Group 1 - Huaxin Securities issued a report on September 11, giving a "buy" rating to Oriental Pearl (600637.SH, latest price: 8.53 yuan) [1] - The rating is supported by several factors, including a comprehensive industry chain layout and the synergy of online and offline resources to create a full-channel traffic entry advantage [1] - The company benefits from a full-license operation advantage, which helps stabilize its main business against economic cycle fluctuations [1] - The strategy includes strengthening the core business internally while exploring new business model boundaries through investments externally [1] - As a state-owned cultural media group, Oriental Pearl is expected to unlock new growth engines in the AI era [1] Group 2 - Risks associated with new business explorations not meeting expectations, intellectual property infringement, and the operational performance of offline cultural tourism projects are highlighted [1] - Additional risks include the potential for program launches to underperform, talent attrition, and the application of new technologies not meeting expectations [1] - Macroeconomic fluctuations also pose a risk to the company's performance [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Viewpoints - The company is positioned as a leading new media entity with a comprehensive industry chain layout, leveraging both online and offline resources to create synergistic advantages in traffic acquisition [3] - The company possesses a full licensing operation advantage, holding multiple national content service licenses across various media platforms, enhancing its competitive edge [4] - The company's main business segments, including smart broadcasting and cultural consumption, provide a stable revenue foundation, which helps mitigate uncertainties from economic cycles [5] - The company is actively pursuing digital transformation and exploring new business models through investments, aiming to enhance its content and user experience [6] - As a state-owned cultural media group, the company is expected to unlock new growth engines in the AI era, supported by its strong shareholder resources [7] Summary by Sections 1. Company Overview - The company has evolved from a traditional broadcasting entity to a diversified cultural media platform, establishing a full industry chain layout by integrating various media and cultural resources [18][19] 2. Business Structure and Financial Data - The company's revenue is primarily derived from its smart broadcasting business, which includes IPTV, OTT, and content production, contributing significantly to its income [29] - The cultural consumption segment, which includes tourism and retail, has shown high gross margins, indicating strong profitability potential [30] - Financial forecasts predict revenues of 78.13 billion, 79.70 billion, and 82.17 billion yuan for 2025-2027, with net profits of 7.35 billion, 8.05 billion, and 8.79 billion yuan respectively [8][9] 3. AI Era Value Perspective - The company is leveraging AI to enhance its core business and innovate its service offerings, including the establishment of an AI platform and collaborations with leading AI firms [62][67] - The integration of AI technologies is expected to drive growth and improve user experiences across various platforms and services [61][67]

Group 1 - The Zhengzhou Airport Advanced Computing Phase I Venture Capital Fund Partnership has been established with a capital contribution of approximately 500 million yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-invested by companies including Oriental Pearl [1]

Group 1 - The core viewpoint of the news is that Oriental Pearl's stock has experienced fluctuations, with a recent decline of 2.11% and a year-to-date increase of 10.42% [1] - As of September 4, the stock price is reported at 8.37 CNY per share, with a total market capitalization of 28.139 billion CNY [1] - The company has seen a net outflow of 21.2046 million CNY in principal funds, with significant selling pressure observed [1] Group 2 - Oriental Pearl's main business segments include smart broadcasting (68.75% of revenue), cultural consumption (28.41%), and other activities [1] - For the first half of 2025, the company reported a revenue of 3.376 billion CNY, reflecting a year-on-year growth of 2.13%, while net profit decreased by 18.65% to 344 million CNY [2] - The company has a total of 132,400 shareholders as of June 30, 2025, with a slight decrease in the number of shareholders compared to the previous period [2]

Core Viewpoint - The company, Oriental Pearl, plans to invest up to RMB 50 million in establishing a venture capital fund focused on advanced computing at Zhengzhou Airport, aiming to achieve investment returns through equity investment in Super Fusion Digital Technology Co., Ltd [1] Group 1 - The company will contribute RMB 25.5 million, representing approximately 49.95% of the initial fund's total fundraising scale [1] - The fund will operate as a limited partnership, with the company acting as a limited partner [1] - The investment strategy involves acquiring equity in Super Fusion Digital Technology Co., Ltd to realize capital appreciation [1]

公告显示，东方明珠拟以自有资金不超过5亿元参与设立投资基金，基金名称为郑州航空港先进计算一期 创业投资基金合伙企业（有限合伙）（暂定名，最终以市场监督管理部门核准登记的名称为准，下称"基 金"）。 C114讯 9月8日消息（南山）东方明珠新媒体股份有限公司今日晚间发布了《关于以自有资金参与设立投 资基金的公告》。 据披露，该专项基金拟通过股权投资方式，受让超聚变数字技术有限公司（下称"超聚变"）股权，以超聚 变公司的股权增值实现投资收益。 经各合伙人协商，首期基金募集规模为5.11亿元，东方明珠拟以自有资金2.55亿元认缴出资，约占先进计 算一期基金募集规模的49.95%，并担任有限合伙人。 公告显示，该基金普通合伙人为郑州航空港私募基金管理有限公司，郑州航空港科创投资集团持有该公司 100％股权；有限合伙人分别为东方明珠、豫信泛半导体（河南）私募股权投资基金合伙企业（有限合 伙）、青岛凯联拓光创业投资基金合伙企业（有限合伙）、海南时空产业投资有限公司、盐城允泰二十期 新兴产业创业投资基金合伙企业（有限合伙）、扬州齐芯创力二号股权投资合伙企业（有限合伙）等6家 企业。 据C114了解，超聚变是国产服务器巨头， ...

