转自：前瞻产业研究院 行业主要上市公司：蓝色光标(300058.SZ)、利欧股份(002131.SZ)、三七互娱(002555.SZ)、浙文互联 (600986.SH)、省广集团(002400.SZ)、芒果超媒(300413.SZ)、凤凰传媒(601928.SH)、中南传媒 (601098.SH)、浙版传媒(601921.SH)、皖新传媒(601801.SH)、世纪华通(002602.SZ)、山东出版 (601019.SH)、新华文轩(601811.SH)、中文传媒(600373.SH)、万达电影(002739.SZ)、天龙集团 (300063.SZ)、中原传媒(000719.SZ)、分众传媒(002027.SZ)、华数传媒(000156.SZ)、南方传媒 (601900.SH)、长江传媒(600757.SH)、中国出版(601949.SH)等 本文核心数据：企业收入;企业布局 传媒产业链全景梳理：产业链庞大 中国传媒产业的上游主要为印刷、有线电视设备、网络设备生产商;中游包括出版发行、电影、展览、 广播电视、互联网营销、游戏等多个领域;下游分为ToC、ToB、ToG端。 从传媒行业上中下游产业链参与企业来看 ...

傻瓜式广告的盛行透露出企业营销上的懒惰。在数据时代，广 告主紧盯曝光量、点击率，而忽略广告应有的审美价值。但当 他们将消费者视为被动的信息接收器，其广告就失去了沟通的 价值，沦为噪音。这种几乎不提供信息价值或情绪共鸣的营销 也会给品牌埋下隐患。 作者：高若瀛 封图：图虫创意 近日，上海大学一名学生用网购来的电梯广告"通用钥匙"，关停了100多块小区电梯的楼宇广 告，引发热议。该大学生表示他这次行为艺术是为了表达对电梯广告的不满：尽管大家对这个"很 吵的东西"都心存不满，却鲜有人真正去关掉它。 这名大学生没用暴力，只是用切断电源的方式，抗议广告对公共空间的侵占。这一行为背后，折射 出公众对电梯广告无脑循环、对公共空间被过度商业化、对劣质信息"围剿"的积怨已深。 电梯本是人们日常工作、生活的过渡空间。如今连这个短暂休息的地方也变得越来越嘈杂。无论是 等电梯还是在轿厢里，分贝越来越高、不断重复的广告语，让人无处可逃。 人们最开始对电梯广告的态度远没有今天这么负面，从什么时候开始变得不对劲的？ 问题似乎就出在"有声+洗脑循环"的操作上，以至于现在很多人脱口就能说出几句电梯广告语。从 找工作、拍婚纱、买护肤品到儿童鞋， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300612 | 宣亚国际 | 15.71 | -2.84% | 25.05万 | 3.93亿 | | 600986 | 浙文互联 | 9.30 | -1.48% | 70.95万 | 6.66亿 | | 600556 | 天下秀 | 7.19 | -0.42% | 262.11万 | 18.75 Z | | 603729 | 龙韵股份 | 18.06 | -0.17% | 2.00万 | 3591.32万 | | 002027 | 分众传媒 | 7.77 | -0.13% | 80.43万 | 6.25 Z | | 605168 | 三人行 | 28.08 | 0.14% | 2.75万 | 7691.55万 | | 300061 | 旗大科技 | 11.09 | 0.18% | 6.45万 | 7137.94万 | | 603825 | ST华扬 | 9.81 | 0.20% | 2.74万 | 2681.45万 | | 002995 | 天地 ...

