1月15日，千问App宣布全面接入淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，实现点外 卖、买东西、订机票等AI购物功能，并向所有用户开放测试；1月14日晚，博纳影业在深交所互动易表 示，自研的两款AI应用产品上线公测，持续面向影视行业创作者进行推广和共创；分众传媒董事长江 南春透露，2026年将推出分众智投产品，目前内部开发的AI智能体"众小智"已投入应用。 ...

人民日报记者 孙海天 上一秒还置身飞机客舱内，推开一扇门，就来到写字楼办公室；再推开一扇，眼前又变成热闹集 市……在海南省陵水黎族自治县黎安片区，由1.4万平方米荒废农贸市场改造而成的海风国际影视基地 里，90余个拍摄场景智能联动，实现"移步换景"。 高效的场景转换，照见海南短剧产业的"快进"发展。作为发展新质生产力的重要引擎，海南数字经 济近年来异军突起："十四五"以来，海南数字经济核心产业规上企业由256家增加到499家，2024年实现 整体营收超2000亿元，预计2025年将突破2300亿元。 作为一个产业基础曾相对薄弱的省份，海南如何打破数据流动的"无形之墙"，如何成为数字文化出 海新高地，又为何成为国际数字企业的新选择？记者近日走访了海南多地。 筑牢底座 从数据"高速公路"到海底"超级大脑" 在海口龙华动漫产业园二期，色彩明亮的建筑间，前沿的跨境贸易正在进行。 "我们做的是'来数加工'，类似'来料加工'，加工原料是数据订单。"海南漫创云帆科技有限公司的 工作人员正利用"AI+人工"模式，将国内的一部仙侠网络文学IP转化为精美的动漫视频。 企业工作人员介绍，之前在其他城市，国际互联网访问需绕道，费用高 ...

GEO 概念火热，AI 催化下传媒板块如何演绎？ 20260114 摘要 全球生成式搜索（GO）市场空间广阔，预计未来几年将实现双位数增长， 2025 年已达百亿美元规模，国内市场起步较晚但增速可观，有望达到 千亿美元规模。 GO 对广告行业商业模式产生深远影响，传统项目制收费模式或向订阅 制或按效果付费转变，广告公司需转型为营销技术服务商，提供 AI 搜索 引擎优化等服务。 品牌方（尤其是中小品牌）、电商代运营公司、高质量语料平台、内容 监管公司以及互联网大厂等都将受益于 GO 带来的产业变革。 AI 应用是 2026 年传媒行业的重要投资主线，AI 漫剧、AI 视频、AI 广 告等领域均展现出技术变革下的产业趋势，值得持续关注。 AI 资本化加速，美国市场经验表明资本开支领先商业化约一年，预计 2026 年将迎来 AI 应用商业化拐点，具备流量、模型和数据优势的大厂 及垂直赛道值得关注。 看好 AI 交互产品（如可灵）、具备优势的大厂（如腾讯）、海外已验证 的垂直赛道（如 AI 广告、AI 电商）以及 AI 加游戏厂商等具体方向。 传媒 ETF 受益于 AI 应用催化，规模已超 110 亿，成分股包括广告 ...

Core Insights - The report highlights the strong performance of the semiconductor industry, with a 5.11% increase in December 2025, outperforming the broader market indices [15][16] - The automotive sector is projected to achieve record production and sales, exceeding 34 million units in 2025, maintaining its position as the world's largest market for 17 consecutive years [9][6] - The gaming industry is experiencing steady growth, with animation films leading box office revenues, indicating a robust demand for content in the entertainment sector [23][25] Domestic Market Performance - The Shanghai Composite Index closed at 4,126.09, down 0.31%, while the Shenzhen Component Index rose by 0.56% to 14,248.60, reflecting mixed performance across different indices [4] - The A-share market has shown signs of increased trading activity, with a total transaction amount of 36,991 billion, indicating a return of investor confidence [10][11] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the Nikkei 225 rose by 0.62% to 26,643.39, showcasing varied performance across global markets [5] Industry Analysis - The semiconductor sector is expected to continue its upward trajectory, driven by strong demand for AI-related hardware and increasing capital expenditures from major tech companies [15][16] - The food and beverage sector has faced challenges, with a 4.05% decline in December 2025, particularly in traditional categories like liquor and meat products, while emerging categories like snacks and health products remain resilient [19][20] - The new materials sector has shown strong performance, with a 7.20% increase in December, indicating a growing demand for advanced materials in various industries [27][28] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as semiconductor equipment, storage solutions, and AI-driven technologies, as these areas are expected to benefit from ongoing industry trends [17][31] - In the food and beverage sector, investment opportunities are recommended in soft drinks, health products, and baked goods, which have shown resilience despite overall market challenges [19][20] - The gaming and animation sectors are highlighted for their growth potential, with specific companies recommended for investment based on their strong market positions and innovative content offerings [23][25]

