传媒互联网周报 优于大市 DeepSeek V4 将发布，持续看好 AI 应用 行业下跌 4.44%，跑输沪深 300，跑输创业板指。本周（2.24-2.27）传媒行 业下跌 4.44%，跑输沪深 300（1.08%），跑输创业板指（1.05%）。其中涨 幅靠前的分别为中信出版、友车科技、ST 华闻、中体产业等，跌幅靠前的分 别为博纳影业、光线传媒、横店影视、幸福蓝海等。横向比较来看，本周传 媒板块在所有板块中涨跌幅排名第 29 位。 谷歌 Nano Banana2 上线，DeepSeek V4 将在下周发布。1）Nano Banana 2 图像生成模型正式上线，带来 2K 默认分辨率和文字渲染能力的大幅提升；2） 2 月 28 日报道，深度求索（DeepSeek）将于下周发布全新多模态大语言模型 V4，是继 2025 年 1 月 R1 推理模型发布后的首次重大更新；3）OpenAI 与亚 马逊达成多年期深度合作，根据协议，亚马逊将向 OpenAI 投资 500 亿美元， 首期投入 150 亿美元，未来还将根据特定条件追加 350 亿美元。亚马逊将在 云计算、数据存储方面为 OpenAI 提供坚实的技术支持， ...

来源：@华夏时报微博 华夏时报记者 于玉金 北京报道 2月26日，爱奇艺发布截至2025年12月31日未经审计的Q4及全年财报。其2025年收入为272.9亿元，较2024年下降 7%，净亏损为2.06亿元，而2024年的净利润为7.64亿元。其中，爱奇艺2025年Q4业绩在回暖。 在短视频、短剧的冲击下，长视频平台压力一直不算小，爱奇艺也在持续布局线下乐园、海外业务，如今技术也 在给内容产业带来新的机遇。爱奇艺创始人、首席执行官龚宇在2月26日晚间电话会上表示，视频大模型显然大幅 降低长视频制作的成本，缩短制作时间，降低创作门槛，让更多创作者进入长视频制作行业，最终使得长视频的 数量和质量大幅提升，这对爱奇艺这样的长视频媒体平台来讲非常利好。 Q4净亏损收窄 在新剧集、新电影上线的情况下，爱奇艺Q4的业绩有了不小的起色。 爱奇艺2025年Q4收入为67.9亿元，同比增长3%，归属于爱奇艺的净亏损为580万元，而2024年同期归属于爱奇艺 的净亏损为1.89亿元。 2025年Q4，爱奇艺的内容生态和排播丰富度有所提升，IP系列化开发迎来突破。《唐朝诡事录之长安》于2025年 11月在爱奇艺播出，该剧在爱奇艺2 ...

Core Viewpoint - iQIYI has demonstrated sustained operational profitability for four consecutive years, with a total revenue of 27.29 billion yuan for the year 2025, indicating a successful implementation of its IP-centric strategy [1] Financial Performance - For the year 2025, iQIYI's total revenue reached 27.29 billion yuan, with Non-GAAP operating profit of 640 million yuan [1] - In Q4 2025, total revenue was 6.79 billion yuan, showing both year-on-year and quarter-on-quarter growth, with Non-GAAP operating profit of 140 million yuan [1] - Membership service revenue for 2025 was 16.81 billion yuan, online advertising service revenue was 5.19 billion yuan, content distribution revenue was 2.50 billion yuan, and other revenue was 2.79 billion yuan [1] - In Q4 2025, membership service revenue was 4.11 billion yuan, online advertising service revenue was 1.35 billion yuan, content distribution revenue was 790 million yuan, and other revenue was 550 million yuan [1] Content Ecosystem - iQIYI's content ecosystem has thrived in Q4 2025, with significant successes in series, films, and variety shows [2] - The series "Tang Dynasty Strange Stories" achieved a content popularity score exceeding 10,000, while the film "Chasing the Wind" became the highest-rated domestic action crime film in nearly a decade [2] - The new self-produced variety show "Cosmic Flicker, Please Note" showed strong potential with a content popularity score exceeding 8,300 [2] Growth Strategies - iQIYI is exploring new growth avenues through international expansion and the establishment of offline parks, showing initial success [2] - The international version of iQIYI reported a 114.5% year-on-year increase in overseas viewership for 2025 [2] - The company has launched three major park projects in Yangzhou, Kaifeng, and Beijing Wangfujing, adopting a "light asset + strong operation" model [2] Short-form Content Development - iQIYI has actively entered the short drama market, producing the horizontal short drama "Tang Strange Tales," which set a new record for short drama popularity [3] - The vertical micro-drama "Tang Strange Tales: Nine Layers" also achieved a new high in micro-drama content popularity [3] - The data supports the feasibility of the "long drama IP feeding short drama" logic, providing new narrative space for advertising and member acquisition [3]

