互联网传媒周报：AI应用二级投资机会

申万宏源研究01-12

本期投资提示：岁末年初，AI 应用行情驱动因素？（1）产业角度：海外OpenAI 计划引入广告并发布AI 健康助手，国内AI 应用用户增长和变现进入关键阶段：字节豆包突破1 亿DAU 且引入抖音商城、掌握AI 社交入口Talkie 的Minimax 上市，AI 超级入口逐步形成。（2）二级市场：A 股成交额破3 万亿、风险偏好提升，AI 应用相较AI 算力2024 年9 月以来涨幅较小。A 股传媒...

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助手升级为Agent，预计将重构流量格局：国内AI 通用助手预计通过广告和电商变现，有商城生态优势公司值得重点关注。除了字节豆包引入抖音商城，重点关注：腾讯控股（微信agent、世界模型）、阿里巴巴（千问app 有望拉动主业，外卖闪购竞争有望缓和）、垂类入口重点关注Minimax（社交娱乐类Talkie、视频海螺等）。（2）AI 视频、UGC 社区和AI 广告：AI 视频从工具订阅付费到内容平台创作者赋能，有望拉动UGC 社区流量增长，同时AI 有望提升广告变现效率。重点：【哔哩哔哩】（用户和广告增长确定性，AI 应用期权+《百将牌》期权）、【快手-W】（12 月可灵数据超预期）、【心动公司】（taptap 受益于AI 广告提效，长期受益于游戏UGC）、阅文集团（小说动漫IP，AI 漫剧）、美图公司（AI 修图+生图，全球市场）。其他：百度（昆仑芯拟IPO）。风险提示：内容和互联网监管边际趋严风险；项目延期/表现不及预期风险；竞争加剧影响利润率风险；内容公司无法及时适应AI 变革，在竞争中处于不利地位的风险。","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":0,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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