"前一秒还在为主角心动不已，下一秒就忍不住点开了同款项链的购买链接。"在上海工作的林悦向《证 券日报》记者描述她的剧情式购物体验。这种融合情感共鸣与即时消费的新消费模式，如今正席卷电商 平台。 在刚刚过去的"双11"，不少消费者经历了与林悦相似的冲动瞬间。正因如此，短剧已超越观看本身，作 为一种高效的内容形态，在电商生态中扮演起品牌建设与销售转化的双重角色。 纷纷布局 "电商+短剧"模式正流行。比如，红果短剧在"双11"期间内测"搜同款"功能，将流量引向抖音电商；淘 宝在App内视频板块开设了"短剧"频道；美团团购也与快手合作推出短剧。 京东与快手星芒短剧在"双11"期间推出7部短剧，通过快手平台的"边追剧边下单"功能，为用户打造了 从内容到消费的极短路径。用户在观剧过程中，可通过挂载组件、搜索引导、互动跳转等方式，直接进 入京东专属活动页面领取优惠、完成下单，一场短剧带货行为就这样完成了。 电商平台为何纷纷布局短剧带货？"当前，电商普遍面临流量红利消退、用户增长乏力、获客成本持续 攀升等挑战。短剧凭借高代入感的剧情，自然植入商品信息，能有效激发用户购买欲望，为行业提供破 局新思路。"中国电子商务专家服务中心 ...

本报讯 （记者矫月）近日，一部名为《东北山野诡事》的国产电影级AIGC竖屏短剧，一经上线即引爆网络，成为短剧市 场的现象级作品。该剧基于更成熟的AIGC技术，融合奇幻、悬疑、冒险等元素，通过"亲情守护+家国大义"的双线叙事表达， 构建起兼具电影质感与民族精神内核的视听盛宴，在抖音平台上线24小时即突破1000万播放量，引发广泛热议。 更值得关注的是，该剧打破以往短剧用户画像局限，收获大量都市白领群体的关注与热议，且男性与女性的观众占比几近 持平，显示出优质AIGC内容在受众中的广泛接受度与破圈潜力，为打破AI短剧"仅是视觉奇观，难造优质内容"的困局创造了 可能性。 其作品始终围绕"民俗+悬疑"核心题材，通过不断迭代模型能力、内容流水线和制作协同效率，逐步构建具有"生产稳定 性""视觉一致性""世界观可延展性"的AI短剧工业化体系。在快节奏的短剧市场中，这种持续优化的工业化能力意味着更可控 的制作周期、更可预测的爆款率，以及更符合资本偏好的规模化生产能力。 在技术层面，该剧出品方上海探云AI团队通过优化多模态大模型，实现镜头语言的自然度及丰富度升级，无论是特效大场 景，还是角色带有情绪的细腻微表情，均达到业内先 ...

"刷剧还能赚金币？"红果短剧月活2.36亿，反超B站优酷，彻底把短剧拽进免费时代。短剧平台为何甘 愿"倒贴"吸引用户看剧？当下短剧行业的商业模式究竟是怎样的？短剧平台商业模式的转变，又直接影 响了行业的哪些环节？ ...