Core Insights - iQIYI reported total revenue of 27.29 billion RMB for the year ending December 31, 2025, with a Non-GAAP operating profit of 640 million RMB, marking four consecutive years of operational profitability [1][6] - In Q4, iQIYI achieved total revenue of 6.79 billion RMB, showing double growth year-over-year and quarter-over-quarter, with a Non-GAAP operating profit of 140 million RMB [1][6] - The CEO emphasized a strategy centered around IP to enhance user engagement and market leadership, aiming to improve content quality and expand both domestic and overseas business [1][3] Financial Performance - For the full year 2025, iQIYI's revenue breakdown included 16.81 billion RMB from membership services, 5.19 billion RMB from online advertising, 2.50 billion RMB from content distribution, and 2.79 billion RMB from other sources [5] - In Q4, the revenue sources were 4.11 billion RMB from membership services, 1.35 billion RMB from online advertising, 0.79 billion RMB from content distribution, and 0.55 billion RMB from other sources [5] - Total costs for the year were 21.54 billion RMB, with content costs accounting for 15.45 billion RMB; Q4 total costs were 5.38 billion RMB, with content costs at 3.83 billion RMB [5] Strategic Developments - iQIYI is focusing on emerging business areas to create new growth engines, with strong performance in overseas business and the recent opening of its first theme park, which received positive feedback [1][3] - The company plans to leverage AI to enhance its content ecosystem and diversify its offerings through AIGC content [1] - The content performance in early 2026 remains strong, with new series and shows achieving high engagement metrics [3]

Core Insights - The popularity of cinema during the Spring Festival has led to a surge in online viewership, with iQIYI's movie channel experiencing a 44% increase in average daily viewing time compared to the pre-holiday period [5] - Users are increasingly engaging with immersive content, such as AI interactions and themed parks, indicating a shift towards a more interactive entertainment experience [1][6] Group 1: Movie and Series Performance - The film "Flying Life 3" topped the box office, driving significant increases in viewership for its predecessors, with "Flying Life 2" seeing a 371% rise and "Flying Life 1" a 591% increase in daily viewing time [5] - The series "Years of Emotion" achieved a peak heat value exceeding 8000 after its release, entering the "Hall of Good Films" [4] - The series "What Kind of Body" became a standout during the festival, topping the drama channel with both daily viewing time and heat value [4] Group 2: User Engagement and Content Trends - The use of classic IPs remains strong, with shows like "Journey to the West" and "Romance of the Three Kingdoms" seeing viewing time increases of 36% and 12% respectively [2] - The interactive experience at iQIYI's theme park in Yangzhou has attracted over 3 million user interactions, with a notable increase in visitor numbers [1] - The comedy variety show "Tonight's Happy Friends Show" quickly rose to the second spot in the variety channel rankings during the festival [3] Group 3: Overall Viewing Trends - iQIYI's overall user viewing time continued to grow during the Spring Festival, with a 13% increase in daily viewing time on large screens [4] - The variety channel saw a dramatic 256% increase in daily viewing time, driven by popular shows and events [4] - The short drama channel also experienced an 18% year-on-year increase in user viewing time during the festival [5]

