传媒板块因 AI 视频生成模型 Seedance 2.0 而升温
The A‑股 market has witnessed a sharp rally in its media‑related stocks since the launch of ByteDance’s new AI video‑generation model, Seedance 2.0, on 7 February 2026. The model, released in a grey‑scale trial on the “iDream” and “Doubao” platforms, has sparked a surge of speculation that AI‑driven content creation will transform the digital publishing and media landscape.
Seedance 2.0 as the catalyst
Seedance 2.0’s performance in early trials drew the attention of the media, gaming, and entertainment ETFs. According to Stcn.com, the “影视游戏主题ETF” (film‑and‑gaming thematic ETF) posted a “strong net‑value jump” after the model’s announcement, signalling institutional optimism about AI applications in media. EastMoney further noted that the model’s success was reflected in a wave of “five‑consecutive‑limit‑up” moves in related stocks, including 掌阅科技 (ReadTech) and 中文在线 (ChineseOnline).
The hype is not limited to ETFs. On 12 February, the Shenzhen‑stock‑trading‑through‑the‑border (深股通) list of “龙虎榜” (order‑book leaderboards) included 中文在线 as a net‑seller, while 中材科技 and 英维克 were net‑buyers. The inclusion of media stocks on the cross‑border list underlines the growing institutional appetite for AI‑enabled media ventures.
Media‑sector fundamentals amid the surge
COL Group Co Ltd. (ticker: 300364.SZ) is a prominent player in digital content services, offering federated media publishing, wireless reading, mobile terminals, and value‑added digital content. The company’s market cap of 28.82 billion CNY and a current price of 39.8 CNY sit comfortably between its 52‑week low (17.41 CNY) and high (43.8 CNY). The negative price‑to‑earnings ratio of –50.13 reflects the broader media industry’s earnings volatility, especially as revenue models shift toward subscription and ad‑supported digital platforms.
While the media sector’s earnings remain uncertain, the surge in AI‑driven content creation provides a new growth vector. Investors are increasingly focusing on companies that can monetize AI‑generated media, either through direct licensing, content distribution, or platform monetisation. COL’s diverse portfolio of services—ranging from mobile reading terminals to legal‑service centres—positions it to capture emerging demand for AI‑enhanced content workflows.
Market dynamics and risk considerations
The media stocks’ rally, however, has been uneven. EastMoney reported a net selling of 5.01 billion CNY from 中文在线 on 11 February, a 6.0 % drop despite the broader sector’s gains. This volatility underscores that not all media names are equally positioned to benefit from AI advancements. Companies with stronger technology infrastructures, higher content libraries, and established distribution networks are more likely to see sustained upside.
On the funding front, the Shanghai Stock Exchange data from 10 February shows that media‑related industries received the largest net borrowing (27.45 billion CNY) among 31 primary sectors, indicating that capital is flowing into the sector. Yet, the total two‑year‑loan balance fell by 39.26 billion CNY, suggesting that while short‑term funding is available, long‑term debt servicing remains a concern.
Outlook for COL and the broader media ecosystem
The introduction of Seedance 2.0 has validated the market’s belief that AI can disrupt traditional media pipelines. For COL, the key questions are:
- Adoption of AI tools – Will COL integrate Seedance 2.0 or similar models into its content‑creation workflow to increase output speed and reduce costs?
- Monetisation strategy – Can COL leverage AI‑generated content to diversify revenue streams, perhaps by offering AI‑enhanced subscription tiers or licensing AI‑produced media to third‑party platforms?
- Competitive positioning – As AI adoption accelerates, COL must distinguish itself from peers such as 掌阅科技 and 欢瑞世纪, which already show strong AI integration.
If COL successfully navigates these challenges, the company could ride the wave of AI‑driven media transformation. Conversely, failure to adapt could result in erosion of market share amid a rapidly evolving competitive landscape.
In summary, the media sector’s recent rally is tightly linked to the launch of Seedance 2.0. While institutional buying and media‑sector borrowing suggest bullish sentiment, the sector’s inherent earnings volatility and uneven stock performance warrant cautious optimism. COL’s strategic response to AI will likely determine its trajectory in this new era of digital content.
