CITIC Securities: Economic prosperity peaks and demand breaks through barriers, focusing on high-quality production capacity of AI animation and comics

The research report of CITIC Securities points out that by the end of 2025, the prosperity of the animation industry is accelerating its peak, mainly benefiting from the appeal formed by the high-quality content of animation and the continuous improvement of the commercial space brought about by the gradual breakthrough and commercialization of animation. Looking ahead to 2026, on the one hand, we believe that the expansion of the audience for animation, as well as more diverse commercialization models, are expected to continue to drive demand, and the commercial space for animation is vast. On the other hand, the demand for high-quality content still outstrips supply, and various platforms are focusing on stimulating policies for high-quality IP and high-quality animation production capacity, with companies that have relevant accumulations expected to benefit fully. The ability boundaries of AI tools and the deep integration of workflows are also rapidly developing. We recommend focusing on: 1) companies with a reserve of content IP and a layout of high-quality animation production capacity; 2) companies participating in the commercialization of animation, such as platform companies and animation investment companies.