红果"演员合作计划"启动两个半月后，创服入驻演员分账金额首次被公开。 11月20日晚，红果短剧创服平台公布了部分演员的预估分账金额，分账制短剧《半熟老公》男主角王凯沐分账金额预估超过150万、女主角徐轸轸预估超 过100万，而《你装纨绔，我装瞎，看谁能演》女主角至春禾同样预计能拿到超过100万的分账金额。 分账机制的成果体现 红果创服平台之所以选择公开《半熟老公》的分账金额，或许是因为这部剧可以看做对"演员合作计划"的最佳诠释。 11月4日，改编自番茄小说《江律师今天心动了吗？》的分账制短剧《半熟老公》正式上线红果，家族联姻、先婚后爱的故事设定并不少见，新颖之处在 于抛弃了常规短剧快节奏、过山车式的剧情起伏，聚焦男女主角逐渐升温的情感互动，是一个平淡却又不失温暖的故事。 对于吃惯了重口味的短剧观众而言，《半熟老公》这种清新爽口的小菜别有一番风味，上线不到一周就拿下10亿播放量，成为了红果短剧的又一部爆款。 作为一部分账制短剧，《半熟老公》出色的播出效果也反映到了收益上，两位主演王凯沐和徐轸轸可以共享作品收益，按照短剧播放数据和生命周期来获 得相应的分账，对应了红果九月份启动的"演员合作计划"中的演员个人激励政 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Media, Internet, and Education sectors are highlighted for 2026 strategies, with significant emphasis on AI-driven advancements and market dynamics [1][2]. Core Insights and Arguments Advertising Sector - **AI Impact**: AI has significantly improved advertising efficiency, with Tencent's advertising revenue growing by 20% year-over-year in Q2 and continuing to rise in Q3. Kuaishou has made notable progress in user profiling and targeted advertising, while Bilibili achieved over 20% growth through AI enhancements [6][4]. - **Competition**: Third-party programmatic advertising platforms like Huishuangzang Technology and Yidian Tianxia are gaining competitiveness, driving transformation in the advertising industry [1][5]. Gaming Industry - **Regulatory Environment**: The normalization of game license issuance ensures a steady supply of content, supported by a resilient consumer environment. Major companies like Century Huatong and Giant Network are expected to benefit from a concentrated release of new products [7][9]. - **Market Dynamics**: The gaming sector is projected to maintain a high level of activity, driven by product innovation and commercial efficiency. Key players include Tencent, Century Huatong, and Giant Network [14][9]. Instant Retail Market - **Market Growth**: The instant retail market is expected to reach 1.175 trillion yuan by 2026, with a year-on-year growth rate of 28%. Major players like Alibaba, Meituan, and JD.com are heavily investing in this space, although profitability is under pressure due to intense competition [11][8]. - **Consumer Trends**: The county-level market is emerging as a new growth point, supported by the increasing number of rural internet users and their consumption habits [11][10]. Autonomous Driving Sector - **Competitive Landscape**: The autonomous driving sector is entering a price competition phase, with companies like Xpeng and Li Auto differentiating themselves through chip technology and self-driving capabilities. This trend is expected to enhance user experience and drive further development in the electric vehicle industry [12][10]. Short Drama and AI Animation - **Market Expansion**: The short drama market is rapidly growing, with approximately 700 million users in China. The market share of Hongguo exceeds 50%, while companies like China Online and Kunlun Wanwei are performing well in overseas markets, particularly targeting the U.S. [18][1]. - **AI Animation Growth**: The supply of AI animation (dynamic comics) has surged, with a compound monthly growth rate of about 83% in the first half of the year, resulting in over 3,000 works produced and a revenue scale that has increased twelvefold [19][3]. Education Sector - **AI Integration**: AI is increasingly penetrating the education sector, with companies like Dou Shen Education expected to achieve full AI integration by 2026, with AI revenue accounting for 90% of total income. Fenbi Education's AI interview courses are projected to enhance profit margins significantly [20][21]. - **Valuation Appeal**: Dou Shen Education's valuation metrics, such as a PS ratio of around 7 and a PE ratio in the 30s, are considered attractive compared to other sectors, which often see PE ratios of 60-70 [21][20]. Additional Important Insights - **Consumer Resilience**: The macroeconomic environment is supporting consumer resilience, with trends like the "lipstick effect" maintaining consumption levels [9][8]. - **Content Supply Recovery**: The film and television sectors are experiencing a recovery in content supply, with stable growth in box office revenues and favorable policies aiding the industry [17][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the current trends and future outlooks across various sectors.

