A research report from Guosen Securities expresses continued optimism for the IP and platform sectors. The focus is on IP holders with extensive libraries of online literature and comic copyrights, who are actively utilizing AI technology for visual transformation of their intellectual properties. Additionally, the report is positive about platform operators with proprietary large language model capabilities, mature consumer-facing portals, and evolving traffic distribution logic shifting towards "Generative Engine Optimization" (GEO), suggesting their benefits within a closed-loop traffic system will continue to expand.

Attention is also directed towards content production and the catalysts provided by breakout hits. The AI-generated comic series market remains a blue ocean of growth. It is advisable to monitor producers with efficient content creation capabilities capable of generating cross-demographic hit works. The main viewpoints from Guosen Securities are as follows:

**AI Comic Series Entering a Boom Period** 1) AI-generated comic short series refer to a content format that uses AIGC technology to deeply participate in, or even lead, the entire production process from scriptwriting and character design to scene creation and animation. The rapid generation and batch production capabilities of AI significantly lower the barriers to entry compared to traditional animation production. The content formats are diverse, including completely original AIGC micro-short series, AI-animated adaptations of online literature IP, and comedic series based on sticker packs. 2) 2025 marks the first year of the AI comic series explosion. From January to August 2025 alone, platforms collectively launched 2,902 AI-animated micro-short series, with the number increasing monthly. Market penetration is rising rapidly: the share of viewership for comic series within the total short-series market surged from 5% in June to 35% by December, with viewership for AIGC comic series growing 181-fold throughout the year. Audience targeting achieves precise breakout: the core audience for comic series is primarily "Gen Z" youth (aged 24-30), with males comprising over 90%. This demographic profile creates a distinct competitive positioning compared to traditional short-series audiences (70% female, over 30 years old), opening a new blue ocean in the content market. 3) By 2026, the domestic market size for comic series is projected to reach 24 billion yuan, demonstrating strong growth resilience.

**Breakthrough in Technical Bottlenecks: Seedance and Kling Elevate Multimodal AI from 'Gacha Toy' to 'Industrial Tool'** 1) Despite significant progress in AI video generation technology in 2025, practical film and television production still faces four core challenges: Lack of Consistency: Character facial features and clothing often distort or 'face-swap' inconsistently between shots, hindering stable narrative flow. Violation of Physical Logic: Early models lacked understanding of gravity and physics, leading to 'gacha-like' anomalies such as objects passing through faces or distorted limbs. Audio-Visual Asynchrony: Video often fails to natively synchronize with sound effects and lip movements, resulting in high post-production alignment costs. The 'Black Box' of Director Control. 2) The launch of Seedance 2.0 (ByteDance) and Kling 3.0 (Kuaishou) marks a new phase for the industry. Seedance 2.0 introduced self-storyboard-driven technology, achieving seamless character detail consistency even when cutting from a front view to a 180-degree back view, and can natively generate ambient sound based on the visuals. Kling 3.0, through its Omni architecture, pioneered dual-track control combining 'image-to-video' and 'subject reference,' ensuring main characters remain intact during complex camera movements and supporting dialect-level lip synchronization. These technological advancements transform AI from a probabilistic 'toy' into a production tool with director-level control, supporting precise start/end frame control and prompt-based storyboarding, significantly improving the usability, success rate, and generation efficiency of the created content.

**Industry Chain Reshaping: Value Reassessment Under Technological Advancement** Technological progress is directly driving leapfrog development in the AI comic series industry, leading to fundamental changes in production efficiency and value logic from an industry chain perspective: 1) Extreme Cost Reduction and Efficiency Gains: The cost per minute for traditional animated comics (pre-2024) was approximately 2,000-5,000 yuan, with a production cycle of 3-5 months. In contrast, industrialized AI comic series have reduced the cost per minute to below 800-1,000 yuan, shortened the production cycle for a full series (100 minutes) to 7-14 days, and condensed team sizes from around 30 people to a model of 1-3 'AI full-stack operators.' This efficiency boost drastically lowers the cost of experimentation for content creation. 2) Awakening the Value of IP Assets: Vast libraries of online literature and comic IPs were previously 'dormant' due to prohibitively high adaptation costs. With the application of tools like Seedance 2.0, the barrier for IP conversion has significantly decreased. The valuation model for IP companies is expected to shift from traditional P/E ratios towards discounted cash flow models based on IP pipeline throughput, potentially turning dormant assets into sources of frequent cash flow. 3) Distribution Transformation for Platforms: Platform operators with underlying model capabilities (e.g., ByteDance, Kuaishou) are expected to strengthen 'IP-centric revenue-sharing models,' using AI to predict user preferences and direct traffic accordingly, forming a powerful closed loop where 'IP locks in traffic, and traffic nourishes the IP.'

Risk warnings include performance below expectations, slower-than-anticipated technological progress, and regulatory policy risks.