Zhongtai Media's 2026 Strategy: AI+IP Dual Driving, Optimistic about Investment Opportunities in Games, Movies, Publishing, etc.

Zhongtai released a research report stating three main trends for the implementation of AI: the formation of end-side entry points, practical iteration of model capabilities, and maturity of multi-modal tools. In addition, the consumer market is shifting from "meeting functional needs" to "emotional resonance", IPs are evolving from traffic symbols to emotional currency, and there is anticipation for the commercialization of large IPs. Looking from top to bottom, IPs empower domestic demand growth and cultural globalization, while resonating with the commercialization of frontier technologies such as AI. Looking from bottom to top, domestic cultural products lead globally, millennials and Generation Z have cultural confidence and emotional consumption needs, and the supply and demand logic is smooth. Zhongtai stated that the media industry has clear attributes for both offense and defense, and is optimistic about investment opportunities in gaming, film, and publishing. The gaming sector has a high EPS support level and a high safety cushion, and it is recommended to focus on companies with strong performance stability or significant marginal changes in products. The film industry is recovering from fluctuations after the pandemic, with improved profitability and increased emphasis on non-box office economics, as regulatory policies signal positive prospects. In terms of publishing, in the defensive dimension, state-owned publishing in textbooks and teaching aids utilizes state endorsement, content, and channel advantages to strengthen the basic plate in the long term, with local state-owned publishing companies having a dividend yield proportion of 50-60%. Zhongtai's main viewpoints are as follows: Main Trend 1: Three main trends for the implementation of AI: the formation of end-side entry points, practical iteration of model capabilities, and maturity of multi-modal tools. It is recommended to focus on AI in comics, games, education, marketing, and publishing. AI in Comics: Clear marginal changes, benefiting from the iterative development of multi-modal technologies, rapid growth in supply and demand, AI comics promote efficiency by more than 3 times and reduce costs by over 90%, as platform policies support the entry of comics into a high-quality growth stage. AI in Games: AI penetration continues to increase in the development process, with casual and interactive games expected to achieve AI first, with future expectations for AI to enhance gaming benefits and increase user stickiness through virtual companionship. AI in Marketing: AI technology is driving new marketing models. 53.1% of advertisers use AIGC in creative content generation, over 80% of consumers are shifting from "multi-platform search and comparison" to "AI one-stop consultation", and the industry is facing a transformation in generating engine optimization strategies. AI in Education: AI reduces costs and improves teaching efficiency, with overseas companies successfully implementing commercial models, strong demand for educational equality domestically, and expectations for AI+ education companies to focus on market penetration and landing with advantages in product and promotion. AI in Publishing: Overseas companies combining AI with publishing have excellent results, and domestic publishing companies are also promoting AI participation in popular and academic publishing ecosystems, with expectations for AI to effectively empower the domestic publishing industry chain, aiding in reducing costs and increasing efficiency. Main Trend 2: Investment value in the IP industry. The consumer market is shifting from "meeting functional needs" to "emotional resonance", IPs are evolving from traffic symbols to emotional currency, with expectations for large IPs and their commercialization. Looking from top to bottom, IPs empower domestic demand growth and cultural globalization, resonating with the commercialization of frontier technologies such as AI. Looking from bottom to top, domestic cultural products lead globally, with millennials and Generation Z having cultural confidence and emotional consumption needs, and a smooth logic between supply and demand. Media: Clear attributes for both offense and defense, optimistic about investment opportunities in gaming, film, and publishing. Gaming: Steady industry growth. Gaming sector has high EPS support level and high safety cushion, recommended to focus on companies with strong performance stability or significant marginal changes in products. Film: Market sees content supply improvement and industry structure enhancement. Industry gross profit margin in 25Q1-Q3 was 28.9%, up by 7.2pct, industry is recovering from fluctuations after the pandemic, with improved profitability and increased emphasis on non-box office economics, as regulatory policies signal positive prospects. Publishing: Defensively, state-owned publishing in textbooks and teaching aids utilizes state endorsement, content, and channel advantages to strengthen the basic plate in the long term, with local state-owned publishing companies having a dividend yield proportion of 50-60%. Offensively, publishing companies are expanding into smart education (educational digitalization, AI+ education, etc.), research and study business, tapping into the value of offline stores, providing added value for performance growth. Risks: Policy risks in cultural regulation; changes in preferential policies for state-owned media enterprises; AI technology development falling short of expectations; risks of outdated information data used in the research report; risks of third-party data distortion; risks of deviations in market size estimation.