Market Overview - The television broadcasting sector experienced a decline of 0.68% on the previous trading day, with Hubei Broadcasting leading the losses [1] - The Shanghai Composite Index closed at 3902.81, up by 0.7%, while the Shenzhen Component Index closed at 13147.68, up by 1.08% [1] Individual Stock Performance - Guangdian Network (600831) saw a closing price of 4.54, with an increase of 6.07% and a trading volume of 201,300 shares, amounting to approximately 89.03 million yuan [1] - Guiguang Network (600996) closed at 11.50, up by 4.74%, with a trading volume of 438,200 shares, totaling around 503 million yuan [1] - Dianguang Media (000917) closed at 8.70, up by 3.57%, with a trading volume of 529,600 shares, amounting to about 457 million yuan [1] - Other notable performers include Tianwei Video (002238) at 9.12 (+2.24%), Dongfang Mingzhu (600637) at 10.07 (+1.92%), and Liujin Technology (920021) at 6.46 (+1.73%) [1] Fund Flow Analysis - The television broadcasting sector saw a net inflow of 94.35 million yuan from institutional investors, while retail investors experienced a net outflow of 19.53 million yuan [2] - Major stocks like Dongfang Mingzhu (600637) had a net inflow of 63.62 million yuan from institutional investors, while retail investors showed a net outflow of 49.96 million yuan [3] - Dianguang Media (000917) reported a net inflow of 37.94 million yuan from institutional investors, with retail investors experiencing a net outflow of 20.29 million yuan [3]

Investment Rating - The report does not explicitly provide an investment rating for the cable television industry Core Insights - The cable television industry is a crucial information infrastructure for the country and is under pressure from new media and internet competition, despite some user recovery due to policy interventions [2][14] - As of Q3 2025, the actual number of cable television users reached 207 million, showing a slight decline of 0.96% compared to the end of 2024, but a quarter-on-quarter increase of 0.49% [4][35] - The total revenue of the broadcasting and television service industry in the first three quarters of 2025 was 1,048.919 billion yuan, representing a year-on-year growth of 4.59% [4] Industry Operation Status - The broadcasting and television service industry saw total revenue of 1,048.919 billion yuan in the first three quarters of 2025, with actual revenue of 193.4598 billion yuan, up 4.31% year-on-year [4] - The revenue from broadcasting institutions was 446.904 billion yuan, up 6.73%, while revenue from online audio-visual service institutions was 602.015 billion yuan, up 3.05% [4][7] - The cable television network revenue has shown limited fluctuation, indicating a stable but pressured revenue stream [5] Competitive Landscape - The cable television industry faces significant user diversion due to the growth of new media, broadband networks, and mobile communications [11] - As of Q3 2025, the number of mobile internet users reached 1.269 billion, with video app monthly active users at 799 million, accounting for 62.96% of total internet users [11] - The short video sector has also seen explosive growth, with 1.129 billion monthly active users as of September 2025 [11] Policy Developments - In 2025, significant progress was made in hotel television governance and simplification of remote controls, which helped facilitate user recovery [16] - New standards for residential projects were implemented to ensure the inclusion of cable television systems, enhancing the infrastructure for broadcasting services [17] Company Performance - Among the eight sample companies, only three reported revenue growth: Jishi Media, Jiangsu Cable, and Huashu Media, with growth rates of 3.00%, 2.79%, and 0.92% respectively [18] - The remaining five companies experienced revenue declines, with Guizhou Network and Shaanxi Broadcasting facing the most significant drops of -27.63% and -22.16% [19] - Profitability varied, with Jiangsu Cable's profit increasing by 6.08%, while Huashu Media's profit decreased by 11.36% [24] Financial Health - The average debt-to-asset ratio for sample companies was 56.19%, with some companies exceeding 80%, indicating high leverage [28] - Cash flow from investment activities was generally negative, with several companies relying on external financing to meet their needs [32] Summary - The cable television industry is experiencing user recovery due to policy support, but it continues to face intense competition from new media and the internet [35] - Revenue growth is uneven among companies, with many facing losses and increasing debt levels, while the impact of 5G services on performance remains limited [35]

Core Viewpoint - The television broadcasting sector experienced a decline of 1.48% on the trading day, with significant losses in key stocks such as Guangdian Network, which fell by 2.73% [1][2]. Market Performance - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1]. - The television broadcasting sector saw a net outflow of 242 million yuan from major funds, while retail investors contributed a net inflow of 187 million yuan [2][3]. Stock Performance - Key stocks in the television broadcasting sector showed varied performance: - Guangdian Network (600831) closed at 4.63, down 2.73% with a trading volume of 158,800 shares and a turnover of 73.83 million yuan [2]. - Wireless Media (301551) closed at 35.47, down 2.34% with a trading volume of 34,800 shares and a turnover of 124 million yuan [2]. - Other notable declines included: - Jishi Media (601929) down 2.31% to 3.80 [2]. - Gehua Cable (600037) down 2.30% to 7.63 [2]. - Dongfang Mingzhu (600637) down 2.28% to 9.84 [2]. Fund Flow Analysis - The fund flow analysis indicates: - Major funds showed a significant outflow from Guangdian Network, with a net outflow of 13.46 million yuan, representing an 18.23% decrease [3]. - Retail investors showed a positive net inflow into Guangdian Network, amounting to 13.03 million yuan, or 17.65% of the total [3]. - Other stocks like Jiangsu Cable (600959) and Hubei Broadcasting (000665) also experienced notable outflows from major funds [3].

