传媒行业行业跟踪点评：生成式搜索兴起，AI应用催化密集

中国银河01-13

（以下内容从中国银河《传媒行业行业跟踪点评：生成式搜索兴起，AI应用催化密集》研报附件原文摘录）核心观点事件 2026年1月12日，传媒指数大涨7.80%，2026年年初至今涨幅已达21.93%。分子板块来看，广告营销板块涨幅居前，年初至今涨幅为32.45%，游戏板块年初至今涨幅为19.71%。广告营销：生成式搜索兴起，有望重塑商业模式生成式搜索（GeneratedEngine ...

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2025年游戏行业大盘增长态势良好，据伽马数据，2025年游戏市场实际销售收入3507.89亿元，同比增长7.68%；用户规模6.83亿，同比增长1.35%，同为历史新高点。销售收入持续增长有望助推相关游戏公司业绩不断释放。同时，AI持续赋能游戏行业，交互式AI内容正持续探索，显著提升用户参与感；AIGC大幅降低内容创作的成本与时间门槛，叠加算力成本持续下探，有望进一步助力行业降本增效。智谱、Minimax赴港上市，AI应用催化密集 智谱华章于1月8日挂牌港交所，上市前三个交易日涨幅分别为13.2%、20.6%、31.4%；Minimax于1月9日挂牌港交所，首日涨幅达109%。同时，近期AI应用相关催化密集：除AI营销相关的GEO外，12月大模型APP月活数据方面，ChatGPT全球MAU达8.8亿领跑，豆包（1.6亿）、夸克（1.5亿）、DeepSeek（1.3亿）加速追赶，春节假期将至，大模型用户数据有望再创新高；据TheInformation，DeepSeek或将于2月发布新一代旗舰AI模型DeepSeekV4，模型编程能力大幅提升。投资建议 我们认为，当前AI产业催化不断，AI应用商业化具备广阔发展空间，以生成式搜索（GEO）为代表的AI应用方向正在不断探索、发展中。同时，除内容生成外，内容交互亦正成为重要突破点，对游戏等内容板块而言，AI在降本增效之外，为用户提供了独特的交互体验，用户的参与感显著提升。建议关注：AI投入不断增加港股互联网核心资产、AI赋能不断深化的AI应用及产业链相关相关子板块：1）港股科技巨头：基本面稳固且AI不断投入的腾讯控股、阿里巴巴-W，国内AI视频工具产品力领先的快手-W；2）AI应用及产业链相关：值得买（AI+电商）、蓝色光标（AI+营销）、昆仑万维（AI应用）、恺英网络（AI+游戏）等。风险提示：AI技术发展进度不及预期风险、内容监管的风险、行业竞争的风险、新品上线表现不及预期的风险。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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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