On October 20-22, by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again, featuring Nobel and Turing Award winners discussing the future and trends of technology, along with a dialogue between网红 professors McFarlane and Xiang Biao.
Limited seats available, first come first served. Let's embark on a sustainable journey together! For stock trading, rely on Jinlin Analyst Reports—authoritative, professional, timely, comprehensive, helping you uncover potential thematic opportunities! Source: Securities Market Weekly Magazine Market Account, Article by Shang Yang. On October 14, the A-share market once again staged a scene of "indices declining together with obvious structural opportunities."
The surge in AI漫剧 and media gaming represented the market's strong expectations for AI application implementation, while the rise in components, coal, and oil reflected capital's recognition of real earnings. On one side is the offense of "imagination," on the other is the defense of "certainty"—this may be a true reflection of funds repeatedly weighing options near the 3,800-point mark in the current volatile market.
AI Comic Dramas, Gaming Media, and Short Dramas Erupt Collectively
In today's early session, major A-share indices collectively opened lower, briefly turning positive intraday but closing down for the entire day. Total market turnover was 1.43 trillion yuan, a decrease of 262.509 billion yuan from yesterday. Among individual stocks, 4,496 declined while only 975 advanced, showing a clear broad-based decline.
Among sectors, AI applications (comic dramas, gaming media), resource cyclicals (oil and gas, coal), components, and banking led gains. ICBC, China Construction Bank, and Bank of China all hit new historical highs intraday, with ICBC's total market value surpassing 3 trillion yuan, becoming the "ballast stone" of the index. In contrast, battery, complete vehicle, and lithography concepts showed leading declines.
Why have AI comic dramas, gaming media, and short dramas continued to perform recently? The explosion in overseas short drama data has opened a second growth curve for the industry. According to Sensor Tower data, ByteDance's short drama app PineDrama has been online for about 9 months, with cumulative downloads exceeding 100 million and daily active users around 7 million, making it one of the fastest-growing apps in the overseas short drama track.
The continuous breakthroughs in overseas downloads and revenue by leading platforms have validated the high monetization ceiling of the "Chinese short drama/IP + overseas expansion" business model, greatly boosting market valuation expectations for leading IP operators and distribution channels. At the event level, Shenzhen will host the Short Drama Going Global Conference on October 15, with multiple listed companies participating; Shanghai-produced AI interactive short dramas appeared at the Cannes TV Festival, jointly catalyzing sector sentiment.
AI technology reconstruction has lowered production costs. With the popularization of text-to-video and AI comic drama toolchains, short drama production cycles have been compressed from "weeks/months" to "days," with production costs dropping by over 80%. Guojin Securities pointed out that AI can connect script breakdown, storyboard production, material generation, dubbing, and editing into a "creative input—AI generation—manual optimization" process, compressing the production cycle from 50-60 days or more to within 30 days. Related "shovel sellers" (tools and computing power) are expected to benefit first.
Platforms are also investing real money: Volcano Engine launched the Seedance film and television cooperation plan (with single-project incentives up to one million yuan), and Bilibili upgraded the "Awakening Comic Drama Plan 2.0" (providing creative funds, computing power, and tens of millions in traffic support). Industry prosperity and user data continue to validate. QuestMobile data shows that Hongguo Free Comic Dramas reached 44.276 million monthly active users in June, up 84.1% from February; DataEye statistics show that in August, Douyin's native platform added 46,800 AI dramas/comic dramas, with new drama playback increment of 164.75 billion.
The gaming sector also continues to see positive developments: the National Press and Publication Administration issued 209 game licenses in September (206 domestic + 3 imported), exceeding 200 for another month; in the first three quarters, the number of licenses increased by about 23% year-on-year. New products from leading manufacturers are launching one after another, bringing revenue increments, and AI is accelerating implementation in R&D and operations, strengthening the "cost reduction + revenue increase" logic in both directions.
Market mainlines are switching, with capital concentrating on snapping up shares. Against the backdrop of a sharp decline in semiconductors and pressure on the "dual innovation" indices, capital is urgently seeking new certain directions. Institutions estimate that the domestic micro short drama and AI comic drama market size is expected to exceed 120 billion yuan by 2026, with leaders possessing "IP reserves + AI toolchain + channel monetization" advantages being highly favored. Coupled with multiple companies' Q3 earnings pre-increases and rising overseas revenue proportions, sentiment and industry prosperity are resonating.
On the trading board, Ciwen Media and New Classic hit four consecutive limit-ups, Fuchun Co. hit the "20CM" limit-up, and Zhangyue Technology, Gravity Media, and Electronic Soul Network hit "10CM" limit-ups. Xinhua Winshare pulled from a drop of over 9% to close at the limit-up, staging a "quasi-floor-to-ceiling board," currently on a 9-limit-up run in 13 days (see attached chart). However, industry insiders believe that from an industry trend perspective, AI is indeed reconstructing content production methods, and short drama overseas expansion has indeed achieved real data of hundred-million-level downloads and ten-million-level daily active users. The industry scale moving toward the hundred-billion level is not empty talk.
