Summary of Key Points from the Conference Call Industry Overview - The media industry has undergone 8 years of clearing and 6 years of bottoming out, with some central state-owned enterprises (SOEs) nearing their license value, indicating potential for revaluation [1] - Since 2023, transaction volumes have increased, yet the allocation ratio of active equity funds remains at historical lows, suggesting investment opportunities [1] Core Insights and Arguments - Central SOEs in the media sector are expected to lead in the application of new technologies due to policy support and resource advantages [1][5] - Historical data shows that these enterprises have stable dividends, with 38 companies maintaining a dividend payout ratio exceeding 30% over the past six years [3] - The commercialization paths for AI differ significantly between domestic and international markets, with the former needing to explore copyright protection and tax audits to find suitable development paths [1][6] - The AR/VR technology is anticipated to undergo a process from mass entrepreneurship to resource integration and asset securitization, with central SOEs playing a crucial role in resource allocation and policy guidance [1][7] - The value of print media and cable networks may return in the AI era, with leading companies like Mango TV and China Film already having plans for resource assetization and securitization [1][8] - New content forms are expected to emerge post-2027, potentially merging film and gaming into large-scale interactive content [1][9] Investment Recommendations - Recommended central SOE media stocks include Xinhua News Agency, China Central Television, Gehua Cable, Cultural Investment Holdings, Guigang Network, Guomai Culture, Zhejiang Digital Culture, and China Film, suggesting a diversified investment approach [2][19] Additional Important Insights - The increasing attention on central SOEs in the media sector is attributed to their significant presence in the industry, with 56 central SOEs accounting for 43% of all listed media companies [3] - The unique development environment and market positioning of these enterprises make them suitable for investment, especially in the context of emerging business models driven by government-backed entities [5] - The differences in commercialization paths for AI highlight the need for domestic companies to adapt to local market demands and regulatory environments [6] - The future of AR/VR technology is expected to enhance the position of professional creators and integrate key resources from major tech companies [7] - The potential for value recovery in traditional media sectors is supported by the current market conditions and the ability of central SOEs to mobilize resources effectively [8][10] - The evolution of content forms will likely focus on the integration of film, music, and gaming, enhancing user engagement and retention [18]

在AI技术加速落地的今天，国脉文化公司真正实现了"科技赋能场景"，让创新技术从概念走向可感可用 的日常生活，为行业提供了具有温度与实用价值的实践样本。 在#2025数智科技生态大会#上，国脉文化（600640）公司的AI互动展区登场即引发广泛关注，以场景 化展示为核心，观众可通过定制眼镜体验2D实时转3D的沉浸观影，在AIGC创意区实现即拍即得的视觉 创作，在AI潮玩区能与具备情感交互能力的AI脉墩儿互动。同步亮相的天翼出行PLUS智能体，不仅可 以帮你做好行前规划，也能一键AI旅拍VLOG生成，重新定义智慧出行——这正是#国脉文化AI点亮智 惠生活#的生动实践，每个细节都让人不禁感叹#A！脉有你才惊叹# ...

Core Insights - The 2025 Digital Technology Ecological Conference was held in Guangzhou, showcasing China Telecom's advancements in the "five-in-one" intelligent cloud system and its commitment to promoting digital transformation across various industries [1] - China Telecom launched the "Cloud Smart Phone," an innovative product that integrates AI models and intelligent technology, aimed at redefining user experience in smart devices [1][2] - Guomai Culture, a subsidiary of China Telecom, plays a crucial role in providing content services for the Cloud Smart Phone, enhancing its gaming and video content offerings [1][3] Group 1 - The conference theme "Intelligent Navigation, Intelligent Coexistence" emphasizes the goal of fostering a prosperous digital technology ecosystem [1] - The Cloud Smart Phone features an AI-driven interaction system that simplifies daily tasks through voice commands, enhancing user convenience [2] - The device addresses traditional smartphone limitations by utilizing cloud computing, AI optimization, and 5G technology to deliver high-quality gaming experiences [2] Group 2 - The "Cloud Video" module of the Cloud Smart Phone offers a vast array of content, utilizing AI to recommend films based on user preferences, thus improving cultural consumption [3] - Guomai Culture's collaboration with the Cloud Smart Phone aligns with China Telecom's strategy to enhance digital life content ecosystems [3] - The company aims to leverage its expertise in digital content to strengthen the service system for the Cloud Smart Phone and support the development of AI-driven smart living scenarios [3]

Group 1 - The 2025 Digital Intelligence Technology Ecological Conference will be held in Guangzhou from December 4 to 7, showcasing China Telecom's "five-in-one" intelligent cloud system and its technological breakthroughs [1] - China Telecom launched the cloud-based virtual phone "Cloud Smart Phone" at the conference, integrating AI large models and intelligent agent technology, aimed at redefining smart terminal experiences [1] - Guomai Culture, a subsidiary of China Telecom, plays a crucial role as a content service provider for the Cloud Smart Phone, enhancing the product's content ecosystem with rich and high-quality offerings in "cloud gaming" and "cloud audio-visual" [1] Group 2 - The collaboration with the Cloud Smart Phone at the conference represents Guomai Culture's commitment to China Telecom's strategy of "cloud transformation and intelligent benefits," focusing on the digital lifestyle content ecosystem [2] - Guomai Culture aims to leverage its expertise in digital content to strengthen the content service system for the Cloud Smart Phone, contributing to the development of AI intelligent cloud living scenarios [2]

