Guosen Securities Co.,Ltd. (SZSE: 002736) has released a research report stating that industry opportunities are expected to unfold across the entire chain of "models and tools—content supply—platform distribution—R&D operations/IP," with attention drawn to opportunities throughout the full industry chain.
1) Upstream model and generation tool providers are the first to benefit from expanding creative demand, midstream traffic platforms absorb newly added content and improve distribution and monetization efficiency, while downstream game development companies enhance production efficiency through AI and complete final value conversion by relying on productization, long-term operations and IP capabilities. China has already established a relatively complete industrial foundation spanning AI creation tools, mini-game platforms, and game R&D and IP operations.
2) The firm remains bullish on large model manufacturers with leading capabilities and continuously improving inference efficiency and multimodal capabilities, tool chains and platforms that are the first to achieve AI game generation implementation and form productization capabilities, platform-type companies with scarce traffic entry points, recommendation distribution and mature IAA/IAP systems, as well as leading game CPs with top-tier IP, industrialized R&D and long-term operational capabilities.
The main perspectives of Guosen Securities Co.,Ltd. are as follows:
Meta has launched Horizon Create/Studio, marking AI games further advancing from assisted development toward complete content generation. Meta Horizon Create/Studio supports users in generating complete 2D/3D games containing gameplay mechanics, progression systems, art and multiplayer features through natural language, and directly connects to the Facebook, Instagram and Horizon distribution systems. The firm believes this product launch marks Meta's completion of the platform chain of "AI generation—content distribution—user reach," with AI applications in the gaming industry beginning to extend from single-point production tools toward a complete content production and distribution system.
AI gaming tools significantly lower the barrier to game development, and game content supply is expected to enter an accelerated growth phase. 1) Roblox Cube generates over 60,000 3D assets per day, with nearly 1,400 games per day using Cube-generated content; in 2026H1, TapTap added 5,002 new playable games, a year-on-year increase of 844%, of which over 4,000 were made with the help of AI. 2) AI is significantly improving game development efficiency, expanding the range of creators, and driving growth in game content supply. As capabilities in multimodality, 3D and code generation further improve, AI is expected to gradually deepen from asset and partial-segment assistance into gameplay, level design and complete game generation.
After the growth of content supply through game tools, the competitive focus of the gaming industry is expected to further extend toward distribution efficiency and commercialization capabilities. 1) As the barrier to game production decreases and content supply is no longer the sole constraint, the importance of completing user reach, content discovery, retention and commercialization continues to rise. 2) Meta has directly integrated game generation into social feeds this time, while domestic WeChat mini-games and Douyin mini-games have already formed relatively mature "tap-to-play + IAA/IAP" business models. The combination of AI-generated new supply with mature platform traffic systems is expected to further improve game content distribution efficiency and open up user time and commercialization space.
Risk warnings: Model and AI game generation capability improvements falling short of expectations; AI-generated game content quality, user retention and commercialization performance falling below expectations; game content supply growing faster than user demand, leading to intensified competition; changes in platform distribution and commercialization policies; game companies' AI R&D investment and cost reduction and efficiency improvement results falling short of expectations; data security, content copyright, minor protection and other regulatory policy changes.