--- title: "CITIC Construction Investment: AI applications accelerate depth, content consumption stabilizes and rebounds" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/265602085.md" description: "CITIC Construction Investment released a research report, looking ahead to 2026, and continues to be optimistic about AI applications and content consumption. It is expected that AI applications will accelerate commercialization in 2025, and in 2026, the focus will be on the integration of AI with traditional products, with platforms like WeChat and Douyin expected to become traffic entry points. At the same time, AI going overseas is speeding up, the gaming industry is experiencing prosperity and rising profit margins, and content consumption is also rebounding with policy support. Key points include the acceleration of AI commercialization and the new traffic brought by the combination of old products and AI" datetime: "2025-11-12T23:03:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/265602085.md) - [en](https://longbridge.com/en/news/265602085.md) - [zh-HK](https://longbridge.com/zh-HK/news/265602085.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/265602085.md) | [English](https://longbridge.com/en/news/265602085.md) # CITIC Construction Investment: AI applications accelerate depth, content consumption stabilizes and rebounds According to the Zhitong Finance APP, CITIC Construction Investment has released a research report stating that in 2026, it continues to be optimistic about AI applications and content consumption. AI applications will accelerate commercialization in 2025, focusing on the integration of AI with existing products in 2026. WeChat, Douyin, and Doubao are expected to become traffic entry points in the AI era. Additionally, AI + advertising is expected to deliver results. Meanwhile, AI going overseas is speeding up, relying on high product capability and cost-effectiveness to capture overseas markets. In gaming, prosperity and profit margins continue to rise, supported by an increase in supply-side licenses, with new games from Tencent, NetEase, and miHoYo being released intensively. Medium-sized manufacturers have sufficient potential for innovation in categories, while weakened channel bargaining power and AI-driven efficiency improvements lead to sustained profit margin growth. In content consumption, leading IP toy brands are accelerating overseas expansion and improving single-store efficiency, while the consumption of millet has shifted from wild growth to quality integration; music platforms are driven by volume and price performance, and live performances are highly prosperous; film and television benefit from policy support, with AI aiding content innovation, and both policy and supply are building a bottom-up recovery. ## The main points of CITIC Construction Investment are as follows: **AI Applications: From Waiting for Blockbusters to Accelerated Commercialization** Looking back at 2025, the keyword for AI applications is accelerated commercialization. OpenAI has shifted from pursuing AGI to monetization, expecting to complete a leap from $10 billion to $20 billion in ARR within 2025. Anthropic's ARR is expected to grow rapidly from $1 billion at the end of 2024 to $5 billion by July 2025, with programming, search, and multimodal being the fastest commercialized tracks currently. The token usage of major domestic and foreign companies is rapidly increasing, with Google Gemini's token volume growing by 33% from July to October, and Byte's Doubao seeing an over 80% increase in token usage compared to May this year. Key companies are experiencing exponential growth in AI revenue, such as overseas Applovin maintaining around 70% revenue growth despite a high base in 2024, and domestic Meitu's overall paid penetration rate increasing from 2.9% in 1H23 to 5.5% in 1H25, with Keling's second-quarter revenue reaching 250 million yuan, a more than 60% increase from the first quarter. 1. **AI + Existing Products = New Traffic Entry Points.** Tencent's WeChat has the most potential for agentization, possessing traffic entry point attributes (over 1.4 billion monthly active users) and integrating WeChat Mini Programs, official accounts, video accounts, and social ecosystems, meeting almost all online functions for users. Byte's Doubao and Douyin are fully integrated in AI search (AI short videos, live search); there are also expectations for Alibaba's Taobao, Alipay, and Quark products to become part of AI traffic entry points. Additionally, there are hopes that Douyin and Kuaishou may launch a "Chinese version of Sora," as AI-generated images have already become mainstream, and the nationwide promotion of AI videos is anticipated. 2. **AI Going Overseas is Expected to Become a Keyword.