太平洋证券：可灵MAU创新高 AI助推漫剧高速发展

智通财经01-26

智通财经APP获悉，太平洋证券发布研报称，根据晚点财经数据，26年1月快手-W(01024)可灵AI MAU突破1200万，且截至1月20日，月付费用户(App端)环比增长350%；1月当月日均收入环比增长约30%。可灵AI MAU快速增长主要得益于模型更新于动作控制功能两大因素。当前AI运用带来了超70%的降本，超80%的提效，未来随着AI视频生成等技术持续迭代及广泛落地应用，漫剧、短剧等视频...

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MAU快速增长主要得益于模型更新于动作控制功能两大因素。当前AI运用带来了超70%的降本，超80%的提效，未来随着AI视频生成等技术持续迭代及广泛落地应用，漫剧、短剧等视频内容有望迎来AI规模化生产的新阶段。标的上建议关注：博纳影业(001330.SZ)等。太平洋证券主要观点如下：1月快手可灵MAU突破1200万，日均收入环增约30%快手可灵AI用户规模及收入实现突破性表现。根据晚点财经数据，用户规模方面，2026年1月的月活跃用户突破1200万，且截至1月20日，月付费用户(App端)环比增长350%；收入方面，2025年12月单月收入超2000万美元，2026年1月的日均收入环比增长约30%。太平洋证券认为，快手可灵MAU快速增长主要得益于两大因素：1)模型更新：2025年12月，快手陆续发布了全球首个统一多模态视频模型可灵o1，以及具备音画同步生成能力的可灵2.6，提升了模型能力并丰富了视频生成模型矩阵；2)动作控制功能引发关注：可灵2.6上线动作控制功能，通过上传人物参考图并选择动作，即可生成人物复刻动作的视频。得益于该功能操作简易，以及生成视频具备社交传播优势，2026年初可灵AI位列巴西、俄罗斯等近40个国家和地区的iOS端绘图与设计类下载榜第一，并成为韩国和俄罗斯iOS端收入最高的绘图与设计类应用。2026年漫剧市场规模预计达220亿元，AI仿真人剧播放量高增根据巨量引擎最新数据，预计2026年漫剧市场规模有望突破220亿元，贡献短剧行业50%的增量。用户规模方面，2025年6-12月，抖音端内漫剧用户规模趋势复合增速达12%。播放数据方面，2025年6-12月，漫剧播放量趋势复合增速达24%。其中，12月2D动画漫部均播放量最高，可达表情包动态漫的3倍。此外，AI仿真人剧部均播放量增速最快、峰值最高。AI运用方面，目前AI在漫剧的创意、内容制作、剪辑运营环节的应用比例分别为10%-30%、50%-80%、20%-80%。AI运用带来了超70%的降本，超80%的提效，以及生产环节缩短三分之一。投资建议快手-W(01024)可灵AI用户规模及收入实现突破性表现，表明国内AI视频模型能力跻身全球前沿水平，且商业化价值持续兑现。在应用场景上，AI技术在漫剧各制作环节的应用解决了过往动画内容制作成本高、时间周期长的痛点。同时，2D动画漫和AI仿真人剧的高播放量反映出目前由AI生成的漫剧内容已获得观众认可。未来随着AI视频生成等技术持续迭代及广泛落地应用，漫剧、短剧等视频内容有望迎来AI规模化生产的新阶段。风险提示AI技术发展不及预期的风险、政策监管趋紧的风险、行业竞争加剧的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"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 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