西湖区能率先进入AI漫剧产业赛道，一方面源于长期坚持科创、云创、文创"三创融合"打下的产业 基础。据了解，该区荣登"2025中国文化产业竞争力百强区指数"第四，在浙江省"人工智能+文化"重点 项目中领跑全省。另一方面，西湖区还布局了云城犀谷等AI特色产业园。该园区位于紫金港科技城核 心，将聚焦打造"AI+文化"一站式服务生态，目前已吸引"与光同尘"等AI影视科技领域重点企业入驻， 并在技术、内容与应用融合等方面完成初步布局。"我们将联手浙江大学、浙江省数据知识产权研究基 地等机构，推动区域从'AI文化产业生态区'向'AI数字文化贸易和保护标准实践创新生态区'升级，打通 覆盖创作、流通、变现、保护与标准制定的全链条生态。"该园区负责人刘俊说，为"AI+文化"融合发展 提供西湖样本。 近日，西湖区云城犀谷迎来重要时刻——AI+文化产业园正式落地，同步启动全国AI漫剧大赛。作 为浙江省文化产业与贸易的先行区，西湖区提出打好"政策+服务+改革"组合拳，深化书、影、漫、游 协同联动，在"十五五"开局时取得了亮眼成绩——去年1月至11月，全区文化"新三样"规上企业达71 家，实现营业收入160.8亿元，增长10.4%；文 ...

全文共23页，6万多个样本数据，万字数据报告全面解读漫剧行业最新的数据资料，行业核心观点与年度趋势。 本文为精简版，主要突出核心内容以及观点。 一、总体情况 （一）市场规模预估 2025年以前，漫剧市场的作品供给量不足千部。2024年末漫剧供给端开始试探性布局，但仍未形成规模效应，2025 年出现史诗级爆发，仅抖音端原生漫 剧的上线数就突破6万部。 DataEye研究院预估，考虑抖音端原生付费模式、免费模式、免费APP以及其他社媒渠道，2025年漫剧市场规模可达168亿。 2025年，漫剧市场以付费模 式或混合付费模式为主，但2025年Q4，部分漫剧厂商开始上线免费漫剧APP，以及将已有的付费漫剧转为"付免混合"模式。 2026年，考虑到免费漫剧兴起，DataEye研究院预估漫剧市场规模可达243.6亿元，涨幅达45%。 2024年起，抖音及快手平台端原生漫剧内容开始兴起，部分动漫厂商开始布局端原生漫剧，主要以表情包/沙雕漫剧和小说漫为主，内容来源主要是小说 改编，但播放量也仅为2025年的十分之一。 2025年是漫剧爆发元年，市场整体播放量超700亿，仅抖音端原生漫剧的播放量就达到了整体漫剧市场近70%。 ...

01丨 ETF流出对行情影响如何 近期宽基ETF明显流出，近2周累计流出约6000亿元。 西部证券认为此次ETF大幅流出的核心导火索是成交额的异常放量 。单日成交额最高水 平逼近4万亿大关，这种成交额异常放量极有可能吸引大量投机资金入场。 0 2丨 漫剧迎来"黄金窗口期" 当前，短剧市场规模已近千亿，验证了碎片化娱乐的商业潜力， 而漫剧（动态漫）正借 助AI技术红利成为新的增长极。 2025年上半年，抖音端漫剧日均GMV突破千万（同比 增长1532%），投流日耗破400万（同比增长5 6 8%），标志着赛道商业化变现闭环已彻 底跑通。 如果没有ETF资金流出对冲，放任成交量继续无序放大，财富效应将吸引大量场外资金跑 步入场，形成短期脉冲式行情，类似2007＆2015年，成交放量后行情终结。 当前ETF资金大幅流出并不意味着行情终结 ，相反，成交额回归平稳后，类似于2 0 2 0 - 2 0 21年，慢牛行情更可持续。股市波动率降低，反而契合了追求"稳健收益"的银行理财 资金和保险资金的偏好。 国金证券计算机团队指出，2026年是漫剧发展的"黄金窗口期"，预计2 0 2 6年市场规模有 望突破220亿元。行业逻 ...