** There is a strong awareness of software payment overseas, and domestic AI products are expected to achieve rapid growth due to high product capability and cost-effectiveness. Meitu is expected to accelerate overseas feature updates and marketing pace during North American holidays, with previous features like AI group photos and AI flashlights having propelled Meitu's products to the top of the iOS free app charts in multiple countries overseas. Kuaishou's overseas revenue accounts for 70%, and subsequent model performance is expected to iterate along the lines of world models and audio-video synchronous generation, while product functions may leverage Lingdong Canvas and short video generation agents to integrate more deeply into video creation workflows In addition, domestic large model companies such as Minimax and Zhipu are expected to successively enter the capital market, with financing likely to further drive the speed of commercialization. Among them, MiniMax's revenue has exceeded $70 million in 2024, and the bank expects that the overseas AI social product Talkie AI will contribute the majority of the revenue. 3. **Overseas AI is also accelerating financing and commercialization progress, with a focus on the developments of OpenAI and Anthropic.** OpenAI is promoting the integration of ChatGPT into third-party applications, setting a model for the application ecosystem in the AI era, namely a super entrance + a variety of vertical applications. OpenAI expects its ARR to reach hundreds of billions of dollars by 2030, while Anthropic expects its revenue to reach $80 billion by 2028, driven by the AI programming needs of enterprise customers. **Gaming: Prosperity and profit margins remain upward, Tencent and NetEase's new games are dense, and innovative categories still have potential.** 1. **Quality supply continues, and "middle-aged players" are strong, indicating that high prosperity will continue.** The domestic gaming industry is expected to experience a "revival" in 2025, primarily driven by a dual recovery in supply and demand. Looking ahead to 2026, the bank remains optimistic about the high prosperity of the gaming industry. In particular, supply factors are expected to continue improving in 2026. Reviewing the blockbuster new games of 2025, most of their licenses were obtained in 2024 or earlier. From January to October 2025, 1,441 licenses were issued, a year-on-year increase of 23%, and these licenses are expected to continue contributing revenue in 2026 and beyond. From the player and demand side, the bank believes that "male players and female players" and "top-paying players" are strong, with the ARPU of the gaming industry in the first half of 2025 increasing by 13% year-on-year, continuously exploring user payment potential. 2. **In 2026, Tencent and NetEase will have a dense release of new games, while also being optimistic about the innovative products and evergreen operations of medium-sized manufacturers.** Apart from Tencent's "Delta Action," most of the industry blockbusters in 2025 will come from medium-sized companies, such as Giant's "Supernatural" and G-bits' "Staff Sword." In 2026, leading companies Tencent, NetEase, and miHoYo will have a richer reserve of products ready for release. 3. **The core five gaming companies in A-shares are expected to double their revenue in 2025 compared to 2020, laying a solid foundation for medium- to long-term projects and growth.** From the overall situation of the Shenwan gaming index constituent stocks, the net profit growth rate attributable to the parent company in the first three quarters of this year was 49%, 104%, and 112%, with both growth rate and absolute value reaching new highs since 2023. 4. **Online gaming communities and offline internet café operations continue to benefit from high prosperity.** In the first half of the year, Xindong's TapTap revenue reached 1.01 billion yuan, a record high, with a year-on-year increase of 38%, also a new high since 2023; in the second quarter, Huya Live's revenue was 1.15 billion yuan, achieving positive growth in a traditionally low season; in the first half of the year, Kaiying's Legend Box revenue increased by 65.3% year-on-year, reaching over 100 million yuan in authorized cooperation with leading companies such as Tanwan and Zhangwan. 5. **AI + gaming, cost reduction and efficiency improvement are reflected in the reports, and category exploration is underway.** The overall R&D expense ratio of the gaming (Shenwan) index constituent stocks decreased from 12% in the first quarter of 2023 to 10% in the second quarter of 2025. This is partly due to personnel optimization in the gaming industry over the past two years, and partly due to AI-driven cost reduction and efficiency improvement in game development AI games empower game development internally, with multimodal generation and localized deployment of AI models and tool platforms becoming relatively common. In the future, with the iteration of world models like Google's Genie and Tencent's Hunyuan, AI + UGC games are expected to take off. **Content Consumption: The growth of trendy toys continues, and Guzi enters a quality integration period, optimistic about music and film consumption** The bank