视觉（中国）文化发展股份有限公司 董事和高级管理人员 持有和买卖本公司股票管理制度 （经第十一届董事会第三次会议审议通过 2025 年 8 月 27 日） 第一章 总 则 第一条 为加强视觉（中国）文化发展股份有限公司（以下简称"公司"或"本 公司"）对董事、高级管理人员持有和买卖本公司股票的管理工作，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司董事和高级管理人员所持本公司股份 及其变动管理规则》、《深圳证券交易所上市公司自律监管指引第10号——股 份变动管理》等法律法规和规范性文件，结合公司实际情况，制定本制度。 第二条 本公司董事、高级管理人员应当遵守本制度，其所持本公司股份是 指登记在其名下和利用他人账户持有的所有本公司股份；董事、高级管理人员从 事融资融券交易的，其所持本公司股份还包括记载在其信用账户内的本公司股份。 第三条 本公司董事、高级管理人员在买卖本公司股票及其衍生品种前，应 当知悉《公司法》、《证券法》等法律法规关于内幕交易、操纵市场、短线交易 等禁止行为的规定，不得进行违法违规交易。 第二章 信息申报与披露 第四 ...

视觉（中国）文化发展股份有限公司 委托理财管理制度 （经第十一届董事会第三次会议审议通过） 2025年8月27日 第一章 总则 第一条 为规范视觉（中国）文化发展股份有限公司（以下简称"公司"）委 托理财业务的管理，有效控制风险，提高投资收益，维护公司及股东利益，依据 《证券法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自 律监管指引第1号—主板上市公司规范运作》、《深圳证券交易所上市公司自律 监管指引第7号－交易与关联交易》等法律、行政法规、规范性文件及《公司章 程》的有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度所称委托理财是指公司委托银行、信托、证券、基金、期货、 保险资产管理机构、金融资产投资公司、私募基金管理人等专业理财机构对其财 产进行投资和管理或者购买相关理财产品的行为。 以资金管理、投资理财等投融资活动为主营业务的公司控股子公司，其业务 行为不适用本制度规定。 公司进行委托理财，不得使公司最近一个会计期末已持有和拟持有的财务性 投资金额超过公司合并报表归属于母公司净资产的30%（不包括对合并报表范围 内的类金融业务的投资金额）。 第七条 本制度适用于公司及其下属子 ...

Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

Market Performance - On August 25, the digital media sector rose by 2.31%, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 36.92, up 6.31% with a trading volume of 265,600 shares and a turnover of 964 million yuan [1] - "Mango Super Media" (300413) closed at 27.09, up 6.11% with a trading volume of 583,500 shares and a turnover of 1.523 billion yuan [1] - "Na Yue Technology" (603533) closed at 22.46, up 5.05% with a trading volume of 307,500 shares and a turnover of 676 million yuan [1] - "Visual China" (000681) closed at 22.24, up 1.46% with a trading volume of 506,200 shares and a turnover of 1.126 billion yuan [1] Capital Flow Analysis - The digital media sector saw a net inflow of 84.871 million yuan from institutional investors, while retail investors experienced a net outflow of 21.647 million yuan [2] - "Mango Super Media" had a net inflow of 13.8 million yuan from institutional investors, but retail investors withdrew 80.882 million yuan [3] - "Visual China" experienced a net outflow of 1.4743 million yuan from institutional investors, while retail investors had a net inflow of 3.2268 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][49]. Core Insights - The media industry saw a weekly increase of 5.17%, outperforming the Shanghai Composite Index and the CSI 300 Index, which rose by 3.49% and 4.18% respectively [11][19]. - Key companies such as KuaLing AI and Kunlun Wanwei reported significant revenue growth, with KuaLing achieving over 250 million in revenue for Q2 2025, exceeding expectations [2][46]. - The gaming market in China reached a size of 29.084 billion yuan in July 2025, with mobile gaming contributing significantly to this growth [3][25]. - The report highlights the successful release of AI applications and the cultural export theme as key investment themes, particularly in gaming, IP, short dramas, and publishing [4][47]. Market Performance - The media industry ranked 6th among all sectors with a weekly increase of 5.17%, while the gaming sector saw a rise of 6.09% [11][19]. - Notable performers included Guomai Culture and Shunwang Technology, with weekly increases of 24.79% and 24.16% respectively [19][20]. Key Data and Dynamics AI Applications - Recent downloads for AI applications on iOS showed varied performance, with Doubao leading at approximately 209.57 thousand downloads, while DeepSeek experienced a decline of 8.88% [2][23]. Gaming Sector - The mobile gaming market in July 2025 was valued at 21.36 billion yuan, with a year-on-year growth of 0.92% [3][25]. - The overseas revenue from self-developed games reached 1.693 billion USD, marking a year-on-year increase of 6.76% [28][29]. Film Industry - The total box office for the week of August 15-21 was 1.252 billion yuan, with "Wang Wang Mountain Little Monster" leading the box office [41][43]. Investment Recommendations - The report suggests focusing on AI applications and cultural export themes, with specific attention to companies like Giant Network, KuaLing, and Meitu [4][47].

