当全球产业系统重构，当数智浪潮席卷而来，中国企业出海的航图正在被重新绘制。 这不仅仅是一次市场的转移，而是一场关于"中国能力"的全球迁徙。 五大核心市场，谁又是你的应许之地？ 在这份《2026一站式出海地图》中，我们不仅标注了坐标风口，更解析了航行逻辑： 从"卖货"到"建生态"，从"走出去"到"扎进去"。 2026，让我们在一起，跨越山海，共赴全球。 01 行业篇：从"中国制造"到"全球品牌"的战略升维 （一）泛娱乐出海：告别国内模式海外复制，转向AI赋能与文化共融 从新能源汽车的欧洲腹地突围，到AI短剧的北美文化破圈； 从新茶饮的东南亚街巷烟火，到Labubu点燃全球消费热情。 跨境电商、泛互联网、人工智能、新能源，四大热门赛道百舸争流。 北美、欧洲、东南亚、中东、拉美… 2026年，泛娱乐出海的核心驱动力已从单纯的商业模式输出转向"AI+文化"的深度赋能。以短剧和漫剧为例，国内市场2025年规模已达677.9亿元，同比增 长34.4%，而海外市场增速更加迅猛，规模预计达210.7亿美元，增长145.7%。随着可灵等AI视频模型的成熟，漫剧凭借低成本、高产能和强视觉冲击力， 正接棒成为内容增量的主力军。在区 ...

转自：新华财经 新华财经上海2月26日电（李一帆）作为内容消费的黄金窗口期，春节档历来是影视行业的"必争之地"。不同场景适配不同人群，电影提供线下社交的仪式 感，长剧集满足居家的观看需求，而微短剧则填补了碎片时间。 从2023年起，随着红果、快手等平台在春节档集中发力，凭借时长短、节奏快的特点，微短剧迅速占据了居家与碎片消费的重要位置。伴随2026年春节长达 九天的假期，市场竞争加剧，红果、快手、腾讯、爱奇艺、芒果TV等主要平台纷纷加码布局。微短剧的春节档，迎来一轮从内容制作、题材创新到运营玩 法的全面焕新。 反观微短剧市场，却开启了一个充满活力的春节档。自2024年短剧《我在八零年代当后妈》走红后，行业便将春节假期锁定为发力关键期。到2025年，国家 广电总局发布"微短剧陪你过大年"推荐片单，进一步提升春节档对于微短剧的重要性。 进入2026年，这一趋势更加明显。据新华财经不完全统计，春节假期期间，红果、快手、腾讯等平台共计上线千余部短剧，其中《穿书富家妯娌，我和闺蜜 齐上阵3》（以下简称《穿书富家妯娌3》）《十八岁太奶奶驾到，重整家族荣耀4》（以下简称《太奶奶4》）《昼以继夜》《糟糕，和闺蜜一起穿书后把反 ...

格隆汇2月25日丨会畅科技(300578.SZ)在互动平台表示，公司主要从事音视频和智能交互相关业务，目 前未开展漫剧相关业务。 ...

Core Viewpoint - The competition for short dramas during the Spring Festival is intensifying, with various platforms striving to capture user attention and gain a competitive edge in the market [1] Group 1: Industry Trends - The Spring Festival short drama competition is marked by significant activity, with major platforms launching numerous new works [1] - Red Fruit Short Drama plans to release over 1,000 new short and comic dramas from February 9 to the Lantern Festival, involving over 60 leading production companies [1] - Kuaishou extends its content supply period from January to March, although at a slower pace compared to Red Fruit Short Drama [1] Group 2: Platform Strategies - Tencent Video launched a "Short Drama Festival" on February 2, featuring both horizontal and vertical short dramas [1] - iQIYI and Mango TV have also created special pages for the Spring Festival short drama event [1] Group 3: Emerging Content Formats - Comic dramas are highlighted as the main attraction for this year's short drama Spring Festival, with 2025 being defined as the "Year of Comic Dramas" by industry insiders [1] - Major internet platforms are increasingly investing in comic dramas, which are benefiting from advancements in AI technology that enhance production capacity and reduce costs [1] - From New Year's Eve to the fourth day of the New Year, Tencent's platform has been releasing over 200 new comic dramas daily [1]

