Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1]. Core Insights - AI applications are entering a global acceleration phase, with both domestic and overseas markets continuing to expand on a high base. As of September 2025, overseas AI application monthly active users (MAU) have surpassed 1.2 billion, a year-on-year increase of 76.7%, while China's AI application MAU reached 490 million, growing by 172.3% [12]. - AI search, composed of AI chatbots and AI search engines, has become the core engine of AI application development, shifting user behavior from "searching links" to "asking AI for answers." This transformation is reshaping information access and making shopping recommendations a core use case, fundamentally changing brand communication models [12][18]. - The Generative Engine Optimization (GEO) is revolutionizing traditional marketing models, enabling better advertising effectiveness by allowing brands to be directly referenced in AI-generated answers rather than just appearing in search results [13][17]. Summary by Sections AI Marketing: GEO Reshaping Advertising Models - GEO enables a complete transformation of advertising strategies, allowing brands to be directly referenced in AI-generated responses, enhancing exposure and engagement [13][17]. - The shift from traditional SEO to GEO is evident, with brands needing to optimize for AI-generated content rather than traditional search engine visibility [21][30]. AI Short/Anime Series: Multi-Modal Capabilities Driving Market Explosion - AI-driven short series, utilizing AIGC technology, significantly lower production costs and improve efficiency, making it a high-growth area in the content market [33][42]. - The number of AI animation micro-short series launched has been increasing, with 2,902 episodes released from January to August 2025, primarily targeting a younger audience [45]. Market Growth and Company Benefits - The GEO market is expected to grow rapidly, with projections indicating a global market size of $24 billion by 2026 and $100 billion by 2030. In China, the GEO market is anticipated to reach 11.1 billion yuan by 2026 and 36.5 billion yuan by 2028 [30]. - Companies benefiting from this trend include technology providers and content platforms such as 引力传媒, 光云科技, and 哔哩哔哩, which are positioned to capitalize on the shift towards GEO [30].

Market Performance - The digital media sector increased by 4.87% on January 9, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 52.20, up 12.14%, with a trading volume of 411,300 shares and a transaction value of 2.06 billion [1] - "Xin Hua Wang" (603888) closed at 22.24, up 7.91%, with a trading volume of 386,500 shares and a transaction value of 830 million [1] - "Mango Super Media" (300413) closed at 26.34, up 5.15%, with a trading volume of 430,300 shares and a transaction value of 1.11 billion [1] - "Ren Min Wang" (603000) closed at 21.05, up 4.88%, with a trading volume of 413,400 shares and a transaction value of 855 million [1] - "Shi Jie Zhong Guo" (000681) closed at 26.02, up 4.50%, with a trading volume of 1,395,300 shares and a transaction value of 3.56 billion [1] Capital Flow Analysis - The digital media sector saw a net inflow of 219 million from institutional investors, while retail investors experienced a net outflow of 111 million [2] - "Zhi De Mai" had a net inflow of 99.46 million from institutional investors, but a net outflow of 61.19 million from retail investors [3] - "Mango Super Media" experienced a net inflow of 72.86 million from institutional investors, with a net outflow of 41.86 million from retail investors [3]

Group 1 - The digital media sector increased by 1.7% on January 8, with Guomai Culture leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Guomai Culture's stock price rose by 5.28% to 13.55, with a trading volume of 196,300 shares and a transaction value of 264 million yuan [1] Group 2 - The net outflow of main funds in the digital media sector was 64.15 million yuan, while retail investors saw a net inflow of 147 million yuan [1] - The stock "Zhidingmai" had a main fund net inflow of 67.59 million yuan, but retail investors experienced a net outflow of 35.76 million yuan [2] - "Guomai Culture" had a main fund net inflow of 17.50 million yuan, with retail investors seeing a net outflow of 11.50 million yuan [2]