Core Viewpoint - The digital media sector experienced a rise of 0.83% on August 22, with Zhuochuang Information leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3825.76, up by 1.45% [1] - The Shenzhen Component Index closed at 12166.06, up by 2.07% [1] Group 2: Individual Stock Performance - Zhuochuang Information (301299) closed at 68.21, with an increase of 2.88% and a trading volume of 38,700 shares, amounting to a transaction value of 262 million yuan [1] - Visual China (000681) closed at 21.92, up by 2.19% with a trading volume of 450,600 shares, totaling 98.36 million yuan [1] - ST Fanli (600228) closed at 4.70, increasing by 1.51% with a trading volume of 109,100 shares, amounting to 51.46 million yuan [1] - People's Daily Online (603000) closed at 22.01, up by 1.24% with a trading volume of 282,400 shares, totaling 619 million yuan [1] - Xinhua Net (603888) closed at 20.53, increasing by 1.13% with a trading volume of 141,900 shares, amounting to 290 million yuan [1] - Fantou Digital Creation (301313) closed at 27.32, up by 0.89% with a trading volume of 39,100 shares, totaling 106 million yuan [1] - Chuanwang Media (300987) closed at 19.64, increasing by 0.77% with a trading volume of 60,800 shares, amounting to 119 million yuan [1] - Zhi De Mai (300785) closed at 34.73, up by 0.75% with a trading volume of 78,700 shares, totaling 272 million yuan [1] - Zhangyue Technology (603533) closed at 21.38, increasing by 0.56% with a trading volume of 135,700 shares, amounting to 290 million yuan [1] - Fengyuzhu (603466) closed at 10.97, up by 0.18% with a trading volume of 198,500 shares, totaling 217 million yuan [1] Group 3: Capital Flow - The digital media sector saw a net inflow of 51.39 million yuan from main funds, while retail funds experienced a net inflow of 60.37 million yuan [1] - There was a net outflow of 112 million yuan from speculative funds in the digital media sector [1]

Market Overview - On August 21, the digital media sector experienced a slight decline of 0.06%, with Chuanwang Media leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable stock performances in the digital media sector included: - Xinhua Net (603888) closed at 20.30, up 1.05% with a trading volume of 132,300 shares and a turnover of 268 million yuan - Shining Star (002095) closed at 22.46, up 0.85% with a trading volume of 230,300 shares and a turnover of 521 million yuan - People's Daily (603000) closed at 21.74, up 0.74% with a trading volume of 187,900 shares and a turnover of 407 million yuan - Chuanwang Media (300987) closed at 19.49, down 1.22% with a trading volume of 78,100 shares and a turnover of 154 million yuan [1][2] Capital Flow - The digital media sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 113 million yuan [2] - The capital flow for specific stocks included: - People's Daily (603000) had a net inflow of 19.66 million yuan from institutional investors, while retail investors had a net outflow of 10.59 million yuan [3] - Xinhua Net (603888) experienced a net inflow of 16.98 million yuan from institutional investors, with a net outflow of 4.36 million yuan from retail investors [3] - Chuanwang Media (300987) had a net outflow of 18.30 million yuan from institutional investors, while retail investors had a net inflow of 9.26 million yuan [3]

