Group 1 - The core viewpoint is that AI and policy are driving the continuous increase in game content supply, with a projected 8% year-on-year growth in China's game sales revenue in 2025, significantly outperforming the retail sales growth of 3.7% [1] - The approval process for game licenses is expected to accelerate due to regulatory changes in 2025, with a monthly increase in the issuance of licenses [1] - The application of AI in the gaming industry is transitioning from B2B to B2C, with major games leveraging AI to enhance user engagement and content creation [2] Group 2 - AI game editors, exemplified by Tencent's "Peace Elite," have surpassed 33 million DAU, indicating a shift from B2B to C2B empowerment in the gaming sector [2] - The rise of user-generated content (UGC) is seen as a crucial phase in the gaming industry, with companies that integrate self-developed AI engines into their platforms likely to gain significant advantages [2] - A price war for new games is anticipated to restart in 2026, but low ARPU (Average Revenue Per User) games are expected to be less affected compared to high ARPU games [3] Group 3 - The revival of PC games is deepening, with an increasing proportion of cross-platform products, as development budgets for mobile games rise significantly [4] - Some leading projects are now exceeding traditional AAA console game budgets, indicating a shift in investment strategies within the industry [4]

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, while B2C games with high daily active users (DAU) are expected to see significant increases in both content and DAU through user co-creation driven by natural language AI game engines [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase, as well as those with key project reserves like 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sector's 3.7% growth [15] - The AI-driven evergreen games are extending their lifecycle, with major titles like "Honor of Kings" and "Crossfire" achieving historical highs during the Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - The revival of PC games is deepening, with an increasing proportion of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products are highlighted, including Tencent Holdings, which is expected to see significant growth from its AI engine-driven games [60][61] - Other companies to watch include Xindong Company, Giant Network, and Kyeing Network, each with promising projects and growth potential [60][61]

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, and significant content and DAU growth for large DAU games utilizing natural language AI game engines on the B2C side [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase [3][12] - The report suggests focusing on companies with key project reserves this year, including 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Industry Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sales growth of 3.7% [15] - The AI-driven evergreen games are experiencing extended lifecycles, with historical highs achieved during the 2025 Q1 Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - Trend 1: AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - Trend 2: A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - Trend 3: The revival of PC games is deepening, with an increasing share of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products include Tencent Holdings, Xindong Company, Giant Network, and NetEase [12][60] - Companies with key project reserves to watch include 37 Interactive Entertainment and Perfect World [12][60]

新京报贝壳财经讯（记者韦英姿）近日，昆仑万维发布昆仑天工音乐大模型产品Mureka V8，昆仑万维 董事长兼CEO（首席执行官）方汉在发布会现场表示，音乐行业每个环节都已经把AI写进授权、分 发、激励合作流程里，轨道一旦铺起来，（AI音乐）品类就会跑起来。 AI音乐是否会产生新的音乐品类？现场圆桌环节进行了一场交锋。昆仑天工董事长兼CEO （首席执行 官）周亚辉先生首先提出，AI音乐会成为新的音乐品类，"AI音乐能够将所有想要的乐器集成起来，这 是传统音乐很难具备的，涉及成本问题"。 AI能够加速音乐制作周期，对音乐产业的影响是量产。但高晓松强调，AI巨大的产量是Web2.0时代的 首页模式无法承受的，如果每天有几百首歌上传，而这些歌都是零收听、零评论。"所以要改变的是音 乐的呈现形态。" 编辑 袁秀丽 校对 王心 而著名音乐人高晓松认为，AI所创造的新音乐品类是产品品类，即UGC（用户生产内容），这种类型 以聚合流量的方式变现，而非版权。随即周亚辉提出，即使是UGC，AI也让现在的UGC比以前的好 看，以及能让更多用户生产内容。 但福气文化创始人、环球音乐Republic唱片中国首任董事总经理闻震认为，不只 ...

