The Zhitong Finance App learned that Zheshang Securities released a research report saying that AI comics have been commercialized and mass produced, and that the AI Star Long Drama “Produces While Reviewing and Broadcasting” has completed the transformation of the industrial model. According to CCTV financial data, in 2026, the domestic AI comic market is expected to exceed 40 billion yuan, a year-on-year growth rate of 138%, and the overseas scale will exceed 4 billion US dollars, accounting for nearly 70% of the total size of overseas short dramas; red fruit skits represent AI comics running through the path of commercialization and IP serialization. “Journey to the West” is the first pure AIGC star drama in China. Although the first single product data did not reach a hit, the “production, review, and broadcast+network broadcast” model opens up a starlink for AI long dramas, and the industrial significance is greater than short-term broadcast data.
The main views of Zheshang Securities are as follows:
AI comics have been commercialized and mass-produced, and the AI star drama “Produce, Review, and Broadcast” has completed the transformation of the industrial model
According to CCTV financial data, in 2026, the domestic AI comic market is expected to exceed 40 billion yuan, a year-on-year growth rate of 138%, and the overseas scale will exceed 4 billion US dollars, accounting for nearly 70% of the total size of overseas short dramas; red fruit skits represent AI comics running through the path of commercialization and IP serialization. “Journey to the West” is the first pure AIGC star drama in China. Although the first single product data did not reach a hit, the “production, review, and broadcast+network broadcast” model opens up a starlink for AI long dramas, and the industrial significance is greater than short-term broadcast data.
All parts of the industry chain benefit: IP, content production, multi-modal tools, and distribution platforms have all ushered in changes
According to the three dimensions of content type, single episode length, production mode, and regulatory review model, AI movies and TV can be divided into AI comics, AI online long dramas, AI animated movies. The upstream web text IP is the foundation for AI content adaptation; the midstream multi-modal model and AI tools greatly reduce shooting production costs; and the downstream platform explores diversified monetization of members, advertisements, and accounts.
The trend of user migration is clear. Short dramas and comics continue to divert long video user time, and long dramas are under full pressure from platform to production
In the first half of 2026, the number of users in the AIGC industry was close to 500 million, +85.4%; AI comics drove the growth rate of the skit circuit by 71.5%; the MAU of the Hongguo free skit reached 368 million, surpassing long-time video platforms such as Tencent Video and iQiyi, making it the most active media platform.
Before “Journey to the West”, the market generally acknowledged the explosion of AI comic traffic
They are optimistic about the explosion in content production brought about by AI in short dramas and the increase in industry profit margins due to cost reduction and efficiency, but most market participants have yet to explore AI opportunities in other entertainment scenes such as long dramas, movies, etc., and believe that other media segments are still far from AI commercialization, mainly non-AI narratives (more biased towards consumption). Although the first broadcast data of “Journey to the West” was not a hit. The market is concerned about the quality of the AI drama's content, insufficient user acceptance, and the difficulty of achieving performance in the short term. At the same time, we believe that the value of the industry lies not in the explosion of individual series, but in the innovation and verification of the industrial model. AI long dramas and AI movies have opened up full new volume space, and the first case of “simultaneous review and broadcast” is expected to be popular in the future. Considering the diversification of long video platforms and Shangxing TV, the profit flexibility of popular models is quite impressive. Therefore, film and television platforms and production all have opportunities to revalue and should not be limited to the comic circuit.
driving factors
(1) Product catalysis: AI content filing, review, and AI film projects continue to be implemented, and the “simultaneous production and broadcast” model is replicated and promoted; (2) technical catalysis: the Wensheng video model continues to iterate to further reduce film and television production costs; (3) user catalysis: users of short dramas and comics continue to expand, and the development of user viewing habits for AIGC content; (4) Policy catalysis: AI content filing, review and supervision frameworks are clear, opening up space for AI content compliance and launch.
Recommended targets
Focus on (1) AI film and television leader Mango Supermedia (the first to break the format, and it is expected that more products with explosive potential will be launched later); (2) AI Film Bonner Pictures (“Sanxingdui: Future Past” AI film schedule can be expected), Chinese film and television media; (3) AI film and television tools and production: Kunlun Wanwei, Chinese Online, Wanxing Technology, Palm Reading Technology, Huanrui Century, Rongxin Culture, Huashi Technology, Decai Co., Ltd., Zhaochi Co., Ltd., and Jebcheng Co., Ltd. (4) Yuewen Group, Shanghai Film, Huace Film and Television; (5) Multi-modal model: MiniMax (H3 open) Source model innovation), Kuaishou, Alibaba; (6) Jiechuang Intelligence (cooperative token factory model with Yuxin Telecom), which specifically suggests cooperation with comic companies; (7) extensions of application directions such as marketing: Easyworld, Huiliang Technology, Blue Cursor; Games: Giant Network, Kaiying Network, Perfect World, Century Huatong, 37 Mutual Entertainment, etc.
Risk warning: The pace of commercialization of AIGC content falls short of expectations; there is uncertainty about AI content supervision and filing policies; iteration of multi-modal video generation technology falls short of expectations; risk of copyright disputes; risk of oversupply in the industry and increased competition.