行业研究丨深度报告丨媒体Ⅱ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 受过去一年业绩增长、政策优化和 AI 应用落地的共同推动，游戏板块整体估值已回升至历史中 枢附近。长线产品和丰富产品储备对增强游戏公司业绩确定性和提振板块估值具有关键作用， 从海外游戏厂商估值来看，优质 IP 和平台化能力为高估值的核心支撑。从国内游戏板块历史来 看，技术革新、政策支持和业绩提升多周期共振，使行业迎来估值中枢的持续上修。展望未来， AI 和玩法创新将带来持续增量，中国市场成长确定性强，行业中长期估值有望进一步向海外龙 头靠拢。 [Table_Title] 如何看待游戏板块估值天花板：历史复盘和未来 展望 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 32 %% %% %% %% research.95579.com 2 [Table_Title 如何看待游戏板块 2] 估值天花板：历史复盘和未 ...

Core Viewpoint - The article discusses the innovative use of AI to create a version of traditional Chinese storytelling, specifically through the voice of comedian Guo Degang, who narrates popular video games like "Cyberpunk 2077," "Death Stranding," and "Red Dead Redemption 2," blending modern gaming culture with traditional performance art [1][3][48]. Group 1 - AI Guo Degang has evolved from simple navigation voiceovers to narrating complex narratives from popular video games, showcasing the potential of AI in entertainment [16][29]. - The storytelling style of AI Guo Degang captures the essence of "Cyberpunk" culture, effectively communicating the themes of high technology and low life in a relatable manner [11][47]. - The integration of AI in traditional storytelling has sparked significant public interest, indicating a demand for such innovative content [29][66]. Group 2 - The article highlights how AI Guo Degang's performances resonate with audiences by providing a nostalgic yet modern interpretation of classic storytelling techniques [50][55]. - The concept of "retro-futurism" is explored, illustrating how AI technology can merge past cultural elements with contemporary themes, creating a unique listening experience [56][62]. - The narrative style employed by AI Guo Degang not only entertains but also simplifies complex game plots, making them accessible to a broader audience [18][54].