AI 应用与传媒互联网更新及标的推荐 20260125 摘要 AI 应用落地场景拓展，重塑商业叙事。Anthropic 的 Claude Skills 和 国内字节跳动的 Coze 2.0、MiniMax Agent 2.0 等聚焦优化日常工作 流，提高专业知识传授与执行效率，标志着 AI 应用从个人用户向职场人 士拓展。 国内外头部互联网公司在 AI 应用领域竞争激烈。国内春节期间，豆包、 千问、元宝竞争移动互联网入口；海外 OpenAI 加速商业化，计划二月 启动广告变现，对中国市场产生潜在影响。 AI 技术逐步改变游戏行业，巨人网络与巨量引擎合作探索 AI 技术结合点， 通过引入大模型技术优化游戏开发流程，提高创意生成效率，并增强用 户体验。 OpenAI 商业化进程加速，计划二月启动广告变现，可能促使中国相关 企业加速跟进，推动国内市场竞争加剧，影响中国企业布局自身产品及 服务。 AI 编程工具如 Claude Skills 通过模块化能力封装框架，将复杂任务指 令打包成技能包，高效完成任务，降低错误率，提高准确率，并允许其 他平台接入适配。 Q&A 今年（2026 年）AI 应用市场的整体行情如何？ ...

Group 1: Gold Market - Goldman Sachs raised its gold price target for 2026 from $4,900 to $5,400 per ounce, driven by private investors diversifying their portfolios to hedge against global policy risks [1] - Gold prices recently reached a historical high, surpassing $4,900 per ounce, with a year-to-date increase of over 14% [1] Group 2: Semiconductor Industry - A surge in demand from large cloud service providers has led Intel and AMD to sell out their server CPU capacity for 2026, prompting a planned price increase of 10-15% for server CPUs [1] - The semiconductor sector is viewed as a significant investment opportunity, particularly in the context of AI-driven innovations in computing architecture [1] Group 3: ByteDance and AI in Animation - ByteDance's animation sector has reached a peak daily expenditure of 30 million, with the overall market expected to grow to 22 billion yuan by 2026 [2] - AI integration in animation production is significant, with cost reductions of over 70% and efficiency improvements of over 80% [2] Group 4: Xiaomi's Share Buyback - Xiaomi announced a share buyback plan of up to 2.5 billion HKD, coinciding with a decline in its stock price, which has dropped 42.65% from its peak [3] - The buyback is seen as a response to the company's recent stock performance and rising industry storage costs [3] Group 5: Robotics Industry - Yushun Technology clarified that its humanoid robot shipments exceeded 5,500 units in 2025, with production volume surpassing 6,500 units [3] - The company is preparing for an IPO in the domestic market after completing its IPO guidance work [3] Group 6: Fund Management and Market Trends - Public funds increased their holdings in non-ferrous metals, chemical, and non-bank financial sectors during the fourth quarter of 2025, despite a generally volatile A-share market [5] - The total net asset value of public funds exceeded 37.64 trillion yuan by the end of 2025, marking a historical high [5] Group 7: IPO Developments - Qinheng Micro's IPO application for the Sci-Tech Innovation Board was terminated, marking the second IPO termination in 2026 [9] - Alibaba is reportedly planning to spin off its AI chip division, Pingtouge, for an independent IPO, reflecting a trend of domestic AI chip companies moving towards public offerings [11]

