金吾财讯 | 明星科网股走强，快手-W（01024）涨5.60%，哔哩哔哩-W（09626）涨4.79%，腾讯音乐-SW（01698）涨4.45%，阿里巴巴-W（09988）涨3.38%，百度集团-W（09888）涨3.38%，京东健康（06618）涨3.23%，贝壳-W（02423）涨3.00%，阿里健康（00241）涨2.36%，京东集团-SW（09618）涨2.48%。招商证券国际发表研究报告指，影片生成模型能力近一年阶梯式跃迁，旗舰模型迭代周期压缩至一季度以内，生成效果大幅提升，世界模型成为主流迭代方向。中国厂商在榜单与开源生态两个维度全面领先，海外大厂重心转向原生多模态、纯模型厂商加速出清；商业化已从短剧拓展至影视级、广告电器与游戏等场景。该行表示，行业面临竞争升维，价值捕获点正从模型层迁移到通路、使用者与生态。该行持续看好AI影片生成赛道的高景气度与商业化弹性。同时，该行看好价值迁移方向的管道、生态与IP供给方，但认为AI生成正在重塑IP孵化的逻辑，注意力数据成为新的生产要素，需警惕原有IP强势方弱化为存量版权的素材供应商。
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