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Industry Investment Rating - The report maintains a "Recommend" rating for the media industry [1] Core Views - Tencent released its new-generation large model "Hunyuan Turbo," which improves inference efficiency by 100% and reduces costs by 50% [1] - The price of Hunyuan Turbo is 0.05 yuan per 1,000 tokens for output and 0.015 yuan per 1,000 tokens for input, making it more affordable for enterprises and developers [1] - Step-1X, an image generation model by Jieyue Xingchen, focuses on deep semantic alignment and detail generation, optimized for Chinese cultural elements [1] - Zhizhi Huazhang completed a financing round with a pre-investment valuation of 20 billion yuan, supported by state-owned capital [1] - The report suggests focusing on three major AI application scenarios in the media sector: gaming/film, AI education, and companies developing AI models or products [1] Market Performance - The Shenwan Media Index fell by 0.74% from September 2 to September 6, 2024 [7] - Top gainers in the media sector included Shengyibao (002095 SZ) and *ST Wentou (600715 SH), while top losers included Guangxi Broadcasting (600936 SH) and 365 Net (300295 SZ) [7] Key Industry News - Jieyue Xingchen launched Step-1X, an image generation model with deep semantic alignment and detail generation capabilities, optimized for Chinese cultural elements [11] - Zhizhi Huazhang secured financing with a pre-investment valuation of 20 billion yuan, led by Zhongguancun Science City Company [12] - Alipay introduced "Zhi Xiaobao," a service-oriented AI native application, marking the first of its kind in China [13] - Zhiyuan Research Institute launched FlagEval, the world's first model evaluation service including text-to-video capabilities [14] Company Announcements - Qitian Technology (300061 SZ) announced a change in control, with Shenzhen Qicaihong Haoyue Technology becoming the new controlling shareholder [15] - Gibbit (603444 SH) announced a semi-annual dividend of 4.50 yuan per share [16] - Huayang Lianzhong (603825 SH) returned 130 million yuan of temporarily used raised funds to the dedicated account [16] - Jishi Media (601929 SH) completed a share repurchase of 50.9135 million shares, accounting for 1.46% of the total shares [17] - Chinese Media (600373 SH) provided a guarantee of 450 million yuan for its subsidiary Jiangxi Xinhua Distribution Group [17] Investment Recommendations - The report recommends focusing on AI applications in gaming/film, AI education, and companies developing AI models or products [22] - Specific recommendations include companies like 37 Interactive Entertainment (002555 SZ), Century Huatong (002602 SZ), Wanda Film (002739 SZ), and Giant Network (002558 SZ) [22]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1]. Core Views - The company's revenue growth is driven by acquisitions and the expansion of urban intelligence business, with significant new contracts signed in international markets [1]. - The financial technology business achieved a revenue of 3.028 billion yuan, reflecting a year-on-year growth of 29.30%, maintaining its leading position in the domestic intelligent financial equipment market for 16 consecutive years [1]. - The urban intelligence business reported a revenue of 1.678 billion yuan, with a year-on-year growth of 29.71%, focusing on digital government and smart transportation sectors [1]. - The company has become the controlling shareholder of Guangdian Wuzhou, enhancing its computing power layout and optimizing revenue structure [1]. Financial Performance Summary - For the first half of 2024, the company achieved a total operating revenue of 4.707 billion yuan, a year-on-year increase of 29.45%, and a net profit attributable to shareholders of 498 million yuan, up 5.20% [1]. - The net profit excluding non-recurring gains and losses was 440 million yuan, reflecting a growth of 6.73% [1]. - The company expects stable revenue growth in its financial technology business, with projected net profits for 2024-2026 being 1.102 billion, 1.256 billion, and 1.437 billion yuan respectively [2]. Market Data - The company's stock price is currently 9.42 yuan, with a 52-week price range of 8.38 to 13.44 yuan, and a total market capitalization of approximately 23.39 billion yuan [1]. - The company has a projected P/E ratio of 20.6 for 2024, which is lower than the average P/E of comparable companies [2]. Revenue Forecast - The company is expected to achieve operating revenues of 11.002 billion, 12.838 billion, and 14.897 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 21.66%, 16.68%, and 16.04% [3].

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 163 期，总第 1722 期（电子版） 2024 年 9 月 4 日 星期三 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2802.98 | -0.29 | | 深证成指 | 8268.05 | 1.17 | | 中小 100 | 5356.15 | 1.32 | | 创业板指 | 1556.32 | 1.26 | | 沪深 300 | 3273.43 | 0.26 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40936.93 | -1.51 | | 纳斯达克 | 17136.3 | -3.26 | | 标普 500 | 5528.93 | -2.12 | | 英国富时 100 | 8298.46 | -0.78 | | 日经 225 | 37208.26 | -3. ...