Core Viewpoint - The report from CITIC Securities highlights the growth potential of the Douyin (TikTok) giant engine in the comic drama sector, predicting a market size of 22 billion yuan by 2026, indicating sustained high industry vitality [1] Group 1: Market Insights - On January 20, Douyin's giant engine held a comic drama ecological conference in Hangzhou, revealing that the peak daily consumption in the comic drama sector reached 30 million [1] - The overall market scale for comic dramas is expected to reach 22 billion yuan by 2026, reflecting a continuation of high industry vitality [1] Group 2: Content and Technology Trends - High-quality content, including AI-generated dramas, adaptations of popular IPs, and innovative themes, shows a higher success rate in the market, indicating a competitive advantage for quality content [1] - AI technology has been deeply integrated into the comic drama production pipeline, significantly reducing costs and increasing efficiency [1] Group 3: Commercialization Strategies - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] - The industry outlook for AI dramas remains positive, with a recommendation to focus on companies that possess quality IP and production capacity [1]

Summary of Conference Call on AI Applications in Advertising Industry Industry Overview - The focus is on the AI applications in the advertising industry, particularly the transformation of advertising agencies' business models driven by AI technologies [1][2]. Core Insights and Arguments - AI applications are expected to thrive in 2026, with domestic C-end applications likely to lead over international counterparts. The shift in traffic distribution from traditional search engines to AI presents opportunities for advertising agencies [1]. - Advertising agencies like BlueFocus are leveraging AI tools to enhance ROI, with gross margins significantly increasing to 40%-50%, making their stock performance reasonable and worthy of investment [1][3]. - The relationship between advertising agencies and AI tools is competitive yet cooperative. Middle service providers can optimize ad effectiveness through AB testing without facing significant threats to their survival and profitability [4]. - Success in the AI advertising paradigm (GU paradigm) hinges on technology, data, industry chain closure, and information acquisition capabilities. Companies with scale advantages and resource endowments are emerging as leaders [5]. Investment Opportunities - Potential investment targets include advertising agencies with substantial scale and significant gross margin improvement potential, such as BlueFocus. Companies with data resource endowments like Xinhua Net, People’s Daily, and Blue Ocean Media, as well as those with technological barriers and data monitoring capabilities like Yidian Tianxia and HuiLiang Technology, are also worth considering [5]. - The AI application trend is expected to expand into e-commerce (notable companies include ZhiDeMai and JiaoDian Technology), animation and drama (Kuaishou, Huanrui Century, and Rongxin Culture), and gaming (Giant Network, Century Huatong, Perfect World, and 37 Interactive Entertainment) [1][6]. Additional Insights - The gaming sector is identified as the most undervalued and high-certainty area, with companies like Giant Network and Century Huatong showing strong potential, while Perfect World and 37 Interactive Entertainment may launch blockbuster products by 2026 [6].

（央视财经《正点财经》）目前，AI技术在漫剧创作中的应用日益广泛，从剧本生成、人物建模到场 景绘制、配音合成等都实现了全流程数字化制作，提高了效率、降低了成本。同时，多家平台在资金、 流量和技术IP改编权等多方面为制作企业和个人提供支持。 公开资料显示，目前，多家线上平台已推出精品漫剧扶持计划，包括成本承担、AI技术支持、流量推 送等，总资金规模超5亿元，引导个人创作者和企业挖掘传统文化、提升产品质量。也有业内人士指 出，AI技术的应用推广，算力成本将是未来产品竞争的重要影响因素。 转载请注明央视财经 编辑：令文芳 浙江省杭州市某文化创意企业创始人 孙坚：相较原有的流程，时间成本基本上能缩到十分之一。 据了解，借助AI工具，一人就可以完成剧本分镜撰写、镜头生成、动图组合等全流程，完成一部质量 较高的作品。记者走访多家漫剧制作企业了解到，相较于2025年上半年，下半年多款AI漫剧制作工具 在完成速率、制作效果、文本理解能力等方面明显提升，这也是漫剧产品量、质同步提升的重要原因。 在浙江杭州拱墅区的一家漫剧制作企业，一场角色分镜讨论会议正在进行，屏幕上显示的所有人物形 象、场景图像均由AI工具制作。企业负责人孙坚 ...

