Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

Core Insights - The A-share market is entering a new phase of high-quality development in dividend distribution, with total dividends expected to exceed 2.6 trillion yuan in 2025, surpassing the previous year's 2.4 trillion yuan, marking a historical high [1][4][11] - The continuous optimization of the dividend ecosystem is reflected not only in the scale but also in the frequency and coverage of dividends, with 267 companies disclosing third-quarter dividends in 2025, a significant increase from previous years [1][6][11] Dividend Scale and Structure - As of December 15, 2025, A-share listed companies have announced a total dividend amount close to 2.5 trillion yuan, with projections indicating it could exceed 2.6 trillion yuan when including companies with disclosed but unimplemented dividend plans [4][5] - Historical data shows a steady increase in A-share dividend amounts, with actual dividends of 2.07 trillion yuan, 2.13 trillion yuan, and 2.4 trillion yuan from 2022 to 2024, reflecting improved awareness and capability of companies regarding dividends [5][11] Frequency and Coverage - The notable increase in dividend frequency is one of the most prominent changes in 2025, with a significant rise in companies opting for quarterly dividends, alongside traditional annual and semi-annual distributions [6][11] - The number of companies disclosing third-quarter dividends has increased dramatically from 30 in 2022 to 267 in 2025, although slightly lower than the 362 in 2024, indicating a multi-fold growth trend [6][11] Policy Support and Market Dynamics - Continuous policy support from regulatory bodies, including the China Securities Regulatory Commission, has been crucial in promoting cash dividends and share buybacks, leading to a positive shift in market ecology [2][11] - The dividend landscape is expanding beyond traditional sectors, with industries like pharmaceuticals, food and beverage, and home appliances showing significant dividend potential, as evidenced by leading companies like China Mobile and Kweichow Moutai [2][11] Systematic Upgrades in Dividend Policies - The regulatory framework has been strengthened to ensure a healthy development of the A-share dividend system, with revisions to the Securities Law and new guidelines aimed at enhancing the regularity of dividend distributions [9][11] - The introduction of incentives for companies to increase dividend payouts, including reduced costs for dividend distribution, reflects a commitment to improving shareholder returns [10][11] Future Directions for Dividend Growth - There is still room for improvement in the A-share dividend market, particularly in enhancing the dividend contributions from emerging industries like technology and healthcare, which currently lag behind traditional sectors [12] - The concentration of dividend payouts among large-cap stocks indicates a need for better governance and profitability among mid and small-cap companies, which could be addressed through differentiated disclosure and incentive mechanisms [12]

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].

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

Market Overview - The Shanghai Composite Index fell by 0.55% on December 15, with 13 sectors rising, led by non-bank financials and retail, which increased by 1.59% and 1.49% respectively. The sectors with the largest declines were electronics and communications, down by 2.42% and 1.89% respectively [2] Capital Flow Analysis - The net outflow of capital from the two markets was 47.184 billion yuan, with 8 sectors experiencing net inflows. The defense and military industry saw the largest net inflow of 2.287 billion yuan, rising by 0.83%, followed by the food and beverage sector, which increased by 0.67% with a net inflow of 1.124 billion yuan [2] - A total of 23 sectors experienced net capital outflows, with the electronics sector leading with a net outflow of 16.331 billion yuan, followed by the power equipment sector with a net outflow of 5.919 billion yuan. Other sectors with significant outflows included non-ferrous metals, machinery, and communications [2] Media Industry Performance - The media industry declined by 1.63%, with a total net outflow of 2.678 billion yuan. Out of 129 stocks in this sector, 27 rose, including one hitting the daily limit, while 97 fell, with two hitting the lower limit [3] - The stocks with the highest net inflows included Focus Media, with a net inflow of 101 million yuan, followed by Beijing Culture and Jiubite, with net inflows of 61.9825 million yuan and 55.9307 million yuan respectively [3] - The stocks with the largest net outflows included Century Huatong, with a net outflow of 454.499 million yuan, followed by Bona Film Group and BlueFocus Communication Group, with net outflows of 444.611 million yuan and 346.265 million yuan respectively [5]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to see a significant increase in revenue due to the upcoming holiday season and the launch of new games, with notable titles like "Nine Muses of the Wild" and "Goose Duck Kill" generating high anticipation [3] - The film industry is highlighted by the upcoming release of "Avatar 3," which has already garnered significant pre-sale interest, indicating strong potential for box office performance [3] - The emotional economy in China is projected to grow substantially, with the market expected to reach 8.1 trillion yuan by 2030, driven by online platforms and AI technology [11][12] Summary by Sections 1. Soul: Leading Immersive Social Platform - Soul is positioned as a leading platform in the immersive social space, leveraging AI to enhance user engagement and emotional value [11][17] - The emotional economy in China is projected to grow from 2.4 trillion yuan in 2024 to 8.1 trillion yuan by 2030, with a CAGR of 22.2% [12] - The platform reported a revenue of 16.83 billion yuan in the first eight months of 2025, reflecting a year-on-year growth of 17.82% [21][26] 2. Industry Data Overview - "Delta Action" topped the iOS free game chart, while "Honor of Kings" led the iOS revenue chart as of December 13, 2025 [27][31] - The film "Zootopia 2" achieved the highest weekly box office, indicating strong audience interest [41] 3. Industry News Summary - The release of GPT-5.2 is expected to enhance AI capabilities in the industry, while Disney's investment in OpenAI emphasizes the growing value of content IP [3] - The gaming sector is experiencing a surge, with "Delta Action" achieving record daily revenue following a new season launch [3] 4. Announcement Summary - Recent changes in leadership at various media companies and the successful "hat removal" of Caesar Culture highlight ongoing developments in the industry [3] 5. Sector Performance Overview - The A-share media sector performed moderately in the market, with the gaming sector showing strong performance [3]

