强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 802.63 | | 52 | 周最高 | 897.3 | | 52 | 周最低 | 590.32 | 行业相对指数表现（相对值） 研究所 证券研究报告：传媒|点评报告 行业投资评级 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 传媒行业点评 头部厂商持续入局世界模型，关注影视、游戏环节 应用潜力 ⚫ 事件回顾 2025 年 12 月 17 日，根据 IT 之家报道，腾讯正式发布旗下混元 世界模型 1.5。混元世界模型 1.5 首次开源了业界最系统、最全面的实 时世界模型框架，涵盖数据、训练、流式推理部署等全链路、全环节， 并提出了重构记忆力、长上下文蒸馏、基于 3D 的自回归扩散模型强 化学习等算法模块。 ⚫ 投资要点 世界模型是目前 AGI 研究重要方向，各大厂商均在积极布局。 世界模型是一类能够对现实世界环境进行仿真，并基于文本、图像、 视频及运动等多模态输入生成视频、预测未来状态的生成式人工智能 模型。目前 Googl ...

Summary of Conference Call Records Industry Overview - The gaming sector is experiencing a favorable opportunity for growth, driven by the upcoming holiday season and the launch of new games, which are expected to boost user engagement and revenue [1][3] - The long-term outlook for the gaming industry is positive, with a supply-demand resonance indicating an upward trend in market conditions [3] Key Insights and Arguments - **Short-term Growth Drivers**: The upcoming winter holidays and the Spring Festival are traditional peak seasons for the gaming industry, expected to last nearly two months starting from New Year's Day. New game launches will contribute to user and revenue increases [3] - **Long-term Product Pipeline**: Companies have a robust pipeline of new products targeting younger demographics, including games like "Shining Version of Milumi" and "World of Luok Kingdom," which are anticipated to drive industry growth [1][4] - **AI Technology Integration**: AI is enhancing the gaming industry by reducing development costs, improving efficiency, and increasing return on investment (ROI) in user acquisition. It also enriches gameplay and content design, propelling the industry into a growth acceleration phase [1][5] Recommended Companies - **Giant Network**: Expected to see increased Daily Active Users (DAU) and revenue from "Supernatural Action Group" during the holiday season, with several new games in the pipeline [7] - **Kying Network**: Rapid growth of "996 Legend Box" and a strong lineup of upcoming games, including "Douluo Dalu" and "Three Kingdoms: The Return of the Heart" [7] - **G-bits**: Positive performance from "Nine Muwu" and a solid product matrix with long-lasting games expected to drive growth [7] - **Xindong Company**: Anticipated launch of "Xindong Town" overseas in early 2026, with strong domestic market performance expected during the holiday season [7][8] - **Bilibili and Tencent**: Both companies are expected to launch significant new products in 2026, including "Three Kingdoms: Hundred Generals Card" and "World of Luok Kingdom" [9] AI and Content Creation - **Multimodal AI Models**: Recent advancements in multimodal AI models by major tech companies like Alibaba, Tencent, and ByteDance are set to revolutionize content creation across various domains, including gaming, video, and music [10][11] - **Impact on Content Creators**: These technologies will enhance the ability of content creators to produce high-quality, diverse, and personalized content, thereby increasing demand for computational power in inference [11] Market Dynamics - **Rising Demand for Computational Power**: The growth in demand for inference computational power will benefit edge computing and cloud computing companies, with firms like Vision Technology expected to see sustained growth in their cloud business [12] Conclusion - The gaming industry is positioned for significant growth driven by seasonal demand, innovative product offerings, and the integration of AI technologies. Key players in the market are well-prepared to capitalize on these trends, making them attractive investment opportunities.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Major tech companies are accelerating the upgrade of multimodal AI models, which is expected to enhance content production efficiency and diversity, while also increasing demand for inference computing power [4][30] - The gaming sector is anticipated to maintain high prosperity due to new game launches and ongoing operations of evergreen games, with recommendations to increase investments in this area [4][29] Industry Data Overview - "Delta Operation" ranked first in the iOS game free list in mainland China, while "Honor of Kings" topped the iOS game revenue list [10][14] - The film "Zootopia 2" achieved the highest box office for the week [10][25] Industry News Summary - Major companies are continuously investing in large models, with the domestic gaming market reaching new highs in both scale and user numbers [28] - Google’s Gemini 3 Flash has broken the "performance-cost-speed" Pareto frontier, while domestic giants are increasing resource allocation for continuous iteration of large models [28][29] - The launch of the new Alibaba model supports role-playing functions and is the most comprehensive video generation model globally [29] - Tencent's mixed world model 1.5 allows for the creation of interactive worlds from text or images, enhancing the gaming experience [29] - The Doubao large model has seen a significant increase in daily token processing volume, indicating robust growth in AI applications [31][32]