浙商证券（601878）发布研报称，维持阜博集团(03738)"买入"评级，迪士尼与OpenAI达成三年战略合 作，核心是向AI模型授权旗下经典IP用于内容生成，这标志着好莱坞顶级IP方转向主动与AI构建授权与 收益分享的新模式。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。 浙商证券主要观点如下： 相关事件 合作核心内容 1)IP授权：迪士尼授权OpenAI在其视频生成模型Sora及图像生成工具中使用超过200个来自迪士尼、漫 威、皮克斯及《星球大战》的经典角色、服装、道具及标志性环境。用户可通过简单提示词(Prompt)创 作相关短视频与图像。 2)股权投资：迪士尼将对OpenAI进行10亿美元的股权投资，并获得额外的股权认购权证，双方利益深 度绑定。 3)技术应用：迪士尼将利用OpenAI的技术优化其内部创意流程，并为旗下流媒体平台Disney+开发新产 品与体验。 该行认为，此合作标志着迪士尼为代表的好莱坞全球顶级IP方从被动防御AI生成内容(AIGC)可能带来 的版权风险，转向主动构建授权体系、分享AI内容创作收益 ...

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]