Market Overview - The digital media sector experienced a decline of 1.19% on December 2, with Mango Super Media leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable stock performances included: - 365 Network (300295) rose by 2.92% to close at 15.18 [1] - Mango Super Media (300413) fell by 2.91% to close at 24.73, with a trading volume of 242,800 shares and a transaction value of 603 million [2] - Visual China (000681) closed at 24.10, up 0.50% [1] - Worth Buying (300785) decreased by 0.95% to 43.66, with a transaction value of 1.071 billion [2] Capital Flow - The digital media sector saw a net inflow of 38.76 million from institutional investors and 67.02 million from retail investors, while retail investors had a net outflow of 106 million [2] - Key capital flows for specific stocks included: - Visual China (000681) had a net inflow of 1.08 billion from institutional investors [3] - Worth Buying (300785) attracted a net inflow of 59.35 million from institutional investors [3] - Mango Super Media (300413) experienced a net outflow of 1.21 billion from retail investors [3]

证券代码：600640 证券简称：国脉文化 公告编号：2025-039 新国脉数字文化股份有限公司 关于股份回购的进展公告 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。 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 | 年 月 2025 6 6 | 27 | 日~2026 | 年 | 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 | 0万股 | | | | | | | | 累计已回购股数占总股本比例 | 0% | | | | | | | | 累计已回购金额 | 0万元 ...

从资金流向上来看，当日数字媒体板块主力资金净流入3347.05万元，游资资金净流出2214.52万元，散户 资金净流出1132.53万元。数字媒体板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600228 | *ST返利 | 7.00 | 3.86% | 10.72万 | 7426.27万 | | 600640 | 国脉文化 | 13.57 | 1.95% | 9.67万 | 1.30亿 | | 300295 | 三六五网 | 15.05 | 1.83% | 25.48万 | 3.77亿 | | 300413 | 芒果超媒 | 25.92 | 0.93% | 12.27万 | 3.16亿 | | 603000 | 人民网 | 20.97 | 0.58% | 36.74万 | 7.66亿 | | 603888 | 新华网 | 20.60 | 0.15% | 14.51万 | 2.98亿 | | 300987 | 川网传媒 | 18.21 | 0.11% | 3.90万 ...

Group 1 - The gaming sector is experiencing a strong upward trend, with the gaming ETF (159869) rising nearly 1% in early trading on November 27, 2023, driven by leading stocks such as Giant Network, Kaixin Network, and Youzu Network [1] - Citic Securities reports that the gaming industry continues to show high growth in revenue and profit in Q3 2025, supported by leading companies and a regular issuance schedule of game licenses [2] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2] Group 2 - Google's release of the Nano Banana Pro showcases its strong capabilities in the multimodal large model field, integrating advanced understanding and rendering capabilities, which can enhance content creation across various industries [1] - The Nano Banana Pro supports 2K and 4K resolutions, catering to professional production needs, and reflects a broader trend of improving multimodal capabilities and decreasing usage barriers in the market [1]

证券之星消息，11月26日数字媒体板块较上一交易日下跌1.68%，值得买领跌。当日上证指数报收于 3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。数字媒体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) | | | --- | --- | --- | --- | --- | --- | --- | | 600228 | *ST返利 | 6.91 | 3.44% | 10.30万 | | 6927.25万 | | 603533 | 掌阅科技 | 23.47 | -0.13% | 35.26万 | | 8.31亿 | | 002095 | 生意宝 | 20.48 | -0.29% | 5.89万 | | 1.21亿 | | 603888 | 新华网 | 20.69 | -0.86% | 1 22.88万 | | 4.74亿 | | 300413 | 芒果超媒 | 26.05 | -1.14% | 14.06万 | | 3.67亿 | | 66ZI0E | 草创资讯 | 56.60 | -1.43% | 9224.0 | | 529 ...

11月24日，国脉文化涨5.37%，截至发稿，报13.54元/股，成交1.38亿元，换手率1.32%，总市值107.74 亿元。 资料显示，新国脉数字文化股份有限公司位于上海市江宁路1207号，成立日期1992年4月1日，上市日期 1993年4月7日，公司主营业务涉及商旅预订业务、酒店运营及管理业务和积分运营业务;文娱旅游服 务。主营业务收入构成为：数字内容28.54%，酒店运营25.97%，数智应用20.06%，权益运营及新消费 18.42%，大网融合6.64%，其他(补充)0.36%。 从国脉文化十大流通股东角度 数据显示，南方基金旗下1只基金位居国脉文化十大流通股东。南方中证1000ETF（512100）三季度减 持2.14万股，持有股数291.33万股，占流通股的比例为0.37%。根据测算，今日浮盈赚取约201.02万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益20.09%，同类 排名2059/4209；近一年收益14.36%，同类排名2433/3982；成立以来收益6.27%。 南方中证1000ETF（512100）基金经理为崔蕾。 截 ...