每經AI快訊，中國銀河06月05日發布研報稱：給予傳媒互聯網推薦（維持）評級。

最新(xin)(xin)(xin)(xin)觀點：1）影(ying)視：五(wu)一(yi)檔期票(piao)房(fang)(fang)符合預(yu)期。2024年(nian)(nian)(nian)5月(yue)全國(guo)(guo)電影(ying)票(piao)房(fang)(fang)同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)，環(huan)(huan)(huan)(huan)比(bi)(bi)上(shang)漲(zhang)(zhang)。根(gen)據燈塔專業版(ban)數(shu)(shu)據，全國(guo)(guo)5月(yue)票(piao)房(fang)(fang)29.49億元(yuan)（含服務費(fei)），同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)13.52%，環(huan)(huan)(huan)(huan)比(bi)(bi)上(shang)漲(zhang)(zhang)31.77%。2024年(nian)(nian)(nian)五(wu)一(yi)假期（5月(yue)1日至5日）期間，中國(guo)(guo)電影(ying)市(shi)場(chang)(chang)總票(piao)房(fang)(fang)達到15.28億元(yuan)人民幣，超(chao)過(guo)2023年(nian)(nian)(nian)同(tong)(tong)(tong)(tong)期的(de)15.21億元(yuan)，躋(ji)身同(tong)(tong)(tong)(tong)期票(piao)房(fang)(fang)排行(xing)榜前(qian)3。需(xu)求(qiu)端，5月(yue)放(fang)(fang)映場(chang)(chang)次1226.4萬場(chang)(chang)，同(tong)(tong)(tong)(tong)環(huan)(huan)(huan)(huan)比(bi)(bi)分(fen)(fen)別上(shang)漲(zhang)(zhang)9.86%，7.16%，放(fang)(fang)映場(chang)(chang)次創新(xin)(xin)(xin)(xin)高；上(shang)座率4.9%，同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)23.44%，環(huan)(huan)(huan)(huan)比(bi)(bi)上(shang)漲(zhang)(zhang)22.50%；觀影(ying)人次0.73億，同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)16.09%，環(huan)(huan)(huan)(huan)比(bi)(bi)上(shang)漲(zhang)(zhang)30.36%。供(gong)給(gei)端，5月(yue)上(shang)映影(ying)片(pian)數(shu)(shu)59部(bu)，影(ying)片(pian)數(shu)(shu)同(tong)(tong)(tong)(tong)環(huan)(huan)(huan)(huan)比(bi)(bi)分(fen)(fen)別上(shang)漲(zhang)(zhang)5.36%，37.21%。截至2024年(nian)(nian)(nian)6月(yue)2日，預(yu)計6月(yue)將(jiang)(jiang)上(shang)映41部(bu)新(xin)(xin)(xin)(xin)片(pian)。2）游(you)(you)戲：游(you)(you)戲市(shi)場(chang)(chang)整體供(gong)給(gei)穩(wen)定，關(guan)注暑期新(xin)(xin)(xin)(xin)游(you)(you)上(shang)線表現(xian)。2024年(nian)(nian)(nian)4月(yue)，中國(guo)(guo)游(you)(you)戲市(shi)場(chang)(chang)規模為224.32億元(yuan)，環(huan)(huan)(huan)(huan)比(bi)(bi)下(xia)(xia)跌(die)4.21%，同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)0.28%。2024年(nian)(nian)(nian)4月(yue)移動(dong)游(you)(you)戲收入(ru)159.05億元(yuan)，環(huan)(huan)(huan)(huan)比(bi)(bi)下(xia)(xia)跌(die)6.18%，同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)1.93%，占(zhan)總收入(ru)比(bi)(bi)重70.90%。2024年(nian)(nian)(nian)前(qian)五(wu)個(ge)月(yue)版(ban)號發(fa)放(fang)(fang)數(shu)(shu)量為524款(kuan)，較去(qu)年(nian)(nian)(nian)同(tong)(tong)(tong)(tong)期的(de)432款(kuan)增長(chang)超(chao)20%，版(ban)號穩(wen)中有增的(de)發(fa)放(fang)(fang)趨勢有望(wang)延續，這將(jiang)(jiang)推動(dong)行(xing)業供(gong)給(gei)端持續向(xiang)好。3）營銷：大(da)盤同(tong)(tong)(tong)(tong)比(bi)(bi)上(shang)漲(zhang)(zhang)，細(xi)分(fen)(fen)渠(qu)道(dao)波動(dong)調整。根(gen)據CTR發(fa)布(bu)的(de)《2024年(nian)(nian)(nian)3月(yue)廣(guang)告市(shi)場(chang)(chang)投(tou)放(fang)(fang)數(shu)(shu)據概覽》：2024年(nian)(nian)(nian)3月(yue)廣(guang)告市(shi)場(chang)(chang)同(tong)(tong)(tong)(tong)比(bi)(bi)上(shang)漲(zhang)(zhang)1.4%，環(huan)(huan)(huan)(huan)比(bi)(bi)略(lve)漲(zhang)(zhang)0.6%。三(san)大(da)細(xi)分(fen)(fen)渠(qu)道(dao)來看：3月(yue)電視廣(guang)告花費(fei)同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)2.5%，但環(huan)(huan)(huan)(huan)比(bi)(bi)實現(xian)4.2%的(de)增長(chang)。廣(guang)播廣(guang)告刊(kan)例(li)花費(fei)同(tong)(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)跌(die)9.5%，環(huan)(huan)(huan)(huan)比(bi)(bi)上(shang)漲(zhang)(zhang)1.3%。戶(hu)(hu)外：2024年(nian)(nian)(nian)Q1電梯LCD和(he)電梯海報廣(guang)告花費(fei)同(tong)(tong)(tong)(tong)比(bi)(bi)上(shang)漲(zhang)(zhang)均(jun)(jun)超(chao)過(guo)23%，地鐵廣(guang)告同(tong)(tong)(tong)(tong)比(bi)(bi)略(lve)跌(die)0.6%，其他戶(hu)(hu)外廣(guang)告渠(qu)道(dao)均(jun)(jun)呈現(xian)投(tou)放(fang)(fang)縮(suo)減。4）OpenAI發(fa)布(bu)GPT4o，模型易用(yong)性大(da)幅提升(sheng)：北京時(shi)(shi)間2024年(nian)(nian)(nian)5月(yue)14日凌晨，OpenAI發(fa)布(bu)GPT-4的(de)升(sheng)級更新(xin)(xin)(xin)(xin)版(ban)本(ben)GPT-4o，GPT-4o將(jiang)(jiang)對所有用(yong)戶(hu)(hu)免費(fei)開放(fang)(fang)。同(tong)(tong)(tong)(tong)時(shi)(shi)，OpenAI宣(xuan)布(bu)將(jiang)(jiang)發(fa)布(bu)一(yi)個(ge)適用(yong)于macOS的(de)新(xin)(xin)(xin)(xin)的(de)ChatGPT桌(zhuo)面(mian)應(ying)(ying)用(yong)程序(xu)，對應(ying)(ying)的(de)Windows版(ban)本(ben)也將(jiang)(jiang)在(zai)(zai)今(jin)年(nian)(nian)(nian)推出。GPT-4o具有以(yi)下(xia)(xia)性能(neng)亮點：1）多(duo)模態性能(neng)進步明顯，GPT-4o打通了文(wen)本(ben)、音(yin)頻(pin)和(he)圖像的(de)輸(shu)入(ru)壁(bi)壘；2）語音(yin)響應(ying)(ying)延遲大(da)幅降低，GPT-4o可以(yi)在(zai)(zai)232ms內回應(ying)(ying)音(yin)頻(pin)輸(shu)入(ru)，平均(jun)(jun)響應(ying)(ying)時(shi)(shi)長(chang)為320ms；3）實時(shi)(shi)語音(yin)助手效果(guo)亮眼，GPT-4o能(neng)夠實時(shi)(shi)翻(fan)譯，識別表情。

