中泰证券（600918）发布研报称，AI落地的三条主线，端侧入口成型、模型能力实用化迭代、多模态 工具成熟。另外，消费市场从"功能满足"到"心灵共振"，IP从流量符号提升为情感货币，期待大IP及其 商业化。自上而下看，IP赋能内需增长与文化出海，同时与AI等前沿科技的商业化产生共振。自下而上 看，国产文化产品基建全球领先，千禧一代和Z世代具备文化自信和情绪消费需求，供需两端逻辑顺 畅。 中泰证券表示，传媒行业攻守兼备属性明确，看好游戏、电影、出版等投资机会。游戏板块EPS支撑度 高，安全垫较高，建议后续对业绩稳定性强或产品边际变化明显的公司重点关注。电影行业在疫情后波 动中恢复，盈利质量提升，非票经济得到空前重视，监管政策释放积极信号。出版行业方面，在防守维 度，国有出版教材教辅业务中长期凭借国有背书、内容、渠道优势巩固强化基本盘，地方国有出版行业 平均分红比例50-60%具红利属性。 中泰证券主要观点如下： 主线①：AI落地的三条主线：端侧入口成型、模型能力实用化迭代、多模态工具成熟。建议关注AI漫 剧、AI游戏、AI教育、AI营销、AI出版。 AI漫剧：边际变化明确，受益于多模态技术迭代，供给及需求增速迅 ...

传媒年度策略：AI+IP双轮驱动，传媒攻守兼备 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ ➢ 主线①：AI落地的三条主线：端侧入口成型、模型能力实用化迭代、多模态工具成熟。建议关注AI漫剧、AI游戏、AI教育、AI营销、AI出版。 ➢ 主线②：IP行业投资价值。 ◼ 投资建议： 风险提示：文化监管端的政策风险；国有传媒企业优惠政策变动；AI技术发展不及预期；研报使用的信息数据更新不及时的风险；第三方数据失真的风险；市场规模测算偏差的风 1 核心观点 ◼ 核心观点： 2 0 2 5 . 1 2 . 1 6 中泰证券·传媒互联网研究团队 康雅雯 S0740515080001 朱骎楠 S0740523080003 李昱喆 S0740524090002 晏诗雨 S0740523070003 险。 2 • AI漫剧：边际变化明确，受益于多模态技术迭代，供给及需求增速迅猛，AI漫剧推动生产效率提升3倍以上，费用缩减90%以上，平台政策支持漫剧进入高品质增长阶段。 • AI游戏：研发环节AI渗透率持续提升，轻度休闲以及交流互动类游戏有望先行实现AI化，未来看好A ...

AI如何提高效率的表达，是当下大厂对外叙事的标准模板。可能会在某些具体业务层面，给出一些数据反馈，但是大部分时候，这仍 然是一种模糊状态。 直到今年Q3财报发布，我们终于在部分互联网公司的财报披露中，找到一些可量化的指标，而且主要集中在广告和营销。 比如，百度和快手明确列出「AI广告」或「AI营销」对应的收入：百度AI原生营销服务收入达28亿元，同比增长262%；同期快手线上 营销服务收入达201亿元，同比增长14%，并且首次披露OneRec在广告领域带动Q3收入约4%-5%的提升。 尽管他们的战略意图和处境不尽相同——百度正迫切寻求增长引擎的转换，传统搜索广告的贡献，江河日下；快手则渴望在AI语境下 寻求新的加速度。但同时，两家公司都严重依赖广告收入，AI成为他们唯一的动能和机会。 这些维度和指标，对百度和快手意义很大，对行业是否有参考价值？大模型重塑营销似乎势在必行，是否意味着AI广告的黄金时代到 来了？ 广告增长全靠AI？ 百度和快手最先把AI营销或AI广告相关的指标单列出来，也是有原因的。 广告业务在两家公司的营收结构中均占据重要地位：百度核心在线营销服务占总收入的53%，快手线上营销服务占比超 56 ...

