东方财富证券：AI深度融合游戏产业链 26年行业基本面与估值有望迎来双击

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智通财经APP获悉，东方财富证券发布研报称，根据GDC官方数据显示，2026 GDC吸引全球约30000人参加，1000多位嘉宾发言，全球400多家科技及游戏厂商参与；议题内容中有关AI的讨论热度较高，AI不再是“未来愿景”，而是正与游戏开发的各个环节深度融合。当前全球AI发展已步入下半场拼应用阶段，展望2026年，随着AI在游戏产业链的渗透，游戏行业有望迎来供给、政策、技术与渠道等多重催化，...

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Software(U.US)等。中游看，“AI+PGC、AI+UGC、AI+发行”是最直接受益环节，AI可在美术资产、剧情脚本、代码辅助、测试优化等方面显著提效，同时降低UGC创作门槛，推动内容供给扩容；在发行端，AI通过用户分层、LTV预测、素材生成和投放优化提升ROI。建议关注：腾讯(00700)、网易-S(09999)、三七互娱(002555.SZ)、心动公司(02400)、恺英网络(002517.SZ)、世纪华通(002602.SZ)、巨人网络(002558.SZ)、吉比特(603444.SH)、神州泰岳(300002.SZ)、完美世界(002624.SZ)、冰川网络(300533.SZ)、IGG(00799)、祖龙娱乐(09990)、友谊时光(06820)、百奥家庭互动(02100)、Roblox(RBLX.US)等。下游看，“AI+渠道营销、AI+买量平台”将进一步提升获客效率、转化率与留存表现。建议关注：Applovin(APP.US)、汇量科技(01860)、Unity、快手-W(01024)、哔哩哔哩-W(09626)、虎牙(HUYA.US)、欢聚(YY.US)等。风险提示AI技术迭代及产品落地不及预期，若大模型在内容生成、智能交互、研发提效等方面的能力提升放缓，或成本下降速度低于预期，可能影响IP开发、PGC/UGC内容生产及游戏研发效率改善。AIGC监管及合规风险仍需关注，包括AIGC内容版权归属、数据安全、未成年人保护、算法治理及内容审核趋严等，均可能提升平台与厂商运营成本。再次，商业化转化风险不可忽视，AI虽可提升买量、营销及用户运营效率，但若用户付费意愿、广告投放需求或转化效果低于预期，相关收入兑现或弱于判断。游戏内容行业竞争可能加剧，若头部厂商加大投入、中小厂商跟进不足，或平台流量分配机制变化，均可能导致市场格局及盈利能力波动。还需警惕宏观消费波动、版号节奏变化及重点产品上线表现不及预期等对行业景气度的扰动。","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":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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