Core Insights - During the Spring Festival, iQIYI's user engagement and content consumption saw significant growth, with various content types performing exceptionally well across different platforms [1][2][3][5][6][7][9][10][12][13] Group 1: User Engagement and Viewing Trends - iQIYI's overall user viewing time increased during the Spring Festival, with a 13% rise in daily viewing time on large screens compared to the pre-holiday period [1] - The viewership for the family drama "Years of Emotion" peaked with a heat value exceeding 8000, while the comedy series "What a Mess" topped both daily viewing time and heat value during the festival [1][3] - The variety show "Tonight's Comedy Show" saw a 256% increase in daily viewing time, indicating a strong preference for comedic content during the holiday [1][6] Group 2: Interactive and Immersive Experiences - Users engaged in interactive experiences with AI characters, with over 3 million interactions recorded in the iQIYI Peach Bean World during the Spring Festival, marking an 8% increase in visitors year-on-year [2][10] - The opening of the iQIYI theme park in Yangzhou attracted significant foot traffic, contributing to a notable increase in total revenue during the holiday [2][10] Group 3: Popular Content and IP Development - The series "What a Mess" demonstrated strong cross-media synergy, with its daily viewing time and heat value both ranking first in the drama category, while its associated anime saw a 249% increase in viewing time [5] - Classic IPs like "Journey to the West" and "Romance of the Three Kingdoms" continued to resonate with audiences, with viewing times increasing by 36% and 12% respectively compared to the pre-holiday period [3] Group 4: Film and Short Drama Performance - The iQIYI movie channel experienced a 44% increase in daily viewing time, driven by the popularity of films like "Fast Life 3" and its predecessors, which saw viewing time increases of 371% and 591% respectively [7] - The short drama channel also performed well, with a year-on-year increase of 18% in daily viewing time, highlighting the growing interest in shorter content formats [9] Group 5: Overall Cultural Consumption Trends - The Spring Festival showcased a shift in cultural consumption, where content became more interactive and experiential, allowing users to not only watch but also engage and participate in various activities [13]

Core Insights - The core theme of the articles revolves around the significant increase in user engagement and content consumption on iQIYI during the 2026 Spring Festival, highlighting the platform's successful integration of interactive and immersive experiences with its content offerings [1][2][16] Group 1: User Engagement and Viewing Trends - iQIYI reported a continuous increase in user viewing time across all platforms during the Spring Festival, with a 13% week-on-week growth in daily viewing time on large screens [1] - The premiere of family drama "Years of Emotion" achieved a peak popularity value exceeding 8000, while the show "What’s the Matter" topped both daily viewing time and popularity during the festival [1] - The variety show "Tonight's Comedy Show" saw a 256% increase in daily viewing time compared to the pre-festival period, indicating a strong viewer preference for comedic content [1][2] Group 2: Interactive Content and IP Development - The use of AI technology allowed over 3 million interactions in iQIYI's Peach Bean World, showcasing a 8% year-on-year increase in user visits during the Spring Festival [2] - The series "What’s the Matter" demonstrated significant cross-media synergy, with its anime adaptation experiencing a 249% increase in daily viewing time during the festival [5] - The integration of interactive elements, such as AI character interactions and themed merchandise, has transformed traditional content consumption into a more engaging experience for users [12][16] Group 3: Popularity of Classic and New Content - Classic dramas like "Journey to the West" and "Romance of the Three Kingdoms" saw a 36% and 12% increase in daily viewing time respectively, reflecting the enduring appeal of these titles [3] - The film channel experienced a 44% increase in daily viewing time, driven by the popularity of films like "Fast Life 3" and the resurgence of earlier installments [8][9] - New releases in the short drama and animation categories also performed well, with significant increases in viewing times, indicating a diverse range of content appealing to various audience segments [11][12]