本次发布会上的一大亮点，是小鱼盈通与浙江出海数字技术有限公司（以下简称"浙江出海"）共同签署 了战略合作备忘录。这也是继2025年8月小鱼盈通公告拟投资浙江出海后的深度合作落地，标志着双方 从资本绑定走向业务协同的全面升级。 此次战略合作实现了技术、内容、渠道的三重互补：小鱼盈通将依托"去中心化第一平台"的内容生态与 AIGC技术优势，以及全球三大短剧内容平台的载体支撑，全面整合浙江出海旗下百川短剧丰富的IP储 备与成熟制作能力，快速完成短剧内容的海外本地化投放与数据化运营；浙江出海则将借助小鱼盈通的 上市公司资源，进一步丰富其服务生态。双方携手打造"内容+技术+全球营销"的短剧"出海"闭环，共同 挖掘海外增量市场，彰显了小鱼盈通以全球视野布局短剧产业的战略决心。 （文章来源：证券日报） 同时，发布会现场公布了企业全新的VI，启动了全新官网，以全新品牌形象彰显战略升级决心，进一 步强化了"不仅是内容生产者，更是以技术和生态赋能全行业的解决方案提供者与规则定义者"的立体格 局。 本次发布会上，系统阐述了小鱼盈通以技术重构短剧行业价值链的开放生态战略，公司凭借去中心化短 剧生态建设与SaaS版权集成管理平台的核心 ...

Core Viewpoint - The short drama industry is at a critical juncture, with Xiaoyu Yingtong (00139) successfully hosting a strategic upgrade conference, showcasing its comprehensive transformation into a short drama technology company and initiating a new chapter in global development [1] Group 1: Strategic Upgrade and Market Positioning - Xiaoyu Yingtong has established itself as the "first stock in short drama technology," gaining recognition in the capital market and solidifying its market value and benchmark position [2] - The CEO, He Xuqiong, emphasized the company's core gene of "seeking innovation and change," marking a significant upgrade to a short drama technology company and redefining the emotional value and technological mission of short dramas [2] - The company has completed a full transformation into the short drama industry, creating a closed-loop of five business segments: copyright, distribution, derivatives, integration, and finance, transitioning from a "short drama producer" to a "copyright platform" and "full industry solution provider" [2] Group 2: Technological Innovation and Ecosystem Development - Xiaoyu Yingtong is reconstructing the short drama industry's value chain through an open ecosystem strategy, leveraging decentralized short drama ecosystem construction and a SaaS copyright integration management platform [4] - The launch of the AIGC creation platform "Hui Xiaoyu" enables full-process empowerment for script creation, dialogue dubbing, and special effects synthesis, establishing a new infrastructure for the short drama industry [4] - The company has initiated the "AIGC Star Plan," aiming to produce 500 AIGC micro-short dramas in collaboration with industry partners, thereby leading industry upgrades and building a solid content ecosystem [4] Group 3: Strategic Partnerships and Global Expansion - A significant highlight of the conference was the strategic cooperation memorandum signed with Zhejiang Chuhai Digital Technology Co., Ltd., marking a deepened collaboration from capital binding to business synergy [5] - This strategic partnership achieves a threefold complement of technology, content, and channels, enabling rapid localization and data-driven operation of short drama content overseas [5] - Both companies aim to create a closed loop of "content + technology + global marketing" for short drama exports, showcasing Xiaoyu Yingtong's strategic commitment to globalizing the short drama industry [5]

Core Insights - The company, Xiaoyu Yingtong, held a strategic upgrade conference on the 18th, showcasing its comprehensive transformation into the global short drama industry and initiating a new chapter in globalization [1][3] - CEO He Xuqiong announced a strategic plan that leverages the company's financial background and a deep partnership with Zhejiang Chuhai's Baichuan Short Drama to create a business loop based on copyright, production, derivatives, integration, and finance [1] Group 1: Strategic Developments - The company aims to transition from a "short drama producer" to an industry solution provider through a series of significant initiatives [1] - A new visual identity (VI) and a revamped official website were launched to reflect the company's commitment to brand upgrading [1] Group 2: Technological Innovations - The AIGC creative platform "Hui Xiaoyu" was officially launched to empower the entire short drama production process [1] - The "AIGC Xinghui Plan" was initiated to collaborate with leading partners to produce 500 global AIGC micro-short dramas [1] Group 3: Collaborative Efforts - Xiaoyu Yingtong signed a strategic cooperation memorandum with Zhejiang Chuhai, moving from capital binding to business collaboration [1] - The partnership will integrate IP reserves, production capabilities, and global platform resources to create a closed loop for "content + technology + global marketing" for overseas operations [1]

