（全球TMT2025年4月11日讯）今日要点：马云现身阿里云再谈AI；立讯精密将维持在越南大规模生产；苹果质疑iPhone美国造 可行性；美暂停进一步限制英伟达H20出口；亚马逊AI业务营收保持三位数年增长率；OpenAI对马斯克提起反诉；分众传媒拟 收购新潮传媒。 马云现身阿里云再谈AI 任天堂或推迟Switch 2中国发售 任天堂Nintendo Switch 2将于6月5日全球发售，但据Nikkei报道，任天堂决定推迟Switch 2在中国的发售计划。这与初代Switch此 前在中国的情况相似，任天堂Switch于2019年才进入中国，比全球上市晚了两年。中国游戏市场有着严格的政策监管，游戏主 机及相关软件的发布需要经过复杂的审批流程，任天堂需要确保其产品符合当地政策要求。任天堂可能正在评估Switch 2在中国 市场的潜在份额，以确定最佳的发售时机。 4月10日，阿里云新财年启动会在杭州云谷园区举行，马云到场发表演讲。他表示，高科技绝不仅是征服星辰大海，更应该呵护 人间烟火。科技人员的责任，不是让AI取代人类，而是让AI更懂人类、更好地服务人类。马云说，今天阿里云的资源和技术人 才，既是发展云计算和A ...

Group 1 - The core point of the article is the significant acquisition move in the advertising industry, where Focus Media plans to acquire 100% of New Trend Media, potentially reshaping the market landscape [1][4] - Focus Media and New Trend Media both operate in the elevator media sector, with Focus Media having a comprehensive coverage while New Trend Media focuses on outdoor video advertising [2][5] - The estimated valuation for New Trend Media is 8.3 billion yuan, which is significantly lower than its claimed valuation of 2 billion USD [2][4] Group 2 - If the acquisition is successful, Focus Media will become a dominant player in the elevator media sector, enhancing its competitive edge [3][14] - The acquisition is expected to improve the density and structure of Focus Media's media resources, expanding its offline brand marketing network [5][14] - The acquisition price reflects a premium of approximately 142.51% over New Trend Media's unaudited net assets of 3.423 billion yuan [5][13] Group 3 - New Trend Media has not yet achieved profitability, with reported revenues of 1.94 billion yuan, 1.93 billion yuan, and 1.497 billion yuan from 2022 to the first nine months of 2024, alongside continuous losses [13][14] - Focus Media has demonstrated strong profitability, with net profits of 4.004 billion yuan, 6.063 billion yuan, 2.790 billion yuan, and 4.827 billion yuan from 2020 to 2023, and a net profit of 3.968 billion yuan in the first three quarters of 2024 [14] - The acquisition is seen as a win-win situation, allowing Focus Media to consolidate its position, providing a good exit opportunity for investors, and giving New Trend Media a stable future [14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company plans to acquire 100% equity of New Wave Media through a combination of issuing shares and cash payment, with an estimated value of 8.3 billion yuan, corresponding to a price-to-sales (PS) ratio of 4.3 times based on New Wave Media's revenue of 1.932 billion yuan in 2023 [2][5] - The acquisition is expected to create synergies by complementing the company's media network coverage, especially after the bankruptcy of the third-largest media company, Huayu Media, which enhances the company's bargaining power as a leading media player [2][11] - New Wave Media has shown steady revenue growth but has not yet achieved profitability, with revenues of 1.497 billion yuan, 1.932 billion yuan, and 1.940 billion yuan for the years 2022, 2023, and the first nine months of 2024, respectively [11] - The company is projected to achieve net profits of 5.3 billion yuan and 5.9 billion yuan for the years 2024 and 2025, with price-to-earnings (PE) ratios of 20 and 18 times, respectively, assuming no consideration of the New Wave acquisition [2][11] Summary by Sections Acquisition Details - The company intends to acquire New Wave Media for 8.3 billion yuan at a share price of 5.68 yuan, with a PS ratio of 4.3 based on projected revenues [2][5] Financial Performance - New Wave Media's revenues for 2022, 2023, and the first nine months of 2024 were 1.497 billion yuan, 1.932 billion yuan, and 1.940 billion yuan, respectively, while it reported losses of 467 million yuan, 273 million yuan, and 5 million yuan [11] Market Position - The acquisition is expected to enhance the company's market position as the leading media player, benefiting from improved competition dynamics and increased bargaining power [11]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

刚准备发，发现国家电影局就电影方面应对美升级对华关税答记者问：适度减少 美国影片进口数量。 这明天国产电影不得起飞喽！ 然后我一看今日机构买入数据， A股复盘 | 贸易孤立 / 2025.04.10 泰国： 财政部长Pichai Chunhavajira周四表示，欢迎美国宣布的90天关税暂 停，称这一时机将使两国能够达成互利协议。他告诉曼谷的记者， 谈判将重点放 在实现泰国与美国及其他伙伴国贸易平衡上。 日本： 经济产业省一名官员周四表示，如果根据世界贸易组织规则(WTO)发现任 何不公平做法，日本经济产业省将考虑对中国钢铁进口采取行动。该官员还表 示，日本将继续敦促美国政府免除其钢铁和铝关税。 东盟： 经济部长发表声明称，东盟承诺不对美国关税采取报复性措施，并表达与 美国进行坦诚和建设性对话以解决贸易相关问题的共同意愿。 所以，今天华尔街日报一篇文章说，越南成了最大的赢家！ 在"解放日"宣布关税 措施时，越南当时被加征了46%的关税，而现在越南成了最大的赢家之一，因为 越南将与大多数其他国家一样获得10%的关税税率。 | | 净买入 | | | 净或H | | --- | --- | --- | --- | ...