格隆汇12月12日丨吉比特(603444.SH)公布，截至本公告披露日，公司已收到陈拓琳先生、梁丽莉女士 分别出具的相关减持计划实施结果告知函，其中：陈拓琳先生通过集中竞价交易方式共减持公司股份 153,800股，占公司总股本的0.2135%，减持计划实施完毕；梁丽莉女士通过集中竞价交易方式共减持公 司股份3,300股，占公司总股本的0.0046%，减持计划实施完毕。 ...

证券代码：603444 证券简称：吉比特 公告编号：2025-047 厦门吉比特网络技术股份有限公司 5%以上股东、董事及高级管理人员 减持股份结果公告 本公司董事会、全体董事及相关股东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： 5%以上股东、董事及高级管理人员持股的基本情况：减持计划实施前，厦 门吉比特网络技术股份有限公司（以下简称"公司"）董事陈拓琳先生持有公司 无限售条件流通股 8,240,025 股，占公司总股本的 11.4379%；公司副总经理兼 董事会秘书梁丽莉女士持有公司无限售条件流通股 13,420 股，占公司总股本的 0.0186%。 减持计划的实施结果情况：公司分别于 2025 年 8 月 22 日、2025 年 8 月 27 日披露了相关减持计划公告（公告编号：2025-034、2025-035），董事陈拓琳先 生计划自 2025 年 9 月 15 日至 12 月 14 日期间通过集中竞价交易方式减持股份 数量不超过 250,000 股，即不超过公司总股本的 0.3470%；副总经理兼董事会 秘书梁丽莉女士 ...

吉比特公告称，公司5%以上股东、董事及高级管理人员减持股份计划实施完毕。董事陈拓琳原计划自 2025年9月15日至12月14日减持不超250,000股，实际减持153,800股，占总股本0.2135%，减持总金额 86,108,875.15元，当前持股比例降至11.2245%；副总经理兼董事会秘书梁丽莉原计划减持不超3,350 股，实际减持3,300股，占总股本0.0046%，减持总金额1,912,670.00元，当前持股比例降至0.0140%。未 完成部分减持计划终止实施。 ...

吉比特公告，董事陈拓琳先生计划自2025年9月15日至12月14日期间通过集中竞价交易方式减持股份数 量不超过25万股，截至本公告披露日，陈拓琳先生通过集中竞价交易方式共减持公司股份15.38万股， 占公司总股本的0.2135%，减持计划实施完毕。副总经理兼董事会秘书梁丽莉女士计划自2025年9月17 日至12月16日期间通过集中竞价交易方式减持股份数量不超过3350股，截至本公告披露日，梁丽莉女士 通过集中竞价交易方式共减持公司股份3300股，占公司总股本的0.0046%，减持计划实施完毕。 ...