【国元研究】传媒行业周报——MiniMax及智谱港股上市加速，字节发布通用Agent模型Seed1.8

国元研究2025-12-25

文 | 李典郜子娴MiniMax及智谱港股上市加速，字节发布通用Agent模型Seed1.8——传媒行业周报市场表现周度涨跌情况（2025.12.13-2025.12.19）：传媒行业（申万）下跌0.18%，排名行业第23名。完美世界、电广传媒、巨人网络、荣信文化和三七互娱表现较优，恒生科技成分股中传媒行业本周整体表现平淡。行业重点数据及动态更新AI应用：最近一周（12.15-12.21）...

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李典郜子娴MiniMax及智谱港股上市加速，字节发布通用Agent模型Seed1.8——传媒行业周报市场表现周度涨跌情况（2025.12.13-2025.12.19）：传媒行业（申万）下跌0.18%，排名行业第23名。完美世界、电广传媒、巨人网络、荣信文化和三七互娱表现较优，恒生科技成分股中传媒行业本周整体表现平淡。行业重点数据及动态更新AI应用：最近一周（12.15-12.21）Deepseek/豆包/腾讯元宝/千问七麦数据预估ios端下载量分别为36.37/209.76/96.74/86.60万次，环比分别+2.59%/+0.05%/-22.26%/+4.31%。AI应用事件方面，LiblibAI 上线“Wan 2.6”视频模型，腾讯混元世界模型1.5发布，字节Seedance 1.5 pro音视频创作模型发布，OpenAI发布生图模型GPT Image 1.5，字节跳动通用Agent模型Seed1.8发布，智谱及MiniMax披露其聆讯后资料集（PHIP）版本的招股书资料。游戏：2025年中国游戏市场总规模3507.89亿元，同比增长7.68%，其中移动游戏市场规模2570.76亿元，同比增长7.92%。年内移动游戏品质提升，《无畏契约：源能行动》、《超自然行动组》、《杖剑传说》等新品表现超预期，《三角洲行动》通过多次赛季更新持续吸引玩家，《王者荣耀》、《和平精英》、《梦幻西游》等长青游戏通过创新玩法优化运营，表现持续亮眼。中国自主研发游戏海外市场实现销售收入204.55亿美元，同比增长10.23%。周度IOS游戏畅销榜方面，根据七麦数据，12月20日IOS游戏畅销榜中，《王者荣耀》、《金铲铲之战》和《三角洲行动》为畅销榜前3名。本周，吉比特旗下雷霆游戏代理SLG产品《九牧之野》上线，预下载首日便占据七麦ios端游戏免费榜首位，18日上线后进入ios端游戏畅销榜，周度排名在22-32名之间；《杖剑传说》周内排名在35-62名之间。《超自然行动组》12月21日开启新地图“秦始皇陵”预热，19日新员工“小满”上线后对产品的排名拉动明显，上线后产品排名提升至游戏畅销榜最高第9，12月25日将开启与《太空杀》玩法联动。影视：周度（12.13-12.19）总票房6.89亿元，《阿凡达3》票房破4亿元，票房冠军为《疯狂动物城2》，周票房4.28亿元，占比周度票房62.1%。本周后续（12.23-12.26）将有12部影片待映。本周ReelShort启动竖屏短剧出海激励。投资建议我们看好AI应用、文化出海等主题方向，重点关注游戏、IP、短剧、出版等子板块，标的方面，关注巨人网络、恺英网络、神州泰岳、吉比特、浙数文化、完美世界、快手、美图公司、心动公司、姚记科技、上海电影、芒果超媒、南方传媒、皖新传媒。风险提示监管风险，AI进展不及预期的风险等本报告摘自国元证券2025年12月23日已发布的《MiniMax及智谱港股上市加速，字节发布通用Agent模型Seed1.8——传媒行业周报》，具体报告及分析内容请详见报告。若因对报告的摘编等产生歧义，应以报告发布当日的完整内容为准。分析师介绍分析师                   李典执业证书编号         S0020516080001联系人                   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