Core Insights - The competition between ByteDance and Reading Group in the manga drama sector is not just a business rivalry but a battle for dominance in a 20 billion market [1] - The emergence of AI-generated manga dramas addresses production pain points in traditional short dramas, significantly reducing production time and team size [1] IP Competition - Reading Group holds a substantial IP library with over 14 million works and 9.4 million creators, creating a nearly insurmountable resource barrier [2] - 70% of Reading Group's manga dramas with over 10 million views in the first half of 2025 are adaptations of top IPs, leveraging a stable fan base to reduce promotional costs [2] Free Strategy by ByteDance - ByteDance adopts a free strategy with over 60,000 original IPs, focusing on high-emotion, fast-paced content that is well-suited for short video distribution [3] - ByteDance offers a 90% revenue share to copyright holders and production subsidies of 5,000 to 20,000 yuan per episode to attract production teams [3] Collaboration Models - Reading Group invests in top production companies like Soy Sauce Animation, securing quality production capacity through capital binding [5] - ByteDance employs an open platform strategy, signing numerous framework agreements to attract large-scale teams and challenge Reading Group's IP monopoly [5] Differing IP Strategies - Reading Group focuses on long-term value development of its IPs, while ByteDance treats its free web novel IPs as fast-moving consumer goods [6] Flow Battle - ByteDance leverages its platforms like Douyin and Hongguo to create a massive user flow, with over 5 billion users on Hongguo, targeting the core audience of manga dramas [8] - ByteDance's algorithmic capabilities enhance content exposure conversion rates by over 300%, significantly outperforming industry averages [8] Monetization Strategies - ByteDance's monetization model is straightforward, focusing on "free viewing + ads + cash withdrawal," aiming for rapid returns and large-scale profitability [10] - Reading Group's approach is more strategic, using manga dramas to test IP market potential and drive revenue across multiple business lines [13] AI Competition - The competition has evolved into an AI-driven race, with ByteDance focusing on industrial efficiency and rapid content production [16] - Reading Group's AI strategy emphasizes IP value extraction and quality content development, ensuring that adaptations remain true to original works [17] Ecosystem Positioning - ByteDance aims to create a "content production-distribution-profit" loop, while Reading Group seeks to establish manga dramas as the core of its IP ecosystem [20] - Both companies face challenges: ByteDance struggles with sustainable content quality, while Reading Group needs to enhance its flow operations and monetization efficiency [21] Future Outlook - The competition will intensify in three areas: AI application, IP and flow integration, and overseas market expansion [24] - The ongoing rivalry is reshaping the industry landscape, with both companies influencing the future of the manga drama sector [26]

中国经济网北京1月15日讯(记者鞠然)1月14日，AI漫剧.新物种大会在北京圆满举办。偌大的会场座无虚 席，两侧过道里也站满了听众。行业领袖、技术专家与创作精英围绕AI与漫剧融合的新逻辑、新赛道 与新未来展开深度研讨，为推动漫剧产业全链路重塑、实现高质量发展注入新动能。 当前，漫剧赛道正迎来爆发式增长，成为文娱市场的新兴增长点。巨量引擎数据显示，今年上半年漫剧 供给量以83%的复合增长率持续扩容，对外输出超3000部作品，流水规模翻了12倍。在此背景下，本次 大会以"重塑漫剧生产的全链路"为核心议题，邀请多位重量级嘉宾，从技术、生产、商业、出海四个维 度深度拆解产业发展密码，为行业发展厘清方向。 产能跃迁是AI赋能漫剧产业的重要突破口。生数科技副总裁王川在分享中指出，规模化创作的关键在 于"稳效"。他表示，通过多参模型垂直主体库，AI技术能够更精准地实现情绪与镜头的突破，助力行业 构建标准化的数字生产线，推动漫剧生产从传统"手工"模式向数字生产线模式转型。这一转型将大幅降 低制作成本，据悉，已有企业通过自研AI工具链，将传统11个制作环节压缩至5步，成本降低60%，制 作周期缩短50%-70%。。 大会下半场 ...