CITIC Securities: Tencent's Mixed Yuan Game Release, Optimistic about AI's Application in the Gaming Field

According to the Zhitong Finance APP, Guotai Junan Securities released a research report stating that on May 20, Tencent (00700) launched the Hunyuan Game visual generation platform ("Hunyuan Game"). Hunyuan-Game is positioned as the first industrial-grade game content asset generation AIGC series large model, including four major game image models and five major visual models. AI technology continues to develop in an effective and usable direction, and Guotai Junan Securities is optimistic about its efficiency-enhancing function for the gaming and content production industries, ultimately leading to a flourishing of content production, maintaining an "overweight" rating for the cultural communication industry.

The main points of Guotai Junan Securities are as follows:

Event: On May 20, Tencent launched the Hunyuan Game visual generation platform ("Hunyuan Game").

The product functions are aimed at industrial-grade content production for games, potentially increasing art design efficiency by dozens of times. According to the press conference, the current capabilities of Hunyuan Game include: 1) AI art pipeline, integrating multiple AI tools to complete the workflow of "inspiration-concept sketch-standard character multi-view" on a single page; 2) Real-time canvas, leveraging real-time AI capabilities, allowing designers to quickly generate and instantly correct concept designs through hand-drawn sketches, "drawing while watching"; 3) AI 2D art generation, capable of understanding various game terms, concepts, and style descriptions, accurately restoring conceptual creativity; 4) Professional character multi-view generation, where Hunyuan AI can generate standard three-view and 360° rotation videos that meet industry standards from a single character original drawing, reducing the time from the traditional 12 hours to just a few minutes to 30 minutes. This capability has already been used in several leading game projects, assisting art teams in improving efficiency by 300%.

Hunyuan-Game is positioned as the first industrial-grade game content asset generation AIGC series large model, including four major game image models and five major visual models. The former includes the game raw image large model base, special effects generation model, transparent image generation model, and character original drawing generation model, among which the game special effects generation model is the industry's first series model that meets the standards of leading games, covering 17 types of special effects and five major styles; the five major game video models include the image generation video base model (I2V), character multi-view model, character dynamic portrait model, game video super-resolution model, and real-time interaction model, where the real-time interaction model (HunyuanGame-Craft) can achieve real-time, long-duration, dynamic content interactive generation of game production videos.

Investment suggestion: AI technology continues to develop in an effective and usable direction, and we are optimistic about its efficiency-enhancing function for the gaming and content production industries, ultimately leading to a flourishing of content production, maintaining an "overweight" rating for the cultural communication industry.

Risk warning: Slower implementation of AI technology, intensified industry competition, and delays in the launch of related company products