Market Analysis - The market experienced fluctuations with the Shenzhen Composite Index and the ChiNext Index rebounding while the Shanghai Composite Index adjusted [3] - Notable sectors included foldable screen concepts, photovoltaic stocks, and robotics, with several stocks hitting the daily limit up [3] - The banking sector faced collective declines, with major banks like Agricultural Bank and China Construction Bank dropping over 4% [3] - Overall, more than 4,100 stocks rose in the market, with a trading volume of 607.2 billion yuan, an increase of 110.6 billion yuan from the previous trading day [3] Data Insights - As of August 28, the financing balance on the Shanghai Stock Exchange was 726.406 billion yuan, a decrease of 0.897 billion yuan from the previous trading day; the Shenzhen Stock Exchange's financing balance was 652.325 billion yuan, down by 0.728 billion yuan, totaling 1.378731 trillion yuan across both exchanges, a reduction of 1.625 billion yuan [4] Investment Advisory Perspective - Following the close of semi-annual report disclosures, the market has shown new changes, with the banking sector's significant drop impacting the Shanghai Composite Index, which reached a new low, while individual stock sentiment improved markedly [5] - The increase in trading volume indicates a rebound in low-priced stocks, and the appreciation of the RMB suggests potential actions from northbound capital, as many blue-chip stocks are in a state of overselling [5] Concept Hotspots - The State Council released a white paper on energy transition, emphasizing the balance between new and traditional energy sources, aiming to enhance the reliability of non-fossil energy and accelerate the establishment of a diverse and clean energy supply system [6] - The "14th Five-Year Plan" anticipates rapid growth in new energy storage installations, with a projected cumulative installed capacity of 168.7 GW by 2028, reflecting a compound annual growth rate (CAGR) of 37.4% from 2024 to 2028 [6] Key News - Huawei's flagship phone Mate 70 is expected to launch in November, potentially initiating a wave of AI smartphone upgrades, with significant implications for the smartphone industry [6] - The first China Digital Human Conference is set to take place on September 23-24, focusing on the rapid development of the virtual human industry, with projections indicating a market size of 640.27 billion yuan by 2025 [6]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 161 期，总第 1720 期（电子版） 2024 年 9 月 2 日 星期一 一、市场分析 冲高回落 人心思涨 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2842.21 | 0.68 | | 深证成指 | 8348.48 | 2.38 | | 中小 100 | 5404.49 | 3.01 | | 创业板指 | 1580.46 | 2.53 | | 沪深 300 | 3321.43 | 1.33 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41563.08 | 0.55 | | 纳斯达克 | 17713.62 | 1.13 | | 标普 500 | 5648.4 | 1.01 | | 英国富时 100 | 8376.63 | -0.04 | | 日经 225 | 38957.5 | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 162 期，总第 1721 期（电子版） 2024 年 9 月 3 日 星期二 1、市场综述 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2811.04 | -1.1 | | 深证成指 | 8172.21 | -2.11 | | 中小 100 | 5286.61 | -2.18 | | 创业板指 | 1536.95 | -2.75 | | 沪深 300 | 3265.01 | -1.7 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41563.08 | 0.55 | | 纳斯达克 | 17713.62 | 1.13 | | 标普 500 | 5648.4 | 1.01 | | 英国富时 100 | 8363.84 | -0.15 | | 日经 225 | 38813.36 | 0.29 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 165 期，总第 1724 期（电子版） 2024 年 9 月 6 日 星期五 一、市场分析 谨防加速下跌 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2788.31 | 0.14 | | 深证成指 | 8249.66 | 0.28 | | 中小 100 | 5331.44 | 0.2 | | 创业板指 | 1564.72 | 0.65 | | 沪深 300 | 3257.76 | 0.17 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40755.75 | -0.54 | | 纳斯达克 | 17127.66 | 0.25 | | 标普 500 | 5503.41 | -0.3 | | 英国富时 100 | 8241.71 | -0.34 | | 日经 225 | 36719.76 | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 164 期，总第 1723 期（电子版） 2024 年 9 月 5 日 星期四 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2784.28 | -0.67 | | 深证成指 | 8226.24 | -0.51 | | 中小 100 | 5320.86 | -0.66 | | 创业板指 | 1554.64 | -0.11 | | 沪深 300 | 3252.16 | -0.65 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40974.97 | 0.09 | | 纳斯达克 | 17084.3 | -0.3 | | 标普 500 | 5520.07 | -0.16 | | 英国富时 100 | 8269.6 | -0.35 | | 日经 225 | 36867.42 | -0.49 | | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 159 期，总第 1718 期（电子版） 2024 年 8 月 29 日 星期四 美元离岸人民币 7.1283 -0.06 欧元兑美元 1.1131 0.1 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2837.43 | -0.4 | | 深证成指 | 8078.82 | -0.31 | | 中小 100 | 5189.58 | 0.06 | | 创业板指 | 1531.45 | 0.05 | | 沪深 300 | 3286.5 | -0.57 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41091.42 | -0.39 | | 纳斯达克 | 17556.03 | -1.12 | | 标普 500 | 5592.18 | -0.6 | | 英国富时 100 | 8343.85 | -0.02 | | 日经 ...