Core Viewpoint - The competition for short dramas during the Spring Festival is intensifying, with various platforms striving to capture user attention and seize market opportunities [1] Group 1: Industry Trends - The Spring Festival short drama competition has become more heated, with major platforms launching numerous new works to attract viewers [1] - Red Fruit Short Drama has initiated its Spring Festival campaign early, starting from February 9 and planning to release over 1,000 new short and comic dramas [1] - Tencent Video launched a "Short Drama Festival" on February 2, featuring both horizontal and vertical short dramas [1] Group 2: Content Supply and Innovations - Over 60 leading production companies are participating in the release of new works during the Spring Festival [1] - The supply period for Kuaishou's Spring Festival content extends from January to March, although at a slower pace compared to Red Fruit Short Drama [1] - Comic dramas are highlighted as the main attraction for this year's Spring Festival, with the year 2025 being defined as the "Year of Comic Dramas" by industry insiders [1] Group 3: Technological Advancements - The integration of AI technology is enabling comic dramas to overcome production capacity and cost challenges, positioning them as a new traffic blue ocean in the content industry [1] - From New Year's Eve to the fourth day of the new year, Tencent's platform is releasing over 200 new comic dramas daily [1]

叶可以分公司中 | 市场数据: | 2026年02月12日 | | --- | --- | | 收盘价（港币） | 38.32 | | 恒生中国企业指数 | 9175.18 | | 52 周最高/最低（港币） | 46.88/22.40 | | H 股市值（亿港币） | 391.43 | | 流通 H 股（百万股） | 1,021.48 | | 汇率（港币/人民币） | 0.8888 | 报告原因: 有业绩公布需要点评 ar (维持) -年内股价与基准指数对比走势： 资料来源：Bloomberq 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com (00772) 新丽传媒拖累 25 年利润，版权运营延续向上趋势 事件: 公司发布盈利预警：1）预计 25 年调整后归母净利润为 8-9 亿元，低于预期，较 24 年调整 ● 后归母净利润 11.4 亿元（新丽传媒 3.4 亿元，在线业务+阅文自有版权运营业务 8 亿元) 对应同比下滑 21-30%。2) 预计 25 年调整前归母净亏 ...

Core Viewpoint - The article discusses the recent regulatory warnings issued to several companies, particularly focusing on the risks associated with stock price volatility and misleading information regarding business operations and orders [3][6]. Group 1: Regulatory Warnings - The Shanghai Stock Exchange issued a regulatory warning to Shuangliang Energy, highlighting the need for accurate and complete information disclosure regarding its overseas orders related to SpaceX, which could mislead investors [3][5]. - Shuangliang Energy's stock price experienced a significant increase, reaching a limit up of 10.71 yuan per share, with a total market capitalization of 201 billion yuan following the announcement of three overseas orders for high-efficiency heat exchangers [5]. Group 2: Stock Price Volatility - Honghe Technology issued a risk warning after its stock price increased by over 20% in three consecutive trading days, urging investors to be cautious about market volatility [7]. - Honghe Technology's stock price reached a limit up, closing at 73.27 yuan per share, with a market capitalization of 645 billion yuan [7]. - Zhangyue Technology also warned investors about potential risks, indicating that its AI short drama business revenue is expected to be less than 1% of its total revenue for 2025, alongside a projected net loss of approximately 1.95 billion yuan for the same year [9][10]. Group 3: Market Trends and Speculation - Decai Co. issued a risk warning regarding its subsidiary's involvement in the trending "manga production" concept, clarifying that the subsidiary is still in its early development stages and has no significant business orders or revenue [12]. - Decai Co.'s stock price rose to 67.36 yuan per share, reflecting a four-day consecutive increase [13]. - Jiamei Packaging cautioned that its associated enterprise's capital operations are independent and unrelated to the listed company, warning of potential rapid stock price declines due to high market valuations [15].

