Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

iPhone诞生十周年之际，苹果掏出了iPhone X，凭借全面屏的设计，奠定了未来十年智能手机造型的雏形；但下一个十周年，iPhone可能不会是那个爆款， 取而代之的是一款能挂在胸口上的AI设备。 The Information透露，苹果正在秘密研发一款AI设备，整体造型设计类似于Airtag，拥有麦克风、摄像头，能被使用者佩戴在胸口上，定位是全天候的私 人AI助手。从设计到定位，这款AI设备都指向一款曾让世界震惊，却消失得无影无踪的AI PIN。 AI PIN在2023年首次展出，2024年4月开始向订购者发送产品，原计划发售10万台，最终仅售出约1万台。而海外媒体爆料称，AI PIN首批交付的产品里，出 现不少使用问题，退货率高居不下。也就是说，实际上留在用户手里的AI PIN远没有1万台。 由于销量不佳，AI PIN的设计公司Humane在2025年初宣布该产品停止销售，并且公司也进行分拆，部分团队被收入惠普旗下。一台号称能改变未来人们生 活方式的「AI First」产品，不到两年时间就彻底消亡。 卖不动其实并不是AI PIN最大的问题，其实很多初创公司推出的第一代产品往往销售成绩都不怎么样，但还是能 ...