证券代码：601900 证券简称：南方传媒 公告编号： 临 2025-036 胡丰先生已取得上海证券交易所董事会秘书任职培训证明，具备担任证券事 务代表所必需的专业知识、相关素质与工作经验，其任职资格符合《公司法》《上 海证券交易所股票上市规则》等相关法律法规的规定。 南方出版传媒股份有限公司 关于聘任高级管理人员及证券事务代表的公告 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。 南方出版传媒股份有限公司（以下简称"公司"）于 2025 年 12 月 19 日召 开公司 2025 年第二次临时董事会，审议通过了《关于聘任公司高级管理人员的 议案》，聘任姚智超先生为公司副总经理、龚慧明先生为公司董事会秘书，任期 自 2025 年第二次临时董事会审议通过之日起至第六届董事会届满之日止，龚慧 明先生不再担任公司证券事务代表，聘任胡丰先生担任公司证券事务代表。现将 相关情况公告如下： 一、聘任高级管理人员及证券事务代表的相关情况 为保障公司董事会规范运作，完善治理结构，根据《中华人民共和国公司法》 （以下简称《公司法》）、《南方出版 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-037 南方出版传媒股份有限公司 关于授权使用闲置自有资金进行现金管理的公告 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： ●投资种类：定期存款和大额存单等保本保收益的存款类产品，及安全性 高、流动性好、风险较低的理财产品、国债逆回购、本金保障型收益凭证和结构 性存款产品； ●授权金额：不超过人民币 25 亿元； ●履行的审议程序：经南方出版传媒股份有限公司（以下简称"公司"） 2025 年第二次临时董事会审议通过，本事项不需要提交公司股东会审议； ●特别风险提示：使用授权额度投放于定期存款和大额存单等保本保收益 的存款类产品，及安全性高、流动性好、风险较低的理财产品、国债逆回购、本 金保障型收益凭证和结构性存款产品进行现金管理，其中理财产品可能存在市场 风险、流动性风险、信用风险及其他风险，受各种风险影响，理财产品的收益率 将产生波动，理财收益具有不确定性。公司将针对可能发生的投资风险，拟定风 险控制措施。 一、情况概述 为提高公司闲置自有 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-035 南方出版传媒股份有限公司 2025 年第二次临时董事会会议决议公告 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。 同意公司及全资、控股子公司 2026 年使用不超过人民币 25 亿元的闲置自有 资金购买定期存款和大额存单等保本保收益的存款类产品，及安全性高、流动性 好、风险较低的理财产品、国债逆回购、本金保障型收益凭证和结构性存款产品。 额度由公司及全资、控股子公司共同滚动使用，额度期限至 2026 年 12 月 31 日， 并授权董事长审核。 1.《关于聘任公司高级管理人员的议案》 表决结果：9 名同意，占参加表决的全体董事人数的 100%；0 名弃权，0 名 反对。 公司董事会决定聘任姚智超先生为公司副总经理、龚慧明先生为公司董事会 秘书，任期自公司 2025 年第二次临时董事会审议通过之日起至第六届董事会届 满之日止，龚慧明先生不再担任公司证券事务代表，聘任胡丰先生担任公司证券 事务代表。 具体内容详见公司在上海证券交易所网站（www.sse. ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media industry (Shenwan) saw a weekly increase of 0.26%, ranking 8th among industries during the period from December 6 to December 12, 2025. Notable performers included Bona Film Group, Guangxi Radio and Television, Beijing Culture, Sanrenxing, and Huace Film & TV [11][18]. - The report highlights strong performance in AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, and publishing [5][37]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.26%, while the Shanghai Composite Index fell by 0.34%. The gaming sector saw a rise of 1.06%, and the film and television sector increased by 5.70% [11][12]. Key Industry Data AI Applications - In November, Deepseek led domestic AI web traffic with 346 million visits, despite a 2.95% month-over-month decline. Other notable AI products included Nano AI Search and Baidu AI Search, with respective monthly visits of 260 million and 52.63 million [22][23]. Gaming - The iOS gaming sales chart for December 13, 2025, was topped by "Honor of Kings," followed by "Gold Shovel Battle" and "Endless Winter." The report also noted that "Whiteout Survival" and "Kingshot" continued to perform strongly in overseas revenue [25][26]. Film - The total box office for the week of December 6-12 was 1.2 billion yuan, with "Zootopia 2" leading at 853 million yuan, accounting for 71% of the weekly total. Upcoming films include "Avatar: Fire and Ashes," set to release on December 19 [33][34]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kaiying Network, Yaoji Technology, and others [5][37].

证券之星消息，12月15日出版板块较上一交易日下跌0.95%，中文在线领跌。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。出版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) | | --- | --- | --- | --- | --- | --- | | 301231 | 荣信文化 | 29.96 | 4.68% | 8.93万 | 2.63亿 | | 601900 | 南方传媒 | 13.70 | 2.09% | 7.73万 | 1.05亿 | | 600229 | 城市传媒 | 6.49 | 1.56% | 4.36万 | 2797.38万 | | 610109 | 山东出版 | 8.73 | 0.69% | 12.06万 | 1.05亿 | | 6665209 | 读者传媒 | 7.13 | 0.42% | 14.37万 | 1.02亿 | | 002181 | 粤传媒 | 8.47 | 0.00% | 19.43万 | 1.65亿 | | 603096 | 新经典 | 17.09 | 0.00% ...