Core Insights - The article discusses the strategic vision of Wangshang Bank, which aims to leverage AI technology to transform its services for small and micro enterprises, ultimately positioning itself as their "AI CFO" over the next decade [1][4]. Group 1: Strategic Goals - Wangshang Bank has introduced a new "New 310" goal, which emphasizes 360-degree user perception, one-on-one expert service, and zero-delay real-time interaction, aiming to provide personalized financial advisory services [1][3]. - The transition from the original "310" model, which focused on speed, to the "New 310" model, which prioritizes understanding customer needs, reflects the bank's commitment to enhancing customer experience [3][4]. Group 2: AI Integration - The bank's strategy involves deepening AI applications across various financial sectors, enabling AI to become a professional assistant in each business area [5]. - Wangshang Bank aims to empower employees with AI rather than replace them, fostering a workforce of "super individuals" who can provide high-quality services to small and micro enterprises [5]. Group 3: AI Applications - Current AI applications at Wangshang Bank focus on three main areas: AI lending, AI marketing, and AI wealth management [6]. - The bank plans to equip each small and micro enterprise with an AI lending expert, supported by intelligent assistants to assess credit risk and match financing needs accurately [7]. Group 4: Financial Solutions - Wangshang Bank has developed AI-driven wealth management solutions that enhance investment managers' capabilities, helping to stabilize product scales and improve returns [8]. - The bank's future plans include providing comprehensive financial services through AI, such as daily operational suggestions for business owners and end-to-end management of financial documents [8][9].

Core Viewpoint - The article highlights the significant advancements and applications of AI in the banking sector, particularly through the practices of WeBank, showcasing how AI can enhance financial services and promote inclusive finance globally [2][5][15]. Group 1: AI in Banking - AI is transforming banking from merely having technology to improving its quality and efficiency, with McKinsey reporting potential cost reductions of up to 20% for banks fully adopting AI [4]. - WeBank's AI applications include AI credit, AI wealth management, AI marketing, and AI security, demonstrating a deep integration of AI into core business functions [2][8]. - The accuracy of AI in credit approval has significantly improved, with the consistency rate rising from 39% to 90% over five months, validating AI's reliability in credit risk management [10]. Group 2: Financial Inclusion - The rapid growth of inclusive finance is evident, with China's micro-enterprise loan balance increasing from 8.8 trillion yuan in 2017 to 32.3 trillion yuan by 2024, reflecting a compound annual growth rate of 20.74% [9]. - WeBank's AI credit expert system addresses the challenges of high-cost offline due diligence for medium to large loans, enhancing the efficiency of loan approvals [9][10]. - AI-driven financial services are making diverse and high-quality financial solutions accessible to small and micro-businesses, promoting equality in financial services [13]. Group 3: Global Interest and Adoption - WeBank's AI practices have attracted attention from global financial institutions, with executives from Southeast Asia and beyond showing keen interest in the technology [14]. - The Chinese government's supportive policies on data application and AI technology have positioned China as a leader in AI banking innovations [15]. - The high demand for financial services among small and micro-enterprises in Southeast Asia is driving the region to become a hub for fintech startups, with Chinese experiences serving as a guide for many entrepreneurs [16].

