Core Insights - The Hubei state-owned enterprise reform sector saw a slight increase of 0.17% on December 5, with LIGONG GUANGKE leading the gains [1] - The Shanghai Composite Index closed at 3902.81, up 0.7%, while the Shenzhen Component Index closed at 13147.68, up 1.08% [1] Stock Performance Summary - LIGONG GUANGKE (300557) closed at 29.23, with a rise of 4.06% and a trading volume of 37,900 shares, totaling a transaction value of 260 million [1] - HUA GONG TECHNOLOGY (000988) closed at 74.88, increasing by 3.14% with a trading volume of 613,900 shares, amounting to 458.2 million [1] - SANXIA NEW MATERIALS (600293) closed at 3.19, up 2.24% with a trading volume of 271,700 shares, totaling 85.74 million [1] - HUBEI XUANHUA (000422) closed at 14.46, increasing by 2.19% with a trading volume of 127,150 shares, amounting to 389 million [1] - TIANFENG SECURITIES (601162) closed at 4.32, up 1.65% with a trading volume of 2,986,800 shares, totaling 128.3 million [1] Capital Flow Analysis - The Hubei state-owned enterprise reform sector experienced a net inflow of 368 million from institutional investors, while retail investors saw a net outflow of 249 million [2] - Major stocks like HUA GONG TECHNOLOGY had a net inflow of 5.55 billion from institutional investors, while retail investors had a net outflow of 4.08 billion [3] - WUHAN HOLDING (600168) had a net inflow of 788.83 million from institutional investors, with retail investors experiencing a net outflow of 520.34 million [3]

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]

格隆汇12月3日丨湖北广电(000665.SZ)公布，根据湖北省广播电视信息网络股份有限公司业务实际需 要，公司与湖北省楚天广播电视信息网络有限责任公司（简称"楚天网络"）于2023年1月签订《数据专 线合作协议》，2023年12月签订《数据专线协议之补充协议》，2024年12月签订《数据专线协议之补充 协议（2025）》。为了加强合作，降低公司业务成本，公司拟与楚天网络签订《数据专线合作协议 （2026）》。 ...

格隆汇12月3日丨湖北广电(000665.SZ)公布，根据湖北省广播电视信息网络股份有限公司与云广互联 （湖北）网络科技有限公司（简称"云广互联"）有关互联网带宽租用的关联交易的预计和实际执行情 况，为有效降低成本，公司同意与云广互联签订《互联网出口租用合作协议（2026）》。 ...

Core Viewpoint - Hubei Broadcasting and Television Information Network Co., Ltd. plans to issue medium-term notes and ultra-short-term financing bonds to support its operational development and strategic transformation, aiming to expand financing channels and improve financing structure [1] Group 1: Financing Plans - The company intends to apply for the registration and issuance of medium-term notes not exceeding RMB 1 billion (including 1 billion) [1] - Additionally, the company plans to apply for the registration and issuance of ultra-short-term financing bonds not exceeding RMB 1.5 billion (including 1.5 billion) [1] Group 2: Strategic Objectives - The financing initiatives are aimed at reducing financing risks and costs, thereby supporting the company's growth and strategic objectives [1]

格隆汇12月3日丨湖北广电(000665.SZ)公布，根据湖北省广播电视信息网络股份有限公司业务实际需 要，公司与湖北省楚天广播电视信息网络有限责任公司（简称"楚天网络"）于2023年1月签订《数据专 线合作协议》，2023年12月签订《数据专线协议之补充协议》，2024年12月签订《数据专线协议之补充 协议（2025）》。为了加强合作，降低公司业务成本，公司拟与楚天网络签订《数据专线合作协议 （2026）》。 ...

Core Points - Hubei Broadcasting (000665.SZ) announced plans to sign a lease agreement with Hubei Chutian Video Network Co., Ltd. to comply with the special audit rectification requirements of the Hubei Provincial Audit Office [1] - The company will lease 99 properties located in Huanggang, Xiangyang, Yichang, Jingmen, Xianning, and Suizhou for daily office use, with a total building area of 36,949.52 square meters and land area of 5,909.2 square meters [1] - The lease term is set for 5 years, with total rental costs amounting to 29.818 million yuan [1]

格隆汇12月3日丨湖北广电(000665.SZ)公布，根据湖北省广播电视信息网络股份有限公司与云广互联 （湖北）网络科技有限公司（简称"云广互联"）有关互联网带宽租用的关联交易的预计和实际执行情 况，为有效降低成本，公司同意与云广互联签订《互联网出口租用合作协议（2026）》。 ...

证券代码：000665 证券简称：湖北广电 公告编号：2025-037 湖北省广播电视信息网络股份有限公司 关于申请注册发行中期票据及超短期融资券的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为了进一步支撑湖北省广播电视信息网络股份有限公司（以下简 称"公司"）经营发展和战略转型，拓展融资渠道，改善融资结构， 降低融资风险和资金成本，公司第十届董事会第三十二次会议审议通 过了《关于申请注册发行中期票据及超短期融资券的议案》。公司拟 向中国银行间市场交易商协会（以下简称"交易商协会"）申请注册 发行不超过人民币 10 亿元（含 10 亿元）的中期票据及申请注册发行 不超过人民币 15 亿元（含 15 亿元）超短期融资券。具体情况如下： 一、中期票据的发行方案 1.发行主体：湖北省广播电视信息网络股份有限公司 2.注册发行规模：拟申请注册发行中期票据规模不超过10亿元人 民币（含10亿元），最终注册发行规模以公司在交易商协会取得的注 册通知书载明的额度为准。 3.发行期限：拟注册发行中期票据期限不超过 5 年（含 5 年期）。 4.发行时间：公司将根据实 ...