Group 1 - The gaming sector is experiencing a strong performance, with the gaming ETF (159869) rising over 0.5% during intraday trading on January 6, 2025 [1] - Notable stocks within the ETF include 37 Interactive Entertainment (002555), G-bits (603444), Mingchen Health (002919), Aofei Entertainment (002292), and Guomai Culture (600640), which have shown significant gains [1] - The gaming ETF has attracted a total of 1.306 billion yuan in the last 10 trading sessions, reaching a total scale of 13.116 billion yuan as of January 5, 2025, providing investors with a convenient tool for investing in A-share gaming leaders [1] Group 2 - The global mobile game revenue is projected to grow by 0.5% year-on-year by 2025, with eight products expected to surpass 1 billion dollars in revenue after global distribution [1] - "Honor of Kings" continues to lead the revenue rankings, while "Whiteout Survival" has seen a revenue increase of approximately 50%, becoming the growth champion in the 1 billion dollar tier [1] - Zhongyuan Securities (601375) anticipates steady growth in the domestic gaming industry in 2025, with both market and user scales reaching new highs, driven by strong supply and demand dynamics [1] - The integration of AI technology is expected to enhance efficiency in research and development, as well as operations, leading to improved financial performance in the gaming sector [1][2]

重要内容提示： 证券代码：600640 证券简称：国脉文化 公告编号：2026-001 新国脉数字文化股份有限公司 关于股份回购进展公告 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。 | 回购方案首次披露日 | | 2025/5/13 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 6 月 | 2025 年 27 | 日~2026 | 年 | 6 | 月 26 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | | 8.12万股 | | | | | | 累计已回购股数占总股本比例 | | 0.0102% | | | | | | 累计已回购金额 | | 99.8729万元 | | | ...

（文章来源：证券日报） 证券日报网讯 12月25日，国脉文化发布公告称，公司通过集中竞价首次回购8.12万股，占总股本 0.0102%，成交区间12.26元—12.32元，已支付99.8729万元。 ...

格隆汇12月25日丨国脉文化(600640.SH)公布，2025年12月25日，公司通过集中竞价交易方式首次回购 股份81,200股，已回购股份占公司总股本的比例为0.0102%，回购的最高成交价为12.32元/股，最低成交 价为12.26元/股，支付的总金额为人民币998,729元（不含交易费用）。 ...

重要内容提示： | 回购方案首次披露日 | 2025/5/13 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 6 月 26 | 年 | 月 | 27 | 日~2026 | 年 | 6 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | | □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 8.12万股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.0102% | | | | | | | | | 累计已回购金额 | 99.8729万元 | | | | | | | | | 实际回购价格区间 | 12.26元/股~12.32元/股 | | | | | | | | 一、 回购股份的基本情况 证券代码：600640 证券简 ...

南财智讯12月25日电，国脉文化公告，公司于2025年12月25日通过集中竞价交易方式首次回购股份8.12 万股，占公司总股本的0.0102%。回购股份的最高成交价为12.32元/股，最低成交价为12.26元/股，支付 总金额为99.8729万元（不含交易费用）。本次回购符合相关法律法规及公司回购方案的要求。 ...

Market Performance - The digital media sector increased by 0.88% on December 24, with Vision China leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Stock Performance - Vision China (000681) closed at 21.98, up 1.62%, with a trading volume of 279,100 shares and a transaction value of 609 million yuan [1] - Other notable stocks included: - Zhangyue Technology (603533) at 19.22, up 1.59% [1] - Fengyuzhu (603466) at 9.11, up 1.56% [1] - Mango Super Media (300413) at 23.68, up 1.28% [1] - Zhaochuang Information (301299) at 52.91, up 1.07% [1] Capital Flow - The digital media sector experienced a net outflow of 45.89 million yuan from institutional investors and 22.75 million yuan from speculative funds, while retail investors saw a net inflow of 68.64 million yuan [2] - The capital flow for individual stocks showed: - Vision China had a net inflow of 36.66 million yuan from institutional investors [3] - Mango Super Media had a net inflow of 2.52 million yuan from retail investors [3] - Other stocks like ST Fanli (600228) and Zhaochuang Information (301299) faced net outflows from institutional investors [3]