东方证券：当前无需过度担忧海外Genie3等通用世界模型长线看好平台型游戏企业

智通财经02-04

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原型“Project Genie”，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏，而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的...

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Genie”，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏，而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1401485.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0871576103.HKD","symbol_name":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) 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Genie”，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏，而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。东方证券主要观点如下：事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型“Project Genie”，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一孟在各大平台同步开启直播，正式官宣一款新产品“Taptap制造”。国内AI游戏编辑器的技术路径已具备落地商用条件以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传统游戏引擎的融合，且以逐步替代的方式完成技术过渡，这一模式在当前节点已可落地商用。目前该技术的应用更多集中在UGC/PUGC生产环节，创作者能够通过自然语言向AI游戏引擎提出修改需求，以此打磨出更具可玩性的游戏产品。无需过度担忧当前海外Genie3等通用世界模型，目前游戏商用潜力极低Genie3因为不支持FBS通用游戏引擎格式输出，也没有具体数值、道具等游戏必备元素，且如果底层构架不做大修这一基本面暂时无法改变。因此，这决定了Genie3无法支持B端游戏企业生产。其次，对接C端用户来看Genie3生成的是一个不确定的“游戏”，并不一定有可玩性。第三，Genie3因为自回归带来的KV膨胀，目前仅能生产60S互动视频态，如需加长时长，其底层成本是非线性增长关系。直接对接C端玩家时当前成本势必无法控制。即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏，而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，长线看好平台型企业以腾讯《和平精英》绿洲启元为代表的AI游戏编辑器已突破3300万DAU，意味着游戏AI引擎从B端赋能陆续走向C端赋能。以腾讯、网易为代表中国头部游戏企业已逐渐升级其游戏AI工具，将其内置于大DAU游戏中。AI对于自然语言和拖拽式游戏开发的赋能使得C端玩家大批量介入游戏生产环节，从而UGC游戏内容开始大幅上量。但UGC不是终点，而是游戏平台语料和流量积累的中间态，也是未来在游戏产业去人工化阶段之前最至关重要的一环。相比无法商用的genie3，国内游戏AI引擎当前已可以率先结合商用，拥有大DAU平台的企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。投资建议与投资标的随着AI在游戏产业的应用逐渐从toB走向toC，越来越多的大DAU游戏利用自然语言AI游戏引擎驱动用户共创，获得了游戏内容和DAU的双向高增。首先，相关标的有在游戏渠道和大DAU有优势的厂商：腾讯控股(00700)、网易-S(09999)、心动公司(02400)、世纪华通(002602.SZ)、巨人网络(002558.SZ)、恺英网络(002517.SZ)。其次，建议关注今年有重点项目储备的厂商：三七互娱(002555.SZ)、完美世界(002624.SZ)。风险提示项目延期风险、产品竞争风险、政策风险、游戏流水不及预期风险。","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":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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东方证券：当前无需过度担忧海外Genie3等通用世界模型 长线看好平台型游戏企业

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东方证券：当前无需过度担忧海外Genie3等通用世界模型长线看好平台型游戏企业