This track has a real industrial foundation, not purely "creating something out of nothing." But currently, AI comic dramas and short dramas' revenue proportion in most listed companies' total revenue remains extremely low, and many targets' limit-ups are more driven by "concepts + sentiment." Even for companies with real AI businesses, the contribution of AI business to profits still needs time to verify. Investors participating should be wary of the relay risk of consecutive limit-up stocks, avoid heavily chasing highs during emotional peaks, and preferably wait for sentiment to recede and stock prices to pull back before strategically positioning based on earnings realization pace.
Components: Dual Catalysis of Price Increases + Earnings
Compared to the fiery sentiment in the AI media sector, the rise in the components (PCB) sector benefits from the dual catalysis of "price increases + earnings." Jiangxi Hongruixing Technology, Panasonic, Nan Ya Plastics, and other companies have recently raised prices for copper-clad laminates and other products again. Copper-clad laminate is the core raw material for PCB, and its price increase directly reflects strong downstream demand and improves profit expectations for the industry chain.
In fact, the industry's price increase wave has lasted for some time. Kingboard Laminates issued its seventh price increase letter of the year at the end of August, and China Jushi simultaneously raised electronic cloth prices by 15%-20% in early September. In terms of earnings, today Baoding Technology (rights protection) released its Q3 earnings forecast, expecting net profit attributable to shareholders of 330 million-370 million yuan, a year-on-year increase of 536.88%-614.07%. On October 13, Chaozhou Electronic announced that its net profit attributable to shareholders for January-September was 340 million-360 million yuan, an increase of 90.78%-102% compared to the same period last year, with earnings also expected to double.
The certainty of earnings is the best catalyst for stock prices. With the announcement, Baoding Technology hit the limit-up today, and Chaozhou Electronic closed with two consecutive limit-ups. With the surge in AI computing power demand, accelerated AI computing infrastructure construction is driving up order visibility for high-layer boards and HDI boards, and leading manufacturers' profit elasticity is emerging; coupled with rising copper prices, the market has strong expectations for copper-clad laminate price increases.
A Citigroup research report pointed out that China accounts for about 75% of global copper-clad laminate (CCL) supply. With leading scale costs, power cost advantages, mature FR4 technology, and highly localized upstream raw materials, China's market share in AI copper-clad laminates should remain solid. Industry participants believe that the sector's valuation is at the lower-middle range of history, institutional allocation ratios remain low, and under the resonance of "Q3 earnings pre-increases + rising prosperity," capital is expected to continue returning.
Oil Sector Combines Geopolitical Elasticity and Dividend Defense
If media is the "fire of sentiment" and components (PCB) are the "anchor of earnings," then the oil sector is the third mainline in today's session combining geopolitical elasticity and dividend defense attributes. In the early session, the A-share oil and petrochemical sector performed strongly, with the "three barrels of oil"—CNOOC, Sinopec, and PetroChina—collectively hitting stage highs.
The rise in the oil sector is mainly driven by three factors. Driver One: International oil prices continue to climb, with geopolitical premiums surging on the supply side—this is also the most direct catalyst. Driver Two: Inventories bottoming out, hard support on the supply side. Saudi Aramco President Nasser warned at the World Petroleum Congress that global commercial crude oil inventories have fallen below 6 billion barrels, at an "extremely dangerous" low level, and may take two years to return to normal.
Current international diesel prices have reached about $200 per barrel. Goldman Sachs estimates that the global average crude oil freight rate has climbed from $4 per barrel a year ago to $30 per barrel. On the inventory dimension, global commercial crude oil inventories have declined for five consecutive weeks and are significantly below the five-year seasonal average. Low inventories + high freight rates + blocked shipping lanes "jointly provide sustained support for landed prices."
Driver Three: Market "high-low switching," dividend assets favored. Besides geopolitical factors, the oil sector's strength is also closely related to internal capital rebalancing in the A-share market. CICC pointed out that since July, negative narratives in the global AI industry chain have increased, coupled with tightening overseas liquidity expectations and rising geopolitical uncertainty. Previously strong growth sectors have seen significant adjustments, and the relative allocation value of dividend assets deserves re-examination.
At the policy level, continued guidance for insurance, pension, and other medium-to-long-term funds to enter the market provides clear incremental support for high-dividend assets. This also explains why high-dividend targets like the "three barrels of oil" are simultaneously sought after by both risk-averse and dividend funds. Guolian Minsheng Securities expects short-term oil prices to fluctuate widely but with "stronger upward momentum" under current low inventory support; Shenwan Hongyuan believes the oil price center will move upward, maintaining high oil prices overall in 2026, with oil companies' earnings benefiting unilaterally and expected to increase oil and gas exploration and development investment; CITIC Securities pointed out that US-Iran negotiations have not yet achieved major breakthroughs, Hormuz Strait transportation costs are climbing, and international oil prices are expected to remain in high-level fluctuations for the remainder of 2026.
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