Cinda: The remake of traffic distribution and the explosion of content production capability in the AI era still have upward potential for the valuation of the gaming sector.

Cinda released a research report stating that in the face of uncertainty and opportunities brought by AI, the investment system of the media and internet sectors will switch to high-quality assets on the traffic distribution end and content supply end. This includes companies that have "user intent" on the traffic distribution end, which can directly reach users' decision-making and intent execution, and companies on the content supply end that have "quality content" and "scarce data and IP" or "user emotions and trust." It is suggested to continue to focus on the gaming sector for investment opportunities, as the sector's valuation still has room for growth with the drive of new AI gameplay. Key points from Cinda include: - Agent defines the entry, AIGC reshapes the supply By 2026, as AI moves from the "technical infrastructure period" to the "deep application zone," the core variables of the media and internet industry will shift to the combination of entry form migration, redistribution of distribution rules, and the outbreak of supply-side capacity. The industry's underlying logic may undergo a dual reconstruction: 1. At the traffic distribution end, AIAgent is taking over user intent, replacing apps as the new super entrance by shifting from "seizing time" to "efficient execution" in traffic distribution logic; 2. On the content supply end, with the development of multi-modal large models, AIGC has achieved zero marginal cost production of all-mode content, and the content industry faces a "capacity explosion," with core barriers returning to high-quality data and IP, and emotional connections with users. Facing the uncertainty and opportunities brought by AI, the investment system of the media and internet sectors will switch to high-quality assets on the traffic distribution end and content supply end. - Agent defines the entry, the AI era of traffic distribution is expected to be reconstructed The maturity of AIAgent marks a generational leap in human-machine interaction: evolving from process-based GUI (Graphical User Interface) to result-based IUI (Intentional Interaction Interface). The traditional 'click-jump' mode is becoming obsolete, replaced by the new paradigm of 'converse-execute.' By precisely understanding user intent and cross-application execution capabilities, Agent is making apps invisible and rebuilding the underlying logic of traffic distribution. Every generation of the Internet is accompanied by the replacement of a super entrance: the Internet era is search and browsers, the mobile internet era is super APPs. While large models are capabilities, Agent as a role with execution capabilities is more likely to become the entrance of traffic. Moving from "plugin AI" to "system-level AI" will evolve AI landing from traffic thinking to ecological thinking, maximizing the value of existing user pools, data assets, and business matrices. - Agent brings about the change in business model, switching from duration priority to efficiency priority in the AI era Under the AIAgent model, there is a fundamental reverse in traffic distribution logic. The business model is shifting from the duration priority in the "attention economy" (consuming users' time as much as possible to show ads) to the efficiency priority in the "intention economy" (responding to user needs in the shortest time to earn commissions). Companies with operating system bases or super Agent platforms are expected to grasp new "traffic distribution rights and bargaining power," while waistline apps without exclusive content face the risk of being "pipelined." Leading companies in the competition for traffic entrance in the AI era include Alibaba with its "Qianwen" line connecting Quark, DingTalk, smart glasses, Byte with the commercialization transformation of Doubei to become a system-level Agent, and Tencent's continuous promotion of Yuanbao. The next generation of AI giants, with the "best model" as the foundation and the "most irreplaceable entrance" as the search engine. - AIGC reshapes the supply, the AI era's content production capacity explosion brings about a revaluation of scarcity As multi-modal large models gradually mature, AIGC technology is expected to leap from the primary stage of "cost reduction and efficiency increase" in 2026 to the explosive period of "creating new demand": 1. Capacity explosion: the production threshold for video, 3D, and gaming assets is significantly lowered, and there will be a noticeable increase in content supply. Under the impact of massive content, the value of mediocre content will be reduced to zero, while the value of top IP and scarce data will rise significantly. 2. Form evolution: content consumption will upgrade from "passive viewing" to "active involvement." "Generative interactive drama," "AI companion games," and "spatial computing content" combined with MR/XR hardware will fill the time saved for users by Agent and become the new "time killer." - AI + Gaming: From "assistive tools" to "core engine" 1) In the R&D process: improving efficiency throughout the process is one of the most significant ways to reduce costs and increase efficiency. 2) In the publishing process: mainly driven by data-driven decisions to achieve precision in game operations. 3) Interaction experience and AI-native games: In terms of innovative user experience, AI can enhance game users' immersion in the game and achieve an upgrade in interaction. In the future, more realistic and immersive AI-native reasoning games will be the goal pursued by the gaming industry. - AI + Film and Television: Box office differentiation, focusing on the 2026 Spring Festival file, and the progress of AI video domestically and abroad The catalysts for the film and television sector in 2025 can mainly be divided into: performance driven by popular films, the release of AI video model products, the release of favorable policies related to film and television, increased attention to IP and cultural content going overseas, and the incremental impact brought by the emergence of new industry sub-themes such as AI animated dramas. It is recommended to pay attention to the potential blockbuster films to be released and the dynamic updates in the AI video industry. - AI + Advertising Marketing: Potential growth for programmatic advertising companies, advertisers focus on ROI conversion effects 1) The overall advertising market follows the performance of the macro economy and the level of consumer retail expenditure. 2) Advertisers are more focused on ROI, and programmatic advertising platforms, due to their ability to efficiently and accurately match users and advertisers, have a much higher revenue growth rate compared to the overall advertising market. Risk factors: Risks of incomplete or biased statistics; macroeconomic risks; intensified industry competition risks; risks of AI model iteration falling short of expectations; risks of AI application penetration falling short of expectations.