Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5] Core Insights - The media industry has shown a positive performance with a 0.96% increase, outperforming both the CSI 300 (-0.62%) and the ChiNext Index (-0.34%) during the week of January 12-16 [12][13] - Key companies that performed well include Liansheng Technology, BlueFocus Communication Group, and Tiandi Online, while companies like Liou Holdings and Visual China faced declines [12][13] - The report highlights the acceleration of AI applications and commercialization in the industry, particularly in AI marketing and content services [4][42] Summary by Sections Industry Performance - The media industry increased by 0.96%, ranking 21st among all sectors in terms of performance [12][14] - Notable gainers included Liansheng Technology (34%), BlueFocus (26%), and Tiandi Online (24%) [13] Key Developments - Alibaba's Tongyi announced the open-source Qwen3-TTS series, enhancing voice generation capabilities [2][16] - ByteDance launched a new AI Agent platform, significantly improving workplace efficiency [2][17] - OpenAI is considering a revenue-sharing model based on AI-assisted research outcomes, moving away from traditional usage-based fees [2][18] - Tencent's AI application "Yuanbao" will distribute 1 billion yuan in cash during the Spring Festival, aiming to replicate the success of WeChat red envelopes [2][37] Box Office and Entertainment Data - The box office for the week of January 19-25 reached 261 million yuan, with "Return to Silent Hill" leading at 57 million yuan [19][21] - Popular TV shows included "Little Town Big Events" and "Pride and Prejudice" [24][25] - The gaming sector saw significant revenue from titles like "Whiteout Survival" and "Gossip Harbor" [28][31] Investment Recommendations - The report suggests focusing on AI marketing and content services, with specific attention to companies like Zhejiang Wenlian and Huimai Technology [4][42] - The gaming sector is expected to benefit from a strong product cycle, with companies like Giant Network and 37 Interactive Entertainment highlighted as potential investments [4][42] - In publishing, the report recommends monitoring companies like People's Daily Online and Xinhua News for potential growth [4][42]

[Table_Message] 2026-01-25 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 可灵 MAU 创新高，AI 助推漫剧高速发展 (2026.01.19-01.25) ◼ 走势对比 ◼ 子行业评级 影视 看好 ◼ 相关研究报告 《GEO 重塑营销版图，智谱、MiniMax 上 市加速 AI 应用发展》 《2025 年游戏行业稳步增长，国内视频 模型持续迭代》 ◼ 证券分析师：郑磊 我们认为，快手可灵 AI 用户规模及收入实现突破性表现，表明国内 AI 视频模型能力跻身全球前沿水平，且商业化价值持续兑现。在应用场 景上，AI 技术在漫剧各制作环节的应用解决了过往动画内容制作成本 高、时间周期长的痛点。同时，2D 动画漫和 AI 仿真人剧的高播放量 反映出目前由 AI 生成的漫剧内容已获得观众认可。未来随着 AI 视频 生成等技术持续迭代及广泛落地应用，漫剧、短剧等视频内容有望迎 来 AI 规模化生产的新阶段。建议关注：博纳影业等。 ➢ 风险提示 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E- ...

【#黄晓明黄奕还珠兄妹20年后双双黑化#，这部电影真懂观众】截至1月17日，柯汶利"三杀"第三部 《匿杀》票房累计3.4亿，在新年上映新片中排名第一。(2025年12月31日上映)。#还珠兄妹从并肩闯荡 到各自为恶#20多年前还珠格格第三部里饰演小燕子和箫剑的@黄奕 和@黄晓明 这对"还珠兄妹"不但在 影片中重逢，还双双黑化。《匿杀》里，黄晓明#黄晓明[超话]#饰演政客蔡民安，这是个出身底层，一 步步爬到上层的人物。他觉得只有从遵守规则的人，变成制定规则的人才行。所以他人前扮演亲民领 袖，人后却是操纵黑幕的野心家，尤其是从阴暗处走向阳光时瞬间"变脸"的镜头，眼镜一戴、斯文领 袖，脸色一变、阴险政客。另一个优雅和阴狠自由切换的角色是20年前的小燕子黄奕。她饰演的"塔劳 拉"表面是温柔鼓励学生的艺术导师，实则却靠操控他人命运获得满足感，纯良的外表和伪善的狠厉糅 合在一起，网友辣评："邪恶摆渡人！""24k纯恶女"。《匿杀》中黄奕饰演的塔劳拉是罪恶的源头，而 黄晓明饰演的蔡民安在此基础上进一步扩大和深化了罪恶，形成了奇妙的"反派联动"。两人虽然没有直 接的对手戏，但这种设定让观众清晰看到了两人从《还珠格格3》中并肩 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].

