传媒互联网2026年投资策略报告:AI应用加速纵深 内容消费筑底回升

中信建投证券
Nov 11

核心观点2026 年,继续看好AI 应用与内容消费。AI 应用,25 年加速商业化,26 年聚焦AI 与老产品融合,微信、抖音、豆包等有望成为AI 时代流量入口,此外AI+广告有望兑现报表,如OneRe c 提效降本。同时AI 出海提速,依托高产品力与性价比抢占海外市场。游戏,景气与利润率持续上行,供给端版号增长(2025 年前10月同增23%)支撑后续流水,腾讯网易米哈游新游密集,中型厂商创新...

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