Nomura

Headlines · 3

1. 1h
   AI short dramas keep viewers on phones; China projector sales fall 26% in H1 2026

   An analysis republished by TMTPost, citing RUNTO Technology, says China's smart projector market sold 2.056 million units in the first half of 2026, down 26.0% year on year, with revenue down 27.0% to 3.34 billion yuan; Q2 shipments fell below one million units for the first time since 2022. The article partly blames a shift in viewing habits toward phones, citing a Nomura report that ByteDance's Hongguo Duanju short-drama app reaches 168 million daily active users, up 107% year on year — more than the combined DAU of iQiyi, Tencent Video, Youku and Mango TV — at 125 minutes of use per day. It adds that 430,000 micro-dramas launched in China in the first eight months of the year, 13 times last year's total and over 90% AI-generated, while projector maker XGIMI is pivoting with its MemoMind One AI display glasses.

   钛媒体 · 🔥 10
2. 1d
   Nomura's Lu Ting: AI capex drives new global cycle as US, China lead

   Nomura chief China economist Lu Ting argues in Peking University Financial Review that this AI wave is driven mainly by capital spending, with broad productivity gains not yet realized. He cites figures showing US real GDP grew 2.1% in 2025 with AI-related capex contributing 0.8 percentage points, nearly 40% of that growth, while US IT equipment investment rose 28%, computer and peripheral investment 72% and related software investment 14%, with data-center construction spending running at about $40 billion annualized in mid-2025. The article puts top firms' global AI capital spending at $400–500 billion in 2025 and a projected $700 billion in 2026, counts 59 mature commercial models from the US, 35 from China and just 2 from Europe, and flags the gap between such investment and roughly $20 billion in annual generative-AI end-user revenue.

   虎嗅 AI · 🔥 5
3. 5d
   AI short dramas: 800M users, and a shaky token-use comparison

   On October 12, two Weibo trending topics — "AI short dramas are hunting middle-aged men" and "why are AI comic dramas everywhere" — followed an October 9 Xiaohongshu post by a first-year student saying her father had become addicted to AI-generated mini-dramas. The article cites Nomura data via QuestMobile showing Hongguo Short Drama at 168 million daily active users as of July 2026, up 107% year over year, with 125 minutes of average daily time per user; China's National Radio and Television Administration said 430,000 mini-dramas launched in the first eight months of 2026 — 13 times all of last year — over 90% AI-made, with more than 800 million users. The author challenges the widely shared claim that 55% of Chinese token use goes to AI short dramas and video generation versus 58% in the US going to coding and enterprise automation, noting that shares are meaningless without totals, the two figures use mismatched definitions, the 55% comes from Chinese Online — a company heavily invested in AI dramas that terminated its Hong Kong IPO on October 8 — and no reliable source was found for the US 58%.

   虎嗅 AI · 🔥 0

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