中信证券研报指出，在2025年末，漫剧行业景气度加速破峰，主要得益于漫剧供给端优质内容形成的号 召力以及漫剧逐步破圈、商业化空间持续提升带来的供需两端催化。展望2026年，一方面我们认为漫剧 受众群体扩大、更多元的商业化变现模式有望推动需求侧景气度延续，漫剧商业化空间广阔；另一方 面，优质内容依然供不应求，各平台激励政策聚焦优质IP、精品漫剧产能，具备相关积累的公司有望充 分受益。AI工具的能力边界和工作流融入深度也在快速发展。我们建议关注：1）手握内容IP储备、优 质漫剧产能布局的公司；2）平台方、漫剧投流方等参与漫剧商业化环节的公司。 ...

Core Insights - The micro-short drama market has rapidly expanded from 3.68 billion yuan in 2021 to 50.44 billion yuan in 2024, marking a growth of over 13 times [2] - By June 2025, the user base for micro-short dramas is expected to reach 696 million, accounting for nearly 70% of internet users [4] Group 1: Quality and Content Evolution - The production quality of micro-short dramas has shifted towards a more "cinematic" standard, moving away from the initial reliance on rapid production and traffic-driven models [4][5] - The average production cost for micro-short dramas has increased from 200,000-300,000 yuan to 400,000-700,000 yuan, with top productions reaching investment levels in the millions [5] - Notable directors and actors have entered the micro-short drama space, enhancing the artistic quality and depth of content [5] Group 2: Thematic and Narrative Development - Micro-short dramas are increasingly focusing on mainstream themes, with a push towards realism and relatable storytelling as guided by regulatory bodies [6] - Successful examples include "Home and Away," which combines historical context with personal stories, and "Parrot," which addresses themes of loyalty and national unity [6] Group 3: Market Diversification and Innovation - The industry has seen a diversification of formats, including horizontal and vertical screen dramas, as well as the integration of animation [7] - AI technology is being leveraged to enhance content creation, with significant growth in AI-generated short dramas, showing a compound annual growth rate of over 80% [12] Group 4: Platform Strategies and Business Models - Video platforms are adopting differentiated strategies to promote the quality of micro-short dramas, emphasizing a consensus that "quality is the lifeline" [9] - The commercial model is evolving, with platforms implementing revenue-sharing mechanisms to incentivize high-quality content production [11] - The rise of free short dramas is shifting the focus from mere viewership to creative content, fostering a healthier industry ecosystem [11] Group 5: Future Opportunities and Challenges - The integration of micro-short dramas with various sectors, such as tourism and sports, is seen as a potential growth area for service consumption [16] - The industry is encouraged to further explore the use of AI in content creation, aiming for a balance between efficiency and quality [17]

Group 1: Southbound Capital Movements - Southbound capital net bought Hong Kong stocks worth 84.6567 million HKD on February 10, with significant net purchases in Meituan-W (545 million HKD), CNOOC (420 million HKD), SMIC (376 million HKD), and others [1] - Xiaomi has seen continuous net buying for 9 days, totaling 4.0236 billion HKD, while Alibaba has had 5 days of net buying amounting to 4.59095 billion HKD [3] Group 2: Industry Insights - Longi Green Energy reports a moderate increase in fiber optic prices over the past six months, driven by a supply-demand reversal due to AI data center construction, leading to a supply shortage [4] - According to Zhongyin International, Wenwen Group has over ten works with over 100 million views and over 80 works with over 10 million views, indicating a potential acceleration in industry growth with the release of Seedance 2.0 [4] - Huifu Global Research predicts that the rapid growth driven by Labubu will fade, but platform capabilities will persist, with UBS noting that new IP Twinkle has a strong start in early 2026, providing a growth observation window [4] Group 3: Copyright Protection in AI Content - Fubo Group is positioned to benefit from the rise of AI video content, leveraging its Vobile MAX rights confirmation and revenue-sharing platform to create a full-chain solution for copyright protection in the AI content era [5]