金十数据4月10日讯，分众传媒今日涨停，成交额37.80亿元，换手率3.72%，盘后龙虎榜数据显示，深 股通专用席位买入2.48亿元并卖出13.09亿元，四机构专用席位净买入8.04亿元，四机构专用席位净卖出 2.91亿元。 分众传媒今日涨停 四机构专用席位净买入8.04亿元 ...

新潮专注家庭消费场景，社区媒体资源业内领先。新潮传媒过往专注于社区户外视频广告和平面框架广 告业务、专注于家庭消费场景，具备全时独占、小区全覆盖等优势。 中金公司认为，此次收购将进一步提升分众传媒的媒体网络效能，将分众整体媒体资源覆盖密度和结构 进行升级优化，有望进一步提升整体竞争力，巩固行业龙头地位。 传媒ETF紧密跟踪中证传媒指数，中证传媒指数从营销与广告、文化娱乐、数字媒体等行业中，选取总 市值较大的50只上市公司证券作为指数样本，以反映传媒领域代表性上市公司证券的整体表现。 数据显示，截至2025年3月31日，中证传媒指数(399971)前十大权重股分别为分众传媒(002027)、岩山科 技(002195)、光线传媒(300251)、昆仑万维(300418)、恺英网络(002517)、神州泰岳(300002)、利欧股份 (002131)、蓝色光标(300058)、三七互娱(002555)、芒果超媒(300413)，前十大权重股合计占比48.72%。 截至2025年4月10日 10:39，中证传媒指数(399971)强势上涨3.83%，成分股分众传媒(002027)上涨 7.04%，浙数文化(60063 ...

Core Viewpoint - The acquisition of New潮传媒 by 分众传媒 for 8.3 billion yuan is a strategic move to expand its market presence and enhance its competitive position in the outdoor advertising industry, particularly in the elevator advertising segment [1] Strategic Motives and Transaction Logic - Business Complementarity: The merger combines 分众's focus on high-end office buildings and core business districts with 新潮's presence in lower-tier cities and communities, creating a comprehensive media network that enhances advertising reach [2] - Policy and Timing: The acquisition benefits from favorable regulatory conditions that encourage mergers and acquisitions, with 新潮's improving financial status reducing integration risks [3] - Transaction Structure: The deal's valuation has raised concerns, but the share payment structure aligns long-term interests of 新潮's shareholders with 分众's growth potential, suggesting significant profit increases post-merger [4] Industry Impact and Future Challenges - Market Share Increase: Post-acquisition, 分众's market share in outdoor advertising will rise to 17.2%, still below leading global competitors, indicating limited overall market impact but strengthening 分众's competitive edge [5] - Competitive Landscape: The elimination of 新潮 as a major competitor may alleviate pricing pressures, allowing 分众 to enhance its pricing power in the market [5] - Digital Integration: The integration of 新潮's digital capabilities into 分众's operations is expected to attract more small and medium-sized advertisers, leveraging AI for precise marketing strategies [5] - Long-term Growth: The success of this acquisition hinges on balancing scale advantages with technological empowerment, which is crucial for the high-quality development of the advertising industry in China [6]

政策鼓励上市公司通过并购重组做优做强，提高质量。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 分众传媒信息技术股份有限公司 （以下简称 " 分众传媒 "）计划通过 发行股份 及支付现金的方式购买新潮传媒 100%的股权 ，预估值为 83亿元人民币。 本次交易完成后， 分众传媒 拟聘任 新潮传媒创始人 张继学担任 上市公司 副总裁和首席增长官。 根 据 公 告 信 息 ， 83 亿 元 的 预 估 值 较 新 潮 传 媒 截 至 2024 年 9 月 30 日 未 经 审 计 的 净 资 产 增 值 142.51%。 2022年、2023年以及2024年前三季度， 新潮传媒 的净亏损分别为 4.69亿元、2.79亿 元以及510万元。 当然，这也意味着，包括京东、百度、好未来、红星美凯龙、顾家家居、欧普照明等战略投资方，以 及源码资本、元璟资本等 VC 均将通过并购的方式完成退出。（注：其中分众传媒向京东发行的股 份将限售 12个月且自12个月后分批解禁） 新潮传媒创始人张继学曾向「明亮公司」透露："京东投了我们4亿美元，百度投了2亿美元。到 ...

每经编辑 万清澄 4月9日，分众传媒发布公告，披露公司拟发行股份及支付现金购买张继学、重庆京东海嘉电子商务有限公司、百度在线网络技术（北京）有限公司等50名交 易对方合计持有的新潮传媒100%的股份。本次交易完成后，新潮传媒将成为分众传媒的全资子公司。 分众传媒表示，近年来，国家层面及交易所出台多项政策，为上市公司并购创造了有利条件，在此背景下，公司积极响应号召，推动和新潮传媒的并购整 合。此次并购完成后，通过整合双方点位资源将进一步扩大媒体覆盖密度，尤其在低线城市和社区场景补足长尾市场，双方的资源整合将产生显著的协同效 应，从"重复投入"到"协同共生"。 引领户外广告行业高质量发展 分众传媒深耕行业多年，构建了国内最大的城市生活圈媒体网络，覆盖了城市主流消费人群的工作场景、生活场景、娱乐场景、消费场景。相较于分众传媒 的全面性覆盖，新潮传媒则将目标锁定在写字楼之外的中产社区，通过灵活动态的智能投放方式服务数量庞大的中小广告主，深耕下游长尾市场。 通过本次并购，一方面，上市公司媒体资源覆盖的密度和结构可得到进一步优化，线下品牌营销网络覆盖范围得到扩大，进而增强广告主客户开发和服务方 面的综合竞争力；另一方面， ...