Market Overview - On August 19, the digital media sector rose by 0.19% compared to the previous trading day, with Xinhua Net leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Xinhua Net (603888) closed at 20.08, up 1.31% with a trading volume of 185,800 shares and a transaction value of 373 million [1] - Visual China (000681) closed at 21.54, up 1.13% with a trading volume of 583,200 shares and a transaction value of 1.262 billion [1] - 365 Network (300295) closed at 15.13, up 1.00% with a trading volume of 99,500 shares and a transaction value of 151 million [1] - Other notable stocks include People's Daily (603000) at 21.67, up 0.51%, and Mango Super Media (300413) at 26.38, down 0.26% [1] Capital Flow - The digital media sector experienced a net outflow of 320 million from institutional investors, while retail investors saw a net inflow of 256 million [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Visual China saw a net inflow of 39.35 million from institutional investors, but a net outflow of 26.08 million from retail investors [3] - Xinhua Net had a net inflow of 6.04 million from institutional investors, with a net outflow of 9.31 million from retail investors [3] - People's Daily experienced a net outflow of 8.47 million from institutional investors, while retail investors contributed a net inflow of 21.97 million [3]

Core Viewpoint - Visual China (000681.SZ) announced that its wholly-owned subsidiary, Beijing Huaxia Visual Technology Group Co., Ltd., plans to acquire a 50 million RMB subscription share from Jingfu Energy Co., Ltd. regarding the Tianjin Youda Shangrong Industrial M&A Equity Fund Partnership (Limited Partnership) [1] Group 1 - The transfer amount for this transaction is 0 RMB due to Jingfu Energy's failure to make actual contributions to the fund [1] - After the transaction, Beijing Huaxia will serve as a limited partner in the fund, which is managed by Beijing Shangrong Capital Management Co., Ltd. [1] - The total subscribed capital of the fund is 500 million RMB, with Beijing Huaxia's subscription amount being 50 million RMB, accounting for 10% of the total [1] Group 2 - The fund's investment focus includes empowering key industries and projects in Wuqing District, Tianjin, such as artificial intelligence, high-end equipment manufacturing, biomedicine, new materials, automotive and core components, and low-altitude economy [1]

证券代码：000681 证券简称：视觉中国 公告编号：2025-039 视觉（中国）文化发展股份有限公司 关于全资子公司与专业投资机构共同投资的公告 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。 视觉（中国）文化发展股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 18 日召开公司总裁办公会 2025 年第九次会议，审议通过了《关于全资子 公司与专业投资机构共同投资的议案》，现将具体情况公告如下： 一、投资概述 公司全资子公司北京华夏视觉科技集团有限公司（以下简称"子公司"或"北 京华夏"）拟受让京伏能源有限公司（以下简称"京伏能源"）关于天津优达尚融 产业并购股权基金合伙企业（有限合伙）（以下简称"基金"）5,000 万元认缴份额， 因京伏能源未对基金实缴，本次转让金额 0 元，北京华夏将按照基金合伙协议约 定，向基金履行 5,000 万元的出资认缴义务。交易完成后，北京华夏担任基金的 有限合伙人，基金管理人为北京尚融资本管理有限公司（以下简称"北京尚融"）， 基金认缴出资总额为人民币50,000万元，北京华夏认缴出资额人民币5,000 ...