Core Viewpoint - The article discusses the decline in the quality of director Ke Wenli's films, particularly comparing "Murder by Deception" to his earlier work "Murder" and highlights the challenges faced in maintaining creative integrity after parting ways with producer Chen Sicheng [1][2]. Group 1: Film Quality and Direction - Ke Wenli's film "Murder by Deception" is perceived as a significant drop in quality compared to his earlier success "Murder" [1]. - The narrative quality of "Murder" is noted to be superior, while "Murder by Deception" is described as having a B-movie feel, yet it achieved a box office of 1.351 billion yuan, surpassing "Murder" [1]. - The original script for "Murder" took seven years to develop, indicating Ke Wenli's deep investment in his creative process, contrasting with the collaborative nature of "Murder" which involved multiple writers [2]. Group 2: Themes and Style - "Murder by Deception" is characterized by a dark, horror-inspired style that reflects Ke Wenli's true artistic vision, diverging from the more commercial and safe approach of Chen Sicheng [2]. - The film addresses social issues like bullying and substandard construction projects, using horror elements to engage audiences, although it is criticized for its simplistic narrative techniques [3]. - The sequel "Murder by Deception" continues the narrative style of the "Southeast Asian crime universe," leveraging Ke Wenli's background as a Malaysian Chinese director [3]. Group 3: Narrative and Character Development - "Murder by Deception" is criticized for its inconsistent narrative and character motivations, leading to a lack of coherence in the story [4]. - The film's attempt at a mystery plot is undermined by illogical character actions and a failure to maintain suspense, resulting in a disjointed viewing experience [4][5]. - The portrayal of characters in "Murder by Deception" lacks realism, with social class dynamics not accurately represented, further detracting from the film's credibility [5].

Core Insights - "Avatar 3" has been leading the North American box office since its release on December 19, 2025, with an expected weekend revenue of $20 million, bringing its North American total to $320 million and global earnings exceeding $1.1 billion [1][3]. Group 1: North American Market Performance - "Avatar 3" has dominated the box office since the Christmas season, facing little competition except for "Zootopia 2" [3]. - The film is expected to maintain its position in the North American market, especially as it enters a period with no major releases to challenge its status [3]. Group 2: International Market Performance - In China, "Avatar 3" has performed well but ranks second behind domestic films like "Killing the Hidden" and "Zootopia 2," with a box office of 211.7 million RMB (approximately $14 million) on January 10 [3]. - As of January 11, "Avatar 3" has grossed 1.03 billion RMB (approximately $140 million) in China, making it its largest overseas market, followed by France ($70.8 million), Germany ($67.7 million), and South Korea ($47.3 million) [3]. Group 3: Future Prospects and Series Continuation - "Avatar 3" still has a significant gap to close compared to its predecessors, "Avatar" ($2.92 billion) and "Avatar: The Way of Water" ($2.32 billion), raising questions about the future of the series [4]. - The director, James Cameron, has indicated that if "Avatar 3" does not perform well, it may jeopardize the production of "Avatar 4" and "Avatar 5" [4]. - Despite initial slow performance, there is speculation that "Avatar 3" could follow a similar trajectory as its predecessors, potentially crossing the $2 billion mark in total box office revenue [4].

