Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The media sector is positioned to benefit from the dual attributes of technology application and domestic demand, particularly in the context of the government's economic development goals for 2026, which aim for a growth rate of 4.5% to 5% [3][14]. - The transition to Web4.0 is expected to enhance the media landscape through AI empowerment, leading to new applications and content production paradigms [3][15]. - The report highlights the emergence of new consumption patterns, such as the "reward economy" and "accompaniment economy," which are anticipated to drive demand for media products and services [19][20]. Summary by Sections 1. Industry Review - The media industry has shown varied performance, with the internet marketing index experiencing significant declines while other sectors like vocational education have fared better [13]. - The report notes a substantial increase in the popularity of female-oriented AI dramas, which have become a key growth area within the industry [31][32]. 2. Industry Dynamics - The gaming sector continues to thrive, with major players like Tencent and NetEase leading in revenue generation, particularly during festive periods [27]. - E-commerce platforms are innovating with AI technologies, enhancing user engagement and operational efficiency [29][30]. - The report emphasizes the growing importance of AI in content creation, particularly in the realm of female-centric narratives, which are gaining traction in the market [31][32]. 3. Recommended Stocks - The report identifies several stocks to watch, including: - Shunwang Technology (300113) benefiting from Web4.0 applications - Mango Super Media (300413) focusing on AI-driven content - Wanda Film (002739) expected to recover post-holiday adjustments [4][8]. 4. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally optimistic outlook for the media sector [8].

此次活动还联动多个品牌，精心复刻传统年味市集的热闹场景。各类新春好物、特色文创扎堆亮相，还 有趣味互动游戏穿插其间，让每一个家庭的登高之旅满载惊喜与欢乐。 看看新闻记者: 应冠文 吴振华 李连达 编辑: 张蕴昆 责编: 夏鑫 "跃马迎春、步步高升，大年初五，东方明珠塔携手小荧星共同开启新春登高祈福活动，百组亲子家庭 手牵手拾级而上，在攀登中揽福纳祥，解锁马年专属好彩头。 清晨，东方明珠塔下已是一片热闹景象。家长与孩子们穿上红马甲，背上寓意财禄满盈的红米袋，为即 将开始的登高活动精心准备。新春登高节节高，不少家庭还提前结束外出旅行，专程赶来登高，希望新 的一年越来越好。 活动现场，来自上海野生动物园的"小王子"小矮马"飘飘"惊喜现身，送上美好祝福。小荧星的舞蹈表演 与陆家嘴明珠环岛的骏马造型布置也相映成趣，为亲子家庭带来"马到成功"的新春好彩头。 而随着鸣锣声响、发令枪响起，百组家庭手牵手踏上阶梯，在拾级而上的过程中感受步步向上的力量。 终点处，东方明珠塔98米高空全新打卡地"明珠星舰钛空基地"首次亮相，未来感十足，吸引了不少家庭 驻足体验。 ...

Core Viewpoint - The Oriental Pearl is integrating its cultural and tourism resources to create a diverse New Year experience that combines traditional customs, family entertainment, art exhibitions, quality accommodation, and global flavors, showcasing the cultural vibrancy of Shanghai [1][12]. Group 1: Cultural and Tourism Integration - The Oriental Pearl is leveraging its assets, including the Oriental Pearl Tower, Shanghai International Conference Center, and Mercedes-Benz Cultural Center, to create a cohesive New Year experience [1]. - The initiative aims to present a blend of Eastern traditions and global influences, inviting citizens and tourists to engage with the city's cultural offerings [1][12]. Group 2: Events and Activities - On the fifth day of the Lunar New Year, the Oriental Pearl Tower will host a "Climbing to Welcome Wealth" event, allowing visitors to enjoy views of the city while participating in traditional customs [3]. - The city square will transform into a "My Little Pony Friendship Magic New Year Garden" from the eve of the New Year until the eleventh day, featuring interactive experiences and themed activities for families [3]. - The Shanghai International Conference Center will showcase an art installation and host a lion dance performance, enhancing the festive atmosphere [5]. Group 3: Artistic and Culinary Experiences - The Mercedes-Benz Cultural Center will feature a concert by Capper Zhang, along with a special exhibition celebrating the venue's 15-year history, providing a rich cultural experience [6]. - The Seven Heaven Hotel will offer a "Haidai New Year Feast," emphasizing traditional Shanghai cuisine, while the Oriental Green Boat will host a 22-day celebration featuring various cultural activities [8][12]. Group 4: Overall Experience - The Oriental Pearl's efforts reflect a commitment to innovatively express traditional festivals while contributing to Shanghai's development as a world-renowned tourist city [12].

证券代码：600637 证券简称：东方明珠 公告编号：临 2026-008 东方明珠新媒体股份有限公司 关于与私募基金合作投资进展公告 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： | 投资标的名称 | 长三角数智文化产业私募投资基金（上 海）合伙企业（有限合伙） | | | --- | --- | --- | | | 5,000（首期 2,500） | | | 投资金额（万元） | | | | 投资进展阶段 | 完成 终止 进 | 交易要素变更 | | | 展 | | | 特别风险提示（如有请勾选） | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | | 其他：基金投资目标的实现依赖于所投 | | | | 项目的成功退出。基金目前投资方向符合 | | | | 国家长期发展战略，具有一定产业基础和 | | | | 政策红利，但仍需持续跟踪未来政策导向 | | | | 对所投项目的影响，关注行业政策变动可 | | | | 能产生 ...

