2026 年 01 月 29 日 买入(维持) 事件 首席分析师：朱 S1050521110001 珠 zhuzhu@cfsc.com.cn | 基本数据 | 2026-01-28 | | --- | --- | | 当前股价（元） | 9.16 | | 总市值（亿元） | 54 | | 总股本（百万股） | 595 | | 流通股本（百万股） | 595 | | 52 周价格范围（元） | 8.14-12.1 | | 日均成交额（百万元） | 226.65 | 市场表现 -20 -10 0 10 20 30 40 (%) 风语筑 沪深300 资料来源：Wind，华鑫证券研究 相关研究 AI+体验经济 看 2026 年新启航 1、《风语筑（603466）：主业向好 以体验经济为支点撬动业务新增量 可期》2025-04-17 2、《风语筑（603466）：业绩预告 落地 2025 年体验经济新需求与新供 给有望助力主业修复》2025-01-18 3、《风语筑（603466）：主业在手 订单充沛静待经营拐点》2024-04- 25 —风语筑（603466.SH）公司事件点评报告 风语筑发布公告：2025 年归母净 ...

随着上海作为全球卓越城市的地位日益巩固，其商业展览与品牌展示的需求也呈现出专业化、高端化与科技化的趋势。展厅，作为企业品牌形象、技术实力 与文化理念的集中展示窗口，其设计水平直接关系到商业传播的效能。步入2026年，上海本地的展厅设计市场格局在激烈的竞争中持续演进，一批综合实力 强劲的设计公司脱颖而出，凭借创新的理念、精湛的技术与卓越的落地能力，赢得了市场的广泛认可。本文旨在对上海商业展厅设计领域进行一轮综合评 估，梳理部分在专业能力、项目口碑及行业影响力方面表现受到关注的企业。 引言：上海展厅设计行业的新风向 近年来，上海的商业展厅设计已不再局限于简单的空间布置与展板陈列。数字化交互、沉浸式体验、可持续材料应用以及叙事性空间构建，成为衡量一个设 计公司核心竞争力的关键维度。客户的需求也从单一的"展示"升级为"体验与沟通"，尤其对于世界五百强企业、大型央企国企及顶尖学术机构而言，展厅更 是其战略传播与公众对话的重要平台。因此，能够深刻理解客户战略、融合前沿科技与艺术美学、并提供全程可靠服务的公司，自然在市场中占据了有利位 置。以下评估基于行业调研、项目案例剖析及市场反馈综合得出，力求客观呈现当前格局。 202 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300785 | 值得买 | 61.32 | -5.17% | 17.69万 | 10.98亿 | | 300413 | 芒果超媒 | 25.61 | -3.61% | 32.88万 | 8.49 Z | | 603000 | 人民网 | 24.16 | -3.55% | 75.63万 | 18.41 乙 | | 000681 | 视觉中国 | 26.94 | -3.44% | 1 91.35万 | 24.83亿 | | 300295 | 三六五网 | 12.98 | -3.42% | 10.38万 | 1.35 | | 603466 | 风语筑 | 9.44 | -2.58% | 24.89万 | 2.35亿 | | 300987 | 川网传媒 | 20.68 | -2.08% | 11.51万 | 2.37亿 | | 603888 | 新华网 | 24.24 | -2.06% | 32.64万 | 7.97亿 | | 603533 | 掌阅科技 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

对于2025年业绩预亏的原因，公司解释称，尽管报告期内营收端预计实现增长，主要得益于聚焦传统文 化IP创新转化，通过在地文化挖掘、沉浸式消费场景塑造与多元业态转型，成功打造了"东坡乐事""古 榕文学村"等标杆性城市策展项目，但人工成本和期间费用等支出刚性较强，短期内难以显著压缩，导 致整体仍处于亏损状态。 从财务数据看，风语筑的经营压力在过去两年持续存在。2024年度，公司利润总额为-1.64亿元，归属 于母公司所有者的净利润为-1.35亿元，归属于母公司所有者的扣除非经常性损益的净利润为-1.16亿 元，每股收益为-0.23元。 本报（chinatimes.net.cn）记者王敬 北京报道 就在公司发布年度业绩预亏公告的前不久，重仓持股的公司董事悄然完成了新一轮减持。风语筑 （603466.SH）近期接连披露的信息，在资本市场掀起了波澜。 根据公开信息，公司非独立董事、控股股东、实际控制人之一辛浩鹰于2025年11月25日至12月12日期 间，通过竞价交易减持430.34万股，占总股本的0.72%，套现约4216.96万元。这仅是辛浩鹰与其丈夫、 公司控股股东李晖近年来大规模减持的"冰山一角"。自2021年 ...