Core Insights - The Chinese film market has shown strong momentum and significant growth potential, achieving over 1.09 billion yuan in box office revenue within the first ten days of January 2026, marking a more than 10% increase compared to the same period last year [2][4]. Group 1: Box Office Performance - The box office performance during the typically slow season between New Year's and the Spring Festival has defied expectations, indicating a robust start for the Chinese film market in 2026 [4]. - The 1 billion yuan box office is attributed to multiple films performing well rather than a single blockbuster, showcasing a diverse range of offerings [8]. Group 2: Film Content and Variety - A rich supply of creative content has contributed to the box office success, with a variety of genres including suspense, realistic themes, classic IPs, and family-friendly films being released [6]. - Notable films such as "The Killing," "The Sky of Our Fathers," "The Hidden Kill," and "The Qin Chronicles" have collectively driven audience interest, alongside popular imported films like "Zootopia 2" and "Avatar 3" [8][10]. Group 3: Consumer Engagement and Market Dynamics - The 1 billion yuan box office serves as a clear signal of the vibrant and expansive potential of the Chinese consumer market, with the film industry leading the charge towards future growth [12]. - The cinema experience has evolved beyond mere film screenings, becoming a catalyst for a broader consumption chain, supported by initiatives from various government bodies to promote film-related activities and consumer engagement [13].

Group 1 - Recent films released include a variety of genres such as comedy, action, suspense, and romance, with titles like "The Place of Arms," "The Sky of Our Fathers," "Point to Stop," "Family Home," "Killing in Hiding," "The Quest of Qin," and "The Days of Him and Her" providing diverse viewing options for audiences [3] - Upcoming imported films such as "New Anaconda," "Eternal Station," "Dangerous Animals," "Dream of Robots," "Extreme Judgment," "Return to Silent Hill," "Wicked Witch 2," and "SpongeBob: Deep Sea Adventure" are set to offer strong lineups and exciting content to meet the diverse viewing preferences of audiences [4] - The industry looks forward to more exciting films being released in 2026, indicating ongoing growth and development in the film sector [6]

Core Insights - The total box office for January 2026 has surpassed 1 billion yuan, indicating a strong performance in the film industry for that month [1] - The top three films contributing to this box office success are "Zootopia 2," "Avatar 3," and "Kill the Messenger," highlighting popular titles in the market [1] Industry Performance - As of January 9, 2026, the box office has reached over 1 billion yuan, showcasing a significant milestone for the month [1] - The films "Zootopia 2," "Avatar 3," and "Kill the Messenger" are leading the box office rankings, suggesting a favorable reception from audiences and potential for continued revenue growth [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the media industry [5][44]. Core Insights - The media industry experienced a 2.27% increase, outperforming both the CSI 300 (-0.59%) and the ChiNext Index (-1.25%) during the week of December 29 to January 4 [1][12]. - Key companies showing significant gains include BlueFocus, Baidu Qiancheng, Yidian Tianxia, and Zhangyue Technology, while companies like Xinhua Dou, Beijing Culture, Guiguang Network, and Guangxi Broadcasting faced declines [1][12]. - Upcoming IPOs include Minimax and Zhizhu, with Minimax set to list on January 9 and Zhizhu on January 8, indicating a strong interest in AI applications [2][18]. - The total box office for the New Year's period reached 740 million yuan, with top films being "Zootopia 2," "Avatar 3," and "Killing" [2][20]. Summary by Sections Industry Performance - The media sector ranked third in terms of performance among all sectors, with a weekly increase of 2.27% [1][14]. - The top-performing companies in the media sector included BlueFocus (30% increase), Baidu Qiancheng (17% increase), and Yidian Tianxia (16% increase) [13]. Upcoming IPOs - Minimax initiated its IPO process on December 31, with a planned listing on January 9, aiming to raise approximately 3.5 billion USD [2][18]. - Zhizhu's IPO is expected to raise around 4.3 billion HKD, with a market valuation exceeding 51.1 billion HKD [2][18]. Box Office Performance - The total box office for the week was 1.073 billion yuan, with "Zootopia 2" leading at 282 million yuan (26.2% share), followed by "Avatar 3" at 268 million yuan (24.9% share), and "Killing" at 195 million yuan (18.1% share) [3][20]. Investment Recommendations - The report suggests capitalizing on opportunities in the gaming sector, particularly with companies like Giant Network, Kayi Network, and Jibite, as well as focusing on AI applications and film industry recovery [4][40]. - It emphasizes the potential for growth in AI applications, particularly in animation and short dramas, and recommends companies involved in these areas [4][40].