傻瓜式广告的盛行透露出企业营销上的懒惰。在数据时代，广告主紧盯曝光量、点击率，而忽略广告应有的审美价值。但当他们将消费者视为被动的信息接 收器，其广告就失去了沟通的价值，沦为噪音。这种几乎不提供信息价值或情绪共鸣的营销也会给品牌埋下隐患。消费者若是出于被洗脑而消费了产品，但 凡品牌在品质、体验、服务上有所不足，都会引起巨大的口碑反噬。广告媒介是放大器，既会放大创意的光芒，也会加速拙劣的死亡。 对品牌来说，好广告应成为给予受众的内容礼物，而非强加的注意力。这背后既考验品牌对广告的认知，又反映出品牌是否尊重消费者。1984年，苹果投放 在超级碗的广告《1984》堪称经典。它不讲产品细节，用极其叛逆的方式向全世界宣告：1984年改变人类命运的产品——苹果麦金托什电脑就要来了。这则 广告由乔布斯一手策划。他对当时的拍摄者说，"我们之所以身在此处，就是要给世界留下一个印记。我们要像艺术家和诗人那样创造一种全新的理念。" 高若瀛/文 近日，上海大学一名学生用网购来的电梯广告"通用钥匙"，关停了100多块小区电梯的楼宇广告，引发热议。该大学生表示他这次行为艺术是为了表达对电 梯广告的不满：尽管大家对这个"很吵的东西"都心存 ...

（文章来源：每日经济新闻） 每经AI快讯，11月12日，文化传媒板块拉升，贵广网络冲击涨停，宣亚国际、天下秀、分众传媒跟 涨。 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating expected performance above the market index by over 10% [4][42]. Core Views - The media sector has shown resilience with a 2.56% increase, outperforming both the CSI 300 (-0.66%) and the ChiNext Index (-1.68%) during the week of November 3-7 [11][12]. - Key highlights include the rise of Pokee AI, which simplifies the creation of intelligent workflows, and the upcoming launch of Google's Nano Banana2 AI model, alongside significant advancements in the Kimi Linear model by the team at Moonlight [16][17][18]. - The gaming sector is expected to benefit from a new product cycle and the popularity of IP-driven toys, with recommendations for companies like Giant Network and Kuyi Network [3][38]. Summary by Sections Industry Performance - The media industry increased by 2.56%, ranking 10th among all sectors in terms of performance [11][13]. - Notable gainers included Fushi Holdings (30%), China Film (29%), and Jishi Media (20%), while Jiubite and Perfect World saw declines [12][11]. Key Focus Areas - Pokee AI has gained attention for its user-friendly interface that allows task automation through natural language commands [16][17]. - Google's Nano Banana2 is anticipated to enhance image generation capabilities [17]. - The Kimi Linear model has improved context processing speed by 2.9 times and decoding speed by 6 times, addressing previous performance limitations [17]. Box Office and Content Performance - The box office for the week of November 3-9 reached 194 million yuan, with top films including "The Life of Langlang" and "Improv Murder" [18][22]. - Popular TV shows include "Water Dragon Chant" and "The Queen of News 2," indicating strong viewer engagement [24][25]. Gaming Sector Insights - The top-grossing mobile games in September 2025 were "Whiteout Survival" and "Kingshot," both from Didi Interactive [27][29]. - The gaming sector is viewed positively due to a strong product cycle and the potential for IP-driven merchandise [3][38]. Investment Recommendations - The report suggests focusing on the gaming sector's new product cycle and the potential for AI applications in various fields, including animation and advertising [3][38]. - Specific companies recommended include Mango Super Media, Bilibili, and Light Media, which are expected to benefit from policy shifts and improved content supply [3][38].