Core Insights - The article highlights the innovative use of AI by Ant Bank to redefine banking services, particularly in microfinance, showcased at the Singapore FinTech Festival [1][4][9] - Ant Bank's AI applications in credit assessment and wealth management are positioned as advanced solutions compared to traditional banking methods [5][8] Group 1: AI in Banking - AI is transforming banking services, with full AI integration potentially reducing costs by up to 20% and enhancing user experience [4] - Ant Bank's AI-driven credit assessment has achieved a consistency rate of 90% with human approval after five months of practice, indicating reliability in risk control [6] Group 2: Microfinance Growth - The balance of microloans in China has surged from 8.8 trillion yuan in 2017 to 32.3 trillion yuan in 2024, reflecting a compound annual growth rate of 20.74% [5] - Ant Bank's AI credit experts utilize two AI assistants to enhance the credit evaluation process, significantly improving efficiency and accuracy [5][6] Group 3: Global Interest and Adoption - The AI practices of Ant Bank have attracted attention from global financial institutions, with executives from Southeast Asia expressing interest in the technology [9][11] - The Chinese government's supportive policies on data application and AI technology have facilitated the rapid development of AI banking solutions [9][11] Group 4: Market Potential in Southeast Asia - Southeast Asia, with 97% of its enterprises being micro and small businesses, presents a significant market for fintech innovations, where only 23% of these businesses currently access traditional bank loans [11] - Ant Bank's experience serves as a model for fintech entrepreneurs in Southeast Asia, where the demand for financial services among small businesses is high [11]

Core Viewpoint - The media and entertainment sector is experiencing a significant surge, driven by strong quarterly earnings reports, new policies from Tencent, and the growing interest in AI applications [3][7][8]. Group 1: Market Performance - The media and entertainment sector saw a collective rise, with stocks like Fushi Holdings, 37 Interactive Entertainment, and others hitting the daily limit or increasing by over 10% [3]. - On Monday, the cultural media sector surged, with the Media ETF rising nearly 2.5% [5]. - The overall performance of the media sector is bolstered by favorable conditions, including increased advertising spending and successful product launches [7][9]. Group 2: Earnings Reports - The third-quarter earnings reports indicate a mixed performance across different segments, with gaming and film companies showing notable growth due to new product launches and successful summer releases [7]. - The marketing sector benefits from increased ad spending, particularly in overseas markets, leading to revenue growth for marketing service providers [7]. - The film and television sector is expected to improve with the release of high-quality imported films towards the end of the year [7]. Group 3: Policy Changes and AI Integration - Tencent's new policy for micro-dramas allows content creators to receive up to a 95% revenue share, enhancing profitability in the sector [8]. - The integration of AI in content production is expected to lower costs and improve profitability models, particularly for micro-dramas compared to traditional short dramas [8]. - The ongoing development of AI applications and IP commercialization is anticipated to drive growth in the media sector, with a focus on gaming, marketing, and publishing [8]. Group 4: Future Outlook - Analysts recommend focusing on high-performing and high-dividend stocks in gaming, marketing, and publishing sectors, as well as new technologies and consumer trends [8]. - The media sector is entering a stable growth phase, with companies that have quality content likely to see sustained operational improvements [8]. - The shift towards edge AI is becoming a significant trend, with potential for new product launches to catalyze market activity [9][10].

Core Insights - The 32nd China International Advertising Festival and the 34th Asian Advertising Congress successfully concluded in Beijing, focusing on the theme "Intelligent Advertising New Chapter: China as the Main Stage, Asia in Sync" [1][6] - The dual-event format marked a significant step in the integration of China's advertising industry with the international stage, attracting over 10,000 representatives from more than 30 countries and regions [2][7] Group 1: Event Highlights - The event was held in a "dual main stage" format, featuring over 220 international representatives, creating a comprehensive ecosystem for "display, communication, release, and cooperation" [2] - The event's content reached over 1 billion people through "all-media + outdoor advertising" strategies, significantly enhancing the international influence of China's advertising industry [2] - Key industry leaders from companies like WPP, Tencent, and Haier discussed topics such as AI-driven brand transformation, showcasing the cutting-edge achievements of China's advertising sector [3] Group 2: Technological and Cultural Integration - Experts from international organizations like Accenture and Dentsu shared insights on AI's role in advertising innovation, discussing topics such as AI payment reconstruction and intelligent applications [4] - The event included award ceremonies for the China Advertising Industry Awards and over 20 specialized forums covering various hot topics, including AI advertising development and brand innovation [4] - Three major exhibitions showcased the diverse ecosystem and innovative vitality of the advertising industry, featuring prominent media and companies [4] Group 3: Regional Impact - Haidian District, as the event's host, provided a rich cultural and technological foundation, aligning with the event's theme of "innovation-driven, technology-enabled" [5] - The advertising industry is seen as a pioneer in sensing AI transformations, with Haidian's research capabilities fueling advertising innovation [5] - The collaboration between the advertising industry and Haidian's tech firms is expected to enhance regional influence and market reputation [5] Group 4: Future Outlook - The successful hosting of the dual events solidifies Beijing's position as a hub for international exhibitions and technology integration, with expectations for deepened collaboration in the next five years [7] - The theme "China as the Main Stage, Asia in Sync" reflects the growing global presence of Chinese products and services, indicating a trend towards greater synergy in the advertising market [7] - The event fostered inspiration and resource expansion among participants, paving the way for future collaborations in AI, branding, and cross-industry integration [7]