divides new IP consumption into two main lines: one is "trendy toys" mainly based on self-owned artist IPs like Pop Mart, and the other is "Guzi consumption" primarily based on ACG content IPs such as anime and games. The bank believes that the latter, after years of "barbaric growth" (significant supply growth and extreme channel expansion), is expected to see a concentration and integration of leading players starting in 2026. Pop Mart's growth attributes remain, overseas penetration is still in the early stages, and there is still room for IP expansion and category diversification. **Music Consumption: Online platforms benefit from volume and price increases, live performance prosperity continues** **Music platforms return to the online music main business, with volume and price driving steady performance growth.** Although there are new challengers like Soda Music in the short term, the bank judges that legitimate and complete long audio listening will still be the main form of music streaming, and music streaming is unlikely to evolve into a "free encroachment on paid" structure like the reading market. **High demand for live performances is one of the few consumer sectors where annual consumption frequency continues to grow.** At the same time, recent developments in the Korean entertainment industry in the domestic market are expected to loosen restrictions, further supporting market growth. Looking ahead, core companies are expected to consolidate their advantages while pursuing vertical and horizontal layouts for incremental growth, and they are also expected to seek larger markets through overseas expansion. **Film and Television: Product innovation, upward policies, optimistic about bottom reversal** **Continuous product innovation, with comic dramas, group broadcasts, and entertainment content centered around fan economy emerging frequently, leading to high market growth.** This year, we have seen the emergence of comic dramas derived from live-action short dramas due to the development of AI video technology, jointly driving the growth of micro-short dramas. At the same time, group broadcasts are thriving under standardization and professionalism, expanding into diverse monetization methods such as advertising placement and fan economy based on rewards. Looking ahead, from video platforms to IP resource providers and production companies, there is continuous iteration of product forms using AI and IP to drive content innovation. The bank remains optimistic about the rapid growth of emerging entertainment content, with relevant participants benefiting from high market growth. **In the drama industry, supportive policies have emerged, and supply needs to recover from the bottom to drive market warming.** On one hand, the "21 Regulations on Broadcasting and Television" are expected to support drama companies in emerging from the supply trough; on the other hand, iQIYI, Tencent Video, Youku, and Mango TV have successively held investment promotion meetings, announcing hundreds of dramas to support industry supply over the next two years. Under the combined influence, the supply bottom has emerged, and demand is waiting to warm up. **Risk Warning**: Risks of copyright protection being less than expected, unclear division of intellectual property risks, risks of declining IP influence, risks of interruption in cooperation with IP or celebrities, risks of changes in public aesthetic preferences, risks of intensified competition, risks of low user willingness to pay, risks of difficulty in changing consumption habits, governance risks of related companies, risks of content performance not meeting expectations, risks of generative AI technology development being less than expected, risks of high product development difficulty, risks of product launch delays, risks of rising marketing acquisition costs, risks of talent loss, risks of rising labor costs, risks of regulatory policies, risks of commercialization capabilities being less than expected ### 相關股票 - [KUAISHOU-W (01024.HK)](https://longbridge.com/zh-HK/quote/01024.HK.md) - [Tencent (TCEHY.US)](https://longbridge.com/zh-HK/quote/TCEHY.US.md) - [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-HK/quote/TCTZF.US.md) - [TENCENT (00700.HK)](https://longbridge.com/zh-HK/quote/00700.HK.md) - [ByteDance (BYTED.NA)](https://longbridge.com/zh-HK/quote/BYTED.NA.md) ## 相關資訊與研究 - [Insig AI Plans Growth Drive and Eyes Nasdaq Dual Listing](https://longbridge.com/zh-HK/news/281311983.md) - [MedPal AI Wins Strong Shareholder Backing at AGM as It Expands AI Health Platform](https://longbridge.com/zh-HK/news/281501359.md) - [SoundHound AI (SOUN) vs. BigBear.ai (BBAI): Which Small-Cap AI Stock Has More Upside?](https://longbridge.com/zh-HK/news/281681518.md) - [MedPal AI Updates Voting Rights as Share Count Reaches 492.4 Million](https://longbridge.com/zh-HK/news/281152846.md) - [Progress Software AI Upgrade Spurs Questions On Valuation Versus Weak Momentum](https://longbridge.com/zh-HK/news/281607599.md)