南方传媒 20251212 摘要 粤教祥云增加电子基础作业模块覆盖广东 300 万高年级小学生，AI 备课 功能已在全省 6,350 所学校推广，南方智慧教辅平台（收费产品）有望 带来数字化收入，AI 听说和星火美育用户量持续增长。 公司计划 2026 年与腾讯合作推出图书和教育相关新产品，内部创业机 制持续推出新品，牵头编制出版业生成式人工智能数据语料及安全两项 国家标准，预计明年下半年落地，对版权及行业产生积极影响。 粤教祥云已在广西中标 450 万元数字教材建设项目，渝高中改名后在重 庆销售理想，数字化产品地域壁垒低，出省出海是公司重要战略布局。 香港历史教材获特区教育局审核通过，预计 2026 年开始在香港市场推 广，将带来新的收入增长点，香港市场规模远大于澳门。 公司积极响应国家探索免费学前教育政策，推出幼儿园读物，搭建学前 AI 教育平台，通过政府集采模式推广，已在广州及珠三角进行推介，期 待获得政府订单。 2025 年秋季教材发行量达 4.06 亿册，同比增长 1.75%，平一类教辅 增加 0.79 亿册，市场化教辅营收增长，预计 2026 年春季延续良好态势。 广东省高中教材选择权下放至地市， ...

Group 1 - The core viewpoint of the article highlights the competitive landscape and market concentration of the Chinese media industry, indicating that the industry is characterized by a large number of listed companies and varying levels of competition among them [1][5]. Group 2 - In terms of revenue rankings, the top three media companies in China are BlueFocus, Leo Group, and 37 Interactive Entertainment, each projected to exceed 17 billion yuan in revenue by 2024 [2]. Group 3 - The overall revenue of China's media industry is expected to reach 507.1 billion yuan in 2024, with a CR3 of 20.62%, CR5 of 28.14%, and CR10 of 41.10%, indicating a relatively low market concentration and intense competition [5]. Group 4 - Among the listed media companies, 37 Interactive Entertainment has the highest gross profit margin for its products, reaching 78.63% in 2024 [6]. Group 5 - An analysis using the Five Forces model reveals that the media industry is primarily dominated by large enterprises, with intense competition from smaller firms. The bargaining power of suppliers is strong, while the bargaining power of consumers is weak due to the low substitutability of media products. The threat of new entrants is significant due to low entry barriers, and the risk of market substitution is low [8].

Core Insights - The publishing sector saw an increase of 0.99% on December 1, with Changjiang Publishing 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] Publishing Sector Performance - Changjiang Publishing (600757) closed at 9.09, up 5.57% with a trading volume of 499,900 shares and a transaction value of 452 million yuan [1] - Phoenix Publishing (601928) closed at 10.27, up 2.80% with a trading volume of 366,300 shares and a transaction value of 376 million yuan [1] - Shandong Publishing (601019) closed at 8.73, up 2.59% with a trading volume of 235,400 shares and a transaction value of 205 million yuan [1] - The overall trading volume and transaction values for other notable companies in the sector were also reported, indicating a generally positive trend [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The data indicates that speculative funds had a net inflow of 121 million yuan into the sector [2] Individual Stock Capital Flow - Zhongnan Publishing (601098) had a net inflow of 38.16 million yuan from institutional investors, while it faced a net outflow of 35.82 million yuan from speculative funds [3] - Shandong Publishing (601019) saw a net inflow of 17.85 million yuan from institutional investors, with a small net outflow from retail investors [3] - Other companies like Xinhua Publishing (600825) and Changjiang Publishing (600757) also showed varied capital flows, reflecting mixed investor sentiment [3]

Core Viewpoint - The "Understanding China" International Conference in Guangzhou focuses on the theme of "New Quality Productivity Driving the Digital Transformation of Publishing," emphasizing the need for innovation in the publishing industry to achieve high-quality development in the digital age [1][4]. Group 1: Industry Challenges and Opportunities - The publishing industry is at a critical juncture, transitioning from traditional book publishing to knowledge service providers, facing challenges such as limited traditional distribution channels, single commercial monetization, insufficient technology application, and a shortage of interdisciplinary talent [5]. - The rapid development of new technologies, such as artificial intelligence, offers new possibilities for upgrading the entire publishing chain, while the "Publishing+" cross-industry integration model is breaking industry boundaries and expanding value space [5][6]. Group 2: Insights from Industry Leaders - Pan Weizhi, General Manager of Guangzhou Xinhua Publishing Group, highlighted the importance of innovation and reform in driving the publishing industry forward, stating that the forum aims to gather industry wisdom and promote high-quality development [6]. - Wu Shulin, Vice Chairman of the National Innovation Conference Academic Committee, emphasized that the path to high-quality development lies in optimizing new growth and revitalizing existing resources within the Chinese publishing industry [8]. Group 3: Digital Transformation Strategies - Jiang Yanping, Vice Chairman of Beijing Kaichuan Information Technology Co., discussed the necessity of digital transformation in publishing, which involves leveraging technology to create a complementary online and offline development model, focusing on data-driven strategies to enhance research, marketing, and existing product advantages [12]. - Wang Fang, Chairman of the Foreign Language Teaching and Research Press, introduced the concept of redefining publishing in the AI era, focusing on upgrading publishing management, reshaping corporate culture, and cultivating digital talent [15]. Group 4: Innovations in Publishing - Xiao Fenghua from Southern Publishing Media emphasized the need for "content flow, technology flow, and talent flow" to inject new vitality into the industry, predicting that the future of intelligent publishing will feature personalized knowledge services, co-creation content ecosystems, and intelligent platforms for value protection [18]. - Jiang Chuanyang from Zhejiang Publishing United Group highlighted the integration of digital economy with traditional industries, advocating for comprehensive transformation across production factors, innovation systems, and business models [21]. Group 5: Local Initiatives and Achievements - Chen Xiaodan, Deputy Director of the Guangzhou Municipal Party Committee Propaganda Department, shared that Guangzhou publishing has been innovating and promoting high-quality publications, including significant works that reflect traditional culture and the city's charm [26][29].

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]