Core Viewpoint - The short drama industry is at a critical juncture, with Xiaoyu Yingtong (00139) successfully hosting a strategic upgrade conference, showcasing its comprehensive transformation into a short drama technology company and initiating a new chapter in global development [1][2]. Group 1: Strategic Upgrade and Market Positioning - Xiaoyu Yingtong has established itself as the "first stock in short drama technology," gaining recognition in the capital market and solidifying its market value and benchmark position through effective resource integration [2]. - The CEO emphasized that "seeking innovation and change" is the core gene of the company, which has completed a key upgrade to a short drama technology company, redefining the emotional value and technological mission of short dramas [5]. - The company has constructed a closed-loop of five business segments: "copyright as the base, financing as the path, derivatives as wings, integration as the tool, and finance as the sail," marking its evolution from a "short drama producer" to a "short drama copyright platform" and "full industry solution provider" [5]. Group 2: Technological Innovation and Ecosystem Development - Xiaoyu Yingtong is reconstructing the value chain of the short drama industry through an open ecological strategy, leveraging decentralized short drama ecosystem construction and a SaaS copyright integration management platform to break traditional distribution barriers [6]. - The launch of the AIGC creation platform "Hui Xiaoyu" enables full-process empowerment in script creation, dialogue synthesis, and special effects, establishing a new infrastructure for the short drama industry [6]. - The company has initiated the "AIGC Star Plan," aiming to produce 500 AIGC micro-short dramas in collaboration with industry partners to lead industry upgrades and build a solid content ecological barrier [6]. Group 3: Strategic Partnerships and Global Expansion - A significant highlight of the conference was the strategic cooperation memorandum signed with Zhejiang Chuhai Digital Technology Co., marking a transition from capital binding to business collaboration [10]. - This partnership achieves a threefold complementarity in technology, content, and channels, enabling rapid localization and data-driven operation of short drama content overseas [10]. - The collaboration aims to create a closed loop of "content + technology + global marketing" for short drama exports, reflecting Xiaoyu Yingtong's strategic commitment to globalizing the short drama industry [10].

技术与载体层面，AIGC创作平台"绘小鱼"正式上线，可全流程赋能短剧制作；"AIGC星辉计划"启动，拟联合头部伙伴打造新一轮500部全球AIGC微短剧。 同时，全球三大短剧内容平台"剧小鱼""Smartfish""Gosee"，及"数小鱼可视化数据平台"同步推出，为去中心化生态与短剧出海搭建核心载体。 会上，小鱼盈通与浙江出海签署战略合作备忘录——继2025年8月拟投资后，双方从资本绑定走向业务协同，双方将整合IP储备、制作能力与全球平台资 源，打造"内容+技术+全球营销"出海闭环，加速短剧海外本地化运营。 18日，小鱼盈通(00139)在深圳举办"破浪×启新程"战略升级发布会，会上，公司全面展示了全球短剧产业科技布局成果，完成向短剧产业的全面转型，同时 通过系列重磅举措，开启全球化发展新篇章。 CEO何旭琼现场发布战略规划，依托金融领域积淀，通过与浙江出海旗下百川短剧达成深度合作，构建"版权为基、发行为径、衍生为翼、集成为器、金融 为帆"业务闭环，实现从"短剧生产者"到行业解决方案提供者的跨越。发布会同步公布企业全新VI、启动全新官网，彰显品牌升级决心。 此次发布会为行业里程碑，作为赛道领跑的"短剧科技第一 ...