智通财经APP获悉，中金发布研报称，维持阅文集团(00772)跑赢行业评级和目标价43.5港元，对应26/27年27/24倍调整后P/E，上行空间69%。维持26/27年14.6/16.2亿元Non-IFRS净利润，现价对应26/27年16.0/14.2倍调整后P/E。公司管理层表示，阅文已将超千部网文转化为漫剧，其中超百部播放破千万，26部破亿，自制漫剧成功率达行业均值5倍，初步证明AI+IP模式已跑通;而当前阅文IP开发率不足1‰，超99%的IP仍处于文字形态，AI技术将激活海量沉睡IP，打开长期增长空间。
报告提及，阅文正式发布“火种计划”，计划签约1000位AI导演，投入超1亿元扶持个人创作者。公司管理层认为，该项目将有效助力“创作者+好IP+AI工具”的生态，加速孵化全新的内容生产单元“一人公司”(OPC)。展望2026年，管理层强调IP消费大众化、实用型商品渗透以及线下体验与服务加速等趋势，该行判断阅文IP衍生品有望进一步破圈。
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