证券代码：600373 证券简称：中文传媒 公告编号：临 2025-078 中文天地出版传媒集团股份有限公司 关于回购注销股份并减少注册资本暨通知债权人的公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原因 中文天地出版传媒集团股份有限公司（以下简称公司）于 2025 年 11 月 18 日召开第六届董事会第四十次临时会议，审议通过《关于签署<发行股份及支付 现金购买资产协议>等相关协议之解除协议的议案》等议案。同日，公司与江西 省出版传媒集团有限公司（以下简称江西出版传媒集团）签署附条件生效的《< 发行股份及支付现金购买资产协议><业绩承诺及补偿协议><业绩承诺及补偿协 议之补充协议>之解除协议》（以下简称解除协议），主要约定原协议已经履行 的，恢复原状、互相返还；尚未履行的，不再继续履行，解除协议自公司 2025 年第三次临时股东会审议通过相关议案之日起生效。根据解除协议约定，江西出 版传媒集团应当向公司返还其通过原交易获得并仍持有的股份 20,146,400 股， 公司将以 1 元对价回购该部分股 ...

北京市中伦（广州）律师事务所 关于中文天地出版传媒集团股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Gua ...

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-077 中文天地出版传媒集团股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 12 月 4 日 （二）股东会召开的地点：江西省南昌市红谷滩区丽景路 95 号出版中心 3222 会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 354 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 880,878,559 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股份 | 64.4150 | | 总数的比例（%） | | 1.公司在任董事12人，出席8人，授权委托 4 人。其中，董事凌卫、夏玉峰、 张其洪，独立董事姜帆，因另有事务未能现场出席，已分别授权委托董事吴卫东、 吴涤、汪维国，独立董事李汉国，代为 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Core Insights - The publishing sector saw an increase of 0.99% on December 1, with Changjiang Publishing leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Publishing Sector Performance - Changjiang Publishing (600757) closed at 9.09, up 5.57% with a trading volume of 499,900 shares and a transaction value of 452 million yuan [1] - Phoenix Publishing (601928) closed at 10.27, up 2.80% with a trading volume of 366,300 shares and a transaction value of 376 million yuan [1] - Shandong Publishing (601019) closed at 8.73, up 2.59% with a trading volume of 235,400 shares and a transaction value of 205 million yuan [1] - The overall trading volume and transaction values for other notable companies in the sector were also reported, indicating a generally positive trend [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The data indicates that speculative funds had a net inflow of 121 million yuan into the sector [2] Individual Stock Capital Flow - Zhongnan Publishing (601098) had a net inflow of 38.16 million yuan from institutional investors, while it faced a net outflow of 35.82 million yuan from speculative funds [3] - Shandong Publishing (601019) saw a net inflow of 17.85 million yuan from institutional investors, with a small net outflow from retail investors [3] - Other companies like Xinhua Publishing (600825) and Changjiang Publishing (600757) also showed varied capital flows, reflecting mixed investor sentiment [3]

Group 1 - The core point of the article is the resignation of Chen Jialing, the Deputy General Manager of Zhongwen Media, effective immediately upon delivery of his written resignation to the board, which will not impact the company's operations [1] - In the first half of 2025, Zhongwen Media's revenue composition is as follows: publishing accounted for 37.34%, integrated marketing 25.69%, distribution business 24.41%, new business formats 16.27%, and material trade 7.29% [1] - As of the report date, Zhongwen Media has a market capitalization of 14.5 billion yuan [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中文天地出版传媒集团股份有限公司（以下简称公司）董事会于2025年11 月28日收到副总经理陈佳羚先生提交的书面辞呈。因工作调整原因，陈佳羚先生 申请辞去公司副总经理职务，辞职后不再担任公司任何职务。 证券代码：600373 证券简称：中文传媒 公告编号：临 2025-076 中文天地出版传媒集团股份有限公司 关于副总经理辞职的公告 公司及董事会对陈佳羚先生在任期间为公司发展所做出的贡献表示衷心感 谢！ 特此公告。 2025 年 12 月 2 日 中文天地出版传媒集团股份有限公司董事会 根据《公司法》《公司章程》等有关规定，陈佳羚先生的书面辞呈自送达董 事会之日起生效，其辞职不会对公司生产经营产生影响。截至本公告披露日，陈 佳羚先生未持有公司股份。 ...

Core Points - Chen Jialing has resigned from the position of Vice General Manager of Zhongwen Media (600373) due to work adjustments and will no longer hold any position in the company [1] Company Summary - Zhongwen Media announced the resignation of Chen Jialing as Vice General Manager on December 1 [1]

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-075 中文天地出版传媒集团股份有限公司 关于为下属子公司北京朗知网络传媒科技股份有限 公司提供担保的实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 被担保人名称 中文天地出版传媒集团股份有限公司（以下简称公司）一级控股子公司：北 京朗知网络传媒科技股份有限公司（以下简称朗知传媒）。 ● 本次担保金额及已实际为其提供的担保余额 1.公司本次为朗知传媒提供的银行授信担保为 0.9660 亿元。本次担保后， 公司为朗知传媒提供的担保合同累计余额为 2.29 亿元，其中实际发生的对外担 保累计余额为 1.56 亿元。 2.本次担保后，公司为所属子公司银行授信提供担保合同累计余额为 13.42 亿元（含 2024 年度担保余额），其中实际发生的对外担保累计余额为 6.69 亿元。 子公司为母公司银行授信提供担保合同累计余额为 0 亿元（含 2024 年度担保余 额），其中实际发生的担保累计余额为 0 亿元（不含本次担保）。 ● 本次担保不 ...

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]