Core Viewpoint - The article emphasizes that user demand for quality content and social experiences remains unchanged, and AI serves as a productivity tool that alters the delivery logic of quality content, enabling personalized experiences and providing enjoyment through co-creation among developers, AI, and users [7][9]. Group 1: User-Product-AI Relationship - The introduction of Generative AI transforms the traditional binary relationship of product and user into a triadic relationship involving user, product, and AI, necessitating a redesign of experiences around personalization [11]. - Users are no longer passive recipients but active co-creators in the content generation process, leading to the emergence of new roles: "co-creators" and "producers" [11][21]. - The shift in user identity influences their expectations and the type of experiences they seek, with a spectrum of engagement from complete input to passive consumption [12][14]. Group 2: User Engagement and Experience - The article identifies two primary user mindsets: "producers," who enjoy the surprise of generated content, and "co-creators," who focus on the creative process and self-expression [21][40]. - The experience of "production" is likened to casual play, where users can generate content with minimal input, while "co-creation" involves deeper engagement and emotional investment [22][40]. - The potential for community-driven co-creation is highlighted, suggesting that user-generated content can lead to a richer and more engaging experience [47]. Group 3: Challenges and Opportunities - The article discusses the challenges of relying solely on user-generated content, noting that not all users possess the skills or clarity of demand to create meaningful contributions [18][20]. - It also points out that while AI can lower barriers for content creation, it may not adequately address the nuanced needs of skilled creators who seek control and quality [18][19]. - The need for a robust framework that supports long-term engagement through character development and social connections is emphasized, as mere casual generation may not sustain user interest [26][39]. Group 4: Future Directions - The article suggests that future products should focus on building character assets and community engagement to enhance the longevity and depth of user experiences [50]. - It proposes that successful applications will integrate user-generated content with AI capabilities to create a seamless and enjoyable experience, fostering a sense of ownership and connection among users [50][51]. - The potential for AI to facilitate emotional connections and social interactions is explored, indicating a shift towards more personalized and meaningful user experiences [68][70].

Core Insights - The Chinese gaming market is expected to achieve a sales revenue of 350.79 billion yuan in 2025, marking a year-on-year growth of 7.68% and reaching a historical high in user scale at 683 million, with a growth of 1.35% [3] Group 1: Market Trends - The gaming market is undergoing a significant transformation, with 2025 previously viewed as a year of steady growth, now showing potential for substantial change [1] - The FPS genre is gaining traction, accounting for approximately 20% of the market share in China, with expectations for further growth as new titles are released [5] - The domestic console gaming market is projected to reach 8.36 billion yuan in 2025, reflecting an impressive year-on-year growth of 86.33% [4] Group 2: Product Performance - The client game market is expected to generate 78.16 billion yuan in revenue, showing a significant year-on-year increase of 14.97% [5] - The shooting game category, despite only representing 7% of the top 100 mobile games, contributes 18.29% of the revenue, indicating a strong performance compared to previous years [7] - New game releases in the FPS category are anticipated to drive user engagement and revenue growth, with several titles already showing promising results [5][7] Group 3: User Engagement and Demographics - The rise of emotional content in gaming is becoming a trend, with games like "Supernatural Action Group" and "My Garden World" appealing to a growing female audience [11][13] - The female-oriented gaming market reached 8 billion yuan in 2024, growing by 124.1%, highlighting a significant shift in user demographics and preferences [13] - Emotional design in games is increasingly important, with users seeking emotional support and low-pressure experiences, influencing game development strategies [11][13] Group 4: Business Model Innovations - User-generated content (UGC) is becoming essential for sustaining high daily active user (DAU) products, with a significant portion of users willing to pay for UGC skins [17] - The mini-program game market is projected to generate 53.54 billion yuan in 2025, with in-app purchases accounting for 68.11% of total revenue [18] - Advertising revenue from mini-program games is also on the rise, with a notable increase in user acceptance of in-game advertisements [20][21]

