨品牌IP系统性引入生成式AI视频平台Sora。我们认为此举有望树立AI版权合作范式：1） 对迪士尼：依托Sora新型社交+AI创扩大IP价值、延长其生命周期，且粉丝UGC二创也有望反哺 Disney+的生态提升平台活跃度和订阅转化；此外，IP授权将扭转之前AI内容生成背景下的被动维权现 状，转为主动分享收益纳入商业体系。迪士尼也将用AI革新其自身内容生产流程。2）对Open AI：迪 士尼的顶级IP资源加持下，Sora和ChatGPT Images的产品竞争力增强，用户粘性有望提升；也树立了业 内领先的AI+IP合规应用范式，吸引其他IP资源公司的合作。 ...

Group 1 - The core viewpoint of the article highlights a three-year strategic licensing agreement between Disney and OpenAI, marking the introduction of Disney's cross-brand IP into the generative AI video platform Sora [1] - For Disney, this partnership is expected to enhance IP value and extend its lifecycle through the innovative social and AI features of Sora, while user-generated content (UGC) is likely to boost the engagement and subscription conversion of Disney+ [1] - The licensing agreement allows Disney to shift from a passive rights protection stance in the context of AI content generation to an active revenue-sharing model, integrating it into their business framework [1] Group 2 - For OpenAI, the collaboration with Disney's top-tier IP resources is anticipated to strengthen the competitiveness of Sora and ChatGPT Images, potentially increasing user retention [1] - This partnership sets a leading industry standard for compliant applications of AI and IP, which may attract collaborations from other IP resource companies [1]