Group 1 - The core viewpoint highlights the positive performance of the gaming and cultural media sector, with notable stock movements in companies like JiBit and Shengguang Group, while the Game Media ETF reaches a six-month high in scale [1] - AI short dramas are gaining popularity, with Kunlun Wanwei reporting a monthly revenue of approximately $10 million for its AI short drama platform DramaWave, which has surpassed 30 million downloads and over 10 million monthly active users [1] - The AI model advancements are transforming the film and television industry, with leading companies like Netflix embracing AI, and domestic firms integrating AI into production processes to enhance efficiency and create new AI-driven products [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gaming and Cultural Media Index account for 52.86% of the index, including major players like Kuaishou-W and Tencent Holdings [3] - The Game Media ETF closely tracks the CSI Hong Kong-Shenzhen Gaming and Cultural Media Index, which includes 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances [2]

中信证券表示，AI大模型能力进步正在推动影视行业的生产流程以及产品内容的变革。海外影视行业 在经历了最初"AI替代人类"的争议后，以Netflix为代表的影视龙头积极拥抱AI，也涌现了包括Runway 在内的工业级AI影视内容生产工具。国内龙头公司积极拥抱AI融入生产流程，同时结合自身内容生态 推出AI驱动微短剧产品和新功能。相关公司也在通过自研或合作的方式搭建相关能力，在生产端提升 效率，在产品端输出AIGC微短剧以及AI漫短等新产品。我们看好行业内相关公司因AI应用带来的业绩 增量和成本节约。 ...