证券之星消息，12月19日电视广播板块较上一交易日上涨2.84%，电广传媒领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。电视广播板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000917 | 电广传媒 | 10.29 | 10.05% | 180.42万 | 17.72亿 | | 600936 | 广西广电 | 4.30 | 9.97% | 112.88万 | 4.68亿 | | 002238 | 天威视讯 | 9.35 | 2.75% | 13.77万 | 1.28亿 | | 626109 | 吉视传媒 | 3.37 | 2.74% | 150.20万 | 5.01亿 | | 600996 | 盖广网络 | 10.42 | 2.66% | 25.66万 | 2.65亿 | | 301262 | 海量股份 | 24.50 | 2.47% | 4.71万 | 1.15亿 | | 600831 | 广电网络 | 4. ...

证券日报网讯12月18日，歌华有线（600037）在互动平台回答投资者提问时表示，目前公司全面实 施"服务领航"战略，以主责主业为出发点，着力巩固有线电视基本盘，同时大力促进政企业务，多措并 举实现健康高质量发展。未来公司将继续按照发展规划和年度工作计划逐步使用资金。 ...

证券日报网讯12月18日，歌华有线（600037）在互动平台回答投资者提问时表示，公司未直接投资商用 航空航天领域，仅通过歌华丝路金桥基金间接投资了凌空天行项目。 ...

格隆汇12月18日丨歌华有线(600037.SH)在投资者互动平台表示，公司通过参与的丝路金桥基金间接投 资了凌空天行项目。 ...

人民财讯12月18日电，歌华有线(600037)在互动平台表示，公司未直接投资商用航空航天领域，仅通过 歌华丝路金桥基金间接投资了凌空天行项目。 ...

Market Overview - The television broadcasting sector experienced a decline of 0.95% on the previous trading day, with the leading stock, Dianguang Media, falling significantly [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] Stock Performance - Guangxi Radio and Television (600936) saw a notable increase of 9.98%, closing at 4.52, with a trading volume of 2.4727 million shares and a transaction value of approximately 1.099 billion [1] - Other stocks in the sector showed mixed performance, with Hubei Radio and Television (000665) up by 0.92% and Jiangsu Cable (600959) down by 0.29% [1] Capital Flow - The television broadcasting sector experienced a net outflow of 339 million in main funds, while retail investors contributed a net inflow of 201 million [2] - The data indicates that speculative funds had a net inflow of 139 million, suggesting a divergence in investment strategies among different investor types [2] Individual Stock Capital Flow - Tianwei Video (002238) had a main fund net inflow of 6.3305 million, while retail investors showed a net outflow of 819.72 thousand [3] - Other stocks like Guohua Cable (600037) and Huasu Media (000156) also displayed varied capital flows, with significant retail inflows and outflows [3]

央国企的传媒标的，为何值得被重视？20251209 摘要 传媒行业历经 8 年出清和 6 年摸底，部分央国企市值已接近牌照价值， 具备重估潜力。2023 年以来成交额放大，但主动权益基金配置比例仍 处历史低位，表明存在投资机会。 AI 时代，传媒央国企凭借政策支持和资源优势，有望在新技术应用中领 先。历史数据显示，这些企业分红稳定且比例较高，长期投资价值凸显。 国内外 AI 商业化路径存在差异，国外倾向订阅收费，国内需探索版权保 护、税务稽查等逆人性需求，寻找更适合本土市场的发展路径。 AR/VR 技术将经历大众创业、资源整合到资产证券化的过程，央国企将 在资源配置和政策引导方面发挥重要作用，推动行业健康发展。 AI 时代，纸媒和有线网络或将迎来价值回归，牌照价值重估，龙头标的 如芒果超媒、中国电影等已有规划，资源资产化、资产证券化提供契机。 AI 时代的新内容形态预计在 2027 年后出现，可能是影视与游戏合并的 大型真人交互式内容。平台将向端到端 Agent 模式发展，简化操作，提 升用户体验。 推荐关注新华网、中视传媒、歌华有线、文投控股、贵广网络、国脉文 化、浙数文化、中国电影等央国企传媒标的，通过组 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000665 | 湖北广电 | 5.71 | -0.70% | 23.60万 | 1.34亿 | | 600936 | 广西广电 | 3.41 | -0.29% | 8.96万 | 3047.83万 | | 000156 | 华数传媒 | 7.58 | 0.13% | 11.13万 | 8392.88万 | | 300770 | 新媒股份 | 43.01 | 0.26% | - 3.23万 | 1.39亿 | | 601929 | 吉视传媒 | 3.58 | 0.85% | 130.86万 | 4.64亿 | | 600959 | 江苏有线 | 3.46 | 0.87% | 35.84万 | 1.23亿 | | 600037 | 歌华有线 | 7.55 | 0.94% | 12.66万 | 9480.26万 | | 301551 | 元线传媒 | 33.10 | 1.47% | 5.03万 | 1.64亿 | | 301262 | 海量股份 | 4 ...