证券之星消息，1月22日数字媒体板块较上一交易日上涨0.86%，*ST返利领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。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 | 5.36 | 5.10% | 5.97万 | | 3161.65万 | | 301313 | 凡拓数创 | 30.05 | 2.95% | 3.36万 | | 1.01亿 | | 603466 | 风语筑 | 9.55 | 2.80% | 43.18万 | | 4.10亿 | | 300785 | 值得买 | 61.30 | 2.75% | 15.56万 | | 9.42亿 | | 600640 | 国脉文化 | 13.83 | 2.22% | 13.20万 | | 1.82亿 | | 603533 | 掌阅科技 | 24.65 | 1.23% | 21.05万 | | 5.21亿 | | 30 ...

Core Viewpoint - The A-share market saw a significant rise in AIGC concept stocks, driven by news of OpenAI's upcoming advertising service for ChatGPT, set to launch in early February [1] Group 1: Stock Performance - Huakai Yibai experienced a 20.03% increase, reaching a market capitalization of 6.13 billion [2] - Zhejiang Wenlian rose by 10%, with a total market value of 16.7 billion [2] - Bona Film Group saw a 9.96% increase, bringing its market cap to 12.9 billion [2] - Zhongwen Online increased by 6.81%, with a market capitalization of 24.1 billion [2] - Wanxing Technology rose by 5.3%, reaching a market value of 18.6 billion [2] - Other notable increases include BlueFocus (4.45%, 69.9 billion), Fantou Shuchuang (4.83%, 3.166 billion), and several others with gains over 3% [2] Group 2: Year-to-Date Performance - Huakai Yibai has a year-to-date increase of 39.59% [2] - Zhejiang Wenlian's year-to-date performance stands at 43.48% [2] - Bona Film Group has a year-to-date increase of 23.42% [2] - Zhongwen Online shows a year-to-date increase of 31.81% [2] - Wanxing Technology has a year-to-date increase of 36.38% [2] - BlueFocus leads with a year-to-date increase of 69.01% [2]

当天机构净卖出前三的股票分别是通富微电、湖南白银、风语筑，净流出金额分别是1.25亿元、1.02亿 元、9556万元。 共42只个股出现了机构的身影。 盘后数据显示，1月21日龙虎榜中，共42只个股出现了机构的身影，有25只股票呈现机构净买入，17只 股票呈现机构净卖出。 当天机构净买入前三的股票分别是中钨高新、大族数控、ST嘉澳，净买入金额分别是3.05亿元、2.79亿 元、2.4亿元。 | | 吃虎榜 1.21 | | | --- | --- | --- | | 证券简称 | 目涨跌幅 | 机构净买入(万元) | | 中钨高新 | 10.00% | 30504.10 | | 大族数控 | 20.00% | 27864.81 | | ST嘉澳 | 4.22% | 23952.02 | | 山金国际 | 6.23% | 22905.27 | | 三棵树 | 6.45% | 20232.72 | | 森源电气 | -3.20% | 14187.08 | | 城投控股 | 6.45% | 13199.00 | | 维远股份 | 1.41% | 10792.43 | | 金太阳 | 19.96% | 9085.04 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002095 | 生意宝 | 1260.19万 | 5.79% | 1749.58万 | 8.04% | -3009.76万 | -13.83% | | 301299 | 草创资讯 | 1031.50万 | 3.26% | 1297.50万 | 4.09% | -2329.00万 | -7.35% | | 600640 | 国脉文化 | 594.83万 | 4.03% | 416.19万 | 2.82% | -1011.02万 | -6.85% | | 300987 | 川网传媒 | 226.73万 | 0.99% | 598.97万 | 2.62% | -825.70万 | -3.62% | | 600228 | *ST返利 | -325.01万 | -7.67% | 109.28万 | 2.58% | 215.73万 | 5.09% | | 300295 | 三 ...