Market Overview - The television broadcasting sector experienced a decline of 0.95% on the previous trading day, with the leading stock, Dianguang Media, falling significantly [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] Stock Performance - Guangxi Radio and Television (600936) saw a notable increase of 9.98%, closing at 4.52, with a trading volume of 2.4727 million shares and a transaction value of approximately 1.099 billion [1] - Other stocks in the sector showed mixed performance, with Hubei Radio and Television (000665) up by 0.92% and Jiangsu Cable (600959) down by 0.29% [1] Capital Flow - The television broadcasting sector experienced a net outflow of 339 million in main funds, while retail investors contributed a net inflow of 201 million [2] - The data indicates that speculative funds had a net inflow of 139 million, suggesting a divergence in investment strategies among different investor types [2] Individual Stock Capital Flow - Tianwei Video (002238) had a main fund net inflow of 6.3305 million, while retail investors showed a net outflow of 819.72 thousand [3] - Other stocks like Guohua Cable (600037) and Huasu Media (000156) also displayed varied capital flows, with significant retail inflows and outflows [3]

贵州省广播电视信息网络股份有限公司 2025年第二次临时股东会会议资料 $$\Xi{\bf O}{\bf\pm}{\bf\mp}{\bf\#}{\bf\mp}{\bf\mp}{\bf\#}$$ 2025 年第二次临时股东会会议资料 会议须知 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会会议资料 目 录 | 2025 | 年第二次临时股东会议程 | 4 | | --- | --- | --- | | 议案一：关于续聘 | 2025 | 年度审计机构的议案 6 | 3 2025 年第二次临时股东会会议资料 为维护全体股东合法权益，确保股东会的正常秩序和议事效率，保证大会顺利 进行，贵州省广播电视信息网络股份有限公司（简称"公司"）根据中国证券监督 管理委员会《上市公司股东会规则》及公司《章程》有关规定，特制定本须知。 一、股东参加股东会，应认真履行其法定义务，不得侵犯其他股东合法权益。 二、股东会期间，全体出席人员应以维护股东合法利益、确保大会正常秩序和 议事效率为原则，认真履行法定职责。 三、出席大会的股东及股东代表依法享有发言权、质询权、表决权等权利，但 需经公司统一安排，由公司董事、高 ...

贵州省广播电视信息网络股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 证券代码：600996 证券简称：贵广网络 公告编号：2025-067 召开的日期时间：2025 年 12 月 29 日 9 点 30 分 召开地点：贵州省贵阳市观山湖区金阳南路 36 号贵广网络大楼 4-1 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 29 日 至2025 年 12 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年12月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (一) 股东会类型和届次 2 ...

贵州省广播电视信息网络股份有限公司（简称"公司"）第五届董事会 2025 年第三次临时会议通知于 2025 年 12 月 5 日以直接送达、电子邮件方式发出，会 议于 2025 年 12 月 12 日以现场结合通讯表决方式在公司 4-1 会议室召开。会议 应出席董事 9 人，实际出席董事 9 人。会议召集、召开和表决程序符合《公司法》 和《公司章程》有关规定。 二、董事会会议审议情况 会议经公司全体董事推选，由董事张小剑先生主持。经与会董事认真讨论， 投票表决，审议通过如下决议： 证券代码：600996 证券简称：贵广网络 公告编号：2025-065 贵州省广播电视信息网络股份有限公司 第五届董事会 2025 年第三次临时会议决议公告 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。 一、董事会会议召开情况 （二）审议通过《关于召开 2025 年第二次临时股东会的议案》 （一）审议通过《关于续聘 2025 年度审计机构的议案》 表决结果：9 票赞成，0 票弃权，0 票回避，0 票反对。 本议案已经公司第五届董事会审计委员会 20 ...

证券代码：600996 证券简称：贵广网络 公告编号：2025-066 贵州省广播电视信息网络股份有限公司 关于续聘 2025 年度审计机构的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合伙） （简称"中审众环"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 机构名称：中审众环会计师事务所（特殊普通合伙） 成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从事证 券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据财政 部、证监会发布的从事证券服务业务会计师事务所备案名单，该所具备股份有限 公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部等有关要 求转制为特殊普通合伙制。 和信息技术服务业，采矿业，文化、体育和娱乐业等，审计收费 35,961.69 万元， 本公司同行业上市公司审计客户 16 家。 2.投资者保护能力 中审众环每年均按业务收入规模购买职业责任保险，并补充计提 ...

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]

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]

Group 1 - The core viewpoint of the articles highlights the promotion and deployment of ultra-high-definition (UHD) embedded micro set-top boxes by China Broadcasting Network, aiming to enhance user experience with features like lightweight, intelligence, and high compatibility [1][2] - As of the end of November, over 100,000 UHD embedded micro set-top boxes have been promoted in the cable television network in Beijing [1] - The initiative to deploy UHD embedded micro set-top boxes was launched in April, addressing issues related to traditional set-top boxes such as multiple connections, multiple remote controls, and complex operations [1] Group 2 - The UHD embedded micro set-top box is designed to be compact and low-power, connecting directly to the TV's HDMI port, thus achieving miniaturization and reduced wiring [1] - The device supports 4K UHD transmission and features a universal remote control that operates both the TV and the set-top box, simplifying user interaction [1] - China Broadcasting Network aims to achieve a target of over 50% market share for UHD terminals by the end of the year, leveraging the "Year of Ultra HD" as a strategic opportunity for comprehensive upgrades across the network, content, and terminal [2]

Core Insights - China Broadcasting Network is leveraging the "Year of Ultra HD Development" as a strategic opportunity to upgrade its network, content, and terminal chains, aiming for over 50% penetration of ultra HD terminals by the end of the year [1][2] Group 1: Ultra HD Set-Top Box Deployment - As of November, China Broadcasting Network has promoted over 450,000 ultra HD set-top boxes in Beijing, with a cumulative total exceeding 2.8 million units [1] - The ultra HD insertable micro set-top box has been promoted with over 100,000 units in Beijing, featuring lightweight, intelligent, and highly compatible characteristics for user convenience [2] Group 2: Technical Features and User Experience - The ultra HD insertable micro set-top box addresses traditional issues such as multiple connections and complex operations, reducing its size by over 80% compared to standard set-top boxes [2] - It supports 4K ultra HD transmission, providing a stable, clear, and smooth viewing experience, and includes a universal remote that can control both the TV and the set-top box [2] Group 3: Comprehensive Development Strategy - China Broadcasting Network is advancing a coordinated development of network, content, terminals, and scenarios to create a high-quality ultra HD audiovisual service system [2] - The company is accelerating the transition of cable television networks to fiber-optic and intelligent systems, enhancing the capacity to support ultra HD services [2]

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].