传媒行业周报：关注模型/Agent推新迭代，布局AI应用、IP新消费行业周报

开源证券08-04

（以下内容从开源证券《传媒行业周报：关注模型/Agent推新迭代，布局AI应用、IP新消费行业周报》研报附件原文摘录）Figma上市，GPT-5或推出在即，模型和Agent持续跃迁，继续布局AI应用全球AI设计（UI/UX）领域SaaS龙头公司Figma于美国东部时间7月31日上市，当日股价上涨250%，最新市值高达595亿美元，按2024年收入对应PS达79倍，或凸显海外市场对AI应用商业化前景...

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Agent，并有望近期发布GPT5，模型及Agent能力的持续跃迁，将继续助力AI应用商业化加速，我们建议继续布局AI陪伴/AI创作/AI电商/AI营销/AI教育/AI保险等AI应用方向，重点推荐盛天网络、快手-W、值得买、引力传媒，受益标的包括美图公司、易点天下、果麦文化、汤姆猫、蓝色光标、世纪天鸿、粉笔、世纪天鸿、水滴公司等。游戏高景气延续，国产电影口碑发酵，继续布局游戏/国漫/潮玩等IP新消费（1）游戏：据伽马数据，2025H1国内游戏实际销售收入1680亿元（yoy+14.08%），再创历史新高，其中自研游戏收入1404.52亿元（yoy+19.29%），移动游戏收入1253.09亿元（yoy+16.55%），同比增速均为2021年以来的H1新高，自研游戏海外收入95.01亿美元（yoy+11.07%，增速为2022年以来的H1新高），无论是国内游戏整体、手游市场还是游戏出海，或均进入景气上行周期；细分品类来看，出海收入前100的自研游戏中，策略类游戏收入占比达43.33%，较2024H1有较大增幅，或体现国内SLG游戏出海景气度提升，且全球竞争力增强；另外，国内小程序游戏市场实际销售收入232.76亿元（yoy+40.2%），其中内购/广告收入占比分别为66%/34%，再次验证小程序游戏高景气度，且内购已成为重要变现模式。重点跟踪产品表现来看，巨人网络《超自然行动组》在7.31的新角色、道具更新驱动下，8.1在iPhone游戏畅销榜排名升至第11；心动公司《心动小镇》在7.26“水之誓约”全新展演推动下，7.26-7.28iPhone游戏畅销榜排名也进入前20，运营活动或持续助力长青游戏流水提升。（2）电影：7月以来陆续上映的国产电影《罗小黑战记2》《南京照相馆》《戏台》《浪浪山小妖怪》最新豆瓣评分分别为8.7/8.6/8.0/8.6，集体收获高口碑，口碑效应或助力后续票房超预期，其中8.2上映的上海电影旗下国漫IP电影《浪浪山小妖怪》于8.3实现票房逆跌，后续排片率或提升，票房曲线值得期待，后续值得期待的影片中，《731》定档9.18，从暑期档到国庆档，优质影片或继续驱动票房复苏。（3）潮玩/卡牌：7.31量子之歌宣布收购旗下控股公司Letsvan剩余全部股权，此前7.23汉仪股份公告拟收购主营IP卡牌等衍生品生产及销售的上海皮东39%股权，潮玩卡牌领域资本化继续推进。我们建议继续布局高景气的IP新消费赛道，游戏板块重点推荐心动公司、恺英网络、巨人网络、神州泰岳、吉比特、完美世界、腾讯控股，受益标的包括友谊时光、IGG、百奥家庭互动；电影板块重点推荐上海电影，受益标的包括猫眼娱乐、中国电影、幸福蓝海；潮玩/卡牌重点推荐奥飞娱乐、姚记科技、布鲁可，受益标的包括泡泡玛特、量子之歌、汉仪股份。风险提示：AI应用收入、游戏流水、电影票房、潮玩卡牌销量低于预期等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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