证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 18 日 浙商早知道 2025 年 12 月 18 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商轻工 史凡可/傅嘉成】悍高集团（001221）公司深度：家居五金隐形冠军，成本优势+渠道势能助推成长— —20251216 重要点评 1、大势 12 月 17 日上证指数上涨 1.19%，沪深 300 上涨 1.83%，科创 50 上涨 2.47%，中证 1000 上涨 1.49%，创 业板指上涨 3.39%，恒生指数上涨 0.92%。 2、行业 12 月 17 日表现最好的行业分别是通信（+5.07%)、有色金属（+3.03%)、电子（+2.48%)、基础化工 （+2.15%)、电力设备（+2.09%)，表现最差的行业分别是农林牧渔（-0.54%)、国防军工（-0.2%)、煤炭（- 0.11%)、房地产（+0.09%)、环保（+0.1%)。 ❑ 【浙商传媒互联网 冯翠婷/陈磊】阜博集团（03738）公司点评：IP+AI 的范式级合作，迪士 ...

浙商证券（601878）发布研报称，维持阜博集团(03738)"买入"评级，迪士尼与OpenAI达成三年战略合 作，核心是向AI模型授权旗下经典IP用于内容生成，这标志着好莱坞顶级IP方转向主动与AI构建授权与 收益分享的新模式。长期服务迪士尼等巨头的数字版权管理商阜博集团，有望直接受益于新增的活跃资 产与授权管理需求，其成熟的解决方案也有助于获取更多新客户。 浙商证券主要观点如下： 相关事件 合作核心内容 1)IP授权：迪士尼授权OpenAI在其视频生成模型Sora及图像生成工具中使用超过200个来自迪士尼、漫 威、皮克斯及《星球大战》的经典角色、服装、道具及标志性环境。用户可通过简单提示词(Prompt)创 作相关短视频与图像。 2)股权投资：迪士尼将对OpenAI进行10亿美元的股权投资，并获得额外的股权认购权证，双方利益深 度绑定。 3)技术应用：迪士尼将利用OpenAI的技术优化其内部创意流程，并为旗下流媒体平台Disney+开发新产 品与体验。 该行认为，此合作标志着迪士尼为代表的好莱坞全球顶级IP方从被动防御AI生成内容(AIGC)可能带来 的版权风险，转向主动构建授权体系、分享AI内容创作收益 ...

3)技术应用：迪士尼将利用OpenAI的技术优化其内部创意流程，并为旗下流媒体平台Disney+开发新产 品与体验。 该行认为，此合作标志着迪士尼为代表的好莱坞全球顶级IP方从被动防御AI生成内容(AIGC)可能带来 的版权风险，转向主动构建授权体系、分享AI内容创作收益的新阶段。该模式将激发海量的用户生成 内容(UGC)，显著提升IP的长尾价值与传播度，公司版权服务活跃资产大幅提升，带来业绩弹性。 阜博集团作为全球数字版权管理的核心服务商，是迪士尼、华纳等好莱坞影视巨头的长期合作伙伴 智通财经APP获悉，浙商证券发布研报称，维持阜博集团(03738)"买入"评级，迪士尼与OpenAI达成三 年战略合作，核心是向AI模型授权旗下经典IP用于内容生成，这标志着好莱坞顶级IP方转向主动与AI构 建授权与收益分享的新模式。长期服务迪士尼等巨头的数字版权管理商阜博集团，有望直接受益于新增 的活跃资产与授权管理需求，其成熟的解决方案也有助于获取更多新客户。 浙商证券主要观点如下： 相关事件 2025年12月11日，华特迪士尼公司(Disney)与OpenAI宣布达成为期三年的战略合作与内容授权协议。该 行认为，此次合作 ...

证券研究报告 | 公司点评 | 数字媒体 阜博集团(03738) 报告日期：2025 年 12 月 17 日 IP+AI 的范式级合作，迪士尼开启"好莱坞拥抱 AI"新时代 考虑到 AI 生成内容贡献增量、微短剧出海、数字内容资产交易等弹性，我们预 计公司 25-27 年营收分别为 29.9/35.7/43.0 亿港元，当前股价对应 4.6/3.7/3.1 倍 P/S；经调整利润分别为 2.1/3.3/4.2 亿港元，当前股价对应 51/34/26 倍 P/E；维持 "买入"评级。 风险提示 技术迭代风险（AI 生成技术催生新的侵权方式）、竞争加剧风险、产业发展不确 定性风险（目前双方合作仅限于协议阶段，具体落地及效果仍具备不确定性）。 投资评级: 买入(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 分析师：陈磊 执业证书号：S1230521090002 chenlei01@stocke.com.cn 基本数据 ——阜博集团事件点评 投资要点 盈利预测与估值 1 《AI 视频爆发受益品种，参与 红果等微短剧出海及发力资产交 易》 2025 ...

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 阜博集團有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03738 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 32,000,000,000 | USD | | 0.000025 | USD | | 800,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | 32,000,000,000 | USD | | 0.000025 | USD | | 800,000 | 本月底法定/註冊股本總額： USD ...

Group 1 - The core viewpoint emphasizes the need for a digital content platform akin to Taobao or Pinduoduo to manage the rights, distribution, and monetization of vast amounts of digital content in the AI era [1][2] - The evolution of digital content production has undergone three phases: digitization, mobile internet, and now the AI era, which has significantly disrupted traditional production models [1] - In the traditional model, the production of special effects and animations relied on professional teams and equipment, often resulting in a negative return on investment, whereas AI has democratized content creation, reducing costs to tens of yuan with potential returns exceeding hundreds of yuan, achieving over ten times the investment return [1] Group 2 - The export value of cultural services is projected to exceed 10.35 million USD in 2023-2024, with subscription numbers surpassing 25 million and content views exceeding 2 million, indicating a rapid acceleration in the global reach of Chinese-language content [1] - The need for clear copyright attribution and transparent revenue distribution is highlighted as a driving force for the development of the creative industry, especially in the context of explosive growth in digital content [2] - The demand for rights confirmation has significantly increased in the AIGC era, with each creation representing the beginning of value realization, and every transaction needing to be recorded for transparent data management [2]

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

据悉，阜博集团AI音乐检测服务依托先进的音频、旋律与人声识别技术，通过提升检测准确率与真阳 性率，构建音乐内容生态的"版权防火墙"。随着NanoBanana、Gemini、Sora2等多模态模型的密集落 地，AI音乐因算力成本更低、成品成熟度更高已出现可规模化变现的作品，行业对AI生成内容的识别 与确权需求持续激增，阜博集团此次布局正顺应这一核心趋势。 阜博集团(03738)再涨超8%，截至发稿，涨7.76%，报5港元，成交额1.86亿港元。 消息面上，11月21日，阜博集团布推出AI音乐检测服务。该服务面向数字平台、音乐发行商及版权管 理组织，旨在精准区分人类创作与AI生成音乐，有效应对AI音乐泛滥带来的版权确权与合规管理难 题。 ...