：021-80105901 ：wanghe@stocke.com.cn 市场总览 证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 13 日 重要推荐 重要观点 浙商早知道 2026 年 01 月 13 日 ：王禾 执业证书编号：S1230512110001 【浙商传媒互联网 冯翠婷】传媒 行业点评：AI 应用一马当先，重点关注 GEO 和漫剧——20260112 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 大势：1 月 12 日上证指数上涨 1.09%，沪深 300 上涨 0.65%，科创 50 上涨 2.43%，中证 1000 上涨 2.8%，创业板 指上涨 1.82%，恒生指数上涨 1.44%。 行业：1 月 12 日表现最好的行业分别是传媒（+7.8%)、计算机（+7.26%)、国防军工（+5.66%)、社会服务（+3.21%)、 通信（+2.74%)，表现最差的行业分别是石油石化（-1%)、煤炭（-0.47%)、房地产（-0.29%)。 资金：1 月 12 日全 A 总成交额为 36446 亿元，南下资金净流入 73.06 亿港元。 【浙 ...

Group 1: Media and Internet Industry Strategy - The core viewpoint emphasizes the dual driving forces of AI and IP in the media sector, suggesting a focus on AI applications in various fields such as AI comics, games, marketing, education, and publishing [4][5] - AI comics are expected to enhance production efficiency by over 300% while reducing costs by more than 90%, supported by favorable platform policies [4] - The investment value of the IP industry is highlighted, with a shift from functional satisfaction to emotional resonance in consumer markets, indicating strong demand for domestic cultural products [5] Group 2: Beverage Industry Strategy - The energy drink market in China is projected to reach 62.785 billion yuan in 2025, with a year-on-year growth of 4.3%, driven by stable demand and competitive pricing strategies [14] - The industry is experiencing a shift towards health-oriented products, with 67.87% of consumers expressing a need for reduced sugar intake, prompting companies to innovate with sugar-free options [16] - The main raw materials, taurine and white sugar, are expected to maintain low prices due to oversupply and changing consumption patterns [15][16] Group 3: Agriculture and Fisheries Industry Strategy - The agricultural sector is facing challenges due to declining demand and efficiency improvements, with a lack of price imagination leading to a prolonged period of low prices [17] - The report suggests that the demand for agricultural products will gradually increase due to rising disposable incomes and government initiatives aimed at boosting consumption [18] - The pet industry is transitioning from high-speed growth to high-quality development, with increased competition and a focus on companies that excel in R&D and supply chain management [18]

Summary of 易点天下 Conference Call Company Overview - 易点天下 has over a decade of experience in overseas advertising services, accumulating extensive marketing data with clients spanning cross-border e-commerce, gaming, and entertainment industries. Cross-border e-commerce is the primary category, with partnerships including major brands like Alibaba, Shein, and Huawei [2][3] Core Business Insights - In 2023, 易点天下 restarted its programmatic advertising business, which has become a major revenue source by 2025, accounting for a significant percentage of total income. Revenue growth exceeded 50% in the first three quarters of the year, although short-term media subsidies have led to weak profit growth, similar to the development paths of companies like AppLovin [2][4][5] - The company leverages AI algorithms to optimize advertising ROI, making it attractive for brand owners to allocate budgets to these platforms, achieving rapid growth that can even surpass traditional media advertising effectiveness [2][6] Future Strategies - 易点天下 plans to focus on the e-commerce sector, utilizing accumulated customer data to train vertical AI model algorithms, enhancing platform ROI. The company is increasing media subsidies to onboard more media with direct SDK purchases, improving data feedback and differentiation in competition [2][7] - The overall development plan spans 2-3 years, with the company expected to remain in a spending phase until 2026, with profit release anticipated in 2027 and beyond. However, the market can foresee potential profit release through current revenue growth, with projected programmatic advertising revenue around 2 billion RMB in 2025 [2][8] Competitive Advantages - 易点天下 possesses two core advantages in programmatic advertising for e-commerce: a substantial data accumulation from major media operations and the ability to control budget allocation for e-commerce clients, allowing for flexible resource optimization [2][9] Challenges and Responses - The company faces challenges in the traffic domain, where the app media market is largely occupied by competitors. To address this, 易点天下 is implementing strategies such as subsidizing high-cost-performance media and focusing on AI-enabled mid-tail media to gain competitive advantages [2][10] Financial Projections - For 2025, 易点天下 anticipates programmatic advertising revenue of approximately 2 billion RMB, with a gross margin of around 18% and a net profit of over 200 million RMB after deductions. Daily consumption is expected to reach 1 million USD, with aspirations to increase this to 4-6 million USD in the following year [2][11] AI Applications - The company is actively expanding its AI applications, including collaborations with Alibaba Cloud to promote AI-driven content overseas, aiming to reduce production costs and enhance efficiency. Plans also include binding with AI content production teams to explore overseas markets through advertising monetization [2][12] Long-term Profit Outlook - Despite short-term profit pressures due to media subsidies, long-term profit release is expected as these subsidies decrease and programmatic advertising continues to grow. Projections suggest that if programmatic advertising revenue exceeds 3 billion RMB in 2026, net profits could reach over 600 million RMB, indicating significant potential for overall profit growth [2][13][14]

Investment Rating - The report maintains a recommendation for the industry [3] Core Insights - The release of Sora2 by OpenAI marks a second revolution in the AI video industry, showcasing significant technological breakthroughs and the integration of social interaction features [2][18] - The report highlights the rapid growth of "AI comic dramas" and other innovative content forms, which are expected to capture a larger share of internet usage among younger demographics [2][16] - The report identifies three key trends for the future of AI video applications: deep integration with social interactions, evolution towards an ecosystem represented by ChatGPT, and the combination with AI agents for comprehensive video creation solutions [7][17] Industry Overview - The industry consists of 160 listed companies with a total market capitalization of 1,947 billion and a circulating market value of 1,783.1 billion [3] - The absolute performance of the industry over 1 month, 6 months, and 12 months is -5.4%, 20.3%, and 27.7% respectively, while the relative performance is -8.5%, -3.8%, and 9.3% [5] Technological Breakthroughs - Sora2 has achieved three major technological advancements: realistic simulation of the physical world, multi-modal integration for simultaneous audio generation, and initial capabilities for narrative logic and editing akin to a director [18][51] - The report emphasizes the shift from professional tools to consumer-level applications, with AI video tools becoming more accessible and integrated into social platforms [43][44] Market Opportunities - Investment opportunities are identified in various sectors: - Film industry: AI video tools are revolutionizing traditional content production, creating new dynamics [7][8] - Gaming: AI video technology is enhancing game development and gameplay innovation, increasing commercial potential [7][8] - Intellectual Property (IP): AI video is accelerating the visualization of IP, reshaping industry value [7][8] Related Companies - Key companies mentioned include Tencent Holdings, Kuaishou, Bilibili, Meitu, Kunlun Wanwei, and Mango TV, among others, which are leveraging AI technologies to enhance their core business operations [8]