From model iteration to commercialization, the token economy + unlimited content supply, the valuation logic of the media industry may need to adopt a new narrative.

Galaxy Securities research report states that tokens have become the value anchor in the era of intelligence, widely used in AI settlement, driving the transition from model iteration to commercialization, or reconstructing media elements and business models. The token economy promotes unlimited content output, and with the support of AIGC tools, it is expected to flourish. Recommended AI-beneficial sectors include: major internet companies, AI video tool manufacturers, leading companies in specialized AI application fields, and large model providers.