Market Overview - The television broadcasting sector increased by 0.8% compared to the previous trading day, with Dongfang Mingzhu 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] Stock Performance - Key stocks in the television broadcasting sector showed varied performance, with Dongfang Mingzhu (600637) closing at 10.07, up 3.60% with a trading volume of 1.2652 million shares and a turnover of 1.291 billion [1] - Other notable performers included Liujin Technology (920021) at 6.71, up 2.76%, and Wuxian Media (301551) at 36.32, up 1.45% [1] - Conversely, Guiguang Network (600996) saw a decline of 1.90%, closing at 11.88, with a trading volume of 515,500 shares and a turnover of 623 million [2] Capital Flow - The television broadcasting sector experienced a net outflow of 194 million from institutional investors, while retail investors saw a net inflow of 199 million [2] - The capital flow data indicates that retail investors were more active in the market, contrasting with the outflows from institutional and speculative funds [2] Individual Stock Capital Flow - Liujin Technology (920021) had a net inflow of 7.1519 million from institutional investors, while it faced a net outflow of 192.67 thousand from speculative funds [3] - Other stocks like Hubei Broadcasting (000665) and Jiangsu Cable (600959) also showed mixed capital flows, with Hubei Broadcasting experiencing a net outflow of 465.82 thousand from speculative funds [3]

Core Points - The company announced adjustments to its investor contact phone and fax numbers to ensure smooth communication channels for investors [2] Group 1 - The company aims to enhance investor relations management through these adjustments [2]

格隆汇11月28日丨广西广电(600936.SH)在投资者互动平台表示，公司目前未有挖矿相关业务。 ...

股票代码：600936 股票简称：广西广电 公告编号：2025-064 广西广播电视信息网络股份有限公司 关于变更投资者联系电话及传真号码的公告 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。 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 联系电话 | 0771-5905955 | 0771-2311535 | | 传真号码 | 0771-2305955 | 0771-2311979 | 为保证投资者交流渠道通畅，进一步做好投资者关系管理工 作，广西广播电视信息网络股份有限公司（以下简称"公司"） 于近日对投资者联系电话和传真号码进行了调整。现将变更情况 公告如下： 除上述调整外，公司投资者关系电子邮箱等其他联系方式保 持不变。以上变更自本公告披露之日起正式启用，原投资者联系 电话及传真号码停止使用。敬请广大投资者关注以上变更，由此 带来的不便，敬请谅解。欢迎广大投资者通过新的投资者联系方 式与公司沟通交流。 特此公告。 广西广播电视信息网络股份有限公司董事会 2025年11月28日 ...

证券代码：600936 证券简称：广西广电 公告编号：2025－063 广西广播电视信息网络股份有限公司 2025年第四次临时股东大会决议公告 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 11 月 28 日 (二)股东会召开的地点：广西南宁市青秀区云景路景晖巷 8 号广西广电网络公司 21 楼会议室 (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 | 370 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 742,716,005 | | 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 | | | 份总数的比例（%） | 44.4466 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，副董事长陈远程先生主持会议，出席会议人员的资格、 会议的表决方式和程序均符合《 ...

国浩律师（南宁）事务所 关于 广西广播电视信息网络股份有限公司 2025 年第四次临时股东大会的 国浩律师（南宁）事务所 法律意见书 地址：南宁市良庆区宋厢路 16 号太平金融大厦二十一层 2101 号房 邮编：530200 电话：0771-5760061 传真：0771-5760065 电子信箱：grandallnn@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二五年十一月 法律意见书 关于 广西广播电视信息网络股份有限公司 2025 年第四次临时股东大会的法律意见书 国浩律师（南宁）意字(2024)第 5096-2-4 号 致：广西广播电视信息网络股份有限公司 根据中国证券监督管理委员会发布的《上市公司股东会规则》（以下 简称《股东会规则》）的要求，国浩律师（南宁）事务所（以下简称"本 所"）接受广西广播电视信息网络股份有限公司（以下简称"广西广电" 或"公司"）的委托，指派黄夏律师、梁璐律师（以下简称"本所律师"） 出席广西广电 2025 年第四次临时股东大会（以下简称"本次股东大会"）， 对本次股东会的召开全过程进行见证并出具法律意见。 关于本法律意 ...

Core Insights - The television broadcasting sector experienced a slight increase of 0.27% on the previous trading day, with Dongfang Mingzhu leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Dongfang Mingzhu (600637) closed at 9.72, with a rise of 1.67% and a trading volume of 385,500 shares, amounting to a transaction value of 371 million yuan [1] - Jishi Media (601929) saw a closing price of 3.85, up 1.58%, with a trading volume of 1,962,300 shares, totaling 744 million yuan [1] - Hubei Broadcasting (000665) closed at 5.95, increasing by 1.19%, with a trading volume of 197,800 shares, amounting to 117 million yuan [1] - Other notable stocks include Gehua Cable (600037) at 7.74 (+0.91%), Guangxi Broadcasting (600936) at 3.56 (+0.85%), and Tianwei Video (002238) at 8.44 (+0.48%) [1] Capital Flow - The television broadcasting sector saw a net inflow of 11.87 million yuan from institutional investors, while retail investors contributed a net inflow of 19.47 million yuan [2] - However, speculative funds experienced a net outflow of 31.34 million yuan [2] Individual Stock Capital Flow - Dongfang Mingzhu had a net inflow of 34.72 million yuan from institutional investors, while it faced a net outflow of 11.55 million yuan from speculative funds [3] - Huashu Media (000156) recorded a net inflow of 5.88 million yuan from institutional investors, with a net inflow of 298,810 yuan from speculative funds [3] - Guangxi Broadcasting (600936) had a net inflow of 2.97 million yuan from institutional investors, while speculative funds saw a net outflow of 260,350 yuan [3]