The Zhitong Finance App learned that Huaxin Securities released a research report saying that AI can undertake industrial production of film and television, or can gradually take on the emotional needs and emotional comfort of the public. As a container for human emotions, whether it is pure AI or live action movies and TV dramas, it is still necessary to move people's hearts. Short-term watching AI dramas focus on fragmented entertainment and entertainment. AI short dramas are still unable to produce content works that focus on realistic themes. However, with the continuous iteration of AI's multi-modal capabilities, the AI launch is expected to drive the long-term launch of AI from ByteDance's Seedance2.5 to MiniMax H3 Film creation (Seedance 2.5 indicates that it will continue to explore longer coherent narratives in the future). Media applications are expected to enter a new round of creative cycles and industry cycles, and maintain recommended ratings for the media industry.
The main views of Huaxin Securities are as follows:
What is its value from the industrial age to the mobile internet era to the AI era?
The technological revolution changed production factors, and in turn changed production methods. The industrial age focused on the scale of production, and the mobile Internet focused on the scale of the connection. The more connected nodes, the greater the network value. The Internet lowered the connection cost to close to zero, and the size of users became a reference factor for the valuation of platform enterprises (the value in the industrial age depends on its scale effect; the value in the mobile Internet era depends on its network effect); What does the value in the AI era look at? Looking at AI from an economic perspective, what is its new growth mechanism? The bank believes that the AI era looks at intelligent compound interest. In the first stage, general artificial intelligence has become social infrastructure (can be used on a large scale), and in the second stage, AI moved from chat assistants to the stage of smart device development to solve real-world problems. The third stage is the emergence of applications, from aggregation platforms to vertical applications.
From AI to SI smart compound interest opportunities
New technology itself will not directly determine the commercial structure. Once technology changes certain constraints in the economic system, new growth mechanisms may emerge. Currently, AI application systems are in a similar linear expansion model. The main reason is that AI is not responsible for the results, and the results still need to be confirmed. Just as machine production appeared in the early industrial age but economies of scale were not developed, early Internet connection costs were reduced but the network effect was not monopolized. Today, AI is also in a similar stage. AI capabilities have leapt, but the AI native economy's value creation mechanism and market competition mechanism are still nurturing. This stage is also a period of opportunity for intelligent compound benefit development.
How to choose a company in the AI era? (see AIOS)
The current competitive environment for enterprises ranges from the “one thousand people, one face” of industrialization to the “one person, one thousand faces” of the Internet to the “one person, one thousand faces” in the AI era. How do you choose the business model of the enterprise? Entering the AI era, AIOS, as a new system, brings real-time collaborative systems from the infrastructure of the commercial world, and is expected to bring revolutionary changes in the relationship between productivity and production. If the enterprise business model is based on AIOS, from mobile Internet transaction matching to real-time resource node scheduling, competition between platforms will shift from competition for user and transaction frequency to which enterprise can become the setter of industry resource scheduling standards, and from a network effect connection relationship to a real-time operating system of industry resource scheduling rules. Every step in the development of AI business is driven by technological development. The commercial value of AIOS is that it can build complex intelligent systems, and at the same time, it is necessary to understand the real intentions of users (terminal manufacturers such as mobile phones and computers, as well as major Internet companies, are actively deploying).
The nature of enterprise competition in the AI era, from “resource ownership” to “organizational resources”, enterprise value is also expected to be reassessed
From the industrial age to the Internet age, enterprises rely on resource control to form industry barriers. How will future enterprises form competitive barriers in the AI era? When manufacturing nodes can be shared and used, design nodes can be collaborated globally, and service nodes can be combined as needed, enterprises no longer need to have resources to form competitiveness. In the AI era, enterprises need to rely on the ability of a “scheduling system”. The stronger the scheduling ability, the more frequent the feedback, the more conducive to system optimization, which in turn will show “intelligent compound benefit”. Enterprises in the industrial age need to understand economies of scale; enterprises in the Internet age need to understand network effects. In the AI era, enterprise business boundaries will give way to boundaries of intention, and enterprises will also face new business systems and explore in terms of content, channels, and platforms based on their own business advantages.
How can content be re-evaluated in the AI era?
The AI era is a double-edged sword for the content generation industry. The low threshold for content creation will dilute the moat for middle and lower content companies, and will also give birth to a number of potentially high-quality content works. In other words, the threshold for becoming IP content is rising, and the “inflation” of AI content supply will also boost the competitiveness of high-quality IP content companies;
The value of the AI era for the content industry lies in the continuous reuse of assets and declining marginal costs. At the same time, AI dramas are also expected to bring “cultural stamina” (People's Daily reviews indicate that cultural stamina refers to the time, attention, and patience required for cultural activities such as watching movies and appreciating art. Cultural stamina is not only a consumable item; it is also a recycled product);
The competitive ability of content companies will shift from “production capacity” to “assets” and the ability to operate systemically rather than be driven by a single point of inspiration. Games in the content sector, the real-time and interaction of AI video games is expected to enable games to reach a new level. You can follow AI games (Kaiying Network, Gibbit, Shunwang Technology, Yao Ji Technology, Station B), AI content dramas/national anime (Ruyi Film, Huace Film and Television, Perfect World, Aofei Entertainment, CITIC Publishing, Rongxin Culture, etc.), AI platforms/communities/e-commerce (Jihong Co., Ltd., Ali, Station B, etc.).
How do you view channel value in the AI era?
Online channels are divided into video and AI aggregation platforms. On the video side, AI generation is not only a one-time content dissemination and access tool, but has begun to become a content system that can respond in real time and grow continuously. In the AI era, the global AI aggregation platform market is expected to reach 18.9 billion US dollars (CAGR 22.3%) in 2030, and online channel AI aggregation platforms are also growing (pay attention to such as Mango Supermedia, Jihong Co., Ltd., Ali, etc.).
Offline channels are divided into the movie theater line and exhibition experience economy sector. Apart from traditional box office, will the entrance value of the cinema line be replaced in the AI era? The bank believes that in the future, cinemas will not only be a single film screening space, but also a new gateway to intelligent cultural experiences that can be explored.
What hasn't changed in the AI era? It is the resonance and curiosity of human emotions, and offline channels are expected to accept it. The example of the movie “The Cow Lai” also highlights that the theatrical scene is also an amplifier of emotional container and value. Another representative of offline channels is the exhibition section. In the AI era, physical AI and spatial intelligence are also gradually expanding from exhibition displays (you can focus on Ruyi Film, Bona Pictures, Shanghai Film, Hengdian Film and Television, Fengyuzhu, Shunwang Technology, Miao Exhibition, etc.).
AI empowers new supply to meet the emotional needs of different groups
As a dual-driving sector for domestic optional content consumption and AI applications, the development of technology also continues to empower the supply of new content works. From the PC desktop era to the mobile internet traffic economy era and into the AI Tokens economy era, AI tools continue to iterate and empower content creation. From pure native content works such as “Taohuatan” on Anhui TV in July 2026 to “Journey to the West” in September, to the AI film “The Future Past of Sanxingdui”, and “The Girl Who Was Cut” and “Shared Rental 501,” the new diverse supply of AI content is gradually being recognized by the public and can meet the needs of different consumer groups.