以下文章来源于i黑马 ，作者江南春 i黑马 . 让创业者不再孤独@i黑马 江南春 分众传媒董事长 黑马导师 整个社会都在喊没钱了，为什么这些公司反而年赚百亿？ 日本"失落 30年的秘密" ， 就在这八个行业里面 。 低欲望社会 ， 不等于没机会。 消费分级 ， 需求迁移 ， 才是最大的商业机遇 。 当人们不买房子，不追奢侈品的时候，钱都流向了哪里？ 第一，二 手经济 日本二手奢侈品市场，以 大黑屋 为代表，收入暴涨。 在中国， 红布林 、 胖虎， 同样业务大涨。 买不起爱马仕、 LV ， 但 抢着买二手。 但在日常消费品领域， 闲鱼 日活破亿， 转转 的 GMV 也大幅飙升。 闲置不是垃圾，是流动的黄金。 第二 ， 宠物经济 年轻人不太生孩子，但可以给猫买高级的罐头。 日本 Inaba 靠猫粮上市，中国乖宝 （ 中宠 ） 股价强劲 。 诚实一口、凯锐思、 疯狂小狗、 伯纳天纯、比瑞吉、 网易严选、 卫仕 等宠物品牌，销量持续攀升。 宠物不仅是主粮零食营养品，以 新瑞鹏 为代表的宠物医院，以 泰 淘气 为 代表 的宠物益生菌 、 保健品 ， 都大幅飙升 。 宠物开支逆势增长， " 毛孩子 " 才是真刚需。 由于 ...

【中信证券传媒】分众传媒草根调研 2026M2W2 数据总结 根据草根调研，26M2W2 分众上海四张网去重广告主数量为 17 家，环比 26M2W1 回落。 根据草根调研，26M2W2 分众上海四张网去重广告主数量为 17 家，环比 26M2W1 回落。 但从结构看，广告主投放集中度提升，阿里千问APP投放力度显著。 广告主结构方面：互联网平台中京东、淘宝闪购、淘宝维持露出，春节假期前最后一周电商平台投放以促销与流 量获取为主，整体投放时长占比接近15%。 【中信证券传媒】分众传媒草根调研 2026M2W2 数据总结 但从结构看，广告主投放集中度提升，阿里千问APP投放力度显著。 广告主结构方面：互联网平台中京东、淘宝闪购、淘宝维持露出，春节假期前最后一周电商平台投放以促销与流 量获取为主，整体投放时长占比接近15%。 < 本周最大亮点来自 AI 应用类广告主阿里千问，投放时长占比达30%+，成为本周绝对核心广告主，体现出春节前 为流量争夺关键窗口期，大厂正加大 AI 应用运营投入，通过集中曝光提升用户规模与活跃度。 #本周千问已正式启动线下渠道投放，标志着头部互联网大厂在 AI 应用端进入主动获客与品牌心 ...

Group 1 - The company stated that it operates in strict compliance with laws, regulations, and regulatory requirements [2] - The fluctuations in the secondary market stock price are influenced by multiple factors, including macroeconomic environment, industry cycles, and market sentiment [2] - The company aims to strengthen its core business operations and improve operational quality to provide stable performance for investors [2]

Core Insights - The AI application in the media and gaming sectors is driving significant market activity, with various ETFs experiencing substantial gains, particularly the Film ETF which saw a limit-up increase [1] - ByteDance's launch of the AI video generation model Seedance 2.0 has sparked interest in AI-related stocks, although the model's ability to reference real human materials has been temporarily suspended for optimization [2] - The domestic gaming market is projected to continue its growth, with a notable increase in the number of game licenses issued, indicating a robust pipeline for future products [3] Group 1: ETF Performance - The Film ETF has increased by 10.03% year-to-date, with an estimated scale of 238 million [2] - The Gaming ETF has seen a rise of 6.68% year-to-date, with an estimated scale of 3.537 billion [2] - The Media ETF has grown by 5.87% year-to-date, with an estimated scale of 11.47 billion [2] Group 2: Market Trends - The pre-sale box office for new films during the 2026 Spring Festival has exceeded 86 million, indicating strong consumer interest [3] - The number of domestic game licenses issued in January increased by 33 compared to the previous month, and by 54 compared to the same period last year, suggesting improved approval processes [3] - The actual sales revenue of the domestic gaming market is projected to reach 350.79 billion in 2025, a year-on-year increase of 7.68% [3] Group 3: Industry Analysis - The gaming sector is expected to maintain a high growth trajectory, with the mobile gaming market projected to generate 257.08 billion in revenue, up 7.92% year-on-year [3] - The SW Media sector's allocation has shifted, with the gaming segment seeing an increase in overweight positions to 40.26% [4] - The revival of PC gaming and the increasing budget for mobile game development are expected to enhance the market's product offerings [5]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [47]. Core Insights - In Q4 2025, the SW Media Industry Index decreased by 4.92%, with a slight reduction in capital activity, yet it remains at a high level. The fund's heavy allocation in the media sector has shifted to an underweight status, while the gaming sector continues to attract market attention and remains overweight [1][2][10]. - The gaming sector occupies a significant portion of the top ten heavy stocks, indicating high market interest. Among the top ten heavy stocks, eight are from the gaming industry, with notable declines in stock prices for most, except for one stock that saw an increase [2][24]. Summary by Sections 1. Capital Activity - The SW Media Industry Index closed at 819.69 points at the end of Q4 2025, down from 862.14 points at the beginning of the quarter, reflecting a 4.92% decline. The average daily trading volume was 51.09 billion yuan, a decrease of 5.20 billion yuan from the previous quarter [10]. 2. Industry Allocation Status - The allocation ratio for the SW Media Industry in Q4 2025 was 1.63%, with a fund heavy allocation ratio of 1.22%, indicating a low allocation of 0.41%. This reflects a shift from overweight to underweight status [13][16]. - The number of heavy allocation stocks accounted for 50.77% of the total, showing a slight decrease in concentration, ranking 14th among all primary industries [17]. - The gaming sector maintained an overweight status with a 40.26% allocation, while other sub-sectors remained underweight [35][39]. 3. Fund Concentration - The concentration of fund heavy stocks decreased slightly, with the top five, ten, and twenty stocks accounting for 68.74%, 85.72%, and 97.33% of the total fund heavy stock value, respectively, indicating a high concentration in leading stocks [3][43]. 4. Investment Recommendations - Given the current fund allocation and valuation levels in the SW Media Industry, it is suggested to focus on leading companies in the gaming sector, particularly those with rich game license reserves and applications in AI [45].