Investment Rating - The report does not explicitly provide an investment rating for the cable television industry Core Insights - The cable television industry is a crucial information infrastructure for the country and is under pressure from new media and internet competition, despite some user recovery due to policy interventions [2][14] - As of Q3 2025, the actual number of cable television users reached 207 million, showing a slight decline of 0.96% compared to the end of 2024, but a quarter-on-quarter increase of 0.49% [4][35] - The total revenue of the broadcasting and television service industry in the first three quarters of 2025 was 1,048.919 billion yuan, representing a year-on-year growth of 4.59% [4] Industry Operation Status - The broadcasting and television service industry saw total revenue of 1,048.919 billion yuan in the first three quarters of 2025, with actual revenue of 193.4598 billion yuan, up 4.31% year-on-year [4] - The revenue from broadcasting institutions was 446.904 billion yuan, up 6.73%, while revenue from online audio-visual service institutions was 602.015 billion yuan, up 3.05% [4][7] - The cable television network revenue has shown limited fluctuation, indicating a stable but pressured revenue stream [5] Competitive Landscape - The cable television industry faces significant user diversion due to the growth of new media, broadband networks, and mobile communications [11] - As of Q3 2025, the number of mobile internet users reached 1.269 billion, with video app monthly active users at 799 million, accounting for 62.96% of total internet users [11] - The short video sector has also seen explosive growth, with 1.129 billion monthly active users as of September 2025 [11] Policy Developments - In 2025, significant progress was made in hotel television governance and simplification of remote controls, which helped facilitate user recovery [16] - New standards for residential projects were implemented to ensure the inclusion of cable television systems, enhancing the infrastructure for broadcasting services [17] Company Performance - Among the eight sample companies, only three reported revenue growth: Jishi Media, Jiangsu Cable, and Huashu Media, with growth rates of 3.00%, 2.79%, and 0.92% respectively [18] - The remaining five companies experienced revenue declines, with Guizhou Network and Shaanxi Broadcasting facing the most significant drops of -27.63% and -22.16% [19] - Profitability varied, with Jiangsu Cable's profit increasing by 6.08%, while Huashu Media's profit decreased by 11.36% [24] Financial Health - The average debt-to-asset ratio for sample companies was 56.19%, with some companies exceeding 80%, indicating high leverage [28] - Cash flow from investment activities was generally negative, with several companies relying on external financing to meet their needs [32] Summary - The cable television industry is experiencing user recovery due to policy support, but it continues to face intense competition from new media and the internet [35] - Revenue growth is uneven among companies, with many facing losses and increasing debt levels, while the impact of 5G services on performance remains limited [35]

Core Viewpoint - The television broadcasting sector experienced a decline of 1.48% on the trading day, with significant losses in key stocks such as Guangdian Network, which fell by 2.73% [1][2]. Market Performance - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1]. - The television broadcasting sector saw a net outflow of 242 million yuan from major funds, while retail investors contributed a net inflow of 187 million yuan [2][3]. Stock Performance - Key stocks in the television broadcasting sector showed varied performance: - Guangdian Network (600831) closed at 4.63, down 2.73% with a trading volume of 158,800 shares and a turnover of 73.83 million yuan [2]. - Wireless Media (301551) closed at 35.47, down 2.34% with a trading volume of 34,800 shares and a turnover of 124 million yuan [2]. - Other notable declines included: - Jishi Media (601929) down 2.31% to 3.80 [2]. - Gehua Cable (600037) down 2.30% to 7.63 [2]. - Dongfang Mingzhu (600637) down 2.28% to 9.84 [2]. Fund Flow Analysis - The fund flow analysis indicates: - Major funds showed a significant outflow from Guangdian Network, with a net outflow of 13.46 million yuan, representing an 18.23% decrease [3]. - Retail investors showed a positive net inflow into Guangdian Network, amounting to 13.03 million yuan, or 17.65% of the total [3]. - Other stocks like Jiangsu Cable (600959) and Hubei Broadcasting (000665) also experienced notable outflows from major funds [3].