GTHT has released a research report noting that from February 2nd to February 6th, the SW Media Index fell by 3.30%, ranking 26th among 31 sectors. It underperformed the Shanghai Composite Index (down 1.27%), the Shenzhen Component Index (down 2.11%), the CSI 300 Index (down 1.33%), and the ChiNext Index (down 3.28%). The competition for AI traffic portals is becoming increasingly intense, and it is advisable to focus on sectors benefiting from new scenarios and ecosystems.
The essence of the AI competition lies in the battle for traffic portals and the refinement of new scenarios and ecosystems. During this phase, companies across multiple sectors can benefit from scenario dividends while also developing new content formats as the AI ecosystem matures. Based on this analysis, recommended investment targets primarily include the following categories: 1) Gaming: AI applications serve as effective distribution channels for games, and the integration of AI with gaming can also explore new gameplay mechanics. 2) Film and Television: Various formats, including movies, long-form series, short-form series, and animated series, are expected to benefit from transformations driven by AI. 3) Marketing: New ecosystems are generating increased demand for advertising placements.
Key viewpoints from GTHT are as follows: The AI application landscape is highly competitive, with traffic portals becoming a crucial battleground. During the 2026 Spring Festival period, three major AI applications—Yuanbao, Qianwen, and Doubao—launched various user acquisition activities to capture AI traffic portals. Yuanbao initiated a 10 billion RMB cash red envelope campaign starting February 1st, running through February 17th, with the first round of redemptions already completed. Qianwen launched a 30 billion RMB campaign on February 6th, initially focused on free food delivery offers. Doubao, as the title sponsor of the 2026 CCTV Spring Festival Gala, has not yet officially started its campaign; previews suggest activities will be launched during the Gala broadcast on New Year's Eve. Amidst this intense competition, on February 6th, these three AI applications occupied the top three positions on the iPhone free app download chart, with Yuanbao and Qianwen both reaching the number one spot on their respective campaign launch days.
AI is shaping new scenarios, and companies across multiple sectors are poised to benefit. The core of the AI competition involves securing traffic portals and enhancing new scenarios and ecosystems. Companies in various sectors can capitalize on the benefits of these new scenarios while also innovating new content forms as the underlying AI infrastructure improves. Consequently, recommended targets include: 1) Gaming: AI platforms offer strong game distribution, and AI integration can foster novel gaming experiences. 2) Film and Television: A wide range of visual media, from feature films to series of varying lengths and animation, stands to gain from AI-driven advancements. 3) Marketing: Evolving digital ecosystems are creating fresh opportunities for advertisement placements.
Internet penetration in China has surpassed 80%, and the advertising market is showing signs of recovery. According to the 57th Statistical Report on Internet Development in China released by CNNIC on February 5th, the number of internet users in China reached 1.125 billion in 2025, with a penetration rate of 80.1%. Notably, generative AI users numbered 602 million, achieving a penetration rate of 42.8%. Furthermore, CTR data indicates that since July 2025, advertising expenditure has shown significant year-on-year growth, with monthly growth rates exceeding double digits from September to November. Growth peaked at 16.6% during the November shopping festival promotions. Supported by new AI technologies, the advertising market in 2026 is expected to continue the positive trend that began in the second half of 2025.
Risk warnings include potential slower-than-expected development of AI and lower-than-anticipated gaming revenue.