金吾财讯 | 中信证券表示，近日谷歌Project Genie世界模型的发布引发美股市场对AI颠覆游戏内容创作风险的讨论，但从内容生成时长、内在一致性、客观物理规律遵从、体验可重复性等方面，Project Genie仍处在较为早期阶段，对于游戏引擎、游戏开发商的商业模式、竞争格局尚无法形成实质性影响，对于游戏广告行业带来潜在利好。该机构提到，对于游戏公司，该机构认为AI工具提升游戏开发效率，市场担心更平权的开发可能导致竞争加剧，颠覆头部公司的行业地位。但参考游戏行业发展历程，游戏引擎使得众多独立中小游戏工作室在游戏行业中崭露头角，但玩家对于3A游戏的热爱并未被动摇，工具升级只会让公司的游戏开发更快、制作更精良。该机构认为头部平台凭借强大资金实力、研发能力、IP储备和平台属性仍然有望保持竞争力，建议关注重点产品进展。该机构指，相关公司股价巨幅波动，更多源于AI叙事层面担忧，同时年初以来美股市场的极致交易风格亦是重要背景。当前相关重点公司基本面仍然处于改善通道，建议持续关注相关公司业绩表现&进展，短期的股价回调亦提供显著的加仓机会。
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