Huaxin Securities: The strong supply media sector of the WAIC conference is expected to benefit from AI applications to increase valuation

The Zhitong Finance App learned that Huaxin Securities released a research report saying that WAIC (World Artificial Intelligence Conference) will be held in 2025, and many high-quality scenario requirements and projects will be launched. According to the bank, from mobile phones to XR to AI glasses and AI toys to physical intelligence, the development of hardware and new technology needs to be supported by application scenarios, and the media is expected to accept its application. On the AI consumer side, AI hardware and AI application companies all need to be supported by commercialization. The media sector is expected to benefit from open source AI models, iteration of new AI products, and rising valuations driven by the capitalization of new power companies. From an industry perspective, the generative AI market is developing rapidly, and commercialization of AI applications still has potential.

The main views of Huaxin Securities are as follows:

The WAIC2025 strong supply policy side is protecting

On the policy side, in July 2025, the Shanghai Economic and Information Technology Commission issued “Certain Measures to Further Expand the Application of Artificial Intelligence in Shanghai”, which aims to implement the national next-generation artificial intelligence development strategy, promote the widespread application of artificial intelligence technology through a series of policy support, and build a world-class artificial intelligence industry cluster. Reduce the cost of using intelligent computing power (issuing 600 million yuan of computing power vouchers), expand the application of artificial intelligence models (issuing 300 million yuan model vouchers), reward 5% of the approved contract amount for sales or leasing of products such as embodied intelligent robots, and push the AI industry from a “technology model” to a “commercial application” through the “voucher+scenario+fund+talent” combination model. The AI policy dividend period continues.

WAIC (World Artificial Intelligence Conference) was held in 2025, with more than 800 participating companies, more than 305,000 offline visitors, more than 2.36 billion visitors, and showcased more than 3,000 cutting-edge technologies. Of these, more than 100 were “world premieres” and “Chinese premieres” (such as the big models represented by Ariquark AI glasses, WPS Lingxi, Stepping Star, and MiniMax entering the smart era). A total of 32 projects were signed, with a total investment of 45 billion yuan, and an intended procurement amount of 16.2 billion yuan; 20 matchmaking sessions were held at 8 industrial sites At the scenario press conference, 57 high-quality scenario requirements were announced. Driven by both competition and capitalization, commercial application has also become an important direction for enterprises to develop in the future.

AI applications can be viewed from hardware to content and applications. How do you view scenario monetization?

Every iteration of the information revolution is accompanied by innovations on the hardware side. From mobile phones to XR to AI glasses and AI toys to physical intelligence, the development of hardware and new technology also requires application scenarios. The media is expected to take on its application. From the 2G\ 2B\ 2C side, we can see its commercialization progress, and also greatly promote the media's transition to intelligent media. The boundaries of AI applications are expected to expand, from exploration and multi-modal integration of AI hardware application scenarios to digital people, digital marketing, content generation, image, video, voice interaction, emotional sensing, and enterprise electronic applications Business, education and other fields; from a commercialization perspective, AI monetization models such as subscription payment and pay-as-you-go. Looking ahead, 2G has the potential to purchase AI hardware and software content, 2B's MaaS (model as a service) is expected to replicate SaaS enterprise service routes, 2C is expected to replicate payment models in the fields of movies, audio and video, etc., and commercial exploration still has potential.

What do AI+ media apps look at?

From an industry perspective, according to Acumen Research and Consulting data, the global generative AI market revenue is expected to reach 208.8 billion US dollars in 2032, and the compound annual growth rate from 2024 to 2032 is estimated to be 35.3% (of which, from 2024 to 2032, the Asia-Pacific generative AI market will grow at a compound annual growth rate of 36.5%). At the same time, AI education is also expected to be a key component of AI applications. According to VerifiedMarket data, AI in global education in 2033 The market size is expected to reach US$22.24 billion. From Rongxin Culture (301231.SZ) to Tianzhou Culture (300148.SZ) to Doushen Education (300010.SZ), they are exploring new fields of AI applications.

Rongxin Culture's AI intelligent hardware layout, AI drives the digitization of children's education, launched the Fun Fun Rocket AI reading pen, and is also actively connecting with high-quality IPs such as animated picture books to strengthen content barriers; Tianzhou Culture has been deeply involved in the field of teaching aids for many years, and has launched an AI evaluation system and app course to cover writing posture correction and effect evaluation. In the future, it will continue to promote the deep integration and application of new technology and the cultural education industry to actively cultivate new digital and intelligent business formats to help the cultural industry achieve high-quality development.

On the AI consumer side, represented by Station B (09626), the average daily time for AI content sales increased 100% year over year, and user demand for AI content is strong. As new power companies begin capitalization, from Zhiyuan Robotics to Yushu Technology to MiniMax, AI hardware and AI application companies all need commercialization to support them. The media sector is expected to benefit from open source AI models, iteration of new AI products, and capitalization of new power companies to drive up valuations; what do you look at AI+ media applications? You can follow AI+ digital marketing (blue cursor, Zhejiang Internet, Yao Ji Technology, Gravity Media, Insai Group, etc.), AI+ content (Mango Supermedia, Wanda Film, Shanghai Film, Bona Pictures, Optical Media, Huace Film and Television, CITIC Publishing, Chinese online, etc.), AI+ education (Tianzhou culture, Rongxin culture, etc.), AI+ Companionship (Aofei Entertainment, Tom Cat, Shifeng Culture, etc.), AI+ Beauty Industry (Meitu), AI+ Community (Station B, etc.), (AI+ copyright) Fubo Group, Vision China, etc.).

Risk Alerts

Risk of changes in technology industry policy; risk of unpopularity of cultural products produced by AI; risk of AI applications falling short of expectations; progress in commercialization of AI products falling short of expectations; risk of data security; risk of recommending company performance falling short of expectations; risk of industry competition.