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are spending more on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free beverages and functional drinks. Brands like Dongfang Shuye and Jianchun are gaining traction in this sector [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, is on the rise. Companies like Jinbo Biological are seeing significant market value growth [23][25]. - **Outdoor and Leisure Products**: The outdoor equipment market is thriving, with brands like Kailas and Camel experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands like Labubu and Rio are tapping into the emotional needs of consumers, providing products that offer comfort and joy, even in a tight economic climate [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations spend less time cooking. Companies like Anjijia and Kewot are benefiting from this trend [33][35][36]. Group 2: Market Trends - The article emphasizes that the current economic climate, often viewed as a "winter," presents opportunities for those willing to invest in counter-cyclical sectors. The key to success lies in recognizing and seizing these opportunities [39].

证券日报网讯2月4日，分众传媒（002027）在互动平台回答投资者提问时表示，公司目前主营业务稳健 发展，经营现金流健康，具备稳定实施现金分红的基础和能力。 ...

Core Viewpoint - The advertising and marketing sector experienced a decline of 4.2% on February 4, with Tian Di Online leading the drop, while the overall stock market indices showed slight increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up 0.85% [1]. - The Shenzhen Component Index closed at 14156.27, up 0.21% [1]. Group 2: Individual Stock Performance - Tian Di Online (002995) saw a significant drop of 10.00%, closing at 33.29, with a trading volume of 308,900 shares and a transaction value of 1.055 billion [2]. - Other notable declines included InSai Group (300781) down 9.39% to 48.84, and YiDianTianXia (301171) down 9.25% to 63.85 [2]. - The top gainer was SanRenXing (605168), which increased by 4.15% to 41.64, with a transaction value of 320 million [1]. Group 3: Capital Flow - The advertising and marketing sector experienced a net outflow of 6.727 billion in main funds, while retail investors saw a net inflow of 5.481 billion [2][3]. - The main funds showed a net inflow of 39.924 million into SanRenXing (605168), while other stocks like FenZhongChuanMei (002027) and JiaYunKeJi (300242) experienced net outflows [3].

Core Insights - The advertising and marketing sector experienced a rise of 2.62% on February 3, with Fushi Holdings leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Group 1: Stock Performance - Fushi Holdings (300071) closed at 6.46, with a significant increase of 10.81% and a trading volume of 1.8729 million shares, amounting to a transaction value of 1.203 billion [1] - Zhejiang Wenlian (600986) saw a closing price of 15.42, up 9.99%, with a trading volume of 3.9656 million shares and a transaction value of 6.083 billion [1] - Tianlong Group (300063) closed at 17.75, increasing by 6.41%, with a trading volume of 2.1673 million shares and a transaction value of 3.728 billion [1] Group 2: Capital Flow - The advertising and marketing sector experienced a net outflow of 1.012 billion from institutional investors, while retail investors saw a net inflow of 929 million [2][3] - Among individual stocks, Huamei Holdings (000607) had a net inflow of 153 million from institutional investors, representing 18.95% of its trading volume [3] - Zhejiang Wenlian (600986) had a net inflow of 732 million from institutional investors, accounting for 12.03% of its trading volume [3]

而龙江银行在2025年11月5日发布的互联网助贷业务合作机构名单中，仅剩的一家合作机构亦处于"已停 止合作"状态。 "目前，行里个人经营性贷款的助贷合作已全面停止，短期内不会再考虑和助贷机构合作。互联网金融 贷款虽然还有存量，但也在萎缩。"近日，华东某农商行的一位工作人员告诉证券时报记者。 2025年10月起，助贷新规"9号文"（下称"助贷新规"，即《国家金融监督管理总局关于加强商业银行互 联网助贷业务管理提升金融服务质效的通知》）开始实施。上述某农商行与助贷平台形成的关系现状， 就是新规对行业影响的真实写照。据证券时报记者调查了解，上述案例并非孤例。 资金端愈发审慎 "我行的零售贷款，都是按照助贷业务管理办法的要求来挑选助贷平台的。目前，与我行互联网金融贷 款合作的助贷机构，都是在贷余额为200亿—500亿元的平台。"华东某中小银行的一名人士对证券时报 记者说。 据其介绍，该行与8家合作平台开展互联网贷款业务，后续通过风险跟踪和调控，对不符合相关要求的4 家机构进行了清退。助贷新规一经发布就有所显效，压降综合融资成本和强维度进件等要求开始制约投 放量。自2025年8月20日起，这家华东中小银行暂停了互联网贷 ...