Core Insights - Hainan's digital economy is rapidly developing, with the number of core industry enterprises increasing from 256 to 499 since the start of the 14th Five-Year Plan, and projected revenues exceeding 200 billion yuan in 2024 and 230 billion yuan in 2025 [1][2] Group 1: Digital Infrastructure - Hainan has established a robust digital infrastructure, including the completion of undersea cables that significantly reduce latency for international data transfer, enhancing the efficiency of businesses in the region [2][4] - The first commercial underwater data center is operational, providing a 40% increase in energy efficiency compared to land-based data centers, addressing global high-energy consumption challenges [4] Group 2: Digital Trade and Services - The digital trade volume in Hainan is expected to reach 28.79 billion yuan in 2024, marking a 44.5% year-on-year increase, driven by advancements in digital services and infrastructure [4] - Hainan's game export public service platform has facilitated the launch of 201 games, with over 10 million overseas registered users, streamlining the process for small teams to enter international markets [5][6][7] Group 3: Policy and Regulatory Environment - Hainan's transparent regulatory framework is a significant draw for businesses, with ongoing innovations in free trade policies aimed at ensuring the secure and orderly flow of data [8][9] - The establishment of a negative list for data export management has simplified compliance for companies, reducing operational costs and attracting both domestic and foreign investments [8][9] Group 4: Future Prospects - Hainan is set to officially close its borders on December 18, 2025, marking a new phase of development that will further enhance financial policies and facilitate easier capital flow for small and medium enterprises [9]

2026年1月14日 证券研究报告 | 传媒行业1月投资策略 GEO重构流量与内容服务生态，AI应用开启向上新周期 | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | | --- | --- | | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cn | chenyaorong@guosen.com.cn | | S0980517060002 | S0980523100001 | 请务必阅读正文之后的免责声明及其项下所有内容 行业研究 · 深度报告 传媒 · 传媒 投资评级：优于大市（维持） 报告摘要 12月跑输市场。1）25年12月份传媒板块（申万传媒指数）下跌1.60%，跑输沪深300指数3.88百分点，在申万一级31个行业中排名第25位；2）三人行、百纳千成、电广传媒、广 西广电涨幅居前，ST返利、浙文互联、华谊兄弟、贵广网络等跌幅居前；3）估值来看，当前申万传媒指数对应TTM-PE 45.8x，处于过去5年69.7%分位数。 版号数量维持高位，关注新品周期、景气度与AI应用驱动下的板块机会。1）12月份共有144款国产游戏和3款进口游戏过审， ...

Group 1: Market Overview - In December 2025, the media sector (Shenwan Media Index) declined by 1.60%, underperforming the CSI 300 Index by 3.88 percentage points, ranking 25th among 31 industries [4][18][23]. - The current TTM-PE for the Shenwan Media Index is 45.8x, which is at the 69.7th percentile over the past five years, indicating a relatively high valuation [4][23][27]. - Notable stock performances in December included gains from Sanrenxing (30%), Baina Qiancheng (25%), and Guangxi Guangdian (19%), while ST Fanli and Zhejiang Wenlian saw declines of 20% and 19% respectively [4][28][29]. Group 2: Gaming Sector - In December 2025, a total of 144 domestic games and 3 imported games were approved, with a cumulative issuance of 1,772 game licenses in 2025, representing a year-on-year increase of 25.1% [4][38]. - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a growth of 7.7%, with mobile and client games expected to reach 257.1 billion and 78.2 billion yuan respectively, growing by 7.9% and 15.0% [4][39][46]. - The self-developed games' overseas revenue is expected to reach 20.5 billion USD in 2025, with a year-on-year growth of 10.2% [4][49]. Group 3: Film and Television Sector - The total box office in December 2025 reached 3.712 billion yuan, a significant increase of 58.0% year-on-year, primarily driven by the success of "Zootopia 2" [4][59]. - The top five films in December by box office included "Zootopia 2" (2.097 billion yuan), "Avatar 3" (774 million yuan), and "The Amazing Heist 3" (380 million yuan) [4][66]. - In the drama market, "The Big Businessman" led with 754 million views, followed by "Old Uncle" and "Tang Dynasty Mystery" with 667 million and 567 million views respectively [4][75]. Group 4: AI Applications - The global GEO market is expected to reach 24 billion USD by 2026 and 100 billion USD by 2030, with the domestic market projected to reach 11.1 billion yuan by 2026 [6]. - GEO is reshaping the flow of traffic and content service ecosystems, transitioning from "list links" to "direct answers," which compresses intermediary value and amplifies the value of content sources [6][7]. - The application of AI is anticipated to enhance the overall valuation of the sector, with a focus on gaming and publishing industries benefiting from strong new product cycles [7].

