Huatai Securities: AI film and television is showing structural divergence.

Huatai Securities research report states that AI film and television is showing structural differentiation. According to guest introductions, traditional long-form dramas and theatrical releases continue to contract, while AI film and television is being implemented in tiers according to maturity, with medium-length dramas and online films the first to achieve a viable model, while long-form dramas and theatrical releases remain constrained by scripts, character emotional expression, and visual consistency. Benchmark cases confirm that "the larger the screen, the lower the tolerance for error." *Post-Journey to the West* achieved a closed loop on small screens through simultaneous broadcast on TV and online platforms and gained relatively high popularity. The cost structure is shifting from on-site production to manpower and computing power, the revenue-sharing model is becoming mainstream, and monetization is being expanded through cultural tourism IP and AI going global. The current core pain points lie in insufficient screenwriting capability, models iterating every six months necessitating rework, and a scarcity of interdisciplinary talent. Going forward, the report is optimistic that medium-length dramas and online films will lead the way, that live-action + AI will remain the mainstream over the long term, and that local culture and authentic emotion will build differentiation. In the future, production relations will tilt toward content creators, and one-source-multiple-uses will tend to become a standard path for IP development, but technology is essentially an enabling tool, and narrative quality remains the core variable determining content value.