CITIC Securities: The road ahead for new consumer IP is clear, and the application of AI is like a spark in the sky.

CITIC Securities Research Report stated that IP new consumption has a smooth road ahead: small emotions, big space. The content-oriented new consumption continues to be prosperous. CITIC Securities believes that meeting three conditions is the broad definition of new consumption: satisfying immediate emotional value, high frequency multiple consumption, and fast track growth. Therefore, from offline trends and performances, to online games and music, all have potential in the new consumption track, with long-term growth potential. AI applications are like sparks of fire, with AI Agent and multimodal advancement leading the way. With the acceleration of iteration of reasoning models led by DeepSeek, this year marks the landing of Agent and AI video.