Core Insights - The 32nd China International Advertising Festival and the 34th Asian Advertising Congress successfully concluded in Beijing, focusing on the theme "Intelligent Advertising New Chapter: China Main Stage, Asia in Sync" [1][11] - The event attracted over 10,000 representatives from more than 30 countries and regions, establishing an international advertising exchange platform that integrates technology and culture [1][2] Group 1: Event Structure and Participation - This year's event was held in a "dual conference" format, marking a significant step in the integration of China's advertising industry with the international stage [2] - The "dual main venue" model attracted over 220 foreign representatives, creating a comprehensive ecosystem for display, exchange, release, and cooperation [2] - The event's content reached over 1 billion people through "all-media + outdoor advertising" strategies, enhancing the international influence of China's advertising industry [2] Group 2: Industry Insights and Discussions - Key industry leaders from companies like WPP, Tencent, and Haier discussed "AI-driven brand transformation," showcasing cutting-edge achievements in China's advertising sector [3] - Experts from international organizations shared insights on topics such as AI applications and the reconstruction of advertising experiences, injecting new ideas into the industry [6] Group 3: Awards and Recognition - The event featured the China Advertising Association's awards, including the Yellow River Award and the Great Wall Award, alongside over 20 specialized forums covering various hot topics [8] - Notable exhibitions showcased the diverse ecosystem and innovative vitality of the advertising industry, featuring major media and well-known companies [8] Group 4: Regional Impact and Future Outlook - Haidian District, as the event's host, provided a rich cultural and technological foundation, aligning with the event's theme of "innovation-driven, technology-enabled" [10] - The successful hosting of the Asian Advertising Congress in China symbolizes a win-win situation, enhancing Beijing's status as a hub for international exhibitions and technology integration [11] - The collaboration between the advertising festival and Haidian is expected to inject continuous momentum into the advertising industry, paving the way for future growth and innovation [10][11]

Core Insights - Artificial intelligence is becoming a core driver of marketing transformation, enabling companies to achieve significant improvements in marketing efficiency through technology innovation [2][5] - Companies that have adopted AI technologies have seen substantial enhancements in customer insights, content generation, and advertising strategies, with some cases reporting growth exceeding 300% [2] - Industry experts and practitioners are playing a crucial role in promoting this trend, with training and support provided to numerous organizations [2] Company and Industry Summary - An Zhey, founder of Rongzhi AI, developed the "AI Marketing Five-Star Model System" and has trained over 1,000 companies, helping them achieve a cumulative performance exceeding 10 billion yuan [2] - Yang Birui has 14 years of experience in internet marketing training and has assisted over 1,000 companies in achieving marketing innovation and efficiency breakthroughs [3] - Liang Kai, a senior operational consultant at Rongzhi Technology, has extensive experience in sales and management, having worked with both foreign enterprises and large state-owned enterprises [3] - Experts like An Zhey, Yang Birui, and Liang Kai are driving intelligent transformation and efficiency leaps in businesses, positioning AI as a core strategic element for future competition [5]