一是新作者成长路径过窄； 二是内容形态和消费场景错配——它只适配成熟的、完整的文章，而不是日常表达。 我过去一直觉得，公众号有两个结构性问题： 很多内容，真正有价值的核心观点可能就一两段话。但为了适应标题+长文的公众号结构，创作者往往被迫扩写：正反举例、反复论证，把一个 再简单不过的判断拉扯成一篇文章。结果要么是为难读者，要么是折磨自己。 当然，文章有它的优势——系统表达、便于传播。但问题在于：不是每个人都有、也不应该被要求具备稳定写长文的能力。 而公众号的 slogan 是「再小的个体，也有自己的品牌」，鼓励个体本身就是写进微信DNA的价值观。即便龙哥早就说过公众号不是为自媒体准 备的，但过去的产品形态，客观上确实压抑了表达欲。 而且一直到18年，才有了公众号助手App手机移动短内容发布的能力，但那会哪怕是短内容： 一天只能发一次、短图文不能转发分享、强烈依赖后台、电脑端操作 这套机制，本质上还是媒体编辑制，不是普通人表达制。 即便行业里今日头条好多年前就开始尝试头条号-微头条的解题思路，即便小红书的UGC更活跃。但到微信要尝试做短图文，也还在视频号和公 众号里面多路尝试纠结很久。。很多创作者已经跑去新的平 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The partnership between Disney and OpenAI marks a new paradigm of "IP + AI," indicating a shift in Hollywood's approach to AI-generated content [7] - The collaboration includes IP licensing, a $1 billion equity investment from Disney in OpenAI, and the application of OpenAI's technology to enhance Disney's creative processes and develop new products for Disney+ [7] - The company is expected to benefit directly from this partnership, particularly through the increase in user-generated content (UGC) on Disney+ [7] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are estimated at HK$29.9 billion, HK$35.7 billion, and HK$43.0 billion respectively, with corresponding P/S ratios of 4.6, 3.7, and 3.1 [2] - Adjusted profits for the same period are forecasted to be HK$2.1 billion, HK$3.3 billion, and HK$4.2 billion, leading to P/E ratios of 51, 34, and 26 [2] - The company’s revenue for 2024 is projected at HK$2.401 billion, with a growth rate of 20.01%, and net profit is expected to reach HK$143 million, reflecting a significant increase of 1925.62% [8][9]

Core Insights - The AI wave is transitioning from laboratories to industry, with 2025 being positioned as the "year of AI application explosion" [1][4] - Century Huatong has deeply integrated AI into its operations, achieving a 60%-80% increase in production efficiency in art production through AI tools [1][4] - Despite the enthusiasm, there are three major obstacles to the large-scale implementation of AI: the noticeable traces of technology, misaligned industry perceptions, and the dual pressures of cost and compliance [1][5] Industry Trends - AI-native games are still in the early exploration stage, with most applications of AI limited to art, music, and gameplay design, while truly personalized gaming experiences remain rare [2][5] - Users prioritize product quality and intellectual property (IP) over the use of AI, indicating that AI is merely a creative tool that must enhance user experience [2][5] - The next 3-5 years are expected to see a dramatic decrease in creative barriers due to AI, leading to an explosion of user-generated content (UGC) [2][6] Future Outlook - As the UGC ecosystem matures, managing IP will become a significant challenge for the industry, requiring core competencies from practitioners [2][6] - The AI industry's path to breakthrough will ultimately focus on user-centric and value-driven approaches, with Century Huatong committed to long-term engagement in AI application practices [3][6]

Core Insights - The article discusses the emergence of MovieFlow, an AI video platform that allows users to create films quickly and efficiently, contrasting it with the traditional film industry which is experiencing a decline [4][5][11]. Group 1: MovieFlow and Its Impact - MovieFlow enables users to produce content equivalent to 240,000 minutes of Chinese TV series in just three days, showcasing its efficiency compared to traditional methods [4]. - The platform has gained over 400,000 users globally within two months of its launch, indicating a strong market demand for AI-driven content creation [4]. - The founder, Liang Wei, aims to democratize filmmaking, allowing ordinary people to tell stories and create content, thus transforming the landscape of the film industry [12][13]. Group 2: Challenges in the Traditional Film Industry - The Chinese film industry has seen a significant decline, with box office revenues dropping from 60 billion yuan in 2019 to around 40 billion yuan, leading to a challenging environment for traditional filmmakers [4][11]. - Liang Wei's experiences highlight the difficulties faced in the traditional film sector, including project cancellations and financial losses, which have prompted a shift towards AI solutions [9][10][11]. - The current business model in the film industry is unsustainable, with production costs exceeding revenues, resulting in most companies struggling financially [11]. Group 3: Future Vision and Business Model - Liang Wei envisions building a user-generated content community similar to YouTube, where users can create high-quality content with AI assistance [12][13]. - The platform will initially be free to attract users, with plans to monetize through value-added services and brand partnerships in the future [13]. - The goal is to reach 1 million users by early next year and 10 million by mid-year, indicating ambitious growth plans for MovieFlow [13].