投資建議：隨著2023年以來各種人(ren)工(gong)(gong)智能(neng)大模(mo)型(xing)的(de)(de)不斷(duan)迭代更新，目前主流人(ren)工(gong)(gong)智能(neng)大模(mo)型(xing)的(de)(de)智能(neng)水(shui)平已經(jing)達到了相(xiang)當(dang)的(de)(de)水(shui)平。GPT-4o的(de)(de)發(fa)布，標志著人(ren)工(gong)(gong)智能(neng)大模(mo)型(xing)在便利性(xing)和易用(yong)性(xing)上(shang)實現了突破，考慮后續(xu)隨著GPT-4o免(mian)費對(dui)(dui)用(yong)戶開放，用(yong)戶數(shu)量的(de)(de)快速(su)增(zeng)長確定性(xing)較高，我們認為，人(ren)工(gong)(gong)智能(neng)的(de)(de)對(dui)(dui)C端的(de)(de)影響力有望增(zeng)強(qiang)，看(kan)好(hao)相(xiang)關(guan)垂類應用(yong)的(de)(de)發(fa)展(zhan)前景。建議關(guan)注與C端用(yong)戶體驗密切相(xiang)關(guan)的(de)(de)行業：1）AI+游(you)(you)戲：游(you)(you)戲內NPC互(hu)動、互(hu)動影游(you)(you)；2）AI+教(jiao)育：智教(jiao)系統(tong)、虛擬實驗室(shi)；3）AI+辦(ban)公：內容生(sheng)成(cheng)、非結構化數(shu)據處理；4）AI+出版：校對(dui)(dui)修改(gai)、智慧(hui)發(fa)行；5）AI+專業咨(zi)詢：情感陪護，應用(yong)場景專業解答等。

風(feng)險提(ti)示：大模型技術發(fa)展不及(ji)預期(qi)的風(feng)險、政策監管變化的風(feng)險、行業競(jing)爭(zheng)。

每(mei)經頭條（nbdtoutiao）——

(記者 蔡鼎)

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