值得注意的是，12月11日，华特迪士尼公司与OpenAI宣布达成为期三年的战略合作与内容授权协议。 浙商证券（601878）认为，此次合作树立了"IP+AI"的新范式，迪士尼开启了"好莱坞拥抱AI"新时代。 长期服务迪士尼等巨头的数字版权管理商阜博集团，有望直接受益于新增的活跃资产与授权管理需求， 其成熟的解决方案也有助于获取更多新客户。 中信建投（601066）发布研报称，随着模型能力不断提升，尤其是推理与长窗口成本的显著下降，AI 下游应用场景正加速进入商业化验证阶段。招商证券指出，近期各类AI应用及端侧迭代加速，持续坚 定推荐业绩表现稳中向好、AI领域领先布局的互联网龙头公司。 阜博集团(03738)午后涨超8%，截至发稿，涨7.68%，报5.19港元，成交额3.6亿港元。 ...

值得注意的是，12月11日，华特迪士尼公司与OpenAI宣布达成为期三年的战略合作与内容授权协议。 浙商证券认为，此次合作树立了"IP+AI"的新范式，迪士尼开启了"好莱坞拥抱AI"新时代。长期服务迪 士尼等巨头的数字版权管理商阜博集团，有望直接受益于新增的活跃资产与授权管理需求，其成熟的解 决方案也有助于获取更多新客户。 中信建投发布研报称，随着模型能力不断提升，尤其是推理与长窗口成本的显著下降，AI下游应用场 景正加速进入商业化验证阶段。招商证券指出，近期各类AI应用及端侧迭代加速，持续坚定推荐业绩 表现稳中向好、AI领域领先布局的互联网龙头公司。 智通财经APP获悉，阜博集团(03738)午后涨超8%，截至发稿，涨7.68%，报5.19港元，成交额3.6亿港 元。 ...

Core Viewpoint - The collaboration between Disney and OpenAI marks a new paradigm of "IP + AI," indicating Hollywood's shift towards actively constructing authorization systems and sharing revenue from AI-generated content [1][2]. Related Events - On December 11, 2025, Disney announced a three-year strategic partnership and content licensing agreement with OpenAI [1]. - Disney will license over 200 classic characters, costumes, props, and iconic environments from its franchises, including Marvel, Pixar, and Star Wars, for use in OpenAI's video generation model Sora and image generation tools [2]. - Disney plans to invest $1 billion in OpenAI, securing additional equity warrants, thereby deeply binding the interests of both parties [2]. Collaboration Details - The partnership allows users to create short videos and images using simple prompts based on Disney's IP [2]. - Disney will leverage OpenAI's technology to optimize its internal creative processes and develop new products and experiences for its streaming platform, Disney+ [2]. - This collaboration is expected to significantly enhance the long-tail value and dissemination of Disney's IP, leading to increased active assets and revenue for the company [2]. Industry Impact - The partnership is anticipated to set a benchmark in the industry, encouraging other global and domestic IP holders, such as film companies, streaming platforms, and gaming companies, to establish similar AI licensing and content management systems [3]. - The company has reported that its social media platform currently manages 4.29 million active assets, with a steady increase in top client assets due to ongoing content licensing [3]. - AI-driven secondary creations, such as plot adaptations and mashups, are emerging, with "AI tail frame continuation" accounting for 3% of the company's active assets [3].

Core Viewpoint - Fubo Group (03738) has launched an AI music detection service aimed at addressing copyright and compliance challenges posed by the proliferation of AI-generated music [1] Group 1: Company Performance - Fubo Group's stock rose over 6% in late trading, currently up 5.98% at HKD 4.61, with a trading volume of HKD 135 million [1] - In Q3 of 2025, Fubo Group reported a revenue growth of over 27%, driven primarily by a 33% increase in revenue from its U.S. operations on the YouTube platform [1] Group 2: AI and Revenue Contribution - A significant driver of revenue growth is the rapid increase in AI-generated video content, which has contributed substantially to the company's income [1] - Currently, 9.1% of the active assets managed by the company are related to AI content, with growth rates significantly exceeding the overall growth of active assets [1]

Core Viewpoint - Fubo Group (03738) has launched an AI music detection service aimed at addressing copyright issues arising from the proliferation of AI-generated music, which has contributed to a significant increase in the company's revenue [1] Group 1: Company Performance - Fubo Group's stock rose over 6% towards the end of trading, with a current price of 4.61 HKD and a trading volume of 135 million HKD [1] - In Q3 2025, Fubo Group reported a revenue growth of over 27%, driven primarily by a 33% increase in revenue from its U.S. operations on the YouTube platform [1] - The rapid increase in AI-generated video content has been a core driver of revenue growth, with 9.1% of the company's managed active assets now related to AI content, significantly outpacing the overall growth of active assets [1]

Core Viewpoint - The stock of Fubo Group (03738.HK) has increased by over 5%, reaching a price of 6.97 HKD with a trading volume of 522 million HKD as of the report date [1] Group 1 - Fubo Group's stock price rose by 5.61% [1] - The current trading price of Fubo Group is 6.97 HKD [1] - The trading volume for Fubo Group reached 522 million HKD [1]