2026 年 03 月 03 日 行业研究●证券研究报告 2 月版号供给稳步释放，国内游戏市场持续修复 投资要点 传媒 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -11.73 | 1.22 | 5.76 | | 绝对收益 | -10.64 | 3.45 | 25.44 | 分析师 王延森 SAC 执业证书编号：S0910525100001 wangyansen@huajinsc.cn 相关报告 传媒：AI 应用场景逐步落地，投资方向日渐丰 富-华金证券-传媒-行业深度 2026.1.9 传媒：AI 赛道竞争多维深化，生态应用格局加 速演-华金证券-传媒-行业快报 2025.12.12 传媒：长剧内容供给创新，微短剧市场多元发 展-华金证券-传媒-行业快报 2025.12.10 传媒：数字音乐发展迅速，平台赋能消费生态- 华金证券-传媒-行业快报 2025.11.30 传媒：版号创新高注入活力，双端驱动十月市 场增长-华金证券-传媒-行业快报 2025. ...

Core Insights - The article discusses the emergence of AI companionship products, particularly focusing on the "AI boyfriend" concept, which combines elements of AI chat products and dating simulation games, targeting female users [3][12][24] - "Infinite Valley" is highlighted as a popular AI boyfriend product, which has gained significant attention and funding before its official launch, indicating a strong market interest in AI companionship [4][12] Group 1: Product Overview - "Infinite Valley" is set to provide a "butler-type AI boyfriend" service, allowing users to set schedules and receive reminders, enhancing user engagement through personalized interactions [4][6] - The product has already received two rounds of funding totaling millions of dollars, showcasing investor confidence in the AI companionship market [3][4] - The AI boyfriend, named Lu, is designed to function as a psychological companion, capable of engaging in meaningful conversations and providing emotional support [6][7] Group 2: User Experience - Users can interact with Lu through text, voice, and images, with the AI responding in a conversational manner, which aims to create a sense of companionship [6][10] - The product incorporates gamified elements, allowing users to increase their bond with Lu through interactions, which can unlock new features and experiences [7][10] - Feedback from users indicates a desire for more immersive and emotionally engaging experiences, with some expressing concerns about the AI's memory capabilities and the authenticity of interactions [11][12] Group 3: Market Trends - The AI companionship market is seen as a blue ocean opportunity, with over 80% of users returning the next day and an average of 160 chat interactions per user on the first day [12] - The article identifies three main camps within the AI companionship sector: those focusing on gamified chat experiences, those emphasizing gameplay mechanics, and those developing smart hardware for companionship [13][17][21] - The trend towards gamification in AI companionship products is becoming mainstream, with companies exploring various gameplay elements to enhance user engagement and emotional connection [24][26]