2025 年 Q4 SW 传媒行业指数下降 4.92%，资金活跃度略微降低，但保 持在较高水平。从 2025 年 Q4 的基金重仓配置情况看，SW 传媒行业回 落至低配状态，以 SW 传媒行业重仓为基准，游戏板块受到市场关注， 维持超配，基金重仓配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置回落转为低配，游戏板块仍为市场关注重点。2025 年 Q4 SW 传媒行业的适配比例为 1.63%，基金重仓比例为 1.22%，低配比 例为 0.41%。以 SW 传媒行业重仓为基准，游戏板块维持超配，超配比 例上涨 3.59pct 至 40.26%，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 看，2025 年 Q4 SW 传媒行业的前十大重仓股分别为巨人网络、世纪华 通、恺英网络、分众传媒、三七互娱、完美世界、吉比特、神州泰岳、 光线传媒、昆仑万维，游戏行业占据 8 席。从前十大重仓股的行情表现 来看，2025 年第四季度，除三七互娱的股价实现上涨外，其余九只股 价均出现下跌。其中，吉比特与恺英网络的股价跌幅尤为显著，分别下 跌了 24.58%和 22.12%。 证券研 ...

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。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605168 | 三人行 | 41.64 | 4.15% | 7.88万 | | 3.20亿 | | 600358 | ST联合 | 6.06 | 0.50% | 4.74万 | | 2874.72万 | | 002264 | 新华都 | 11.44 | 0.44% | 118.75万 | | 13.29亿 | | 002027 | 分众传媒 | 7.33 | -0.14% | 137.30万 | | 10.06亿 | | 603825 | ST华扬 | 9.44 | -0.21% | 1.46万 | | 1376.33万 | | 002291 | 遥望科技 | 8.22 | -0.84% | 167.28万 | | 13.62亿 | | 000607 | 华媒控股 | 5.17 | -2.45% | 110.64万 | | 5.74亿 | | 300061 | 旗天科技 | 10.91 | -2.59% | 18.14万 | | ...

证券之星消息，2月3日广告营销板块较上一交易日上涨2.62%，福石控股领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。广告营销板块个股涨跌见下表： 从资金流向上来看，当日广告营销板块主力资金净流出10.12亿元，游资资金净流入8303.07万元，散户资 金净流入9.29亿元。广告营销板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600986 浙文互联 | | 7.32 Z | 12.03% | -3.88 Z | -6.38% | -3.44 Z | -5.66% | | 002400 | 省广集团 | 2.31 乙 | 4.24% | -2707.04万 | -0.50% | -2.04亿 | -3.74% | | 000607 | 华媒控股 | 1.53亿 | 18.95% | -3748.60万 | -4.65% | -1.1 ...

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 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者|姚悦 分众传媒计提行动是否及时？ 近日，分众传媒（002027.SZ）宣布以7.91亿元对价彻底剥离助贷平台上海数禾信息科技有限公司（简 称：数禾科技），随之而来的是2025年四季度高达25.29亿元的巨额减值计提，业绩承压明显。就在同 一笔投资终止后，此前计入资本公积的5.65亿元其他权益变动将转入2026年一季度投资收益。 这一"一降一增"带来的客观效果是，在财务上将"包袱"留在了旧年，而将"礼包"送给了新年。 这背后，导致上述巨额计提的监管文件早在2025年4月就已公布，10月正式施行，有着长达近6个月的明 确过渡期和消化期。 截至2月2日收盘，分众传媒股价上涨2.22%，报7.36元/股，总市值1063亿元。 25亿计提背后， 监管"导火索"已引燃半年 近日，分众传媒公告宣布退出联营公司数禾科技，该公司运营"还呗"助贷平台，为个人用户提供信贷服 务。 因此，公司决定在2025年四季度，一次性计提达25.29亿元的损失。此举将严重拉低分众传媒2025年的 整体业绩表现。 与此同时，随着分众传媒以7.91亿 ...

从资金流向上来看，当日广告营销板块主力资金净流出19.64亿元，游资资金净流入6.01亿元，散户资金 净流入13.63亿元。广告营销板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600986 | 浙文互联 | 5.36 Z | 7.33% | -2.81 Z | -3.84% | -2.55 Z | -3.49% | | 002291 | 遥望科技 | 5.19 Z | 29.07% | -2.86 Z | -16.02% | -2.33 Z | -13.06% | | 002027 | 分众传媒 | 2.34亿 | 13.76% | -1.24亿 | -7.30% | -1.10 Z | -6.46% | | 600556 | 天下秀 | 1.47 Z | 8.36% | -3708.97万 | -2.11% | -1.10 Z | -6.26% | | 002264 | 新华都 | ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Investment Rating - The report indicates a positive outlook for the media industry, highlighting potential growth driven by policy improvements and AI advancements [4][7][17]. Core Insights - The media industry is characterized by a "supply determines demand" dynamic, with recent policy changes since 2022, particularly in the gaming sector, leading to a gradual recovery in supply and overall industry fundamentals [4][7][17]. - The introduction of the "Broadcasting 21 Measures" in August 2025 is expected to further enhance the supply side of the film and television industry, potentially marking a turning point in industry prosperity [7][25]. - AI technology is increasingly empowering production across various media sectors, significantly reducing costs and improving efficiency, which may lead to a new phase of growth in the industry [8][34][44]. Summary by Sections Policy Environment - The policy environment has shown marginal improvements, effectively addressing supply shortages in the media industry. Since 2022, the number of gaming licenses has been steadily increasing, and the "Broadcasting 21 Measures" aims to optimize the supply side of the film and television industry [7][25][27]. AI Empowerment - AI technology is being integrated into various media sectors, enhancing production efficiency and reducing costs. In gaming, AI is transitioning from a cost-cutting tool to a core element of gameplay innovation, while in advertising, AI has been validated by companies like Meta for improving return on investment [8][34][44]. Industry Performance - The media industry is expected to see significant performance improvements, with revenue and net profit showing positive growth starting in 2025. The gaming sector, in particular, has experienced accelerated growth, with Q3 2025 revenue reaching approximately 27.06 billion yuan, reflecting a year-on-year increase of about 35.23% [48][49]. Index Analysis - The CSI Media Index focuses on marketing, advertising, cultural entertainment, and digital media, with a significant portion of its constituents in the gaming and advertising sectors. The index is expected to benefit from the ongoing integration of AI technology and favorable policy changes [9][58][61]. ETF Overview - The CSI Media ETF (512980), managed by GF Fund Management, is the largest in its category, providing a liquid investment vehicle for exposure to the media sector. As of January 16, 2026, the ETF's scale is approximately 9.96 billion yuan [10][94].