从资金流向上来看，当日广告营销板块主力资金净流入12.11亿元，游资资金净流出4.67亿元，散户资金 净流出7.44亿元。广告营销板块个股资金流向见下表： 证券之星消息，11月10日广告营销板块较上一交易日上涨2.75%，福石控股领涨。当日上证指数报收于 4018.6，上涨0.53%。深证成指报收于13427.61，上涨0.18%。广告营销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) | | | --- | --- | --- | --- | --- | --- | --- | | 300071 | 福石控股 | 6.32 | 14.70% | 354.62万 | | 22.46 Z | | 600556 | 天下秀 | 6.78 | 5.94% | 297.80万 | | 20.36亿 | | 300242 | 佳云科技 | 5.02 | 4.37% | 44.94万 | | 2.25亿 | | 300058 | 蓝色光标 | 7.98 | 4.18% | 612.57万 | | 49.00亿 | | 002027 | 分众传媒 | 7.76 | 3. ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights that the gaming sector is experiencing a recovery with increased clarity on new products for 2026, which may lead to upward revisions in performance. The report emphasizes the importance of differentiated competition based on user preferences and game categories [5]. - The music streaming landscape is undergoing adjustments, particularly with the rise of "Soda Music," which has surpassed 100 million MAU. The report suggests a rational perspective on the music market dynamics, focusing on the ROI of user engagement and content monetization strategies [5]. - AI investments are shifting towards a focus on return on investment (ROI), with significant capital expenditures expected in the domestic market. The report identifies key players in the AI and cloud computing sectors, highlighting their potential for revenue growth and valuation attractiveness [5]. Summary by Sections Gaming Sector - The gaming sector is seeing a recovery with more game licenses being issued, and companies are focusing on differentiated competition based on user and genre [5]. - Key companies to watch include Tencent Holdings, Giant Network, and ST Huatuo, with a focus on their performance and product launches in 2026 [5]. Music Industry - The rise of "Soda Music" has led to adjustments in the music streaming market, with a focus on low-cost content production and user community engagement [5]. - The report emphasizes the importance of high-quality user communities for monetization and the challenges of traditional advertising models in music streaming [5]. AI and Technology - The report anticipates a shift in AI investments towards a focus on ROI, with domestic companies increasing their capital expenditures in AI and cloud computing [5]. - Key companies in the AI space include Tencent, Alibaba, and Baidu, with a focus on their cloud computing capabilities and AI applications [5].

风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保 证。基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 11月10日，截至14时30分，消费龙头ETF（516130）盘中表现稳健，场内价格现涨2.0%，成交额为 1370.1 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [13]. Core Insights - The report highlights a positive outlook for the gaming sector, particularly with the recent news of ST Huatuo applying to lift its risk warning, which is expected to alleviate valuation pressures in the gaming sector [5]. - The report emphasizes the importance of differentiated competition among gaming companies, focusing on user and genre-based strategies rather than just the number of licenses issued [5]. - In the music sector, the report suggests a rational perspective on the competitive landscape, noting that platforms like Qishui Music are leveraging low-cost content to grow their user base, which may impact traditional music advertising ROI [5]. - The report anticipates a shift in global AI investment focus from capital expenditure to return on investment, with a notable increase in domestic chip listings and rapid commercialization of AI applications [5]. Summary by Sections Education Publishing - Attention is drawn to companies like Zhongwen Chuanmei and Shandong Publishing, which are showing signs of operational turnaround in Q3 2025 [5]. Gaming Sector - Key companies to watch include Tencent Holdings, Giant Network, ST Huatuo, and others, with a focus on their performance and potential for revenue upgrades in 2026 [5]. - The report notes that the issuance of new game licenses is increasing, but this does not necessarily indicate a worsening competitive landscape [5]. Music Industry - The report discusses the impact of Qishui Music achieving over 100 million MAU, suggesting a need for a rational view of the music market dynamics [5]. - It highlights the challenges of monetizing long-tail music content and the importance of building a high-quality user community for future revenue generation [5]. AI Investment - The report predicts that AI investments will increasingly focus on return on investment, with significant developments in domestic chip production and AI applications [5]. - Companies like Tencent, Alibaba, and Baidu are highlighted for their strong positions in AI and cloud computing, with recommendations for investment based on their growth potential [5]. Valuation Table - A detailed valuation table is provided, showing the market capitalization, revenue, and profit forecasts for key companies in the sector, indicating varied growth rates and profitability metrics [7].