金吾财讯 | 华泰证券表示，政策端年内扶持举措不断，例如适度扩大进口影片、开展“中国电影消费年”等活动。广电总局优化影视剧集数管理和审核流程，并强化对微短剧等新兴内容形态的扶持，有望推动内容供给端持续增长。同时，以Sora2、Google Veo3为代表的全球多模态大模型快速迭代，正加速重塑影视制作全流程，实现从剧本到后期特效的显著降本增效，行业生产模式正向“AI+人工”混合转变。其中，AI漫剧凭借极高的生产效率和低成本优势率先跑通商业闭环，市场迎来高速增长，巨量引擎数据预计全年市场规模有望突破200亿元。后续AI+短剧、AI+电影内容制作等领域也有望取得新突破。
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