[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 11 月 18 日 GPT-5.1 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.11.8-2025.11.14，下同）：传媒行业（申万）下 跌 1.36%，排名行业第 25 名。值得买、名臣健康、天下秀、新华都和 佳云科技表现较优，恒生科技成分股中传媒行业中腾讯控股（周涨幅 1.10%）表现较好。 行业重点数据及动态更新 AI 应用：AI 产品榜发布 10 月 AI 网页访问量数据，ChatGPT、New Bing、Gemini、Deepseek、Github Copilot 排名全球前五。Deepseek 为国产网页端访问量首位，10 月实现月访问量 3.56 亿次，环比增长 7.36%。AI 应用事件方面，字节跳动豆包编程模型 Doubao-Seed- Code，OpenAI 推出 GPT-5.1，字节发布实时完成复杂任务的 3D 开 放世界通用 AI 智能体 Lumine，阿里千问 APP 上线。 [Table_Title] 阿里千问 APP 上线， ...

Investment Rating - Industry rating: Recommended [5] Core Views - The report highlights the significant growth potential in AI applications, particularly in the transition from B2B to B2C for companies like Alibaba, which is expected to see breakthroughs in consumer AI applications by 2026 [1][11] - The domestic chip industry is at a pivotal moment, with the report emphasizing the long-term trend of AI chip localization and the expected increase in domestic computing power share [2][12] - Tencent's strategy focuses on integrating AI into its core services, with a notable reduction in capital expenditures due to external GPU supply constraints, indicating a shift towards monetization of AI applications [3][15] - The report suggests a cautious approach to the TMT sector due to geopolitical uncertainties and market volatility, while maintaining a long-term positive outlook on high-growth areas such as 6G and domestic alternatives [4][16] Summary by Sections Section 1: Alibaba's AI Developments - Alibaba's "Qianwen" app upgrade marks a shift towards consumer AI applications, with significant investment planned for cloud and AI infrastructure [1][10] - The company plans to invest over 380 billion yuan in the next three years, significantly increasing its computing power capabilities [10][11] Section 2: Baidu's AI Chip Strategy - Baidu is launching new AI chips and supernode products, with a focus on enhancing domestic chip capabilities [2][12] - The report identifies several companies that will benefit from advancements in chip manufacturing and architecture [2] Section 3: Tencent's AI Integration - Tencent's capital expenditures have decreased, but it maintains a strong GPU reserve for internal use, focusing on integrating AI into its existing services [3][15] - The company has seen significant growth in user engagement with its AI features across various platforms [14][15] Section 4: Market Outlook - The report advises a neutral allocation in the TMT sector due to short-term valuation corrections, while highlighting long-term growth opportunities in satellite communication and military applications [4][16][7] - Key recommendations include focusing on computing infrastructure and related service providers [16][20]