According to the CITIC Securities Research Report, since 2025, generative AI has continued to lower the game development threshold and push content production from “human-intensive” to “enhanced intelligence,” and the supply side of the industry has ushered in significant expansion as a result. However, the market has not linearly entered the “full bloom” stage of value realization. On the contrary, players' attention, product differentiation, and long-term operation capabilities have become scarce. CITIC Securities believes that AI will not simply dilute the value of the game industry; instead, it will drive the industry's value anchor from “can produce content” to “can continue to create quality products, obtain traffic, and complete commercial implementation.” The game industry is moving from an era of “capacity constraints” to an era of “scarcity revaluation”, with leading companies benefiting the most. According to CITIC Securities, the value release of AI in the game industry chain is mainly divided into two stages: in the short term, AI enters the R&D pipeline of leading manufacturers to improve Evergreen product maintenance, high-specification new product development, and global trial and error capabilities; in the medium to long term, as model capabilities increase, token costs decrease, and platform infrastructure improvements, AI is expected to expand content supply through AI UGC, create new experiences through AI Native, and further expand market size. The focus is on recommending leading companies with leading full-link industrialization capabilities, companies with AI UGC platform opportunities, and it is recommended to focus on enterprises with a content platform foundation.

According to the CITIC Securities Research Report, since 2025, generative AI has continued to lower the game development threshold and push content production from “human-intensive” to “enhanced intelligence,” and the supply side of the industry has ushered in significant expansion as a result. However, the market has not linearly entered the “full bloom” stage of value realization. On the contrary, players' attention, product differentiation, and long-term operation capabilities have become scarce. CITIC Securities believes that AI will not simply dilute the value of the game industry; instead, it will drive the industry's value anchor from “can produce content” to “can continue to create quality products, obtain traffic, and complete commercial implementation.” The game industry is moving from an era of “capacity constraints” to an era of “scarcity revaluation”, with leading companies benefiting the most. According to CITIC Securities, the value release of AI in the game industry chain is mainly divided into two stages: in the short term, AI enters the R&D pipeline of leading manufacturers to improve Evergreen product maintenance, high-specification new product development, and global trial and error capabilities; in the medium to long term, as model capabilities increase, token costs decrease, and platform infrastructure improvements, AI is expected to expand content supply through AI UGC, create new experiences through AI Native, and further expand market size. The focus is on recommending leading companies with leading full-link industrialization capabilities, companies with AI UGC platform opportunities, and it is recommended to focus on enterprises with a content platform foundation.