来源：北京青年报 2026刚开局，一档综艺直接"杀"穿了各大榜单——据统计，《宇宙闪烁请注意》接连横扫云合、骨朵、 灯塔、艺恩、猫眼、Vlinkage、蓝鹰、艾漫、酷云等九大第三方数据平台榜首，同时稳坐微博综艺热度 榜、抖音综艺榜冠军宝座。网友不禁调侃："这节目是把各大榜单当成自家后花园了吧？" 一档综艺能否真正破圈，社交平台上的二次创作就是最佳试金石。《宇宙闪烁请注意》无疑是一座被网 友疯狂开采的"梗矿"。从"内娱最齐男团舞"的模仿挑战，到搓澡表情包全网乱飞，再到方言传话衍生出 的各类鬼畜视频……节目的每个片段几乎都被"玩出了花"。比如，嘉宾们在重庆防空洞任务中学方言互 起外号的情景，单日就催生出播放量超过8亿的衍生内容——它精准输出了高密度笑点、易模仿片段和 强讨论空间，让观众从"观看者"化身"传播者"与"创作者"。 优秀的综艺节目之所以能长久抓住观众的心，往往在于嘉宾之间那份流动的、真实的情感联结。《宇宙 闪烁请注意》深谙此道——它不是简单地将明星拼凑在一起，而是精心构建了一个"有爱、有魂的宇宙 爆闪团"。 总导演石慧在策划之初就明确，要打造一个辨识度高、情感浓度更高的综艺男团："在网络发达的今 天，真 ...

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - The rise of Clawbot, an open-source AI gateway, indicates a significant shift in AI integration into workflows, allowing users to control tasks via messaging apps, enhancing user privacy and flexibility [2][19] - The stable issuance of 182 game licenses in January reflects consistent regulatory policies, boosting market confidence and catering to diverse player needs [3][20] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumer stimulation and employment stability 2) The gaming industry, supported by policy incentives and technological advancements 3) The film and cultural tourism sectors, which are expected to recover due to consumer policies [20] Industry Data Film Industry - Top three films by box office for the week include "Return to Silent Hill" with 24.397 million yuan, "Zootopia 2" with 23.501 million yuan, and "Water Pipe" with 22.594 million yuan [21][22] Gaming Industry - Top three iOS games are "Honor of Kings," "Delta Force," and "Peacekeeper Elite," while the top three Android games are "Heart Town," "Arknights: End of the World," and "Goose Goose Duck" [23][24] TV Series Industry - The top three TV series by viewing index are "The Peaceful Year," "Small Town Big Events," and "The Sun Shines on Me," with indices of 78.1, 76.8, and 75.9 respectively [25][26] Variety and Animation - The top variety show is "Sounding Far 2025," followed by "Sound of Life: Chinese Flow Season" and "Please Pay Attention to the Universe," while the top animation is "Immortal Reversal" with a viewing index of 237.8 [27][29]

Core Viewpoint - The newly launched variety show "Cosmic Sparkle Please Note" by iQIYI showcases a unique blend of travel and game elements, featuring a star-studded cast that aims to provide viewers with a humorous and stress-relieving experience [1][2]. Group 1: Show Overview - "Cosmic Sparkle Please Note" premiered on December 27, with episodes airing on weekends at noon, allowing VIP members to access them early [1]. - The show features a cast known as the "Cosmic Sparkle Team," including celebrities like Huang Xiaoming and Huang Zitao, embarking on a travel journey filled with surprises and laughter [1]. - The program has generated significant buzz, topping the Weibo variety show pre-broadcast rankings and achieving over 1.6 million reservations on iQIYI and Weibo before its launch [1]. Group 2: Unique Format and Themes - The show breaks away from traditional travel variety formats by focusing on celebrity friends traveling together, integrating travel with game challenges [1]. - Each episode explores a "star friend's hometown" or "unique regional area," covering locations such as Yunnan, Sichuan, and Heilongjiang, while unlocking local culture through humorous game challenges [1]. - The cast's dynamic is highlighted as they display genuine camaraderie, balancing playful banter with heartfelt moments, embodying the essence of friendship [2]. Group 3: Production Insights - iQIYI's Vice President Dong Xuanyu emphasized that the show's charm lies in the interplay of excitement and humor, aiming to be a comforting emotional stop for viewers amidst their busy lives [2].