Investment Rating - The industry investment rating is "Increase" [4][9] Core Insights - The daily consumption of Douyin's comic dramas has surpassed 20 million yuan, indicating a significant growth trend in the industry. The total daily consumption across major platforms like Douyin, Kuaishou, and Baidu has reached approximately 30 million yuan, approaching the consumption levels of live-action short dramas [6] - The report highlights the competitive landscape, with major platforms like Baidu and NetEase launching their own comic drama applications, intensifying competition in the market. Baidu's independent comic drama app "Youmanju" was launched on December 26, while NetEase's "Lingyang" announced a new comic drama mini-program on Kuaishou [6] - The report notes a substantial increase in female-oriented comic dramas, with 243 new titles added in December, marking a 183% month-on-month growth. However, the report also points out that there is still a lack of breakout hits in this category [6] Summary by Sections Industry Overview - The industry consists of 130 listed companies with a total market value of approximately 1716.49 billion yuan and a circulating market value of about 1590.11 billion yuan [2] Market Trends - The comic drama content type is expanding, with AI-driven productions gaining traction. The report anticipates that the consumption scale of comic dramas may catch up to or even exceed that of live-action short dramas [6] - The competition among platforms is expected to intensify, with various production companies rapidly acquiring IP resources and talent [6] Company Recommendations - The report recommends focusing on companies with strong comic IP reserves and strategic partnerships in comic drama production, such as Rongxin Culture and Zhongwen Online. It also suggests monitoring companies involved in IP sourcing and AI technology [6]