近日，河南一座拥有 6000 年历史的古村因 "竖店影视基地" 称号意外走红，全村人人当群演、鸡鸭鹅驴 齐上阵的奇观引发热议 —— 当地一头驴的日片酬高达 500 元，闲置老宅成天然片场，外出年轻人纷纷 返乡就业。针对这一现象，盘古智库研究员、凤凰"K说联盟"成员储殷对凤凰网财经明确表态："横店 能行，竖店更能行"，盛赞该模式是乡村文化经济升级的典范。 在储殷看来，竖店模式精准契合乡村振兴战略的核心诉求。"农村土地与人力成本优势显著，再叠加有 经验的短剧从业者，没有理由做不起来。" 他认为，文化产业不能仅依赖大城市和精英群体，中国十几 亿人的多层次文化需求，需要农村文化潜能的充分释放。储殷特别提到，这种的模式，既保留了乡村本 色，又创造了多元收入，是对民宿、旅游等传统乡村经济模式的升级迭代。 不过储殷也强调，产业健康发展离不开规范引导。"政府需提供配套支持，行业要建立发展标准，仅靠 市场自发生长远远不够。" 但他对竖店的未来充满信心："万事开头难，竖店已经迈出了最珍贵的第一 步，只要稳扎稳打，未来绝不亚于横店的成就。" 储殷指出，竖店的崛起具备比当年横店更优越的基础条件。"如今短剧产业已形成完整产业链，演员、 ...

2026年1月14日早盘，AI应用方向延续强势，引力传媒7天6板，易点天下、卓易信息、迪安诊断、利欧 股份、省广集团均3连板。 近期，生成式人工智能正深刻改变广告营销的底层逻辑。银河证券指出，随着生成式AI的普及，传统 SEO逐渐向GEO（生成式引擎优化）演进，广告主的核心目标已从提升网页排名转向提高内容被大模型 引用和推荐的概率。据中国商务广告协会预测，2025年中国GEO市场规模将达到29亿元，到2030年有 望增长至240亿元，五年复合增速达53%，市场潜力巨大。当前，GEO已成为AI应用商业化的重要方向 之一，正在重塑广告行业的商业模式。 此外，2025年电影市场实现强劲复苏，票房与观影人次双双大幅增长。万联证券分析认为，全年总票房 同比上升22.0%至518.3亿元，主要得益于《哪吒之魔童闹海》等优质国产动画影片的集中发力，单片贡 献近三成票房，并有效激活了增量与存量观众群体。全年观影人次同比增长22.6%至12.38亿，而平均票 价保持稳定，显示需求回升是推动票房增长的核心动力。国产电影呈现"量减质精"趋势，内容质量的提 升显著对冲了供给数量的下降，动画电影更以跨越式发展成为市场核心驱动力。 场内 ...

这场变革并非渐进式改良，而是一场从交互形式、商业模式到价值评估体系重塑，其核心驱动力正是 AI Agent智能体与AIGC人工智能生成内容的协同进化。 文 | 庄帅 我们正站在互联网产业一场结构性变革的起点。 2026年，人工智能将彻底超越"技术基建"的范畴，纵深切入产业核心，驱动一场由 "入口形态" 与 "内容 供给" 双轮驱动的底层逻辑重构。 AI Agent将重构流量分发格局 想象一下这样的未来：你不再需要穿梭于数十个App之间费力地搜索、比价、预订，只需对手机说一 句"帮我找一家周末适合家庭聚餐、有儿童餐的意大利餐厅并订位"，一个智能助手便能理解你复杂的意 图，自动调用地图、点评、预订平台，完成筛选、预订并同步到家人的日历。 这个看似简单的场景，背后是流量分发形式的根本转移，从以"抢占用户时长"为核心的传统App矩阵， 转向以高效理解与执行"用户意图"为目标的AI Agent。 这标志着人机交互从基于图形界面（GUI）的"点击-跳转"模式，跃迁至基于意图界面（IUI）的"对话- 执行"新纪元。 「庄帅零售电商频道」观察到2025年下半年新上线的AI应用中，高达81.5%以插件形式融入现有生态， 这正是 ...