Core Viewpoint - The company announced its participation in establishing a special investment fund, contributing RMB 49.99 million, which represents 49.99% of the fund's total size, to acquire equity in H3C Technologies Co., Limited for investment returns [1] Group 1 - The company disclosed its plan to invest in the Hefei Huaxin Mingzhu Equity Investment Partnership (Limited Partnership) [1] - The total capital raised for the special investment fund reached RMB 100 million, with all partners having completed their capital contributions [1] - The company will act as a limited partner in the fund and will focus on equity investment to achieve returns through the appreciation of H3C Technologies' shares [1] Group 2 - The company will closely monitor the progress of the investment fund and fulfill its information disclosure obligations as required by the Shanghai Stock Exchange [2] - The company has no related party relationships with the other partners involved in the fund [1]

Core Viewpoint - The company is participating in the establishment of a special investment fund, contributing RMB 49.99 million, which represents 49.99% of the fund's total size, to acquire equity in H3C Technologies Co., Limited for investment returns [1][2]. Group 1 - The company disclosed its intention to invest in the Hefei Huaxin Mingzhu Equity Investment Partnership (Limited Partnership) on November 29, 2025, with a total investment of RMB 49.99 million [1]. - The special investment fund has successfully completed its capital contribution, raising a total of RMB 100 million, with the company being a significant limited partner [2]. - The partnership agreement has been amended to reflect the transfer of investment shares from the original partner to new entities, while other terms of the agreement remain unchanged [2]. Group 2 - The company will closely monitor the progress of the investment fund and fulfill its information disclosure obligations as required by the Shanghai Stock Exchange [2]. - The board of directors of the company has confirmed the accuracy and completeness of the announcement regarding the investment fund [1][3]. - The company has provided a notice of the capital contribution status from the fund manager, indicating the successful fundraising [2][4].

证券代码：600637 证券简称：东方明珠 公告编号：临 2026-007 东方明珠新媒体股份有限公司 关于参与设立专项投资基金的进展公告 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。 东方明珠新媒体股份有限公司（以下简称"公司"）于 2025 年 11 月 29 日披露了《东方明珠新媒体股份有限公司关于参与设立专项 投资基金的公告》（公告编号：临 2025-034）。公司拟出资人民币 49,990 万元参与设立合肥华芯明珠股权投资合伙企业（有限合伙） （以下简称"专项投资基金"），约占基金募集规模的 49.99%，并 担任有限合伙人。该专项投资基金拟通过股权投资方式，受让取得 H3C Technologies Co.,Limited（以下简称"新华三"）部分股权， 以新华三的股权增值实现投资收益。 特此公告。 东方明珠新媒体股份有限公司董事会 2026 年 2 月 6 日 备查文件： 2026 年 2 月 4 日，公司收到基金管理人上海华登高科私募基金 管理有限公司发来的《合肥华芯明珠股权投资合伙企业（有限合伙） 实缴情 ...

Group 1 - The company announced its intention to invest CNY 499.9 million to establish Hefei Huaxin Mingzhu Equity Investment Partnership (Limited Partnership), accounting for approximately 49.99% of the fund's total fundraising scale [1] - On February 4, 2026, the company received notification that the special investment fund had completed its capital contribution, with a total raised capital of CNY 1 billion [1] - The original limited partner, Hefei Huaxin Qiyao Equity Investment Partnership (Limited Partnership), transferred its equity stake, and all partners re-signed the partnership agreement [1]

Market Overview - The television broadcasting sector experienced a decline of 1.59% on the previous trading day, with Liujin Technology leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Hubei Broadcasting (000665) closed at 5.52, up 0.91% with a trading volume of 189,600 shares and a turnover of 105 million yuan [1] - Guo Guang Network (600996) closed at 8.94, up 0.68% with a trading volume of 180,800 shares and a turnover of 161 million yuan [1] - Broadcasting Network (600831) closed at 4.34, up 0.23% with a trading volume of 128,500 shares and a turnover of 55.2 million yuan [1] - New Media Co. (300770) closed at 44.93, down 2.07% with a trading volume of 50,500 shares and a turnover of 227 million yuan [1][2] Capital Flow Analysis - The television broadcasting sector saw a net outflow of 318 million yuan from main funds, while retail investors contributed a net inflow of 224 million yuan [2] - The main funds showed a net inflow in Electric Broadcasting Media (000917) of 5.62 million yuan, while experiencing a net outflow in Wireless Media (301551) of 18.51 million yuan [3] Stock-Specific Capital Flow - Electric Broadcasting Media (000917) had a main fund net inflow of 562,280 yuan, with a retail net inflow of 521,400 yuan [3] - Hubei Broadcasting (000665) recorded a main fund net inflow of 118,920 yuan, but a retail net outflow of 499,360 yuan [3] - Guo Guang Network (600996) experienced a main fund net outflow of 201,220 yuan, while retail investors contributed a net inflow of 128,300 yuan [3]

Group 1 - The television broadcasting sector increased by 3.15% compared to the previous trading day, with Tianwei Video leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] - Key stocks in the television broadcasting sector showed significant price increases, with Tianwei Video rising by 9.99% to a closing price of 9.03 [1] Group 2 - The net inflow of main funds in the television broadcasting sector was 162 million yuan, while retail funds saw a net inflow of 20.35 million yuan [1] - Tianwei Video had a main fund net inflow of 78.46 million yuan, accounting for 27.47% of its trading volume, despite a retail net outflow of 50.42 million yuan [2] - Oriental Pearl experienced a main fund net inflow of 66.38 million yuan, but also faced a retail net outflow of 4.09 million yuan [2]