超聚变的前身是华为从事x86服务器业务的板块。2021年，受外部因素影响，华为对旗下业务进行战略 调整，将x86服务器业务剥离。超聚变由此独立运营，并由河南国资控股的超聚能公司接手。据报道， 超聚变在2024年全年营收超过400亿元。 9月8日晚间，东方明珠（600637.SH，股价8.61元，市值289.46亿元）公告，公司拟以自有资金不超过5 亿元参与设立投资基金，基金名称为郑州航空港先进计算一期创业投资基金合伙企业（有限合伙）（暂 定名，以下简称基金），并担任有限合伙人。 根据东方明珠2025年半年报，公司在报告期内实现营业收入33.76亿元，同比增长2.13%；归属于上市公 司股东的净利润为3.44亿元，同比减少18.65%。值得一提的是，东方明珠在半年报中强调，将"持续提 《每日经济新闻》记者注意到，该基金拟通过股权投资方式受让超聚变数字技术有限公司（以下简称超 聚变）股权，以超聚变的股权增值实现投资收益，进一步深化东方明珠在数字技术领域的战略布局。 拟投资不超过5亿元 根据公告，东方明珠此次拟投入的自有资金总额不超过5亿元，在基金中的出资比例不超过50%。若基 金管理人未来设立两期基金，东方明珠对 ...

Core Viewpoint - The Shanghai Municipal Culture and Tourism Bureau is organizing a half-price ticket promotion for the 36th Shanghai Tourism Festival, involving 63 local attractions from September 13 to 19, 2025 [1] Group 1 - The half-price ticket promotion is part of the annual Shanghai Tourism Festival [1] - In addition to the half-price offer, 33 attractions will provide free admission for visitors born on September 13 [1]

一、复牌 1、中芯国际：拟向国家集成电路基金等5名中芯北方股东发行股份购买其所持有的标的公司49%股权， 股票复牌。 二、定增、并购 1、至正股份：拟通过发行股份及支付现金等方式取得AAMI 87.47%股权；AAMI是全球半导体引线框 架领域前五强供应商，在高精度、高可靠性封装市场具有显著优势。 2、合金投资：拟受让汇一智能95%股权，交易完成后，公司将持有汇一智能82.45%股权。 3、湖南发展：重大资产重组获得湖南省国资委批复。 4、晶升股份：拟通过发行股份及支付现金的方式购买本尚科技等10名交易对方持有的为准智能全部股 份，并取得为准智能的控制权，同时募集配套资金。 三、股权转让、增持、回购 5、嘉必优：拟将公司第二期回购股份价格上限由24.80元/股调整为35.00元/股。 6、中国宝安：韶关高创拟增持不少于100万股。 四、对外投资、日常经营 1、东方明珠：拟不超过5亿元参与设立投资基金，受让超聚变公司股权。 6、华友钴业：拟1.21亿美元出售BCM公司25%股权 将产生约4.73亿元投资收益。 1、长龄液压：协议转让价格调整至12.23亿元，每股价格为33.97元。 2、江特电机：实控人之一王新 ...

9月8日晚间东方明珠(600637)公告，公司拟以自有资金不超过5亿元参与设立投资基金，基金名称为郑 州航空港先进计算一期创业投资基金合伙企业(有限合伙)(暂定名，最终以市场监督管理部门核准登记的 名称为准，下称"基金")。 公告显示，该基金普通合伙人为郑州航空港私募基金管理有限公司，郑州航空港科创投资集团持有该公 司100%股权；有限合伙人分别为东方明珠、豫信泛半导体(河南)私募股权投资基金合伙企业(有限合 伙)、青岛凯联拓光创业投资基金合伙企业(有限合伙)、海南时空产业投资有限公司、盐城允泰二十期新 兴产业创业投资基金合伙企业(有限合伙)、扬州齐芯创力二号股权投资合伙企业(有限合伙)等6家企业。 合伙企业的存续期限为成立之日起五年。其中投资期三年、退出期两年，根据合伙企业的经营需要，经 全体合伙人一致同意，合伙企业的存续期限可以延长。合伙目的主要为通过协议转让方式受让超聚变公 司股权，以获得资产增值。 东方明珠是上海广播电视台(上海文化广播影视集团有限公司)(SMG)旗下统一的产业平台和资本平台。 公司拥有国内全渠道视频集成与分发平台及独具特色的文化内容、文化消费等资源，其中智慧广电业务 具体包括融合媒体 ...